Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Staggered delivery
This is where a full order is broken down into smaller loads and delivered against a schedule, e.g., 40% delivered in Month 1, 60% delivered in Month 2
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Stakeholder Analysis
A Stakeholder Analysis shows how to interface with those having influence on or a vested interest in category management.
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Stakeholder Ranking
A stakeholder ranking helps identify potential project or decision risks as well as who will be supportive of projects or decisions. In order to manage stakeholders and create a strategy, it is important to identify stakeholders and rank them based on different characteristics. It is useful to determine these rankings before implementing a decision or planning a project. This way, companies can see who will be most helpful and interested in their business operations, and who may get in the way or are not interested. Rankings can be established by stakeholder analysis or creating a stakeholder matrix.
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Standard
An item's characteristic or set of characteristics generally accepted by the manufacturers and users of the item as a required characteristic for all such items. For example, a power chord is a standard item when included with the purchase of a computer.
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Standard deviation
A statistical measure that captures the difference between the average and the outliers in a set of data
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Standing Neutral
A trusted neutral expert selected by the parties at the beginning of their relationship who is readily available throughout the life of the relationship assists in the prompt resolution of any disputes.
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Stakeholder
A stakeholder to a sourcing initiative includes, but is not limited to anyone who may be impacted or have influence on the sourcing outcomes. This typically includes users, engineers, budget holders and the procurement team.
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Stakeholder Management
An important aspect of running a successful sourcing initiative. It is the process of forming, monitoring and maintaining constructive relationships with stakeholders. Stakeholder management involves identifying the supportive stakeholders who will advocate to move forward with initiatives. This can be done by engaging stakeholders in procurement projects and encouraging buy-in. This involves a stakeholder accepting an idea or proposition, and agreeing to commit to the plan. There are three types of stakeholders: internal, connected, and external.
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Stakeholder Theory
A common theory of business operation. This theory states that leadership must take into account the values of all individuals it impacts, not just the shareholders. Shareholders are those who own stock in the business. The stakeholder theory holds that in order for a sourcing initiative to be successful, it must recognize that all stakeholders are important and then manage their needs equally.
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Standard Operating Procedure (SOP)
Authorized, documented procedure or set of procedures, work instructions and test instructions for production and control.
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Standardization
The process of defining and applying the conditions necessary to ensure that a given range of requirements can normally be met, with a minimum of variety, in a reproducible and economic manner based on the best current techniques.
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