The oboloo Team

An Annual Procurement Plan (APP) is a strategic document that outlines an organization’s objectives and strategies for procurement over a one-year period. It provides a framework for evaluating each potential purchase, enabling stakeholders to assess important factors such as timeliness, cost, quality and sustainability. The APP serves as a useful tool to ensure the organization […]

The American Society for Testing and Materials (ASTM) is an international standards organization that provides technical and scientific standards to help facilitate the procurement process. ASTM standards ensure a consistent level of quality across products and are used to test and measure materials, performance, and chemical properties. By using these standards, purchasers and vendors can […]

The Board of Commissioners of Public Grounds and Buildings (BCPG) is a regulatory organization responsible for the efficient management and procurement of public grounds and buildings. The BCPG works to maintain quality standards and ensure safe, secure, and cost-effective facilities in compliance with state and federal laws. The organization has stringent standards that must be […]

BSBO (Bureau of Small Business Opportunities) The Bureau of Small Business Opportunities (BSBO) is a business unit within the United States Department of Commerce that provides procurement services and resources to small businesses. By leveraging its expertise in contract management, contract negotiation, and supplier relations, the BSBO helps small businesses gain access to the markets […]

Leadership in Energy and Environmental Design (LEED) is a worldwide certification system that promotes sustainable construction, operations and maintenance practices. The LEED rating system measures the environmental performance of a building, awarding points based on criteria such as energy efficiency, water conservation, indoor air quality and materials selection. LEED-rated buildings use fewer resources, save money […]

A Material Safety Data Sheet (MSDS) is a document that communicates crucial information about hazardous materials and chemicals used in business operations. It is designed to help procurement, shipping, storage, and handling personnel identify, understand, and manage the risks related to the product. The MSDS outlines the characteristics of the material and provides hazard data, […]

Founded in 1972, the National Minority Supplier Development Council (NMSDC) is a non-profit organization dedicated to advancing business opportunities for minority-owned companies. It accomplishes this mission by connecting corporate America with qualified minority suppliers through its influential network of regional affiliates and corporate members. This allows NMSDC-certified suppliers to increase their visibility in the procurement […]

The Official Journal of the European Union (OJEU) is the primary source of procurement contracts and tenders for public authorities in the European Union. All EU-related public contracts with an estimated value over a certain threshold are required to be published in the OJEU in order to be compliant with regular EU procurement rules. This […]

The Office of Management and Budget (OMB) serves as the President’s chief policy advisor in setting out federal budget policies and the management of public funds. Within the executive branch, OMB is responsible for developing, coordinating and implementing government-wide financial policies related to procurement, budgeting, accounting, finance, and management systems. OMB also works with other […]

The Occupational Safety and Health Administration (OSHA) is a federal agency of the United States Department of Labor dedicated to assuring safe and healthful working conditions for workers. OSHA’s role in procurement is to ensure that goods and services purchased comply with applicable safety standards and regulations. As such, all procured products should meet minimum […]

Gross National Product (GNP) is a measure of an economy’s total economic output. It reflects the combined value of all goods and services produced by a nation within a given period, typically over the course of one year. In the context of procurement, GNP is important to consider because it can provide insight into the […]

OSS (Online Service System – Service used by IES to report system issues) OSS (Online Service System) is a web-based platform used by Information Exchange Services (IES) to manage customer service requests, report system issues and track the progress of resolution. It allows customers to access real-time data, interact with staff and benefit from a […]

Platform as a Service (PaaS) is an integrated technology platform that provides an environment for application development, deployment, and management. PaaS enables organizations to focus on building applications without the need to manage or maintain the underlying infrastructure, including hardware, operating systems, networking, storage, and other associated components. By leveraging the scalability of cloud computing, […]

Project-Based Information Technology Consulting Services (PBITS) is defined as a professional relationship between an organization and an external IT consulting firm focused on the delivery of specific IT projects. Through PBITS, organizations can access specialized technical expertise to successfully complete specific tasks or objectives. The consulting firm provides professional services with project management capabilities, technology […]

In the field of procurement, PEST is an acronym used to define the Political, Economic, Social and Technological environments in which a project takes place. It is a methodology for assessing the external factors that may influence the success or failure of a project. By understanding the impact of these different forces, organizations can develop […]

The Price Index (PI) is a metric used in procurement to measure and monitor the relative price performance of the items being purchased. It estimates the change in price for a specific item or set of items over time. This index serves as a barometer that can be used to identify market trends, compare vendor […]

PMT (Portfolio Management Tool) is a cloud-based system designed for the procurement process. It provides an integrated platform to analyze portfolio performance, drive decision-making, track projects, and manage risks associated with spending. PMT enables organizations to effectively manage sourcing activities through efficient supplier management and risk identification. The tool also allows users to monitor spend […]

PPCA (Profit, Price & Cost Analysis) Profit, Price and Cost Analysis (PPCA) is a business tool used in procurement to assess an item’s overall value. It involves examining the projected profit and revenue generated by a product or service, the price of acquisition, and the cost of production over its life cycle. PPCA helps procurement […]

PPE (Personal protective equipment) Personal protective equipment (PPE) refers to any clothing, equipment, or device designed to provide a layer of protection against various hazards encountered in the workplace. Such hazards can include physical, electrical, heat, chemicals, biohazards, and airborne particulate matter. PPE should be used in accordance with safety regulations and guidelines for individual […]

Purchase Price Variance (PPV) is a metric used in procurement to measure the difference between the expected and actual cost of materials purchased. It is typically calculated using the formula (Actual Cost – Expected Cost)/Expected Cost, and is expressed as a percentage. PPV helps to identify when goods are being purchased at prices higher than […]

The Single Transaction Summary Document (STSD) is a document that summarizes an individual procurement transaction. This document is used by all interested parties in the procurement process to track the progress of, and effectively manage transactions between buyers and suppliers. The STSD provides critical detail such as transaction type, agreement details, products or services purchased, […]

The United Nations Standard Products and Services Code (UNSPSC) is a procurement-focused classification system developed by the United Nations. It provides a standardized way for buyers and suppliers to quickly identify, search, and share the goods and services that they need in order to complete successful purchases. With UNSPSC, buyers and suppliers alike benefit from […]

Contract Lifecycle Management (CLM) is an integrated strategy for managing contracts from commissioning to completion. It comprises a set of coordinated, inter-related activities and processes used throughout the lifecycle of a contract to ensure the effective management, enforceability, and compliance of mutually established contractual obligations. CLM covers all aspects of contract management from risk assessment […]

The Prevailing Wage Rate (PWR) is a rate set by the government for certain types of occupations or job roles. It is an important factor in procurement as it serves to protect businesses competing for contracts from unfair wage and labor practices. PWR helps ensure that all employees are appropriately compensated for their work, which […]

Quality Assurance (QA) in procurement is a system of continuous improvement that ensures the quality of goods and services purchased from suppliers for companies. QA processes allow organizations to assess their suppliers and verify that the products they are buying meet the specified standards and regulations. It involves reviewing current practices, analyzing potential deficiencies, and […]

Quality Control (QC) is a comprehensive system of procedures, standards and processes that ensure that products produced by a company meet or exceed specified requirements. QC is essential for maximizing customer satisfaction and the quality of a company’s output, ensuring that products are fit for purpose. QC processes involve tasks such as product testing, inspection, […]

A Quality Management System (QMS) is a formalized system used to manage and review the quality of goods during the procurement process. It is designed to ensure compliance with legal, regulatory, and contractual requirements as well as any customer-specific expectations. A QMS follows a set of standard operating procedures and focuses on continuous improvement in […]

Qualified Product Lists (QPLs) are a crucial part of the procurement process, providing businesses with assurance that they are buying qualified and safe products. QPLs contain an officially approved and regularly updated list of goods or services that can be used to fulfill a project. All products are subject to rigorous testing in order to […]

The term Request for Comment (RFC) is used in business and procurement to describe the formal process of submitting an official request for feedback or comment from interested parties. This feedback is then used to assess the suitability of a proposed solution before it is implemented. RFCs are often issued in situations where stakeholders have […]

Request For Information (RFI) is an officially recognized procurement method used by organizations in order to gather necessary information from external sources. Through the RFI process, organizations solicit vendor responses that provide valuable insight on potential products, services, and solutions as they relate to their needs. By doing so, organizations are able to make well-informed […]

Radio-Frequency Identification (RFID) is an automated technology used in the procurement process to track and manage the movement of goods and inventory. RFID systems use radio frequency waves to identify, locate, and process data from tagged objects without relying on line-of-sight scanning or physical handling. This technology helps streamline the supply chain by providing businesses […]

A Request For Proposal (RFP) is a formal, structured solicitation from a business or organization for goods and/or services. The RFP outlines the requirements for a potential vendor to submit a proposal with their cost estimates and technical specifications in order to be considered for an award of contract. It provides vendors with key information […]

A Request for Quotations (RFQ) is a formal solicitation from buyers to suppliers for the purpose of obtaining price quotes and proposals. An RFQ typically includes a detailed description of the product/service or materials requested, along with specific instructions for submission and evaluation. Through the RFQ process, buyers are able to compare numerous suppliers in […]

Request for Tender (RFT) is a formal process by which organizations seek bid proposals from vendors for a specific product or service. The purpose of the RFT is to ensure that an organization obtains the best product or service at the most competitive price. Through the RFT process, vendors can provide detailed information about their […]

Return on Capital Employed (ROCE) is a key metric used to measure the financial performance of businesses in the procurement sector. It calculates the amount of profit generated as a percentage of the amount of capital employed by a business in its operations. This ratio helps businesses identify how efficiently they are using their available […]

The Restriction of Hazardous Substances (RoHS) is a European Union directive aimed at reducing the use of hazardous materials in electrical and electronic equipment. It applies to all equipment placed on the market within the EU/EEA, including products sold online. Procurement teams must be aware of these regulations when selecting suppliers and sourcing products, as […]

Return on investment (ROI) measures the effectiveness of an investment by ascertaining the net gain or loss relative to the amount of money invested. In procurement, this typically refers to the cost savings achieved through a particular purchase compared to the initial cost. This calculation helps organizations and businesses assess the efficiency and potential profitability […]

Return on Net Assets (RONA) is a metric used to measure the effectiveness of a company’s procurement activities. It is calculated by taking the net profits of a business divided by the total assets of the same business. RONA is a valuable tool for gauging the profitability of a business’s purchasing efforts and can be […]

The Retail Price Index (RPI) is an official index used to measure changes in the prices of goods and services purchased by consumers. It serves a number of important purposes in the business world, including helping businesses monitor their costs of production, setting inflation rates for wages, and providing key data points for contract negotiations. […]

Road Safety Impact Assessment (RSIA) is a professional procedure that evaluates the potential impact of a given project or initiative on the safety of road users. By performing an RSIA, decision makers are able to determine the likelihood and severity of potential risks posed by said project or initiative. The assessment should identify existing hazards, […]

The Right-to-Know Law (RTKL) is a law that provides business owners and members of the public with access to public records containing information related to procurement activities. RTKL ensures that all documents generated as part of the procurement process are made available upon request. This includes records such as contracts, bids, invoices, purchase orders, vendor […]

Route to procurement (RTP) is a formal term used in business that outlines the process of acquiring goods and services. It includes requirements for analyzing potential suppliers, creating a plan of action for selection and negotiation, and ultimately signing a contract or purchase order. RTP is an organized, systematic approach to making sure all available […]

Sales & Operations Planning (S&OP) is an essential part of procurement operations in many companies. It is a systemic process that helps to align the tactical goals of sales, operations, finance, and management teams with a unified strategy for meeting consumer demand. S&OP leverages data insights to balance supply and demand on both short-term and […]

S2C, or Source-to-Contract, is the complete procurement process from sourcing and selecting suppliers to signing contracts. It delivers measurable value to businesses through efficiency gains and cost savings. The S2C approach involves a multi-phase process which begins with preliminary market research. This informs the organization’s strategic objectives, requirements, and selection criteria for potential suppliers. After […]

Source-To-Pay (S2P) is a comprehensive, end-to-end procurement process from supplier selection to the payment of invoices. It involves the coordination and control of all activities related to generating purchase orders, receiving goods and services, paying associated invoices, and obtaining relevant documents from vendors. By streamlining and automating procurement processes, S2P can reduce costs and increase […]

Software as a Service (SaaS) is a type of cloud computing software delivery model that allows procurement services to access applications over the Internet. It eliminates the need for on-premise software installations and updates, allowing users to rent or subscribe to a particular application instead of purchasing it outright. With SaaS, all hardware and software […]

The Single Administrative Document (SAD) is an official document utilized by customs authorities in the European Union to facilitate the import and export of goods within and from EU member states. This document is required for any international trade transactions, including those of a commercial nature, as it identifies the movement between parties and serves […]

Small Business (SB) and Small Business Enterprise (SBE) refer to government-certified businesses of a certain size, as defined by the US Small Business Administration. These businesses meet the criteria for a small business based on factors such as number of employees, revenue, yearly income, and other criteria. These businesses must adhere to specific procurement guidelines […]

The United States Small Business Administration (SBA) is a government agency that is charged with providing assistance to small businesses and promoting their growth and success. The SBA provides numerous services to help entrepreneurs launch and manage their businesses, including loan guarantees and business counseling, as well as access to various contracts and grants designed […]

The Small Business Procurement Initiative (SBPI) is a federal program which encourages the use of small businesses by providing incentives for contracting agencies to work with small businesses. SBPI encourages eligible businesses to offer competitively priced products or services that meet the requirements of a particular project, and incentivizes procurement officers to give preference to […]

Supply Base Reduction (SBR) is a business strategy employed in procurement to streamline and optimize a company’s supplier relationships. The primary goal of SBR is to reduce the number of suppliers in an organization’s vendor base, while still ensuring that the quality of goods and services remains consistent. By reducing the number of suppliers, companies […]

The State Civil Service Commission (SCSC) is an independent body charged with the responsibility of ensuring that public employees are hired, evaluated, compensated, and promoted on the basis of merit. It monitors all civil service activities conducted by state agencies to guarantee objectives of fairness, inclusiveness, and equity. Additionally, it administers a rigorous examination process […]

Small Diverse Business (SDB) is a term used to describe businesses owned by minorities, women, veterans, and people with disabilities who wish to participate in the procurement process. SDB’s are typically smaller-scale companies or organizations that demonstrate exceptional skill and dedication in their respective fields. By doing business with SDB’s, governments and other organizations can […]

Sustainability Development Goals (SDGs) are a set of 17 universal objectives that were adopted by all United Nations’ countries in 2015 as a way to address the global challenges facing humanity. The SDGs provide a roadmap for governments, businesses and citizens worldwide to take practical steps towards building a sustainable future. In procurement, it means […]

A Service-Disabled Veteran-Owned Business Enterprise (SDVBE) is an organization that is owned and operated by a service-disabled veteran in the United States. These businesses are a unique type of small business, providing opportunities for economic development for disabled veterans and their families. To be eligible to qualify as a SDVBE in government procurement, organizations must […]

SDVOSB stands for Service-Disabled Veteran-Owned Small Business and is a designation that helps identify businesses owned by veterans who have been disabled while serving. SDVOSBs are eligible to receive federal government contracts as part of the small business set-aside program in the United States. This designation not only provides these veteran-owned businesses with access to […]

SIC (Standard Industrial Classification ) The Standard Industrial Classification (SIC) is a system used to classify industries by a four-digit code. It was developed by the U.S. government in the 1930s, and it reflects the primary activity of a business or organization in order to categorize and track data for analysis and reporting purposes. This […]

A Stock Keeping Unit (SKU) is a business term used to denote unique product specifications within inventory procurement. SKUs are used by organizations to track and manage products in their inventory, enabling accurate and efficient management of stock levels. By assigning an individual SKU to every item in your catalogue or inventory, it becomes easier […]

SLA (Service Level Agreement) A Service Level Agreement (SLA) is a legally binding contract between a service provider and a customer that specifies the services and levels of service to be provided. The SLA outlines the responsibilities of each party, the duration of the agreement, any standards or requirements, and the procedures for resolving disputes […]

SMART (Specific, Measureable, Achievable, Realistic, Time-bound) SMART is an acronym used in procurement and other business activities to ensure objectives are specific, measureable, achievable, realistic, and time-bound. By adhering to the SMART framework, organizations can set attainable goals and identify milestones that will enable them to monitor progress in order to stay on track and […]

Subject Matter Experts (SMEs) are professionals who have specialized knowledge and experience in a particular field or sector. In the context of procurement, SMEs are consulted to assess and validate product requirements and provide guidance on the most cost-effective solutions. By leveraging their expertise, companies can ensure that their selection criteria are valid and reliable, […]

Small & Medium-sized Enterprises (SMEs) are businesses with fewer than 250 employees and an annual turnover of less than €50 million. SMEs often face particular challenges when procuring goods and services, due to their size and limited resources. As such, they require dedicated strategies for efficient procurement procedures to ensure they can access the best […]

A Statement of Work (SOW) is an official document used in the procurement process that outlines the expectations and scope of a given project. It is typically prepared by the contracting party to serve as a blueprint for contractors to follow, detailing all deliverables required, associated costs and deadlines. The SOW provides the framework for […]

SRM (Supplier Relationship Management) Supplier Relationship Management (SRM) is an official business process used by organizations to improve the relationship between a buyer and its suppliers. It focuses on creating better relationships between buyers and suppliers that result in increased business performance, improved quality of goods and services, satisfaction in supplier partnerships, and cost savings […]

The Social Security Number (SSN) is a nine-digit code issued by the United States government to individuals for the purpose of tracking their employment and financial transactions. In procurement, SSNs are used to verify either the identification or the eligibility of individuals for contracts or other services being procured. It is important to use SSNs […]

STS stands for Single Transaction Summary, a document used in procurement to provide an overview of an entire transaction within one report. A STS report can be generated at any time, providing detailed information about the cost and scope of goods or services included in a specific transaction. The purpose of this document is to […]

Social Value is the additional benefit resulting from investments, initiatives and activities that go beyond the direct delivery of services or products. This value may be generated for the local community, society as a whole, or both. The aim of Social Value in procurement is to ensure contracts are awarded responsibly and with consideration to […]

SVRQ (Standard Vendor Responsibility Questionnaire) The Standard Vendor Responsibility Questionnaire (SVRQ) is a tool used in procurement to assess the suitability and readiness of vendors prior to awarding contracts. The SVRQs allow buyers to fairly evaluate potential vendors on important categories such as work experience, financial history, insurance coverage, and references. This ensures that only […]

SWOT (Strengths, Weakness, Opportunities & Threats) SWOT stands for Strengths, Weaknesses, Opportunities and Threats. In procurement, it is a comprehensive analytical tool used to assess the current and potential performance of an organization’s business strategy. It entails examining internal strengths and weaknesses in order to identify external opportunities and potential threats. By assessing these four […]

Time & Materials (T&M) is an official business definition of a contractual arrangement in which payments are based on the actual process value of labor and materials used for completion of work. This type of procurement agreement typically involves services which are characterized by unique or variable scope that cannot be easily specified in advance, […]

The Technical Architecture Review Board (TAR) is a procurement process used to acquire products and services for professional business needs. The TAR board reviews vendor proposals and makes the final selection based on technical functionality, cost-effectiveness, quality of services, risk assessment, implementation strategy, and time-to-market. The TAR Board is comprised of representatives from diverse departments […]

TCO (Total Cost of Ownership) Total Cost of Ownership (TCO) is a metric used in procurement to measure the total cost of an asset or project over its entire life cycle. TCO captures more than just the upfront purchase cost of an asset; it also takes into account associated costs such as maintenance, operation, and […]

TCS (Telecommunication Connectivity Services) Telecommunications Connectivity Services (TCS) are internet and/or phone services used to facilitate communication between two or more parties. This includes, but is not limited to, voice services, data transmission, video conferencing, and cloud computing. TCS are used by businesses of all sizes for a variety of purposes such as internal communications, […]

Truck Load (TL) is a procurement term used to describe the full load capacity of a single truck. A TL is typically measured by volume or weight, depending on the kind of goods being shipped. A single truck may be able to carry multiple TLs on a single route or shipment. The TL metric is […]

The Toyota Production System (TPS) is an integrated approach to manufacturing and logistics. It seeks to reduce costs and improve efficiency through the use of standardized processes, optimized workflow, short delivery times, and highly motivated employees. TPS works by breaking down the barriers between departments, such as procurement and production. The goal of this integration […]

Total Quality Management (TQL) is a systematic approach to improving business processes, products, and services in order to meet or exceed customer expectations. It focuses on optimizing quality throughout the organization, from procurement of raw materials all the way through to delivery of the final product. TQL requires active participation from all levels of the […]

Terms and Conditions, or Ts & Cs, are clauses that outline the responsibilities of multiple parties in a contractual agreement. These may include specifications about payment, delivery, liability, termination, and more. The purpose of Ts & Cs is to ensure that all parties involved understand their obligations and avoid any potential disputes or misunderstandings. By […]

Terms and Conditions (T&Cs) in procurement refer to a set of agreements between two parties outlining the legal obligations of each. They include things like payment terms, delivery timelines, ownership rights, liabilities and warranties, and any other essential details of the agreement. By signing and agreeing on these T&Cs, both parties are held accountable for […]

Third sector organizations (TSOs) are non-governmental and non-profit entities such as charities, voluntary organisations, social enterprises, and co-operatives. These organizations aim to achieve “social good” by delivering services that improve the lives of local communities. They operate independently from governments or commercial businesses and often provide an important public service. In the context of procurement, […]

Tank Wagon (TW) is a term used in procurement to refer to an automobile or truck with a tank or reservoir for the purpose of transporting and dispensing liquids, gases, or other materials. It is typically used for the transport of large quantities of hazardous materials, such as fuel, chemicals, or biobased products. TWs are […]

UAT (User acceptance testing) User Acceptance Testing (UAT) is a quality assurance process in which an individual or group of individuals tests a product, service, or system to identify any potential issues that may arise with its implementation before it is made available. UAT ensures the product meets the needs and expectations of the end […]

The Uniform Commercial Code (UCC) is a set of laws governing commercial and business transactions in the United States. It is an incredibly comprehensive code which covers everything from contracts to sales to financing arrangements. In the context of procurement, the UCC describes the various legal processes, responsibilities, and regulations that govern the sale and […]

The Unified Certification Program (UCP) is a business procurement system designed to streamline and simplify the process of acquiring goods and services. It enables businesses to access a large network of vendors who have been certified to meet specific standards by the National Institute of Standards and Technology. This certification guarantees that products purchased through […]

The United Nations Standard Products and Services Code (UNSPSC) is a hierarchically structured international classification system used to describe products, services, and research activities. It provides a unified, comprehensive, and global framework for clearly identifying all products and services within the procurement process. It helps reduce ambiguity while providing an efficient way for buyers and […]

The United Nations Standard Products and Services Code (UNSPSC) is a global hierarchy of product and service categories used for procurement. Developed by the United Nations Statistics Division, it is an efficient way to classify goods and services in global procurement processes. UNSPSC is divided into four levels: Segment, Family, Class and Commodity/Service. These levels […]

The Universal Product Code (UPC) is a standard barcode system used prominently in the retail industry for purchasing and record-keeping purposes. UPCs contain 11 or 12 digits that identify a specific product, such as its manufacturer, size, and type. This helps retailers to quickly and accurately process products at checkout, as well as keep track […]

The Universal Public Procurement Certification Council (UPPCC) is an independent, globally recognized authority that provides certifications to industry professionals in the public procurement sector. Their mission is to ensure that public procurement processes are conducted with the highest levels of professional responsibility, integrity, and ethical standards. UPPCC certification recognizes individuals who have demonstrated a commitment […]

The United States Code (USC) is a codification of the general and permanent laws of the United States organized into titles according to subject matter. It serves as a comprehensive reference for all federal laws in areas such as public contracts and procurement, intellectual property, taxation, transportation, communications, banking-related law, and veteran’s benefits. The USC […]

Value Added Resellers (VARs) are third-party companies that partner with original equipment manufacturers (OEMs) to sell software, hardware and other related services. VARs play an important role in the procurement process by providing specialized expertise on specific products or services which can help a company make informed decisions. VARs also serve as intermediaries between OEMs […]

Value added tax (VAT) is an indirect consumption tax imposed on the sale of goods and services within a country. In procurement, VAT is generally charged at the end of the purchasing process, adding to the total cost of a purchase. As it is an indirect tax, businesses are entitled to claim back any fees […]

A Veteran Business Enterprise (VBE) is a procurement designation that identifies businesses that are owned or controlled by veterans. It includes service-disabled veteran-owned businesses, veteran-owned businesses, and companies owned by veterans in the reservist component of the U.S. military. The designation ensures that these businesses have access to federal contracts and other opportunities to support […]

The Veteran’s Business Verification Program (VETBIZ) is a government initiative designed to empower veteran-owned businesses and service-disabled veteran-owned small businesses (SDVOSBs) by providing access to contract opportunities. This program, governed by the Small Business Administration (SBA), is intended to strengthen the economic livelihood of veteran entrepreneurs and promote greater competition in the procurement process. In […]

Value for Money (VFM) is a procurement term used to refer to the most cost-efficient and effective means of providing goods and services. VFM is achieved by identifying and pursuing opportunities for cost savings, optimizing contracts, or leveraging additional value from suppliers through collaborative approaches. Using VFM principles enables organizations to maximize the return on […]

A Vendor Identification Number (VIN) is a unique numerical identifier used by organizations in procurement and data management operations. It serves as an essential “fingerprint” for cataloguing goods, services, and contracts associated with vendors. The VIN is a critical component of any vendor relationship, allowing for the identification and tracking of orders, invoices, payments, collections, […]

Volatile Organic Compounds (VOCs) are organic chemicals with a high vapor pressure at ordinary room temperature. In the context of procurement, VOCs refer to substances found in industrial processes that have potential risks in terms of environmental and health concerns. Common sources of VOCs include fuel storage tanks, paint cans, and petroleum-based products. It is […]

Veteran-Owned Small Business (VOSB) is a term used in procurement to refer to a small business that is at least 51 percent owned, managed and controlled by one or more veterans of the U.S. military. VOSBs are eligible to receive certain benefits when bidding on federal government contracts, including a competitive edge over other businesses […]

The Weighted Average Cost of Capital (WACC) is a calculation used by businesses to evaluate their procurement options. It is defined as the rate of return that a business must earn on its financial investments to compensate for the risk taken in procuring those assets. The WACC takes into account the total cost of equity […]

Women Business Enterprises (WBEs) are for-profit companies owned, operated and controlled by women who are US citizens. In the realm of procurement, WBEs are certified companies that provide similar services as minority businesses, however, they lack racial or ethnic certification status. Furthermore, WBEs benefit from increased access to large corporations and government contracts due to […]

The Women’s Business Enterprise National Council (WBENC) is the nation’s leading authority on third-party certification of women-owned businesses, providing a standard for verifying that businesses are 51% owned, operated, and controlled by women. By achieving WBENC certification, women entrepreneurs demonstrate to corporate America that their companies are duly qualified as legitimate business partners in the […]