Sourcing and Procurement
Glossary
Your trusted guide to exploring sourcing and procurement terms & definitions,
from the world’s leading procurement experts and companies
Quality Assurance
A management function that includes establishing specifications that can be met by suppliers; utilizing suppliers that have the capability to provide adequate quality within those specifications; utilizing control processes that assure high-quality products and services; and developing the means for measuring the products, service and cost performance of suppliers and comparing it with requirements.
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Quality management system (QMS)
A formal system that includes documented processes and procedures that outline the responsibilities for achieving quality within an organisation
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Quantitative research
Research that uses statistics and mathematics as a means of analysing data
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RACI
RACI is a good tool to use to assign roles to members for tasks and are identified as: Responsible, Accountable, Consulted or Informed.
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RECYCLED PRODUCT
A product that contains the highest amount of post-consumer material practicable, or when post-consumer material is impracticable for a specific type of product, contains substantial amounts of pre-consumer material.
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Quality Control
The segment of the quality assurance activity that measures quality performance and compares it with specification requirements, as a basis for controlling output quality levels.
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Quantity Discount
A reduction in the unit price offered for large volume contracts. Sometimes also referred to as a Volume Discount.
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RECYCLED CONTENT
The portion of a product that is made from materials directed from the waste stream; usually stated as a percentage by weight.
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RENT
A rental contract giving the right to use real estate or property for a specified time in return for rent or other compensation.
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