| A | B |
|---|
| Bribes | Money paid before an exchange |
| Electronic Procurement (e-procurement) | Uses the internet to make it easier, faster, and less expensive for an organization to purchase goods and service |
| Excess (surplus) materials | Stock that exceeds the reasonable requirements of an organization |
| Global Procurement (sourcing) | Refers to buying components and inputs anywhere in the world |
| Investment Recovery | Identifies opportunities to recover revenues or reduce costs associated with scrap, surplus, obsolete, and waste. |
| ISO 9000 | A set of generic standards used to document, implement, and demonstrate quality management and assurance systems |
| Kickbacks | Money paid after an exchange |
| Malcolm Baldridge Nationals Quality Award | Established in the late 1980’s to recognize U.S. organizations for their achievement in quality and performance |
| Maverick Spending | Refers to employees who do not follow company guidelines about which suppliers to use in particular situations |
| Obsolete Materials | Refer to materials that are not likely to ever be used by the organization that purchased it |
| Procurement (purchasing) | Raw materials, component parts and supplies brought from outside organizations to support a company’s operations |
| Procurement card (p-card) | Are similar to credit cards for personal use, only p-cards are used for organizational purchases |
| Quality | Conformance to mutually agree upon requirements |
| Reverse Auctions | A buyer invites bids from multiple sellers, and the seller with the lowest bid is often awarded the business |
| Scrap Materials | these are materials that are no longer serviceable, have been discarded, or are a by-product of the production process |
