Dictionary of Procurement Terms

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Search Results: 171-180 of 214 results for “S”

  • Straw Vote

    An RFP evaluation technique, whereby the evaluation team takes an informal vote of no consequence to gauge the feeling of the group toward a proposal or group of proposals. Used to informally determine the predisposition of the group.

  • Structural Deficit

    Deficit that remains across the business cycle, because general tax levels are too low for the general level of government spending.

  • Structural Unemployment

    Unemployment caused by a mismatch between the skills or location of job seekers and the requirements or location of available jobs. (Schiller, 2000)

  • Subcontract

    A contract that assigns some of the obligations of a prior contract to another party.

  • Subcontractor

    Any person or business entity employed to perform part of a contractual obligation under the control of the principal contractor. Any supplier, distributor, or firm that furnishes supplies or services to a prime contractor or another subcontractor.

  • Subject-Matter Expert (SME)

    An individual who possesses exceptional skill and knowledge in a particular area of expertise. Generally, the SME understands technical details and terminology, is current with changing trends, and possesses historical knowledge. Procurement may invite SMEs to provide technical assistance or to serve on evaluation committees. (Business, 2002)

  • Subrogation

    The substitution of one person in the place of another with reference to a lawful claim, demand, or right, so that the one substituted succeeds to the rights of the other in relation to the debt or claim and its rights, remedies, and securities. (Black's Law Dictionary, 1990, p. 1427)

  • Subsidy

    Money paid, usually by a government, to keep prices below what they would be in a free market, or to keep alive businesses that would otherwise fail. Subsidies can be a form of protectionism by making domestic goods and services artificially competitive against imports. (Schiller, 2000)

  • Substitute Goods

    Goods/products for which an increase (or fall) in demand for one leads to a fall (or increase) in demand for another. Examples: Ford vs.GM, Pepsi vs. Coke, and Dell vs. Hewlett Packard. (Schiller, 2000)

  • Succession Planning

    Developing and implementing strategies to address any identified leadership pipeline or workforce gaps.