Buying and selling goods and services, or transmitting funds or data, over an electronic network, primarily the Internet.
The process of buying and selling supplies and services over the Internet. It differs from e-commerce in that it makes use of a supplier’s closed system typically available only to registered users.
The electronic procurement of products or services using Internet-enabled applications and decision support tools. These tools facilitate interactions between buyers and suppliers through the use of online negotiations, online auctions, reverse auctions, etc.
A group of consumers who are the first after the innovators to buy or use a new product or technology.
Designed by the European Commission to be used to monitor and improve the environmental performance of organizations.
The increase over time in the value of goods and services produced by a country, often defined as a value per head of population.
A contractor, supplier or service provider that operates in a particular market.
The most economically viable quantity in which to buy stock which considers not only the material costs, but also associated costs such as storage, transport and administration costs.
Small business eligible for certification as socially disadvantaged business or economically disadvantaged area business: A small business entity with its principal place of business in Minnesota organized for profit, including an individual, partnership, corporation, joint venture, association, or cooperative that is 51 percent owned and is operationally controlled on a day-to-day basis by citizens of the United States. The areas of economic disadvantage are determined by the US Department of Labor.
The state of money flow, manufacturing, distribution, availability and consumption, or scarcity, of goods and services, energy, labor, or other resources at country level.
The trend of cost per unit being reduced as output increases due to factors such as increased bargaining power and the cost of tooling being shared amongst larger numbers of units.
The exchange of data between companies in computerized format.
The range of greenhouse gas (GHG) carbon emissions associated with the production process.
The act of someone stealing assets for which they are responsible.
A threat to public health, welfare, or safety that threatens the functioning of government, the protection of property or the health or safety of people.
A country that is progressing toward becoming more advanced, usually by means of rapid growth, investment and industrialization.
A federal standard applied to office equipment for the purpose of rating the energy efficiency of the equipment. Energy Star computers, monitors, and printers save energy by powering down and going to “sleep” when not in use, resulting in a reduction in electrical bills and pollution levels.
A court can compel those involved in the contract to fulfill their contractual obligations.
A computer system that analyses the current inventory, forecast demand and expected delivery of new supplies to calculate demand and identify requirements from suppliers.
A USA governmental regulatory agency.
A product or service that has a lesser or reduced impact on human health and the environment when compared with competing products or services that serve the same purpose. Such products or services may include but are not limited to those which contain recycled content, minimize waste, conserve energy or water, and reduce the amount of toxics either disposed of or consumed.
Used to indicate that an item may be substituted for a required item if it is equal in quality, performance and other characteristics.
The optimum price at which there is equal supply and demand of an item.
The value of the assets minus the value of the liabilities.
Adapting the workplace environment to the user, e.g., ensuring chairs and desks are at a comfortable working height, lighting is adequate for tasks, etc.
A contract provision which permits the adjustment of contract prices by an amount or percent if certain specified contingencies occur, such as changes in the vendor’s raw material or labor costs.
A set of procedures put in place to deal with potential problems.
In the context of computer software, an escrow agreement involves the supplier placing a copy of the software source (original and updated) code (i.e., the raw form of the software design) with a third party. If the software supplier ceases trading, the purchaser will then be provided with the source code, which will enable them to continue to use and, where necessary, adapt and update the software (provided that they can appoint appropriately skilled personnel to do so).
Principles that govern a person’s or an organization’s behavior.
The standards that a potential supplier needs to meet.
The examination of responses after opening to determine the vendor’s responsibility, responsiveness to requirements, and other characteristics of the solicitation relating to the award.
The value of one currency compared with another, which can vary from day to day.
This expression has two meanings: a. to draw up formal contracts and sign/seal them, and b. to carry out your obligations under the contract.
To make special requests and make additional effort to ensure goods are delivered in less than the normal lead time.
Monitoring the progress of an order to ensure stock is received as quickly as possible.
The person in the buying organization who carries out the expediting function in procurement, which means following the issue of a purchase order or contract from receipt of order by supplier, through to delivery, dealing with delivery problems as they arise.
Money spent on goods or services.
Costs incurred from traveling, staying in hotels, eating out, etc., whilst carrying out your job.
The number/value of contracts a purchaser has with a single supplier; it is a rough guide to how much any difficulties faced by the supplier will affect the purchaser.
Contractual terms that are agreed between two parties and written into a contract.
People, groups or organizations who don’t belong to an organization but are nevertheless impacted by it, or have an impact upon it.
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