Procurement Terms And Abbreviations Pdf
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Common abbreviations and defined terms that are used in these Guidelines. The act of accepting by an authorized representative; an indication of a willingness to pay; the assumption of a legal obligation by a party to the terms and conditions of a contract. Confidential Information also, Proprietary Information -Any information conveyed to a public employee, due to position in the procurement process, by a manufacturer of firm such as, product testing or trade secret which would not be available as general knowledge.
- Acronyms & Abbreviations
- The Procurement Acronyms and Abbreviations That You Need to Know
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If you would like help understanding tender terminology just ask.
Acronyms & Abbreviations
The following list includes commonly used supply management, business, and technology terms and acronyms utilized within the JD Supply Network web pages and online tools. Negotiation takes place when one buyer and one seller intend to do business, but have not yet agreed on the price and other terms and conditions. Auctions are conducted on the internet, where bidding can start at either a high or low acceptable price and progressively lowers or increases until there is a winning bidder. In a reverse auction, a single buyer posts a description of needed goods or services on an eMarketplace for multiple sellers to bid on. An exchange is sometimes used to describe a marketplace that brings buyers and sellers together for the purpose of transacting sales.
The Procurement Acronyms and Abbreviations That You Need to Know
Abbreviations Shortened forms of a set of words, consisting of initial letters pronounced separately, for example, invitation to tender ITT. ABC classification A system of prioritising different types of inventory based on their value or importance to the business. Acceptance criteria Indicators or measures used to assess whether a product or service meets the standard required. Acceptance sampling A measure, using the number of defects detected, that determines whether a batch of manufactured products meets the standard required. Accreditation A process of external verification to provide evidence that a standard of quality has been achieved, for example, competency, authority or credibility.
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Acknowledgement A communication indicating that something has been received or understood. In purchasing it usually refers to a form that is received from a supplier that accepts or sometimes modifies the purchase order. Amortization a method used to lower the cost value of a product incrementally through scheduled charges to income or amortization is also the paying off of debt with a fixed repayment schedule in regular installments over time. APS Abbreviation for the American Purchasing Society, a professional organization of buyers and purchasing managers for business.
In the procurement business, there are a lot of abbreviations and acronyms to keep up with. Because there are so many terms used, it makes sense to keep them as short as possible for easier communication. PurchaseControl makes it easy to manage your purchase-to-pay process.
Terms used in procurement can be quite complex and there are many concepts to familiarize oneself with. For this reason, we decided to make a list of key terms and abbreviations in procurement. The glossary provides an overview of the most common terms used in procurement, logistics, supply chain management, and finance and works as a useful reference for procurement leaders explaining activities to other stakeholders or professionals who are looking to grow into a role in procurement. We're planning on making this the ultimate procurement glossary and are continuously expanding the list of terms. There are different methods for allocating the indirect costs or overhead to the products, but the core idea is that both variable and fixed costs are allocated to the end products in full on a per produced unit basis.
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