Dictionary of Procurement Terms

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  • Stock Level

    The desired quantity of stock to be carried in Inventory for a given item. This quantity is adjusted periodically depending on economic issues such as cost, supply and demand. A minimum stock and maximum stock level is predetermined based on existing requirements.

  • Stock Location Records

    CANADIAN The records that indicate the locations of Stocks in a storeroom or Warehouse.

  • Stock Number

    A standard number that is assigned to identify like items. Examples of standardized ​stock numbering systems include the NIGP Commodity/Services Code or the NATO Stock Numbering System.

  • Stock On Order

    CANADIAN The quantity represented by the total of all outstanding replenishment orders.

  • Stock Out

    A condition in which there is a lack of sufficient Inventory on hand to fill an order from a using agency/requisitioner.

  • Stock Record

    Information on the items in ​stock showing stock level position.

  • Stock Usage/Turnover Rate

    The historic rate at which a stocked item is used, based on the number of times the ​stock is issued to determine the annual (or periodic) turnover rate.

  • Stock-Keeping Unit (SKU)

    A common term for a unique numeric identifier, typically in a database. A specifically assigned product number for each variation of an item. The SKU number represents variations of the item by size, color, type, or by any other specific designation to aid in computer ordering and inventory control. (ISM, 2000)

  • Stockless Purchasing

    A contracting method that incorporates Just-in-Time delivery concepts, thus enabling the buyer to avoid carrying inventory to meet demand requirements. Suppliers own the inventory and deliver products directly to the customer with a predetermined time frame, e.g., 24 hours, 3 working days.

  • Stocktaking

    CANADIAN The procedure of counting and reconciling actual holdings against Stock records.