The oboloo Team

The Joint Contracts Tribunal (JCT) is an official body dedicated to setting the standards and regulations for public, private, and semi-public sector contracts. Through its comprehensive library of standard contract documents, the JCT sets out clear contractual obligations and expectations for both parties carrying out a contractual agreement. JCT provides guidance on matters relating to […]

Just In Time (JIT) is an inventory management model focused on procuring the right quantity of goods at the right time for production and customer requirements. The goal of JIT is to minimize inventory costs while improving overall operational efficiency. By closely monitoring market trends, seasonal demand, and incoming orders, strategic procurement teams can order […]

KPI (Key Performance Indicators) Key Performance Indicators (KPI) are measurable metrics used to measure the success of an organization’s procurement strategy in relation to objectives. KPIs provide a clear indication of how effectively an organization is meeting its goals. Examples of common KPIs in procurement include cost savings, vendor management, customer satisfaction score, and delivery […]

The Department of Labor and Industry (L&I) is an official state government agency responsible for the regulation, promotion, and enforcement of labor and industry-related laws. Through procurement, L&I works to ensure that businesses are providing fair wages and working conditions as well as a safe workplace for their employees. Additionally, L&I focuses on improving worker […]

The Live Auction Cockpit (LAC) is an online platform that facilitates the purchase and sale of commodities in real-time. It enables buyers and suppliers to connect in a streamlined environment, providing access to transparent data on market trends and prices. LAC offers a powerful e-procurement solution which allows buyers to obtain the best quality and […]

LATS (Leave & Accruals Tracking System) is an official business system designed to streamline the management of leave and manage accrual tracking. By utilizing LATS, businesses are able to easily manage the balancing of employee hours, allowing for smooth and efficient payroll processing. Additionally, LATS provides organizations with critical visibility into their labor accruals, enabling […]

A Letter of Credit (LC) is a payment method used in international trade transactions. It guarantees that buyers’ payments to sellers will be received on time and in the correct amount. An LC allows businesses to purchase goods or services while minimizing the risk of non-payment, providing assurances to both parties that the transaction will […]

Lifecycle assessment (LCA) is an analytical tool used to measure the environmental impacts of a product or service throughout its lifetime. As part of a comprehensive procurement process, LCA helps identify the total costs of any given product or service, including environmental and human health costs that may not be immediately apparent. By considering these […]

Life Cycle Costing (LCC) is an official business definition used in procurement to evaluate the total cost of ownership of a product or service over its lifespan. By examining all associated costs from acquisition through usage and eventually disposal, LCC helps organizations identify ways to minimize overall expenditure. It takes into account items such as […]

LCCS (Low Cost Country Sourcing) Low Cost Country Sourcing (LCCS) is a procurement strategy used by businesses to source materials and services at the most cost-efficient prices. This often means looking beyond domestic markets, as emerging economies in certain countries can offer more competitive rates and greater savings on costs. By leveraging its global network […]

In the context of procurement, LCL stands for “Less than Container Load” and is an important factor when shipping goods. LCL refers to any shipment loading that does not fill a standard 20 or 40-foot container and can be thought of as the opposite of full container loads (FCL). This type of shipping involves combining […]

Last In, First Out (LIFO) is an inventory management system used in procurement that dictates that the items that are received last must be dispensed or sold first. This method helps ensure that businesses always maintain a steady supply of fresh and current stock, while also preventing the obsolescence of goods. LIFO allows organizations to […]

LLC (Limited Liability Company) A Limited Liability Company (LLC) is a form of business entity that offers limited liability protection for its owners, yet still allows the flexibility of ownership and operational structures to meet specific organizational needs. The LLC provides its owners with personal asset protection from debts and liabilities incurred by the company, […]

A Limited Liability Partnership (LLP) is a business structure in which partners share responsibility for the business’s debts and obligations, but their personal assets are not at stake if the company fails. LLPs are often used by professionals such as lawyers or accountants who wish to limit their liability while still operating as a partnership. […]

A Letter of Intent (LOI) is a legally non-binding document outlining the preliminary terms and conditions of a procurement agreement between two or more parties. The LOI serves as a starting point for negotiations, ultimately leading to a binding agreement that outlines all of the relevant details of the contract. This document is typically used […]

Life-To-Date (LTD) is a procurement term which measures the total amount of goods or services purchased from a vendor within a specified time period. LTD can be used to compare past spending to current spending, allowing companies to identify areas where they may be overspending and optimize their purchasing decisions. It is important for businesses […]

Less than truckload (LTL) shipments are a cost-effective freight option for businesses looking to ship to multiple customers, locations, or departments. This type of shipment involves consolidating multiple packages onto one larger vehicle and delivering them as a single load. LTL shipping has become increasingly popular in the logistics industry due to its cost-efficiency and […]

A Minority Business Enterprise (MBE) is an organization that is owned, managed and controlled by a person or persons who are socially and economically disadvantaged. MBEs provide goods and services to corporations, government agencies and other organizations while participating in procurement activities, such as co-contracting. MBEs offer solutions that create value for the public sector, […]

Merchant Category Codes (MCCs) are a vital tool used by businesses for tracking and categorizing purchases in the procurement process. They enable organizations to quickly identify which vendors sell what types of products, services, and solutions. MCCs also enable businesses to assign specific codes to each type of product or service, making it easier for […]

MDM (Master Data Management) Master Data Management (MDM) is a business process used to create, maintain, and manage a single source of truth for an organization’s master data. It enables organizations to manage customers, products, suppliers, and other key data points in one integrated platform and create standardized, consistent versions of critical data sets across […]

Most Favored Nation terms (MFN) refer to a customary clause in business contracts and procurement agreements, where each contracting party is granted the same privileges – or “favored” status – as any other customer. This contract clause commonly applies to price and other related conditions, ensuring all customers receive the same benefits and pricing under […]

In procurement, Material Master (MM) is a system-level master data management process that focuses on collecting vital information related to products and services for streamlined ordering, tracking, and inventory purposes. MM helps organizations keep track of all relevant data on materials, such as cost and availability, in a centralized repository, allowing the organization to streamline […]

MOQ (Minimum Order Quantity) Minimum Order Quantity (MOQ) is a policy implemented by businesses in the procurement process to ensure that they are able to meet their operational demands based on the number of products or services required. This policy sets an agreed minimum amount of items that need to be ordered to qualify for […]

A Memorandum of Understanding (MOU) is a legally non-binding agreement between two or more parties that outlines an understanding and the agreed-upon terms and conditions for collaboration on specific activities. It is often used in procurement processes to provide clarity regarding the roles, responsibilities, and expectations of each party before an official contract is signed. […]

The Model Procurement Code (MPC), is a set of guidelines developed to provide business entities with an ethical framework for procurement activities. It outlines the principles of sound procurement practices, such as open competition and transparency, and includes regulations related to fair competition, proper disclosure of information, cost-effectiveness, pricing strategies, use of resources, and contractual […]

MPL (Minimum Participation Levels) Minimum Participation Levels (MPL), also referred to as ‘minimum sourcing’ or ‘minimum order quantities’, refer to a set of criteria that an organization must adhere to when procuring goods or services. Specifically, the MPL is the minimum number of suppliers and/or partner organizations required for a given procurement activity. By setting […]

MPS (Master production schedule) The Master Production Schedule (MPS) is an essential tool used in the procurement process to ensure the timely and cost-effective order, production, and delivery of materials and products. Through the implementation of a MPS, organizations can accurately plan for inventory, forecast demand, and anticipate supply chain needs. It’s also a great […]

Maintenance, Repair, and Operations (MRO) are a key part of the procurement process. MRO items refer to non-production related goods or services necessary to keep operations functioning. This includes a range of items such as tools, electrical supplies, plumbing equipment, industrial machinery, and safety products. By leveraging economies of scale and taking advantage of existing […]

Materials Requirements Planning (MRP) is an inventory management system used by businesses to efficiently manage and track their material assets. It helps companies to better plan and optimize their supply chain operations, ensuring that essential materials are available when needed. Through the use of sophisticated software, MRP provides a practical method for forecasting inventory levels, […]

Material Requirements Planning (MRP) is an inventory management system used in procurement for businesses to forecast and plan material needs. It is a production-planning system that anticipates inventory and estimates future inventory requirements based on sales analysis, past demand, and forward-looking business trends. Through planning inventory levels as well as scheduling of delivery and ordering, […]

MRPII (Manufacturing Resource Planning) Manufacturing Resource Planning (MRPII) is a computerized system for optimizing the use of production resources. It creates an integrated set of plans to ensure that inventory and operational requirements are met in an efficient and cost-effective way. MRPII integrates data about demand and supply across multiple levels of planning, from strategic […]

MSCC (Material Service Contract Catalog) Material Services Contract Catalog (MSCC) is a comprehensive inventory of goods, services, and pricing negotiated between the procuring entity and vendors. It outlines the specific terms of each contract as well as protocols for procurement activities for materials and services required by the entity. MSCC allows for streamlined ordering and […]

The Manufacturer’s Suggested List Price (MSLP) is a reference point used in procurement to determine the value of goods and services for a particular transaction. It is an estimate of the price at which a manufacturer or supplier typically recommends that their product be sold in the marketplace. MSLP provides suppliers and buyers with a […]

MSMEs (Micro-Small and Medium Enterprises) are businesses and organizations whose annual revenue or employee count falls within predetermined thresholds set by the government. They play an important role in any economy, particularly in terms of job creation and economic growth. In procurement, MSMEs are valued suppliers due to their cost-effectiveness, flexibility, and responsiveness. Businesses seeking […]

Manufacturer’s Suggested Retail Price (MSRP) is an official business definition in the procurement industry. It represents the price at which a manufacturer recommends that its products be sold in the retail market. This price provides guidance to suppliers and buyers alike, helping them determine what kind of pricing structure to use and aiding in negotiations […]

Motor transport (MT) in procurement refers to the task of transporting goods or materials, usually by motor vehicle. This includes a wide range of vehicles from commercial trucks to light vans, tractors, trailers, and trains. The purpose of MT is to ensure that goods and materials are safely delivered to their destination in a timely […]

MTBF (Mean Time Before Failure) Mean Time Before Failure (MTBF) is a measure of reliability in procurement that indicates the average time an asset, product or service should be expected to function uninterrupted before failure. In other words, it’s the estimated amount of time a system can operate without breaking down. As such, an important […]

MTBUR, or Mean Time Before Unscheduled Removal, is a measure of the durability and dependability of an item in use. It is most commonly used in procurement settings to evaluate suppliers’ contractual commitments and guide purchasing decisions. Through careful analysis of MTBUR measures, organizations can gain insights into how long a product can be expected […]

MTD, or Month-to-Date, is a procurement term used to describe the timeframe for which data will be tracked. Specifically, it refers to the period of time beginning at the start of the current calendar month and ending at the present date. As such, it allows procurers to assess and compare spending against budgeted targets more […]

Make-to-order (MTO) is an inventory replenishment strategy used in procurement that involves making and shipping items only after a customer order has been placed. As opposed to the make-to-stock model which involves keeping pre-made items in stock, MTO requires precise planning and coordination of resources and supplies to ensure that the goods are produced and […]

Make to Stock (MTS) is a business procedure in the procurement process that involves producing goods prior to receiving customer orders. By pre-producing goods and storing them in inventory, MTS enables businesses to rapidly fulfill customer orders as soon as they come in. This strategy ensures that customers receive their products faster than if the […]

Minority/Women-Owned Business Enterprises (MWBEs) are businesses that are at least 51% owned, operated and controlled by a minority or woman. MWBEs represent an important source of goods and services for many government agencies. Procurement departments recognize the importance of MWBEs in providing cost savings, developing new job opportunities and driving innovation in the procurement process. […]

NAICS (North American Industry Classification System Code) The North American Industry Classification System (NAICS) is an industry-specific hierarchical coding system developed by the United States Office of Management and Budget to organize businesses for statistical tracking purposes. It is a federal government-authorized standard used by government agencies, private industry, and non-profit organizations in order to […]

The National Association of State Procurement Officials (NASPO) is an association of state, county and municipal procurement officials, which serves to enhance the proficiency of public procurement. It provides its members with a forum for the exchange of ideas related to procurement practices and policies. NASPO ensures uniformity in procurement processes among all members, allowing […]

The NEC (New Engineering Contract) is a suite of modular contracts for large engineering projects. It serves as an alternative to traditional forms of contract and includes increased focus on collaborative project management, clear risk management techniques, and the delivery of mutual trust and respect between clients and contractors. The NEC creates a transparent framework […]

NEG (Negotiated) in procurement is the process of obtaining goods and services through a voluntary agreement between a buyer and seller. This process involves the buyer and seller discussing and reaching an agreement on key elements such as speed, price, quality, delivery, and service terms. The purpose of a negotiated procurement is to develop innovative […]

Non-Governmental Organizations (NGOs) are organizations operated by private individuals or groups that operate independently of any government. They are usually associated with international development, humanitarian aid, public health, social justice, and human rights. In the procurement context, NGOs aid governments in providing services to the community and supporting projects that benefit those in need. Additionally, […]

The National Highway Transportation Safety Administration (NHTSA) is the federal agency responsible for setting and enforcing safety standards for motor vehicles in the United States. It is also responsible for investigating vehicle defects and making recommendations to the relevant industries. For those involved in procurement, the NHTSA’s definition of “safety” means meeting specific standards and […]

NIGP (National Institute of Governmental Purchasing) is the professional association that serves the needs of the public sector procurement community. It provides both the education and research necessary for its members to increase their level of expertise and skillset when it comes to purchasing, managing, and leveraging resources in a cost-effective, efficient, and ethical manner. […]

The National Institute of Standards and Technology (NIST) is a federal government agency that sets standards in areas such as security, electronics, quality assurance, and the management of federal programs. From a procurement perspective, NIST standards are guidelines established by the agency that must be followed for certain projects or products. For example, organizations that […]

Net Present Value (NPV) is a financial tool used in procurement management to help companies make better investment decisions. It measures the potential value of an investment by taking into consideration both its funding costs and expected returns in present-day monetary units. In other words, it helps quantify the amount of financial benefit that could […]

NTE Price (Not-To-Exceed-Price) Definition: In procurement, NTE is a term used to describe an agreed upon maximum price that is not to be exceeded should the cost of goods or services exceed this amount. It also provides protection for buyers by setting a ceiling on the amount spendable in any given transaction. This price is […]

The Office of Administration (OA) procures goods and services for all executive branch departments of the Commonwealth of Pennsylvania. OA works to ensure the highest standards of ethical practice in the procurement process, from competitive bidding to customer service and quality assurance. We comply with all applicable laws and regulations, and are committed to providing […]

The Office of Administration/Office for Information Technology (OA/OIT) is an official government office responsible for overseeing the procurement of information technology-related products and services in the United States. This office provides oversight, guidance, and direction on policies and procedures related to IT procurement, ensuring that all purchases across departments are made with efficiency and integrity. […]

The Office of the Budget (OB) is a division within the procurement organization whose primary responsibility is to oversee and manage budget related activities. This includes developing, recommending, and monitoring budgets, ensuring fiscal integrity throughout the budget process, and coordinating with other departments in order to align budget resources with organizational strategies. OB enables an […]

The Office of Chief Counsel (OCC) in procurement is the legal control office responsible for providing comprehensive and up-to-date legal advice to contracting officers on all aspects of government contracting activities. This includes managing and resolving any contractual issues that may arise during the procurement process, ensuring proper compliance with applicable laws and regulations, as […]

Fifth Party Logistics (5PL) is an integrated supply chain service provider that coordinates and oversees the entire process of procurement, from sourcing to delivery. It works in tandem with existing logistics providers and offers a holistic approach to managing the procurement process. 5PL allows for a more effective and efficient process by providing visibility into […]

Administative Action (AA) in procurement is a legal document that represents an agreement between two parties in a contractual or business relationship. AAs are used to document changes, additions or corrections to an existing agreement and specify responsibilities of each party involved. They are also used to document the terms and conditions of new deals […]

An Advance Contract Award Notice (ACAN) is an official written notice issued by the Government of Canada that provides potential bidders with information about an upcoming procurement for goods, services, or construction. This notice outlines the buyer’s intention to award a contract to a particular supplier without competition, and allows other suppliers to indicate their […]

The Automatic Clearing House (ACH) is a payment system that facilitates the electronic transfer of funds between two or more entities. It enables transactions to be processed quickly and securely by automating the exchange of financial information between participating institutions via an electronic network. The ACH system has become an essential tool for businesses in […]

Automated Clearing House (ACH) is a secure electronic network used to process and facilitate the transfer of payments in the procurement space. It enables businesses and organizations to send large batches of payments electronically, providing the benefits of expedited payment processing and cost savings over traditional paper-based methods. ACH provides a reliable, efficient, and cost-effective […]

The Advanced Certificate in Strategic Procurement (ACSP) is a recognized professional qualification that enables individuals to gain the knowledge and skills necessary to work as an effective procurement professional. The ACSP provides an understanding of strategic and operational principles, enabling professionals to assess, plan, and manage purchasing operations at a higher level with greater confidence […]

An Assistant Director, or AD in procurement is a senior-level professional responsible for overseeing the day-to-day operations of a purchasing department. This individual works with the Head of Procurement and other staff to ensure that all our suppliers’ products and services are sourced in a timely and budget-friendly manner. The AD is also responsible for […]

ADR (Alternative Dispute Resolution) The term Alternative Dispute Resolution (ADR) is a broad label used to refer to various methods of dispute resolution outside of the traditional court system. In a procurement context, ADR refers to negotiations between two parties that aim to resolve conflicts before they escalate into legal disputes. ADR involves using professional […]

AEP is an acronym that stands for Achievement of Excellence in Procurement. It refers to the practice of managing purchasing and procurement activities with a focus on efficiency, quality, and effectiveness. AEP-driven procurement activities are designed to maximize value for stakeholders while ensuring compliance with applicable laws and regulations. Professionalism and integrity must be maintained […]

Alternative Fuel Vehicles (AFV) are vehicles that are powered by alternative fuel sources instead of traditional fossil fuels. AFV technology has seen a rise in recent years, making it an attractive option for companies looking to reduce their carbon footprint and reduce energy costs. The procurement of such vehicles requires careful consideration, as each type […]

In the realm of procurement, AG stands for Attorney General. This term refers to the office responsible for providing legal advice and opinions to government bodies, agencies, and officials on matters related to public law. As an official, the Attorney General has the authority to provide legal representation in cases involving the public interest. The […]

AIDAR (Agency for International Development Acquisition Regulation) is the primary acquisition regulation applicable internationally for the United States Agency for International Development (USAID). AIDAR provides consistent rules, regulations, and procedures that ensure government purchasers are held to the highest standards of accountability when procuring goods and services needed for international development projects. AIDAR contains guidance […]

AMMPL (Association Materials Management, Purchasing, and Logistics) AMMPL stands for Association Materials Management, Purchasing, and Logistics. It is an industry organization formed to promote best practices in the procurement space. Members gain access to a range of resources to help them implement efficient and effective processes for managing material, purchasing, and logistics operations. This includes […]

AOR, or After Order Receipt, is a purchasing term used to explain the process of submitting and approving an order after it has been received. The AOR procedure ensures that all orders are properly reviewed for accuracy and quality before they are accepted by the vendor. It also provides a system of checks and balances […]

AORO stands for ‘Agency Open Record Officer,’ a position designated by an agency to oversee the procurement process and ensure compliance with all applicable regulations. The AORO is responsible for opening and organizing bids, evaluating them for accuracy, and ensuring that the agency receives the most cost-effective service possible. They must also be able to […]

AP, or Accounts Payable, is a business term referring to a company’s obligations to pay its bills and invoices. It typically involves the purchase of goods and services from suppliers, and may include automation processes such as Electronic Data Interchange (EDI) for streamlined payment processing. AP also involves approval procedures to ensure compliance with corporate […]

The Agency Procurement Request (APR) is a formal document designed to facilitate the procurement process within organizations. It outlines the details of a procurement transaction, including the quantity and quality of goods and services requested, the essential requirements of suppliers and potential sources of supply, desired payment terms, mode of delivery, and any additional stipulations. […]

ARR, or Average Rate of Return (also known as Accounting Rate of Return), is a business term used in procurement to measure financial performance. It indicates the expected revenue generated from an investment relative to its cost over a certain period of time. The higher the ARR, the higher the profitability of the venture; conversely, […]

The American Society for Quality (ASQ) is an organization dedicated to promoting quality as a business principle. ASQ offers members access to resources and tools that enable them to pursue excellence in their respective areas of expertise. In regard to procurement, ASQ defines its mission as providing guidance on how organizations can leverage quality principles […]

An Acquisition Strategy Report (ASR) is a document that provides an organization’s proposed plan of action for the procurement of goods or services. The ASR outlines all relevant information related to the sought-after item/service, including the analysis of the requirement, potential suppliers, resources available, associated costs, and potential risks. It also maps out a comprehensive […]

Business-to-Business (B2B) procurement refers to the commercial exchange of products and services between two businesses. Such exchanges are typically facilitated through complex contractual agreements that involve multiple stakeholders from both parties. By leveraging strategic sourcing and negotiation, B2B procurement generally seeks to increase profitability, reduce operating costs, improve operational efficiency, and minimize risk. Additionally, it […]

B2C (Business to Consumer) is a type of procurement where businesses sell their products directly to consumers, either through physical or online stores. Businesses conducting this process seek to create relationships with customers by providing goods and services that meet their needs. This type of procurement allows businesses to interact directly with their target audience, […]

Best and Final Offer (BAFO) is a term used in procurement to describe the final offer received from a potential supplier. It is typically the most favourable offer that reflects both the customer’s needs and budget constraints. BAFO can also refer to any written or verbal adjustments to an initial offer made by the supplier […]

Best Alternative To A Negotiated Agreement (BATNA) is an important concept in procurement, as it is used to evaluate decisions and potential outcomes of negotiations. BATNA serves as a guide for negotiators to determine the best possible outcome for both parties involved. It is the minimum acceptable outcome that a negotiator should accept if negotiations […]

Business As Usual (BAU) is the set of activities that are conducted on a regular basis to keep operations running in an efficient, successful manner. In procurement, BAU activities refer to the standard methods for finding and purchasing supplies. These activities include the evaluation of suppliers, ordering materials, negotiating terms and contract management. By adhering […]

Business-to-business (B2B) procurement is the process of purchasing goods and services from outside vendors by businesses for their operational needs. This type of procurement is essential for any organization that wishes to succeed in today’s competitive marketplace. Companies must effectively manage their B2B procurements in order to maximize profitability, while ensuring quality standards, timely delivery, […]

Bidding documents refer to the set of instructional documents that are issued by a purchaser for an invitation to tender, or bid, for goods and services. They usually include a full description of the proposed contract, directions regarding how to complete the bidding process and submit the bid, instructions on how to receive evaluation criteria […]

BEA, or the Bureau of Engineering Architecture, is a government agency that provides services related to public works and engineering projects. The primary purpose of the BEA is to ensure the safety and quality of infrastructure projects and to ensure that these projects adhere to the highest standards. BEA’s services include project assessment, oversight and […]

The Bureau of Labor Statistics (BLS) is a federal agency responsible for the collection and analysis of data related to labor economics in the United States. The BLS provides businesses, government officials, economists, and researchers with data on employment trends and salary dynamics, helping them to make informed decisions and offering invaluable insight into the […]

A Bill of Materials (BOM) is an official document used in procurement that lists all the individual components and parts required to create a product. It details the exact quantity, specifications, and production information needed for each component, and is designed to provide vital information needed in order to ensure an efficient and accurate manufacturing/assembly […]

BOOM (Contract Builds, Owns, Operates and Maintains Contract) BOOM is a business construct for procurement that stands for Builds, Owns, Operates and Maintains. This model allows businesses to optimize their procurement process by utilizing long-term contracts to build, own, operate and maintain assets or services. This approach enables ongoing management of contracted services while allowing […]

Build-Own-Operate-Transfer (BOOT) is a type of procurement model commonly used in public and infrastructure project financing. It involves the contracting of a private entity to develop, finance, construct, and own a project, as well as providing operational and maintenance services for an agreed time period before transferring it back to the procuring entity. By utilizing […]

The Bureau of Procurement (BOP) is an agency within the Department of Administration that oversees the acquisition, management, and disposal of materials and services for Washington State government agencies. BOP is responsible for procuring goods and services efficiently and economically, in compliance with applicable statutes and regulations. This includes soliciting bids or proposals from vendors, […]

A Blanket Purchase Agreement (BPA) is a procurement method used by businesses to streamline the purchasing process. It provides the ability to purchase multiple types of products or services from one supplier over a specified period of time. This can result in savings on transaction costs, simplified ordering processes and improved supplier relationships. BPAs may […]

Business Process Outsourcing (BPO) is the practice of engaging an external vendor to manage non-core functions or activities of a business. Through BPO, organizations can outsource labor-intensive tasks such as payroll, accounts receivable/payable, administrative tasks and data entry while maintaining control over key processes. The purpose of BPO is to reduce costs, increase efficiency and […]

A Chartered Accountant is a professional designation provided by organizations around the world. It denotes a level of proficiency in financial management, reporting, and contemporary business trends that is obtained through rigorous study and testing. In procurement, a Chartered Accountant is someone who has had an intensive education in the areas of general accounting, taxation, […]

Computer-Aided Design (CAD) is an advanced method of designing, modeling and manufacturing objects using specialized software. In procurement, this involves the utilization of CAD to produce a three-dimensional representation of a product, component or piece of equipment prior to its production for purchase or use. This process helps streamline and improve the accuracy of the […]

CAL (Contract Award Letter) A Contract Award Letter (CAL) is an official notification that is issued by a procuring authority after evaluating the bids received in response to a Request for Proposal (RFP). The CAL officially awards the contract to a successful bidder and sets out the terms and conditions of the contract. The CAL […]

‘Contract Award Notification (CAN) is a notification issued by a contracting authority to the successful tenderer, informing them of their selection for an award. A CAN provides information on the awarded contract and the associated obligations between contracting parties, including detail on commercial terms, costs and payment terms. It also outlines any further actions required […]

CANU (Contract Award Notification Update) CANU stands for Contract Award Notification Update and is defined as a formal notification required when any changes are made to an existing contract. This includes changes to the negotiated agreements, payment terms, and related documentation between parties that are part of the original agreement. The purpose of CANU is […]

Capital Expenditure (CAPEX) is the money spent by a business to acquire, maintain, and upgrade assets in order to generate long-term value. CAPEX often refers to larger purchases made to support operations or establish new ones, such as buying real estate, plant, equipment, vehicles, and technology. It is also used to fund development projects, such […]

Cost Benefit Analysis (CBA) is an economic tool for evaluating the costs of a project in comparison to its anticipated benefits. This method of analysis helps businesses make decisions on whether or not to proceed with a given venture by weighing the monetary value of all potential risks, opportunities and objectives associated with the project. […]