Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 2041-2049 of 2049 results
  • Workaround

    A bypass of a recognized problem in a system. A temporary fix that implies that a genuine solution to the problem is needed. Frequently, they are as creative as true solutions, involving out-of-the-box thinking in their creation. A workaround is not a permanent solution and may eventually result in system failure.
  • World Trade Organization (WTO)

    A global international organization created in 1995 by the General Agreement on Tariffs and Trade (GATT) that deals with rules regarding trade among countries.
  • World Trade Organization-Agreement on Government Procurement (WTO-AGP)

    A World Trade Organization agreement that replaced the General Agreement on Tariffs and Trade (GATT) in 1996. It regulates the procurement of goods and services by public bodies and reduces trade barriers among member nations.
  • World-Class Manufacturing

    The philosophy that the achievement of excellence in all aspects of market competition—such as the lowest cost or fastest and best production of a good or service—encompasses the practices of international benchmarking, quality management, continuous improvement, and flexible work schedules.
  • Write-off

    The deletion from records of material due to shortage or loss by any cause.
  • WTO

  • Yield

    The earnings generated and realized on an investment during a particular period of time.
  • Zero Defects Standard

    A quality management philosophy that promotes an environment in which perfection is strived for in all actions, while conducting process improvement actions to eliminate any and all gaps in conformance to requirements.
  • Zero-Based Budgeting

    A budgeting process in which budgets are prepared with no predetermined allocation or prior year budget history. Each new budget must be created based on justifiable projected program needs.
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