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Find Terms by Topic: Procurement Systems

Contracting

Definition:
Activities related to obtaining goods or services from sources, including the decision to contract, description of goods/services, solicitation of sources, contractor screening and selection, contract preparation, contract monitoring, auditing and post-contract follow-up
Context:
Business Functions

Enterprise Risk Management

Definition:
Enterprise Risk Management (ERM) is the discipline of managing risk throughout an agency. Processes include conducting a risk assessment, identifying root causes of identified risks, prioritizing the risks on an enterprise level, determining which risk treatments best address the root causes, and then monitoring the success of the risk treatments. Treatments can include: Transferring the risk, minimizing the likelihood and/or impact of a negative outcome, and eliminating the activity associated with the risk
Context:
Business Functions

Inventory Control

Definition:
Supervision and management of the supply, storage, and accessibility of items held in inventory to ensure an adequate supply of available material without excessive oversupply, back orders or stock outages
Context:
Business Functions

Inventory Management

Definition:

Inventory costs represent a substantial portion of the total cost of ownership for many organizations. Proper inventory management requires an investment of time and resources. Carrying insufficient inventory may have adverse mission impacts or consequences. Carrying too much inventory ties up capital, is usually inefficient, requires extra storage space, and for items with a limited shelf life may lead to costly disposal actions

Context:
Business Functions

Performance Audit

Definition:

A systematic process of objectively obtaining and evaluating evidence regarding the performance of an organization, program, function, or activity. Evaluation is made in terms of its economy and efficiency of operations and effectiveness in achieving desired goals. The performance audit function provides an independent review of management's performance and the degree to which actual performance meets pre-stated goals

Context:
Business Functions

Planning

Definition:

Analysis and evaluation of the ways in which material requirements can be met using a life cycle management approach

Context:
Business Functions

Procurement

Definition:

The process of obtaining or buying goods and services consistent with RCW 39.26 with the intent to Purchase. Purchasing, renting, leasing, or otherwise acquiring any supplies or services; includes all functions that pertain to the acquisition, including description of requirements, selection, and solicitation of sources, preparation and award of contract, and all phases of contract administration. The combined functions of purchasing, inventory control, traffic and transportation, receiving, inspection, storekeeping, salvage, and disposal operations

Context:
Business Functions

Purchasing

Definition:

The acquisition of goods or services, including the leasing or renting of goods

Context:
Business Functions

Scheduling

Definition:

The days and hours an employee is scheduled to work

Context:
Business Functions

Vendor Management

Definition:

The management of an entity selling a good or service to the State.  Vendors include, but are not limited to, retail businesses, consultants, contractors, manufacturers, credit card companies.  A vendor may be an individual, corporation, non-profit organization, federal government, or federal agency, local government or local agency, another state or another state agency, a Washington state agency, or Indian nation.  For travel reimbursement purposes, a vendor may include an employee, a board member, or volunteer

Context:
Business Functions