1. A department or unit of government that
requests goods or services through a central
2. A participant in a cooperative procurement
1. A service provided to the public or the
company providing such a service (e.g., water,
gas, sewage, and electricity).
2. The state or quality of being useful, beneficial,
or profitable; functional.
A fair return on investment.
1. Feature or benefit added to an existing good
or service that increases its usefulness or
worth to the buyer or end user.
2. The increased worth of a good or service as it
progresses through production and
A critical and systematic
assessment of the functions of a good or
service to ensure the cost of the good or
service is no greater than is necessary to
perform the functions of that good or service
and meet standards, specifications,
procedures, and practices. See also: Value
Value Engineering (VE)
An organized, systematic
approach to providing the necessary functions
in a project at the lowest possible cost by
substituting methods and materials with less
costly alternatives without negatively affecting
functionality. See also: Value Analysis.
Value Incentive Contract
A fixed-price contract
with a provision for rewarding the supplier for
faster delivery or superior performance.
A statement used by a
company to differentiate its overall offerings
in the marketplace to increase the
attractiveness of its goods and services by
highlighting and explaining features, benefits,
A company that adds a
feature or service to an existing good or
service bought from another source and
resells it as an integrated good or improved
Value-Added Tax (VAT)
A tax based on the value
added during each stage of a product’s
production or distribution. Common
throughout the European Union.