Vocabulary Words Every Procurement Consultant Should Know

Buy

Definition: To get something by paying money.

• I want to buy a new phone.
• She bought a gift for her friend.
• They buy fresh vegetables from the market.

Buy in a sentence

Sell

Definition: To give something to someone in exchange for money.

• I want to sell my old toys at the yard sale.
• The shop will sell fresh fruits and vegetables.
• He decided to sell his bike because he needed money.

Sell in a sentence

Price

Definition: The amount of money required to buy something.

• The price of the shirt is ten dollars.
• I found a good price for my favorite book.
• Prices change depending on the store.

Price in a sentence

Shop

Definition: A place where goods are sold or the act of buying items.

• I will go to the shop to buy some groceries.
• We can shop for new clothes this weekend.
• The shop has many interesting toys for kids.

Shop in a sentence

Order

Definition: To request something to be made, delivered, or done.

• I will order a pizza for dinner.
• Please order the books from the library.
• We need to order new supplies for the classroom.

Order in a sentence

Goods

Definition: Items that are produced for sale.

• The store sells various goods like clothes and toys.
• They delivered the goods to our house.
• We need to check the quality of the goods.

Goods in a sentence

Help

Definition: To assist someone with something.

• Can you help me with my homework?
• She helped her mother in the kitchen.
• He always helps his friends.

Help in a sentence

Need

Definition: A requirement or something necessary for survival.

• We all have basic needs like food and water.
• She has a need for more time to complete the project.
• His need for support was clear during the meeting.

Need in a sentence

Make

Definition: To create or produce something.

• I will make a cake for the party.
• She wants to make a drawing for her friend.
• He likes to make music in his spare time.

Make in a sentence

Work

Definition: activity involving mental or physical effort

• He has a lot of work to do this week.
• She enjoys her work as a teacher.
• They finished their work ahead of schedule.

Work in a sentence

Deal

Definition: To agree on something or to distribute cards in a game.

• We made a deal to share the snacks.
• He had to deal with a difficult situation.
• Let's deal the cards and start the game.

Deal in a sentence

Store

Definition: A place where items are sold or to keep something for future use.

• I will go to the store to buy some snacks.
• We can store our books in the library.
• The store has a wide variety of toys.

Store in a sentence

Market

Definition: A place where people buy and sell things.

• We went to the market to buy vegetables.
• The market was very crowded today.
• She sells fruits at the local market.

Market in a sentence

Trade

Definition: The buying and selling of goods.

• Countries trade goods with each other.
• He works in the trade business.
• Trade helps economies grow.

Trade in a sentence

Offer

Definition: To present something for someone to accept or reject.

• He made an offer to help with the project.
• She received a job offer after her interview.
• Understanding how to make an offer is important in negotiations.

Offer in a sentence

Save

Definition: To keep something safe or to store for later.

• I save money for a new bike.
• Please save your work before turning off the computer.
• They save energy by using less electricity.

Save in a sentence

Find

Definition: To discover or locate something that was lost or hidden.

• I need to find my keys before leaving the house.
• She hopes to find a good book to read.
• Understanding how to find things can improve organization.

Find in a sentence

Choose

Definition: To select from a number of options.

• You can choose your favorite ice cream flavor.
• I need to choose a book to read.
• He will choose a movie for us to watch.

Choose in a sentence

Check

Definition: To look at something to verify its accuracy; a written order for payment.

• Please check your answers before submitting.
• He wrote a check to pay for the groceries.
• She will check the schedule for the meeting.

Check in a sentence

Send

Definition: To cause something to go from one place to another.

• Please send me the information by email.
• I will send you a text when I arrive.
• She plans to send a letter to her friend.

Send in a sentence

Receive

Definition: To get or accept something that is given.

• He was excited to receive a birthday gift.
• She will receive a letter in the mail tomorrow.
• Understanding how to receive messages is important in communication.

Receive in a sentence

Procurement

Definition: The process of acquiring goods or services, often for business purposes.

• They handle procurement for the company.
• Effective procurement can save money.
• She learned about procurement strategies in class.

Procurement in a sentence

Supplier

Definition: a person or company that provides goods or services

• The supplier delivered the materials on time.
• He contacted the supplier for more information.
• Choosing a reliable supplier is crucial for business.

Supplier in a sentence

Contract

Definition: A formal agreement between two or more parties.

• They signed a contract for the new job.
• The contract outlines the terms of the agreement.
• It's important to read a contract carefully before signing.

Contract in a sentence

Purchase

Definition: to buy something

• She plans to purchase a new laptop.
• He made a purchase at the store.
• The purchase of the tickets was easy online.

Purchase in a sentence

Service

Definition: The action of helping or doing work for someone.

• The restaurant provides excellent service to its customers.
• We offer a service to help students with their studies.
• Volunteering is a way to give back to the community through service.

Service in a sentence

Request

Definition: To ask for something formally or politely.

• He made a request for extra time on the assignment.
• She sent a request to join the club.
• Understanding how to make a request can improve communication.

Request in a sentence

Delivery

Definition: The act of bringing goods to a person or place.

• The delivery of the package was delayed.
• She waited for the delivery of her new phone.
• He works for a delivery service.

Delivery in a sentence

Invoice

Definition: A document that itemizes and records a transaction between a buyer and a seller.

• The company sent an invoice for the services provided.
• She checked the invoice for any errors before paying.
• An invoice is usually due within 30 days.

Invoice in a sentence

Budget

Definition: A plan for managing money; an estimate of income and expenses.

• I need to create a budget for my monthly spending.
• We saved money by sticking to our budget.
• The school has a budget for supplies and activities.

Budget in a sentence

Quality

Definition: The standard of something as measured against other things.

• The quality of the food in this restaurant is excellent.
• We should always strive for quality in our work.
• Good quality materials last longer.

Quality in a sentence

Payment

Definition: Money given for goods or services.

• I made my payment for the concert tickets.
• The payment is due at the end of the month.
• We can process your payment online.

Payment in a sentence

Negotiation

Definition: A discussion aimed at reaching an agreement.

• The negotiation between the two companies took weeks.
• They entered into negotiation to settle the dispute.
• Successful negotiation requires good communication skills.

Negotiation in a sentence

Stock

Definition: Goods or merchandise kept on hand; also, shares in a company.

• The store has a good stock of toys.
• He decided to buy stock in a popular company.
• They need to replenish their stock of supplies.

Stock in a sentence

Agreement

Definition: A mutual understanding or arrangement between parties.

• They reached an agreement after much discussion.
• The agreement was signed by both sides.
• He made a written agreement with the landlord.

Agreement in a sentence

Item

Definition: A single object or thing; a specific piece of a list.

• I bought an item from the store.
• She wrote down each item she needed.
• The item was on sale for a limited time.

Item in a sentence

Demand

Definition: The desire for a product or service; the need for something.

• There is a high demand for new smartphones.
• They cannot meet the demand for their product.
• The demand for teachers is increasing every year.

Demand in a sentence

Supply

Definition: To provide something that is needed.

• The store supplies fresh vegetables.
• They supply water to the whole city.
• The teacher supplied us with books.

Supply in a sentence

Bid

Definition: To offer a certain amount of money for something, especially in an auction.

• I will bid $50 for that painting.
• He placed a bid on the old car.
• The highest bid wins the item.

Bid in a sentence

Tender

Definition: Soft or gentle; also refers to an offer or proposal.

• The meat was tender and easy to chew.
• She submitted a tender for the construction project.
• Understanding tender can apply in cooking and business contexts.

Tender in a sentence

Cost

Definition: The amount of money needed to buy something.

• The cost of the book is ten dollars.
• She checked the cost of the concert tickets.
• It may cost more to travel during the holidays.

Cost in a sentence

Evaluation

Definition: The process of assessing or judging something.

• The teacher will conduct an evaluation of the project.
• She received an evaluation on her performance.
• An evaluation helps improve future work.

Evaluation in a sentence

Proposal

Definition: a plan or suggestion put forward for consideration

• He submitted a proposal for the project.
• The proposal outlines the goals and methods.
• She presented her proposal at the meeting.

Proposal in a sentence

Inventory

Definition: A list of items in stock or available.

• The store keeps an inventory of all products.
• We need to check the inventory before ordering more.
• His job is to manage the inventory of supplies.

Inventory in a sentence

Terms

Definition: The specific conditions or rules of an agreement.

• The terms of the contract must be followed.
• She agreed to the terms before signing.
• Understanding terms helps in negotiations.

Terms in a sentence

Conditions

Definition: the circumstances or factors affecting a situation

• The weather conditions were perfect for a picnic.
• They discussed the conditions of the contract.
• Living conditions can vary greatly.

Conditions in a sentence

Compliance

Definition: Following rules or standards.

• The company is in compliance with safety regulations.
• They ensured compliance with the new laws.
• She checked for compliance with the guidelines.

Compliance in a sentence

Strategy

Definition: A plan of action designed to achieve a goal.

• We need a strategy to complete the project on time.
• The team developed a new strategy for winning.
• Her strategy for studying includes flashcards.

Strategy in a sentence

Sourcing

Definition: The process of finding and obtaining goods or services from suppliers.

• Sourcing materials is essential for manufacturing.
• He is responsible for sourcing new suppliers for the company.
• Understanding sourcing helps in business operations.

Sourcing in a sentence

Risk

Definition: The possibility of something bad happening.

• There is a risk of falling if you climb too high.
• We need to assess the risk before starting the project.
• Taking risks can lead to great rewards if managed well.

Risk in a sentence

Performance

Definition: The act of doing something, especially in front of an audience; how well someone does a task.

• The performance of the students was impressive.
• He practiced daily for his music performance.
• Her performance in the play earned her applause.

Performance in a sentence

Logistics

Definition: Planning and managing the movement of goods or people.

• The company handles logistics for deliveries.
• Good logistics help businesses grow.
• Logistics is important for online shopping.

Logistics in a sentence

Analysis

Definition: The detailed examination of something to understand it better.

• He did an analysis of the data for his project.
• Her analysis showed interesting results.
• They worked together on the analysis of the report.

Analysis in a sentence

Stakeholder

Definition: A person or group with an interest in a project or decision.

• The company considers all stakeholders in its decisions.
• Parents are important stakeholders in education.
• They invited stakeholders to discuss the new plan.

Stakeholder in a sentence

Assessment

Definition: An evaluation or test to measure knowledge or skills.

• The teacher gave an assessment to check our progress.
• We will have a math assessment next week.
• Assessments help identify areas to improve.

Assessment in a sentence

Vendor

Definition: a person or company that sells things

• The vendor at the market sells fresh fruit.
• We bought snacks from a street vendor.
• Each vendor had unique items for sale.

Vendor in a sentence

Quotation

Definition: a repetition of someone else's statement or thoughts

• She included a famous quotation in her essay.
• His quotation about friendship inspired the whole class.
• We learned how to properly cite a quotation in our reports.

Quotation in a sentence

Specification

Definition: A detailed description of requirements or standards.

• The specification outlined what was needed for the project.
• They followed the specification closely during construction.
• Understanding the specification is key for quality.

Specification in a sentence

Relationship

Definition: The way in which two or more people are connected.

• They have a close relationship as siblings.
• Building a good relationship takes time.
• Friendship is an important type of relationship.

Relationship in a sentence

Framework

Definition: A basic structure that supports something.

• The framework of the building is strong.
• We created a framework for our research project.
• Understanding the framework helps in problem-solving.

Framework in a sentence

Process

Definition: A series of actions or steps taken to achieve a result.

• The process of baking bread takes time.
• She explained the process of making pizza.
• He followed the process carefully to complete his task.

Process in a sentence

Cost-analysis

Definition: The process of evaluating the costs associated with a particular project or decision.

• Cost-analysis helps in making informed financial decisions.
• The team conducted a cost-analysis before starting the project.
• Understanding cost-analysis is important for budgeting effectively.

Efficiency

Definition: The ability to do something with minimum waste of time and resources.

• They improved the efficiency of their study habits.
• Efficiency is key in completing tasks quickly.
• She values efficiency in her daily routine.

Efficiency in a sentence

Value-chain

Definition: A synonym for value chain; the steps a business takes to provide a product.

• Understanding the value-chain is essential for optimizing processes.
• The value-chain analysis revealed areas for improvement.
• We discussed the value-chain during our business strategy meeting.

Benchmarking

Definition: The process of comparing performance metrics to industry standards.

• Benchmarking helps identify areas for improvement.
• She conducted benchmarking to assess the company's efficiency.
• Understanding benchmarking is essential for business growth.

Benchmarking in a sentence

Risk-management

Definition: The process of minimizing risks in a project or business.

• Good risk-management practices protect investments.
• The company has a strong risk-management framework.
• Risk-management helps ensure project success.

Sustainability

Definition: The ability to be maintained or continued over the long term.

• We should focus on sustainability to protect the environment.
• Sustainability is important for future generations.
• She advocates for sustainability in her community.

Sustainability in a sentence

Market-analysis

Definition: The assessment of a market to understand its dynamics and opportunities.

• They conducted a market-analysis before entering the industry.
• Market-analysis is essential for strategic planning.
• She learned how to perform market-analysis in her course.

Due-diligence

Definition: The careful and thorough investigation before making an investment or decision.

• They conducted due-diligence before finalizing the purchase.
• Understanding due-diligence is crucial in real estate.
• She emphasized the importance of due-diligence in her report.

E-procurement

Definition: The process of purchasing goods and services through electronic means.

• E-procurement streamlines the buying process for businesses.
• She learned about e-procurement systems in her course.
• Using e-procurement can save time and money.

Outsourcing

Definition: The practice of hiring external companies to handle specific tasks or services.

• Outsourcing can lead to cost savings for many businesses.
• She learned about outsourcing in her business class.
• The company is considering outsourcing its IT support.

Outsourcing in a sentence

Collaboration

Definition: working together to achieve a goal

• The collaboration between students was great.
• They focused on collaboration for the project.
• Her collaboration with the artist produced amazing results.

Collaboration in a sentence

Transparency

Definition: The quality of being open and honest; allowing others to see what is happening.

• Transparency in business builds trust with customers.
• The company values transparency in its operations.
• Understanding transparency is important for good governance.

Transparency in a sentence

Acquisition

Definition: The act of obtaining or gaining possession of something.

• The acquisition of new skills takes time.
• The company made an acquisition of a smaller firm.
• He celebrated his acquisition of a new language.

Acquisition in a sentence

Quality-control

Definition: The process of checking products to ensure they meet standards.

• Quality-control checks are done before shipping.
• The team is responsible for quality-control measures.
• Quality-control helps reduce defects in production.

Requisition

Definition: a formal request for something

• She submitted a requisition for new supplies.
• The requisition was approved by the manager.
• He filled out a requisition form for the equipment.

Requisition in a sentence

Expenditure

Definition: the amount of money spent

• The expenditure for the trip was higher than expected.
• She tracked her monthly expenditure carefully.
• Understanding expenditure helps in financial planning.

Expenditure in a sentence

Due Diligence

Definition: The careful review and consideration of important information.

• Due diligence is necessary before making big decisions.
• He conducted due diligence before investing in the company.
• Performing due diligence helps prevent mistakes.

Market Analysis

Definition: The assessment of the market conditions for a product or service.

• Market analysis helps businesses understand their customers.
• She conducted a market analysis for the new product.
• The report included detailed market analysis data.

Market Analysis in a sentence

Cost-benefit

Definition: A comparison of the costs and benefits of a decision or project.

• The cost-benefit analysis showed that the project was worth pursuing.
• Understanding cost-benefit helps in making smart choices.
• She learned about cost-benefit in her economics class.

Procurement Strategy

Definition: A plan for acquiring goods or services.

• Our procurement strategy focuses on cost reduction.
• A good procurement strategy can save money for the company.
• They developed a new procurement strategy for efficiency.

Risk Management

Definition: The identification and assessment of risks followed by coordinated efforts to minimize them.

• Effective risk management is important for businesses.
• He studied risk management in his business course.
• The team focused on risk management strategies.

Risk Management in a sentence

Performance Metrics

Definition: standards used to measure effectiveness

• Performance metrics help evaluate progress and success.
• He analyzed performance metrics for his project.
• Understanding performance metrics is important for improvement.

Supply Chain

Definition: The network involved in producing and delivering a product, from supplier to customer.

• The supply chain was disrupted due to the storm.
• Understanding the supply chain helps businesses operate efficiently.
• They are working to improve their supply chain management.

Purchase Order

Definition: A document that confirms a purchase.

• The company sent a purchase order for supplies.
• I received a purchase order for the new equipment.
• A purchase order helps keep track of orders.

Purchase Order in a sentence

Value Proposition

Definition: A statement that explains the benefits of a product or service.

• The value proposition clearly outlines why customers should choose us.
• A strong value proposition can attract more customers.
• Companies refine their value proposition to stay competitive in the market.

Relationship Management

Definition: The process of developing and maintaining positive connections with others.

• Effective relationship management is important in business.
• She focuses on relationship management to enhance customer satisfaction.
• Understanding relationship management fosters collaboration.