Dictionary of Procurement Terms

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Search Results: 101-110 of 121 results for “B”

  • Business Continuity Plan


    See Also: Continuity of Operations Plan (COOP)

  • Business Cycle

    Alternating periods of economic growth and contraction. Sometimes characterized as prosperity, recession, depression, and recovery. (Schiller, 2000)

  • Business Interruption Insurance

    Commercial insurance protection for a business whose operations are interrupted because of a fire, storm, or other natural disaster. (Business, 2002)

  • Business Plan

    A statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals. (Business, 2002)

  • Business Process Improvement (BPI)

    Various methodologies utilized by management that analyze procedures to identify areas where accuracy, effectiveness, or efficiency can be redesigned to realize improvements.

  • Business Process Outsourcing

    To carve out an internal business process such as IT (Information Technology) or HR (Human Resources) and outsource it to a private entity in an attempt to reduce costs and improve efficiency.

  • Business Valuation

    The act or process of determining the value of a business enterprise or ownership interest therein. (AICPA, 2015)

  • Buy American

    1. A policy or philosophy usually expressed in law or by executive order which mandates the purchase, at a certain dollar threshold, of products with a substantial percentage of American made components. 2. A preference policy generally adopted by a governmental body that requires the purchase of American-made products or products with a defined percentage of American-made components.

  • Buy American Act (U.S. Law)

    Originally enacted in 1933, generally requires that the Federal Government buy for public use only raw materials mined or produced in the United States, and only manufactured items that are made in the United States, “substantially all from” materials or items mined, produced, or manufactured in the United States. The act has several important exceptions. The general requirements are inapplicable if the items to be purchased are not available domestically, in commercial quantities of good quality, or if the cost of the domestic items is “unreasonable,” or if the head of the department otherwise determines it to be in the public interest to waive the requirement. (Burt, Dobler, & Starling, 2003)

  • Buy Local

    A bid preference which may be given to suppliers doing business in the purchasing jurisdiction.

    See Also: Local Preference, Preference, Bid Preference