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Tort
A civil wrong that causes a party to suffer
harm or loss, thereby creating a legal liability
on the party causing that harm or loss.
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Total Cost of Ownership (TCO)
A calculation used
to determine the overall cost of a good or
service throughout its lifecycle by adding to
the initial purchase price all fixed and variable
costs to own and operate that good or service,
minus any residual value, if any.
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Total Quality Management (TQM)
A management
approach based on the principle that all
employees must maintain high work
standards in every aspect to achieve longterm
success through customer satisfaction.
See also: Continuous Improvement.
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Total Supply
A concept of purchasing, the
objective of which is to plan as much in
advance and provide for the broadest scope
of purchasing and purchasing-related
activities as possible to minimize costs,
increase managerial effectiveness, and
improve operational efficiency. This concept
can also apply to requirements planning,
logistics, and general procurement
management.
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TQM
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Tracing
Determining the status of a shipment
that has been reported as undelivered.
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Trade Acceptance
A non-interest bearing,
negotiable bill of exchange or draft covering
the sale of goods drawn by the contractor and
accepted by the purchaser; may include the
purchaser’s specifications in place of
payment.
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Trade Discount
A discount or reduction from a
list price based on the position of the
purchaser in the distribution channel, for
example, as a distributor, retailer, or original
equipment manufacturer.
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Trade Secret
Information that a company retains
internally to maintain an economic advantage
over its competitors. See also: Proprietary
(Information), Confidential Information
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Trade Standard
An agreement between a buyer
and seller about the meaning of certain
phrases, words, and characteristics of a
specific good or service.
