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Performance Record
Documentation of a
supplier’s past history regarding reliability, ontime
delivery, quality issues, and other data
that allows the procurement professional to
evaluate overall performance.
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Performance Specification
A type of specification
that describes the desired outcome of a
service or intended use of a good and how the
good will perform (e.g., number of items,
distance to travel, time required). See also:
Design Specification.
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Performance Work Statement (PWS)
A label
used by the U.S. federal government for its
scope of work in solicitations and statement
of work in contracts that focus on
performance outcomes.
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Performance-Based Contract
A results-oriented
contracting method that focuses on the
outputs, quality, or outcomes that may tie at
least a portion of a contractor’s payment,
contract extensions, or contract renewals to
the achievement of specific, measurable
performance standards and requirements.
These contracts may include monetary and
non-monetary incentives as well as specific
remedies.
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Periodic Inventory Control System
A time-based
inventory control system involving scheduled
reviews of the stock level of each inventory
item.
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Periodic Ordering
Orders placed at intervals for
quantities needed to bring stocks up to
desired levels.
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Perishable Good
Material subject to spoilage or
deterioration within a relatively short time if
proper conditions, such as temperature, are
not maintained.
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Perpetual Inventory Control System
An ongoing
record of all stock items, showing stock levels,
withdrawals, replenishment, placement of
purchase orders, receipt, issues, balances,
quantities available, and stock adjustments.
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Personal Liability
A risk in which an individual,
rather than an entity, is held legally
responsible.
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Personal Property
1. Tangible or intangible property, other than
real property.
2. Movable property subject to ownership, with
exchangeable value.
