Glossary V-W-X
V
- Value Engineering:
- An organized effort to analyze the functions of systems, equipment, facilities, services and supplies for the purpose of achieving the essential functions at the lowest life-cycle cost consistent with required performance, reliability, quality and safety.
W
- Women-Owned Small Business:
- Companies which meet the definition of a small business (noted above), and are at least 51% owned by a woman or women who are U.S. citizens and who also control and operate the business. The preferred terminology for these businesses is Women Business Enterprises (WBEs).
X
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Popular terms (Glossary)
Contract Award: Occurs when the contracting officer has signed and distributed the contract to, or notified the contractor.
Commerce Business Daily: A Department of Commerce publication used by federal agencies to publish a summary or synopsis of their upcoming procurements to notify interested businesses. Now largely replaced by the Fedbizopps internet site.
RFP - Request for Proposal: A process where an agency or government can seek a specific proposal from vendors. Follows a specifications process and formalized set of standards and procedures. Generally seeks less vendor input than an RFI but more than an RFQ.
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