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Procurement Department
Office, division, or unit
with authority for contracting needed goods,
services, or construction for the entity.
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Procurement Lead Time
The total lead time
required to obtain a good, service, or
construction. Includes time taken by entity,
supplier, transportation, receiving, and
inspection.
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Procurement Manager
Public procurement
employee with supervisory responsibility and
authority to act for the entity in certain areas.
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Procurement Outsourcing
The contractual
transfer of procurement-related activities to a
private contractor or third party.
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Procurement Policy
The high-level plan of action
selected from a group of alternatives chosen
to guide and determine procurement
decisions and outline acceptable procedures.
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Procurement Price
The amount paid to a
contractor for goods, services, or construction.
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Procurement Procedure
A description of
acceptable procurement activities.
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Procurement Professional
Any individual in a
procurement department duly authorized to
develop, enter into, and administer a contract
(e.g., buyer, contract specialist).
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Procurement Profile
e result produced after
conducting a series of various analyses on the
procurement expenditures of an entity
regarding the range of goods, services, or
construction procured (e.g., spend analysis,
market analysis, and the risks inherent in the
market that could affect the entity's
operations). See also: Market Analysis, Spend
Analysis, Supply Positioning.
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Procurement Records
Accounts maintained by
an entity that sufficiently detail the history of a
procurement for potential use for audit
purposes. The entity's document retention
policies govern and specify how entity
procurement records are created and
managed.
