Dictionary of Procurement Terms

Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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Search Results: 1-10 of 99 results for “R”
  • R&D

  • Radio Frequency Identification (RFID)

    A wireless system with tags that communicate identifying and other information via radio waves to a nearby reader.
  • Random Sampling

    A technique that results in a representative subset of a population whereby each element has the same chance of being selected as every other element in that population (e.g., selecting items from an inspection lot so each item in the lot has an equal chance of being included in the sample). Random sampling is a form of quality assurance often used in modern polling, market research, and manufacturing.
  • Rate

    As applied to the transportation or movement of goods and material, the cost of, or charge, that applies to the service rendered by a carrier.
  • Rate of Exchange

  • Raw Material

    An unprocessed, basic material, input, or resource used in the manufacture of finished parts or products.
  • RCA

  • Re-Order Cycle Quantity

    The quantity of goods required to sustain operations for a specified period of time, after which time orders will be placed for more goods.
  • Re-Order Point

    A predetermined stock level such that, if the net stock falls at or below that level, action is taken to replenish the stock.
  • REA




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