Dictionary of Procurement Terms

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Search Results: 1-1 of 1 result for “Cost Savings”

  • Cost Savings

    A realized and measurable reduction in material, resource, or labor expense(s) associated with the production and delivery of an item or service. Primarily associated in the manufacturing of an item; interchangeably used to indicate a lower price paid by the buyer from what was previously paid.

    See Also: Price Reduction, Cost Reduction