Dictionary of Procurement Terms

A concept describing anything associated with the internet or a virtual environment.

Inventory control methods whereby a small subset of inventory is counted at specified intervals.

The total amount of time from the beginning to the end of a process.

Budget shortfall due to unemployment or inflation.

Worker layoffs resulting from a downward trend in the industry or a recession.

Compensation, usually a monetary judgment, awarded to one party in a contract who suffers harm or loss that is the result of negligence or breach of contract on the part of another party. See also: Liquidated Damages, Penalty Charge.

Article or substance that is capable of posing a significant risk to health, safety, or property and which, when transported, is subject to special regulations.

See Defense Acquisition Regulations.

Factual information required by a contract that is organized for analysis (e.g., technical data, cost data, administrative report).

A technology term that refers to a collection of data received from various transaction systems that is accessible to various personnel throughout the organization. (ISM 2000)