Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Purchase Order Specification
All specifications needed to select the right supplier including quality specifications, logistics specifications, maintenance specifications, legal and environmental requirements and target budget.
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Purchasing Agent
The person authorized to make purchase agreements for the organization.
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QUALIFIED VENDOR/RESPONSIBLE VENDOR
A vendor determined by a buying organization to meet minimum set standards of business competence, reputation, financial ability and product quality for placement on the vendor list.
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Purchasing
The management of the company's external resources in such a way that the supply of all goods/services, capabilities and knowledge necessary for running/maintaining and managing the company's primary and support activities are secured under the most favorable conditions.
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Purchasing Co-operatives (Co-op)
A legal entity in which a group of buyers with a common interest pool their purchasing power to negotiate more favorable pricing on goods and services.
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QUALIFIED PRODUCTS LIST (QPL)
A list of products that, because of the length of time required for test and evaluation, are tested in advance of procurement to determine which suppliers comply with the specification requirements. Also referred to as an "approved brands list."
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QUALITY
The composite of material attributes, including performance features and characteristic, of a product or service to satisfy a given need.
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Qualified bid
A bid where the potential supplier has ‘exempted themselves’ from one or more of the requirements of the tender (i.e. the bid specifically states that it does not comply with one or more aspects of the specification or contract terms)
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Qualitative research
Research designed to gain insights into reasons why something happens
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