Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Surplus Property
Property in excess of the needs of an organization and not required for its foreseeable use. Surplus may be used or new, but it possesses some usefulness for the purpose it was intended or for some other purpose.
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Sustainability development goals (SDG)
17 goals introduced by the United Nations General Assembly to achieve a better and more sustainable future for all
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Swim Lanes (process mapping)
These are the horizontal process lanes when completing a process map that show when a process enters and exits a particular business area.
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System-generated reference number
A reference number automatically assigned to a record in a computer system
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Systems Contract
A type of agreement with a supplier that requires the supplier to keep in stock all items of a certain type or category that may be needed by the buyer and provide them overall at a lower cost than could be obtained by buying them separately.
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Surety Bonds
An instrument of financial guarantee provided by a surety (insurance company or bank) that payments accruing due to liabilities under the contract shall be retired by the contractor or the surety will do so. There are three types of surety bonds, bid bonds, performance bonds, and payment bonds.
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Sustainability
Supporting future ecological balance by not harming the environment or depleting natural resources
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Sustainably
In a way that avoids the destruction of nature and helps to keep a good ecological balance
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Synchronisation
The process of precisely co-ordinating or matching two or more activities, devices or processes in time
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Systemic
An attribute that applies to a whole system rather than one particular part of it
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Systems thinking
An interconnected set of elements, sub-elements and components that are structured in a way that achieves a defined purpose.
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