Dictionary of Procurement Terms

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Search Results: 171-180 of 248 results for “P”

  • Professional Services

    Services rendered by members of a recognized profession or possessing a special skill. Such services are generally acquired to obtain information, advice, training, or direct assistance.

  • Profit

    1. The difference between total revenue and total cost. (P=TR-TC). The difference between total revenues and the full costs involved in producing or selling a good or service; it is a return for risk taking. 2. The difference between what it cost to make and sell a product and its final selling price. 3. The difference between the costs incurred by the contractor to provide the supplies, services, or construction and the amount received from the purchaser in payment.

  • Profit Margin

    An item that appears on an income statement and is calculated by dividing the gross profit by sales. (Business, 2002)

  • Profit Sharing

    A form of compensation whereby a percentage of company profits is distributed to the employees based on a variety of factors such as longevity, company status, etc. (Business, 2002)

  • Program Budgeting

    Program budgets relate expenditures and revenues to public goals.

  • Program Evaluation and Review Technique (PERT)

    Similar to the critical path method of project scheduling, PERT was developed in 1955 by the DuPont and Remington Rand companies for use in coping with complex plant maintenance problems. Now available in software applications that show time and dependency relationships between the activities that make up the total project. (Ferrell & Hirt, 2002)

  • Program Identification Code

    CANADIAN A two-digit code identifying the program to which a Contract may apply.

  • Progress Payments

    A timed sequence of payments made during the performance of a contract; periodic payments made over the life of a contract; allow the contractor to submit invoices for payment as progress is made in performing the contract. Progress payments shift risk to the public agency since payment for progress made does not guarantee that the work will be completed.

    See Also: Partial Payment, Advance Payments

  • Progress Report

    A report prepared by a contractor during the performance of a contract. A useful means of assessing the routine progress of the contractor in selected areas of the contract.

  • Progressive Award

    The award of a definite quantity contract under the same solicitation to two or more suppliers or contractors to furnish the same or similar supplies or services, where more than one supplier is needed to meet the contract requirements for quantity, delivery, or service.