{"id":122539,"date":"2023-04-21T08:44:20","date_gmt":"2023-04-21T03:14:20","guid":{"rendered":"https:\/\/www.vskills.in\/certification\/tutorial\/?page_id=122539"},"modified":"2024-04-12T14:32:38","modified_gmt":"2024-04-12T09:02:38","slug":"purchase-management-glossary","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/purchase-management-glossary\/","title":{"rendered":"Purchase Management Glossary"},"content":{"rendered":"\n<p>Important definitions and terminologies used in Purchase Management<\/p>\n\n\n<p><a id=\"terms_index\"><\/a><\/p>\n<p style=\"font-size: 30px;letter-spacing:20px;\"><a href=\"#a-letter-terms\">A<\/a><a href=\"#b-letter-terms\">B<\/a><a href=\"#c-letter-terms\">C<\/a><a href=\"#d-letter-terms\">D<\/a><a href=\"#e-letter-terms\">E<\/a><a href=\"#f-letter-terms\">F<\/a><a href=\"#g-letter-terms\">G<\/a><a href=\"#h-letter-terms\">H<\/a><a href=\"#i-letter-terms\">I<\/a><a href=\"#j-letter-terms\">J<\/a><a href=\"#k-letter-terms\">K<\/a><a href=\"#l-letter-terms\">L<\/a><a href=\"#m-letter-terms\">M<\/a><a href=\"#n-letter-terms\">N<\/a><a href=\"#o-letter-terms\">O<\/a><a href=\"#p-letter-terms\">P<\/a><a href=\"#q-letter-terms\">Q<\/a><a href=\"#r-letter-terms\">R<\/a><a href=\"#s-letter-terms\">S<\/a><a href=\"#t-letter-terms\">T<\/a><a href=\"#u-letter-terms\">U<\/a><a href=\"#v-letter-terms\">V<\/a><a href=\"#w-letter-terms\">W<\/a><a href=\"#x-letter-terms\">X<\/a><a href=\"#y-letter-terms\">Y<\/a><a href=\"#z-letter-terms\">Z<\/a><\/p>\n<h3><strong><a id=\"a-letter-terms\">A<\/a><\/strong><\/h3>\n<p>Acceptance sampling in Purchase Management<\/p>\n<p>Acknowledgment of receipt in Purchase Management<\/p>\n<p>Administrator in Purchase Management<\/p>\n<p>Approval process in Purchase Management<\/p>\n<p>arbitration in Purchase Management<\/p>\n<p>Authorized signatory in Purchase Management<\/p>\n<p>Automatic Warehousing in Purchase Management<\/p>\n<p>award in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"b-letter-terms\">B<\/a><\/strong><\/h3>\n<p>Backorder in Purchase Management<\/p>\n<p>best and final offer in Purchase Management<\/p>\n<p>Bid in Purchase Management<\/p>\n<p>Bid award in Purchase Management<\/p>\n<p>Bid evaluation in Purchase Management<\/p>\n<p>bid security (bid bond) in Purchase Management<\/p>\n<p>bidder, proposer, offeror in Purchase Management<\/p>\n<p>bill of lading in Purchase Management<\/p>\n<p>Bill of materials (BOM) in Purchase Management<\/p>\n<p>bill of quantities in Purchase Management<\/p>\n<p>blanket purchase order in Purchase Management<\/p>\n<p>Budget in Purchase Management<\/p>\n<p>buyer in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"c-letter-terms\">C<\/a><\/strong><\/h3>\n<p>Carrier in Purchase Management<\/p>\n<p>catalogue in Purchase Management<\/p>\n<p>Centralized purchasing in Purchase Management<\/p>\n<p>Change order in Purchase Management<\/p>\n<p>collaborative procurement, common procurement in Purchase Management<\/p>\n<p>Competitive bidding in Purchase Management<\/p>\n<p>Compliance in Purchase Management<\/p>\n<p>Confidentiality in Purchase Management<\/p>\n<p>Conflict of interest in Purchase Management<\/p>\n<p>consignment in Purchase Management<\/p>\n<p>Consultant in Purchase Management<\/p>\n<p>Containerizations in Purchase Management<\/p>\n<p>Contract in Purchase Management<\/p>\n<p>contract administration in Purchase Management<\/p>\n<p>contract management in Purchase Management<\/p>\n<p>contract modification in Purchase Management<\/p>\n<p>Contract negotiated bid in Purchase Management<\/p>\n<p>Contractor in Purchase Management<\/p>\n<p>Contractual Responsibilities in Purchase Management<\/p>\n<p>Cost Analysis in Purchase Management<\/p>\n<p>cost estimate in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"d-letter-terms\">D<\/a><\/strong><\/h3>\n<p>Damage in Purchase Management<\/p>\n<p>Decentralized purchasing in Purchase Management<\/p>\n<p>default in Purchase Management<\/p>\n<p>Deliverable in Purchase Management<\/p>\n<p>Delivery in Purchase Management<\/p>\n<p>Delivery Schedules in Purchase Management<\/p>\n<p>delivery time in Purchase Management<\/p>\n<p>Deterministic Inventory Management Model in Purchase Management<\/p>\n<p>Digital procurement in Purchase Management<\/p>\n<p>Discounts in Purchase Management<\/p>\n<p>disposal in Purchase Management<\/p>\n<p>Double Sampling in Purchase Management<\/p>\n<p>Dropshipping in Purchase Management<\/p>\n<p>Due diligence in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"e-letter-terms\">E<\/a><\/strong><\/h3>\n<p>Economic order quantity (EOQ) in Purchase Management<\/p>\n<p>E-procurement in Purchase Management<\/p>\n<p>eProcurement system in Purchase Management<\/p>\n<p>ERP software in Purchase Management<\/p>\n<p>Exception Handling in Purchase Management<\/p>\n<p>exigency in Purchase Management<\/p>\n<p>Expediting in Purchase Management<\/p>\n<p>expression of interest in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"f-letter-terms\">F<\/a><\/strong><\/h3>\n<p>fixed price in Purchase Management<\/p>\n<p>Force Majeure in Purchase Management<\/p>\n<p>Freight in Purchase Management<\/p>\n<p>Freight forwarder in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"g-letter-terms\">G<\/a><\/strong><\/h3>\n<p>general conditions of contract in Purchase Management<\/p>\n<p>global compact in Purchase Management<\/p>\n<p>Global sourcing in Purchase Management<\/p>\n<p>Goods in Purchase Management<\/p>\n<p>Goods receipt in Purchase Management<\/p>\n<p>Green Credentials in Purchase Management<\/p>\n<p>guarantee in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"h-letter-terms\">H<\/a><\/strong><\/h3>\n<p>Harmonized System (HS) code in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"i-letter-terms\">I<\/a><\/strong><\/h3>\n<p>Inbound logistics in Purchase Management<\/p>\n<p>Incoterms in Purchase Management<\/p>\n<p>Indent in Purchase Management<\/p>\n<p>Integrated Material Management in Purchase Management<\/p>\n<p>intellectual property in Purchase Management<\/p>\n<p>Inventory in Purchase Management<\/p>\n<p>Inventory Control in Purchase Management<\/p>\n<p>Inventory Costs in Purchase Management<\/p>\n<p>Inventory Management in Purchase Management<\/p>\n<p>Inventory Performance Measurement (Ratio Analysis) in Purchase Management<\/p>\n<p>Invitation for bid (IfB) in Purchase Management<\/p>\n<p>invitation to bid in Purchase Management<\/p>\n<p>Invitation to bid (ItB) in Purchase Management<\/p>\n<p>Invoice in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"j-letter-terms\">J<\/a><\/strong><\/h3>\n<p>JIT Purchasing in Purchase Management<\/p>\n<p>Joint procurement in Purchase Management<\/p>\n<p>Just-in-case inventory in Purchase Management<\/p>\n<p>Just-in-time (JIT) in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"k-letter-terms\">K<\/a><\/strong><\/h3>\n<p>Key performance indicator (KPI) in Purchase Management<\/p>\n<p>Key performance indicators (KPIs) in Purchase Management<\/p>\n<p>Key supplier in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"l-letter-terms\">L<\/a><\/strong><\/h3>\n<p>Lead time in Purchase Management<\/p>\n<p>Learn more about RFI vs RFP vs RFQ. in Purchase Management<\/p>\n<p>Letter of credit in Purchase Management<\/p>\n<p>letter of intent in Purchase Management<\/p>\n<p>liability in Purchase Management<\/p>\n<p>life cycle cost, whole life cost, total cost of ownership in Purchase Management<\/p>\n<p>Limits of Liability in Purchase Management<\/p>\n<p>liquidated damages in Purchase Management<\/p>\n<p>Logistics in Purchase Management<\/p>\n<p>long term agreement in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"m-letter-terms\">M<\/a><\/strong><\/h3>\n<p>Make or buy decision in Purchase Management<\/p>\n<p>Market analysis in Purchase Management<\/p>\n<p>Market research in Purchase Management<\/p>\n<p>Material Classification in Purchase Management<\/p>\n<p>Material Codification in Purchase Management<\/p>\n<p>Material Handling in Purchase Management<\/p>\n<p>Material requirements planning (MRP) in Purchase Management<\/p>\n<p>Material Standardization in Purchase Management<\/p>\n<p>Materials Accounting in Purchase Management<\/p>\n<p>Materials Budgeting in Purchase Management<\/p>\n<p>Materials Management in Purchase Management<\/p>\n<p>Materials Planning in Purchase Management<\/p>\n<p>maverick buying in Purchase Management<\/p>\n<p>memorandum of understanding in Purchase Management<\/p>\n<p>MRP (Material Requirements Planning) in Purchase Management<\/p>\n<p>Multiple award contract in Purchase Management<\/p>\n<p>Multiple Sampling in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"n-letter-terms\">N<\/a><\/strong><\/h3>\n<p>Need in Purchase Management<\/p>\n<p>Negotiation in Purchase Management<\/p>\n<p>Negotiation Skills in Purchase Management<\/p>\n<p>negotiation Tactics in Purchase Management<\/p>\n<p>net present value in Purchase Management<\/p>\n<p>Non-conforming product in Purchase Management<\/p>\n<p>Non-disclosure agreement (NDA) in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"o-letter-terms\">O<\/a><\/strong><\/h3>\n<p>OC and AOQ Curve in Purchase Management<\/p>\n<p>offer, tender, submission in Purchase Management<\/p>\n<p>Open purchase order in Purchase Management<\/p>\n<p>Open-end contract in Purchase Management<\/p>\n<p>option in Purchase Management<\/p>\n<p>Order in Purchase Management<\/p>\n<p>Order to cash (O2C) in Purchase Management<\/p>\n<p>Outbound logistics in Purchase Management<\/p>\n<p>outsourcing in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"p-letter-terms\">P<\/a><\/strong><\/h3>\n<p>Packing list in Purchase Management<\/p>\n<p>Payment Terms in Purchase Management<\/p>\n<p>performance security (performance bond) in Purchase Management<\/p>\n<p>Pilferage in Purchase Management<\/p>\n<p>Prices in Purchase Management<\/p>\n<p>Probabilistic Inventory Management Model in Purchase Management<\/p>\n<p>Procure to pay (P2P) in Purchase Management<\/p>\n<p>Procurement in Purchase Management<\/p>\n<p>Procurement automation in Purchase Management<\/p>\n<p>Procurement cycle in Purchase Management<\/p>\n<p>procurement review committee, review committees on contracts, or committee on contracts in Purchase Management<\/p>\n<p>Procurement transformation in Purchase Management<\/p>\n<p>proposal in Purchase Management<\/p>\n<p>Purchase Management System in Purchase Management<\/p>\n<p>purchase order in Purchase Management<\/p>\n<p>Purchase order (PO) in Purchase Management<\/p>\n<p>Purchase request in Purchase Management<\/p>\n<p>Purchase Review in Purchase Management<\/p>\n<p>Purchaser Responsibilities in Purchase Management<\/p>\n<p>Purchasing in Purchase Management<\/p>\n<p>purchasing card in Purchase Management<\/p>\n<p>Purchasing Performance in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"q-letter-terms\">Q<\/a><\/strong><\/h3>\n<p>Quality assurance in Purchase Management<\/p>\n<p>Quality Control in Purchase Management<\/p>\n<p>Quality Expectations in Purchase Management<\/p>\n<p>Quotation in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"r-letter-terms\">R<\/a><\/strong><\/h3>\n<p>receipt of goods, goods receipt note in Purchase Management<\/p>\n<p>Receiving inspection in Purchase Management<\/p>\n<p>remedy in Purchase Management<\/p>\n<p>request for expression of interest in Purchase Management<\/p>\n<p>request for information in Purchase Management<\/p>\n<p>Request for Information (RfI) in Purchase Management<\/p>\n<p>request for proposal in Purchase Management<\/p>\n<p>Request for proposal (RFP) in Purchase Management<\/p>\n<p>request for quotation in Purchase Management<\/p>\n<p>Request for Quotation (RfQ) in Purchase Management<\/p>\n<p>Request to pay (R2P) in Purchase Management<\/p>\n<p>Requisition in Purchase Management<\/p>\n<p>requisitioner in Purchase Management<\/p>\n<p>residual value in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"s-letter-terms\">S<\/a><\/strong><\/h3>\n<p>Sales order in Purchase Management<\/p>\n<p>Sealed bid in Purchase Management<\/p>\n<p>sealed offer in Purchase Management<\/p>\n<p>security instruments in Purchase Management<\/p>\n<p>segregation of duties in Purchase Management<\/p>\n<p>services in Purchase Management<\/p>\n<p>Shipping terms in Purchase Management<\/p>\n<p>single source in Purchase Management<\/p>\n<p>Social Audit in Purchase Management<\/p>\n<p>sole source in Purchase Management<\/p>\n<p>Solicitation in Purchase Management<\/p>\n<p>solicitation documents in Purchase Management<\/p>\n<p>Source document in Purchase Management<\/p>\n<p>Source to pay (S2P) in Purchase Management<\/p>\n<p>sourcing in Purchase Management<\/p>\n<p>Sourcing strategy in Purchase Management<\/p>\n<p>Special Purchase Contracts in Purchase Management<\/p>\n<p>Specification in Purchase Management<\/p>\n<p>standardization in Purchase Management<\/p>\n<p>Statement of work in Purchase Management<\/p>\n<p>stewardship in Purchase Management<\/p>\n<p>Stock Accounting in Purchase Management<\/p>\n<p>Stock Keeping in Purchase Management<\/p>\n<p>Store Physical Verification in Purchase Management<\/p>\n<p>Stores Layout in Purchase Management<\/p>\n<p>Stores Management in Purchase Management<\/p>\n<p>Strategic sourcing in Purchase Management<\/p>\n<p>subcontractor in Purchase Management<\/p>\n<p>Supplier in Purchase Management<\/p>\n<p>Supplier Responsibilities in Purchase Management<\/p>\n<p>Supplier vetting in Purchase Management<\/p>\n<p>supplier, vendor in Purchase Management<\/p>\n<p>Supply chain management in Purchase Management<\/p>\n<p>sustainable procurement in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"t-letter-terms\">T<\/a><\/strong><\/h3>\n<p>tender in Purchase Management<\/p>\n<p>tender committee in Purchase Management<\/p>\n<p>Terms and conditions in Purchase Management<\/p>\n<p>terms of reference in Purchase Management<\/p>\n<p>The Indian Contract Act, 1872 in Purchase Management<\/p>\n<p>The Sales of Goods Act, 1930 in Purchase Management<\/p>\n<p>Third-party logistics (3PL) in Purchase Management<\/p>\n<p>Total cost of ownership (TCO) in Purchase Management<\/p>\n<p>transparency in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"u-letter-terms\">U<\/a><\/strong><\/h3>\n<p>Unilateral contract in Purchase Management<\/p>\n<p>Urgency level in Purchase Management<\/p>\n<p>User requirements in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"v-letter-terms\">V<\/a><\/strong><\/h3>\n<p>Value Analysis in Purchase Management<\/p>\n<p>Value Analysis System in Purchase Management<\/p>\n<p>Vendor in Purchase Management<\/p>\n<p>Vendor Management in Purchase Management<\/p>\n<p>Vendor-managed inventory (VMI) in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"w-letter-terms\">W<\/a><\/strong><\/h3>\n<p>Warehouse in Purchase Management<\/p>\n<p>Warehouse Layout in Purchase Management<\/p>\n<p>Warehouse Management System (WMS) in Purchase Management<\/p>\n<p>Warehousing in Purchase Management<\/p>\n<p>Warranty in Purchase Management<\/p>\n<p>Warranty claim in Purchase Management<\/p>\n<p>Waste Management in Purchase Management<\/p>\n<p>Works in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"x-letter-terms\">X<\/a><\/strong><\/h3>\n<p>XML ((e)Xtensible Markup Language) in Purchase Management<\/p>\n<p>XML namespace in Purchase Management<\/p>\n<p>XML schema in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"y-letter-terms\">Y<\/a><\/strong><\/h3>\n<p>Yellow Pages in Purchase Management<\/p>\n<p>Yield in Purchase Management<\/p>\n<p>Yield rate in Purchase Management<\/p>\n<p><a href=\"#terms_index\">Go to Top<\/a><\/p>\n<p><\/p><h3><strong><a id=\"z-letter-terms\">Z<\/a><\/strong><\/h3>\n<p>Zero inventory in Purchase Management<\/p>\n<p>Zero tolerance policy in Purchase Management<\/p>\n<p>Zero-based budgeting in Purchase Management<\/p>","protected":false},"excerpt":{"rendered":"<p>Important definitions and terminologies used in Purchase Management ABCDEFGHIJKLMNOPQRSTUVWXYZ A Acceptance sampling in Purchase Management Acknowledgment of receipt in Purchase Management Administrator in Purchase Management Approval process in Purchase Management arbitration in Purchase Management Authorized signatory in Purchase Management Automatic Warehousing in Purchase Management award in Purchase Management Go to Top B Backorder in Purchase&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-122539","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Purchase Management Glossary - Tutorial<\/title>\n<meta name=\"description\" content=\"What is Purchase Management? 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