A calculated measure of the
dispersion or variation of a set of values from
its mean value.
Standard Industrial Classification (SIC) Code
comprehensive code classifying all business
by what is produced or sold, for whom it is
produced, and to whom it is sold.
Standard of Value
The economic worth of a good
or service, conveyed by pricing.
A specification that is to
be used for all or most purchases of an item;
describes all required physical and functional
characteristics of goods, services, or
The policy or practice of
identifying a specific or group of goods or
services with set specifications to be procured
by an entity or through an agreement with
other entities (e.g., fleet vehicles).
Standardization of Specifications
The process of
establishing a single specification for an item
or range of items.
Standards (Standardization) Committee
Generally, an internal committee consisting of
cross-functional representation including
procurement, end users, and other internal
stakeholders impacted by the decisions of the
committee. Examples of key functions and
activities include: 1) developing standards
through a simplification process for
designated products and services, 2)
establishing specifications, 3) reviewing items
to determine which should be incorporated
into a standards program, and 4) approving
products for a qualified products list.
Normally associated with judicial
actions, the legal right of a person, company,
or other legal entity to initiate a lawsuit by
demonstrating to the court sufficient harm to
a legally protected interest to support that
party’s participation in the case. For example,
the ABA Model Procurement Code generally
limits judicial standing in bid protest litigation
to potential or actual contractors. See also:
An offer from a supplier to
provide goods or services when needed under
a pre-arranged set of terms, conditions, and
An order similar to a blanket
order, except with specified quantities and
delivery dates. See also: Blanket Order.