Dictionary of Procurement Terms

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Search Results: 41-47 of 47 results for “V”

  • Volume Leveraging

    Activities that attempt to capture as much spend in a materials or service category as possible to potentially reduce costs through economies of scale and enable a purchaser to negotiate more competitively with suppliers. A form of “second-level” cost savings. (Crimi & Kauffman, 2003)

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

  • Voluntary Bankruptcy

    A bankruptcy procedure initiated by an individual or business that can no longer meet its financial obligations. (Business, 2002)

    See Also: Bankruptcy

  • Voluntary Restraint Agreement (VRA)

    An agreement to reduce the volume of trade in a specific good; a voluntary quota. An example would be an OPEC agreement to curb the production and exportation of crude oil. A critical indices for global supply managers that may have a dramatic effect on cost/price. (ISM, 2000)

  • Voluntary Standards

    Standards available for use by any person, organization, or governmental organization, generally established by voluntary participation of interested parties.

  • Voucher

    A document that records a business transaction. A written record of an expenditure or a business transaction.

  • VRA


    See Also: Voluntary Restraint Agreement (VRA)

  • VSP


    See Also: Vendor Supply Point Code (VSP)
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