Term
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Definition
| A formal document showing the hierarchy of components or pieces and their sub-components or sub-pieces that make up the project. |
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Term
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Definition
| A mutually binding agreement that requires the services provider to supply the specified services or goods and requires the buyer to pay for them per the terms of the document. |
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Term
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Definition
| The process of managing the relationship between buyer and seller. |
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Term
| Cost-Plus-Fixed-Fee (CPFF) Contract |
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Definition
| A contract in which the supplier receives payment for allowable costs plus a fixed fee typically based on estimated cost. |
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Term
| Cost-Plus-Incentive-Fee (CPIF) Contract |
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Definition
| A contract in which the supplier receives payment for allowable costs, as well as a pre-negotiated fee and an incentive fee (if incentives are met.) |
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Term
| Cost-Reimbursable (CR) Contside he outfrom tract |
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Definition
| A contract n which the supplier is paid for direct and indirect cost actually incurred on the project. |
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Term
| Fixed-Price-Incentive-Fee (FPIF) Contract |
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Definition
| A contract in which the seller provides products or services based on a well defined scope of work for a set price; also includes a fee structure that provides more payment for achieving predefined performance objectives. |
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Term
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Definition
| An initial part of the procurement process in which a decision is made to either create the product by the company that needs it or to outsource it and have another company create it. |
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Term
| Procurement Documents (Output/Input) |
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Definition
| Documents involved in the bidding and proposal activities, can include request for information (RFI), request for quote (RFQ), or request for proposal (RFP) among others. |
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Term
| Project Procurement MAnagement |
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Definition
| The process for receiving goods and services for a project from outside the organization. |
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Term
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Definition
| A document used to get bids or quotes from possible suppliers, usually for commodity type items, with minimal customization. |
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Term
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Definition
| The process of attaining proposals, quotes, bids, etc. for needed services or products. |
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Term
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Definition
| Deciding on a supplier to implement the needed solution. |
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Term
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Definition
| An individual or company that provides goods or services to a company or individual. |
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Term
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Definition
| A clause in the contract that allows both the buyer and seller to be able to end the contract. |
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Term
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Definition
| The process of completing the contract; includes settlement on any open items. |
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Term
| Cost-Plus-Percentage of Cost (CPPC) Contract |
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Definition
| A contract that reimburses the seller for costs, plus a negotiated percentage of the total costs. |
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Term
| Firm-Fixed-Price (FFP) Contract |
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Definition
| A contract that pays a seller a fixed price for a well defined or detailed product or service. (Definition for Fixed-Price/Lump-Sum is also acceptable) |
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Term
| Fixed-Price/Lump Sum Contract |
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Definition
| A contract in which the seller provides products or services based on a well defined scope of work for a set price (Definition for FFP Contract is also acceptable) |
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Term
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Definition
| An item on a project for which there is confusion or disagreement, or the item is unresolved and needs attention. |
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Term
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Definition
| The acquisition of goods or services from an outside source (vendor.) |
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Term
| Plan Purchases and Acquisitions |
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Definition
| The process of determining what to buy and the optimum method to make the purchase. |
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Term
| Request for Proposal (RFP) |
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Definition
| A document that describes what the buyer wants from a potential supplier, as well as criteria for acceptability of the vendor. |
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Term
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Definition
| A part of the payment per the terms of the contract that the buyer retains until the project is complete; used to ensure that the seller completes the work per terms of the contract. |
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Term
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Definition
| The creation of product requirements and documentation. |
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Term
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Definition
| Typically a piece of the contract that details the work be done. |
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