Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Underlying financial and operational assumptions
A mechanism that allows companies to address market events and fluctuations. In any supply solution there is a value placed on the business relationship. This is a different view than Best Value. The focus of Best Value is from the buyer's perspective. Value Balance is a two-way perspective, a buyer/supplier value proposition. In every sourcing model a buyer should evaluate this balance as "business happens."
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Unincorporated company
A company in which there is no legal distinction between the company and its owner
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Unit load
A standard unit that combines individual items to ensure easy and efficient handling
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Units of Measure
The system that determines how measurements will be conducted. It determines how quantity, weight, volume, price are computed.
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Unattended RPA
Automated process that runs in the background on a server.
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Uniform Commercial Code (UCC)
A comprehensive modernization of various statutes relating to commercial transactions, including sales, lease, negotiable instruments, bank deposits and collections, funds transfers, letters of credit, bulk sales, documents of title, investment securities and secured transactions.
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Union
A group of workers joined together in a specific type of organisation for the purpose of improving working conditions
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Unit price
The price of a selected unit of a good or service (e.g., pound, labor hours, etc.).
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Unstructured Data
Data that isn't organized in a defined way and is often filled with text, dates, and numbers in an unorganized system.
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Upstream environmental factors
Impacts on the environment caused by the extraction of raw materials or the manufacture of goods being purchased
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