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Achieving Supplier Excellence with the Pareto Principle: A Guide to Strategic Procurement Are you struggling to get the most out of your procurement process? Do you wish there was a strategic approach that could improve supplier performance and drive better results? Look no further than the Pareto Principle! This principle, also known as the 80/20 […]

What is Tender Clarification? Definition Tender clarification is the process of providing more information about a project or procurement in order to improve the chances of winning the bid. It is a common practice in government contracting, as well as in private sector bidding. In both cases, the goal is to improve the clarity of […]

What is a Tender? Definition A tender is an invitation to bid for a project or accept a formal offer such as a takeover offer. Tenders are used in both the public and private sector. The main difference between a request for proposal (RFP) and a tender is that an RFP is usually conducted when […]

What is Tender Management? Definition Tender management is the process of handling and evaluating requests for proposals (RFPs), bids, and tenders. The goal of tender management is to select the most advantageous proposal in terms of cost, quality, and delivery. Tender management is a complex process that requires careful planning and execution. There are many […]

What is a Tender Evaluation Panel? Definition A Tender Evaluation Panel (TEP) is a group of people who are responsible for the assessment of tenders. The panel is usually made up of representatives from the company that issued the tender, as well as experts in the relevant field. The purpose of a Tender Evaluation Panel […]

What is a Reverse Auction? Definition A reverse auction is a type of auction in which the roles of buyer and seller are reversed. In a typical auction, buyers compete against each other to purchase goods or services from a seller. In a reverse auction, it is the seller that competes against other sellers to […]

What is Auction In Procurement? Definition In procurement, auction is a process of soliciting bids from potential suppliers and selecting the most advantageous bid. An auction can be used for various types of procurements, including but not limited to, services, commodities, and construction projects. Auctions are commonly used in procurements where there are multiple potential […]

What is Balanced Scorecard? Definition The Balanced Scorecard, popularized in the early 1990s, is a strategy performance management tool – organizations use it to identify and improve various internal functions and external outcomes. It’s a framework that provides a comprehensive view of an organization, from strategy to execution. The aim is to ensure that all […]

What is a Bidder? Definition When it comes to online auctions, there are two key players: the seller and the bidder. The seller is the party who is offering up an item for auction, while the bidder is the party who is interested in purchasing the item. In order to place a bid, bidders must […]

What is a Bid? Definition A bid is an offer made by a contractor to a client in order to win a construction project. A bid includes an estimate of the cost of labor and materials necessary to complete the project, as well as a proposed timeline for completion. Bids are generally submitted in response […]

What is Bid Security (Bid Bond)? Definition If you’re new to the world of construction, you may be wondering what bid security is and why it’s important. In this blog post, we will explore the definition of bid security and how it can protect your business in the construction industry. Bid security, also known as […]

What is a Bill Of Materials (Bom)? Definition A bill of materials is a list of all the materials, components, and parts needed to build or manufacture a product. The bill of materials typically includes information such as part numbers, descriptions, quantities, and unit costs. The bill of materials is often used in manufacturing and […]

What is a Buyer? Definition A buyer is a person who purchases goods or services for personal or business reasons. In business, there are different types of buyers, each with their own set of responsibilities. For example, a purchasing agent is responsible for buying materials and supplies for a company. A marketing manager may be […]

What is Bill Of Quantities? Definition The Bill of Quantities, or BoQ, is a document prepared by the quantity surveyor during the tendering process. It provides full description of the works to be carried out and forms the basis for pricing the works by different contractors. The BoQ usually contains a description of each item […]

What is an E-auction? Definition E-auction is the process of buying and selling products or services online through an auction platform. The first e-auction was held in 1995 by the U.S. Department of Treasury and since then, online auctions have become a popular way to buy and sell everything from gadgets to real estate. E-auctions […]

What is Competitive Bidding? Definition Competitive bidding is a process where potential contractors submit sealed bids to a project owner in hopes of being awarded the contract. It is commonly used in construction and procurement projects, as well as in the sale of goods and services. In a traditional sealed-bid auction, each bidder submits their […]

What is E-Tendering? Definition E-tendering is the process of submitting, receiving, and evaluating tenders electronically. This system allows for a more efficient and secure way of conducting business as all documents are stored digitally. E-tendering also offers transparency and accountability as all interested parties can view the same information at the same time. The process […]

What are Goods in Business? Definition In business, the term “goods” refers to physical products that are either produced or purchased by a company for the purpose of selling them. Goods are also known as inventory. Inventory is a key asset for any company because it represents the finished products or services that a company […]

What is E-Sourcing? Definition E-sourcing is the process of using the internet to find and connect with potential suppliers. This can be done through online directories, supplier search engines, or even social media platforms. E-sourcing can be a great way to find new suppliers, especially if you’re looking for international options. It’s also a cost-effective […]

What is Instructions To Tenderers? Definition As the name suggests, Instructions to Tenderers (ITT) are a set of instructions given by the procuring authority to potential contractors who wish to tender for a project. It is a formal document that contains all the information that potential contractors need to know about the project in order […]

What is Insourcing? Definition When it comes to business, there are a lot of terms that get thrown around. “Outsourcing” and “insourcing” are two of them. But what do they actually mean? In this blog post, we will explore the definition of insourcing and how it differs from outsourcing. We will also discuss the benefits […]

What is a Late Tender? Definition A late tender is an offer to purchase securities that arrives after the deadline set by the issuer. The issuer may or may not accept late tenders, at their discretion. Tenders are frequently used in corporate takeovers, where the acquiring company offers to buy shares from existing shareholders at […]

What is a Late Tender? Definition A late tender is an offer to purchase securities that arrives after the deadline set by the issuer. The issuer may or may not accept late tenders, at their discretion. Tenders are frequently used in corporate takeovers, where the acquiring company offers to buy shares from existing shareholders at […]

What is Insourcing? Definition When it comes to business, there are a lot of terms that get thrown around. “Outsourcing” and “insourcing” are two of them. But what do they actually mean? In this blog post, we will explore the definition of insourcing and how it differs from outsourcing. We will also discuss the benefits […]

What is a Qualified Bid? Definition Ever wonder what goes into those big construction projects you see around town? It’s not just a bunch of workers with some tools, there’s a lot of planning that happens before any construction can begin. One of the most important steps in the process is the bid. But what […]

What is a Quotation? Definition In business, a quotation is a document that a vendor or service provider would give to a customer to describe the estimated costs for a requested service. This is usually given in response to a request for proposal (RFP). A quotation may also include terms and conditions, such as payment […]

What is a Qualified Tender? Definition If you’re in the business world, tenders are a reality. A tender is an offer to do work or provide supplies at a set price. The government and some businesses use open tenders, where any supplier can enter their offer. However, many organizations use closed tenders, which are only […]

What is a Requisitioner? Definition A requisitioner is an individual or organization that initiates a requisition, which is an official request. A requisition may be for goods, services, or both. It may also be for money. A requisition is used when an individual or organization needs something and does not have the authority to procure […]

What is a Quote? Definition A quote is a group of words that records someone’s exact words. It can be direct speech, meaning the person’s words were recorded exactly as they were said, or indirect speech, meaning the person’s words were paraphrased. A quote is also known as an aphorism, which means a short, memorable […]

What is Sourcing? Definition Sourcing is the process of finding and acquiring goods and services. The term “sourcing” can be used to refer to the procurement of materials, components, or finished products. It can also include services such as research and development, marketing, logistics, and distribution. In simple terms, sourcing is the act of finding […]

What is Source-To-Pay (S2P)? Definition Source-to-pay, or S2P for short, is a business process that encompasses all of the steps involved in procuring goods and services from vendors. In other words, source-to-pay is the entire purchase cycle from start to finish. It begins with identifying a need within the company, sourcing potential vendors, negotiating terms, […]

What are Tender Documents? Definition Tender documents are documents that are submitted by companies who wish to be considered for a project. The documents contains information about the company, their qualifications, and their proposal for the project. The selection process for awarding a project is often based on these documents, so it is important for […]