Dictionary of Procurement Terms

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Search Results: 161-170 of 174 results for “A”

  • Authority

    The right to perform certain acts or prescribe rules governing the conduct of others. (Nash & Rawicz, 1997)

  • Authorization to Release

    Permission to release requested goods to the using agency against existing supply agreements.

  • Authorized Deviation

    A change or deviation specifically allowed by the Contracting authority.

    See Also: Amendment, Change Order, Contract Modification

  • Automated Data Processing (ADP)

    Input, storage, and manipulation of information using computer systems, and the discipline that deals with related methods and techniques. Also called Electronic Data Processing.

  • Automatic Stabilizer

    Federal expenditure or revenue item that automatically responds counter-cyclically to changes in national income, like unemployment benefits or income taxes.

  • Average

    A number that is calculated to summarize a group of numbers. The most commonly used average is the mean - the sum of the numbers divided by however many numbers there are in the group. The median is the middle value in a group of numbers ranked in order of size. The mode is the number that occurs most often in a group of numbers. (Bishop, 2004)

  • Average Fixed Cost (AFC)

    Total fixed cost divided by the quantity produced in a given time period. (Schiller, 2000)

  • Average Propensity to Consume (APC)

    Total consumption in a given period divided by total disposable income. (Schiller, 2000)

  • Average Total Cost (ATC)

    Total cost divided by the quantity produced in a given time period. (Schiller, 2000)

  • Award

    The acceptance of a bid or proposal; the presentation of a purchase agreement or contract to a bidder or proposer.