Dictionary of Procurement Terms

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Search Results: 31-40 of 47 results for “V”

  • Vertical Training

    Specialized, in-depth training on specific topics to prepare the employee for upward mobility and promotional opportunities.

  • Virgin Product

    A product that is made with 100 percent new raw materials and contains no recycled materials. (Martin & Miller, 2006)

  • Virtual Store

    An eCommerce term that refers to a website that permits a buyer to procure goods and services online. (Martin & Miller, 2006)

  • Vision Statement

    An organizational statement that clearly and concisely addresses the future nature and purpose of the entity. A short statement that tells who the organization is and where they are going. (Martin & Miller, 2006)

  • VMI


    See Also: Vendor Managed Inventory (VMI)

  • VOC


    See Also: Volatile Organic Compounds (VOCs)

  • Void

    Of no standing; unenforceable and without legal effect. A contractual reference that implies that the agreement has been terminated or cancelled. (Garner, 2004)

  • Volatile Organic Compounds (VOCs)

    Compounds that evaporate easily at room temperature. They can come from many products, such as office equipment, adhesives, carpeting, upholstery, paints, solvents, and cleaning products. VOCs can harm the ozone level of the atmosphere and are a harmful outdoor air pollutant. (Martin & Miller, 2006)

  • Volatile-Priced Commodities

    Commodities so dynamic that prices may dramatically change from day to day or hour by hour. Variables that factor into the pricing of these commodities include hedging strategies, call options, and pricing tied to indexes. For example, coffee, wheat, and oil are examples of commodities subject to extreme volatility. (Business, 2002)

  • Volume Discounts

    Discounts offered to a buyer from a supplier based on the quantity purchased, the size of the order, or total annual volume. It is based on the economic theory of economies of scale – the larger the quantity purchased, the lower the unit price.

    See Also: Quantity Discount, Volume Leveraging, Economies of Scale
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