Glossary

R

RADIO FREQUENCY IDENTIFICATION (RFID) TAG

Data chips that are attached to products and contain a signal for tracking and identification.

RATIONALIZATION

The process of reviewing products and consolidating variety to reduce inventory costs.

RE-ENGINEERING

Redesigning existing products and services.

REACTIVE

Responding to needs when they present themselves.

READ RECEIPT

A response from an e-mail recipient that indicates the message was opened.

REBATE

An amount paid back on top of any discounts that have previously been agreed.

RECIPROCAL

Something that is the same on both sides.

RECRUITMENT

The act of finding a person or persons to do a role within an organization.

RECYCLED CONTENT

The portion of a product that is made from materials directed from the waste stream; usually stated as a percentage by weight.

RECYCLED PRODUCT

A product that contains the highest amount of post-consumer material practicable, or when post-consumer material is impracticable for a specific type of product, contains substantial amounts of pre-consumer material.

REDUNDANT STOCK

Excess stock that is not required.

REGRESSION ANALYSIS

Statistical methods used for predicting what will happen in one variable as a result of a change in another – e.g., will quality improve by X amount if the price is increased by Y amount? Quality is not a direct function of price, so it may do so, or it may not. Regression analysis looks at probabilities.

REGULATORY FRAMEWORK

A model that policy makers and others can use to reform and apply regulations in an effective and logical way.

REMANUFACTURED PRODUCT

Any product diverted from the supply of discarded materials by refurbishing and marketing said product without substantial change to its original form.

REMEDIES

Contractual remedies are the provisions in a contract that enable the injured party to take action when the other party does not comply with the contract terms.

REMITTANCE ADVICE

A document confirming that payment has been made.

RENT

A rental contract giving the right to use real estate or property for a specified time in return for rent or other compensation.

REPROCUREMENT

To procure again – put in place a new contract when a previous one expires or is terminated.

REQUEST FOR BID (RFB)

A solicitation in which the terms, conditions, and specifications are described and responses are not subject to negotiation.

REQUEST FOR INFORMATION (RFI)

A document used to gather information about suppliers and their capabilities prior to a formal procurement process.

REQUEST FOR PROPOSAL (RFP)

A solicitation in which it is not advantageous to set forth all the actual, detailed requirements at the time of solicitation and responses are subject to negotiation. Price must be a factor in the award but not the sole factor.

REQUEST FOR QUOTATION (RFQ)

An invitation to suppliers to bid on specific products or services.

REQUEST FOR TENDER (RFT)

Document inviting potential suppliers to quote for business.

REQUIREMENT

Materials, personnel or services needed for a specific period of time.

REQUIREMENTS CONTRACT

A form or contract that is used when the total long-term quantity required cannot be definitely fixed but can be stated as an estimate or within maximum and minimum limits with deliveries on demand.

REQUISITION

An internal document that a functional department (stores, maintenance, production, etc.) sends to the purchasing department containing details of materials to meet its needs, replenish stocks or obtain materials for specific jobs or contracts.

REQUISITION

Paper or electronic document stating a need for procurement to supply a product or service.

RESIDENT VENDOR

A person, firm, or corporation authorized to conduct business in the State of Minnesota on the date a solicitation for a contract is first advertised or announced. It includes a foreign corporation duly authorized to engage in business in Minnesota.

RESIDUAL WASTE

Waste that is not able to be recycled or re-used and which ends up in garbage dumps called landfills.

RESPONDER

One who submits a response to a solicitation document.

RESPONSE

The offer received from a vendor in response to a solicitation. A response includes submissions commonly referred to as “offers,” “bids,” “quotes,” or “proposals.”

RESPONSIBLE BIDDER

A bidder whose reputation, past performance, and business and financial capabilities are such that the bidder would be judged by an appropriate authority as capable of satisfying an organization’s needs for a specific contract.

RESPONSIVE BIDDER

A bidder whose bid does not vary from the specifications and terms set out in the invitation for bids.

RESTRICTIVE SPECIFICATIONS

Specifications that unnecessarily limit competition by eliminating items capable of satisfactorily meeting actual needs. See Performance Specification.

RETURN ON INVESTMENT (ROI)

A measure of profitability that indicates whether a gain or loss has been generated compared with the initial cost.

REUSED PRODUCT

Any product designed to be used many times for the same or other purpose without additional processing other than specific requirements, such as cleaning, painting or minor repairs.

REVENUE

The amount of income that has come into a business.

RFP OR RFB CONFERENCE

A meeting arranged by a procurement office to help potential bidders understand the requirements of an RFB or an RFP.

RISK ASSESSMENT

An assessment that considers the severity of a hazard and its potential outcome in conjunction with other factors including the level of exposure, the number of individuals exposed and the risk of the hazard being realized.

RISK REGISTER

A document that sets out identified risks, the likelihood and impact of them materializing and who is responsible for dealing with them.

ROAD SAFETY IMPACT ASSESSMENT (RSIA)

A formal, independent assessment of the impact of new or altered layouts and entry points on the safety of a road.

ROLL-OVER CONTRACT

Contract that automatically renews on expiry unless notice is given that it is not to do so.

ROLLER-STACKER SHELF MECHANISM

A set of rotating decks or shelves within a secure container that eliminates wasted space between racks and improves security.

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