Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 1351-1360 of 2469 results

  • LOE


    See Also: Level-of-Effort (LOE) Contract

  • Logic Model (Systems approach)

    The purpose of the model is to identify logical relationships between inputs, resources, activities, outputs, and short-, intermediate-, and long-term outcomes. Logic models illustrate a sequence of cause-and-effect relationships, a systems approach to communicate the path toward a desired strategic result. (W.K. Kellogg Foundation, 2004)

  • Logistics

    The process of planning, implementing, and controlling the efficient, effective movement and storage of goods, services, and related information from point of origin to point of consumption to satisfy customer requirements. (ISM, 2000)

  • Logistics Management

    The discipline responsible for the movement, routing, distribution, transportation, and coordination activities that apply to goods delivery and/or service performance.

  • LOI


    See Also: Letter of Interest (LOI), Letter of Intent (LOI)

  • Long Term Contract

    A decision to contract with a specified supplier over an extended period of time.

  • Long-Term Liabilities

    Debts that will be repaid over a number of years, such as long-term loans and bond issues. (Business, 2002)

  • Loss

    A business situation in which the total cost of production exceeds total revenue; negative profit. (Schiller, 2000)

  • Lot Tolerance Percent Defective (LTPD)

    The percent of defective items that a customer is willing to accept.

  • Lowball

    To begin a sales negotiation or sales transaction by quoting low prices and then attempting to raise the prices once the buyer shows interest. (Martin & Miller, 2006)

    See Also: Buying In