Dictionary of Procurement Terms

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Search Results: 11-20 of 214 results for “S”

  • Sampling

    A technique used to avoid examination of each item in a population, yet will still be able to determine whether the entire population shall be accepted as complying with the acceptable quality level or stated requirements.

  • Sanction

    1. Authoritative permission or approval that makes a course of action valid. 2. An action by a government body, such as restriction on trade. (Schiller, 2000)

  • Sarbanes-Oxley Act

    Passed by Congress in 2002, also know as SarbOx or SOX, its intent is to curb financial abuses in large public companies. The act demands that public companies enhance their accounting oversight and adopt stringent internal controls. (Martin & Miller, 2006)

  • SAVE


    See Also: Society of American Value Engineers (SAVE)

  • Saving

    That part of disposable income not spent on current consumption; disposable income less consumption; any income that is not spent. (Bishop, 2004)

  • Say’s Law

    Supply creates its own demand. Economic theory developed by French economist Jean-Baptiste Say (1767-1832). (Bishop, 2004)

  • SBA


    See Also: Small Business Administration (SBA)

  • Scalability

    The ease with which the supply of a product or service can be expanded to meet increased demand. Technology now allows new products to enter the market more quickly and win market share at a much more rapid pace. Suppliers often reference “scalability” in market literature and on their Internet sites. (Bishop, 2004)

  • Scarcity

    The fact that available resources are insufficient to satisfy all desired uses thereof. An economic indicator that drives prices higher. (Bishop, 2004)

  • Scenario Analysis

    An important technique in risk management, whereby various possible scenarios are developed based on best to worse outcomes. May be applied to procurement situations to achieve effective future planning. It is a tool used to anticipate the future and plan accordingly. (Martin & Miller, 2006)