Dictionary of Procurement Terms

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Search Results: 41-50 of 118 results for “M”

  • Material

    1. A substance from which something is made or can be made, such as building materials, paper, plastic, or other materials. 2. A substance that has a particular quality such as a sticky material, explosive materials, genetic material. (Merriam-Webster)

  • Material Credit

    A credit issued by the warehouse upon the return of requisitioned supplies found to be in excess of requirements.

  • Material Defects

    Defects that are a matter of substance that affect price or quality and do not conform to the ​solicitation requirements.

  • Material Life Cycle

    The phases through which material assets pass, including: assess and plan material requirements; acquisition; operation, use, and maintenance; disposal.

  • Material Safety Data Sheets (MSDS)

    Documentation concerning a hazardous chemical that identifies the chemical, the common names of the ingredients, the physical and chemical characteristics, the hazards of the chemicals, and the emergency and first aid procedures to be considered when working with the chemical.

  • Material Substitutions

    An example of “second level cost savings” achieved by identifying and qualifying acceptable material alternatives that meet ​specification requirements, but cost less than existing materials. (Crimi & Kauffman,​ 2003)

  • Material Variance/Material Deviation

    A major variance, change, deviation, or substitution taken to specifications that gives the offeror a substantial advantage or benefit not enjoyed by all other Offerors or that gives the purchaser something significantly different from what was specified. (Nash, Schooner, & O’Brien, 1998)

  • Material/Materiel Forecasting

    Estimating future needs to avoid stock outs or oversupply.

  • Material/Materiel Requirements Planning (MRP) System

    A technique used to determine the quantity of dependent demand materials used in a planning period. May be used to schedule and control production, inventory levels, and deliveries from outside ​suppliers.

  • Matériel

    Term commonly used by warehouse environments and the military to refer to equipment, apparatus and supplies used by an organization or institution. (Merriam-Webster)