Sourcing and Procurement&nbsp; Glossary

Goods-in

An area in an organisation that receives and books in deliveries

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Governance (as related to buyer-supplier relationships)

The management of cohesive policies, processes, and decision rights that enable parties to work together effectively manage a spend category. In short, governance involves the development of processes that bring together the appropriate people, processes and technology to keep your sourcing solution running as a well-run system. The Governance Academy suggests that good governance includes five key functions that serve to manage a virtual of key stakeholders that are involved directly or indirectly in executing the sourcing solution. These functions are contract compliance, financial management, managing issues and risks, managing performance, and managing relationships.

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Gresham's law

An economic principle that states "Bad money drives out good".

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Gross amount

Total amount payable including taxes

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Gross national product (GNP)

The total value of the output of businesses and people of a country in a year no matter where in the world they are located

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Goods

All types of personal property including commodities, materials, supplies, and equipment.

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Governance

The management framework within which project and supply program decisions are made. Governance includes: a formal structural framework, written policies, a decision making structure and a process for managing business activities of a commodity strategy.

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Governance Structure (as related to buyer-supplier relationships)

The organizational framework by which an organization governs.

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American Purchasing Society

Gross Lease

A lease for property in which the owner or leasor agrees to pay all expenses which are normally associated with ownership, such as utilities, repairs, insurance, and��sometimes taxes. However, each lease contract may include or exclude one or more of these items.

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