--- title: Procurement Lexicon | Venkadesh Narayanan description: Venkadesh is a Mechanical Engineer and an MBA with 30 years of experience in the domains of supply chain management, business analysis, new product development, business plan and standard operating procedures. He is currently working as Principal Consultant at Fhyzics Business Consultants. He is also serving as President, PDMA-India (an Indian affiliate of PDMA, USA) and Recognised Instructor of APICS, USA and CIPS, UK. He is a former member of Indian Civil Services (IRAS). Fhyzics offers consulting, certification, and executive development programs in the domains of supply chain management, business analysis and new product development. image: https://blog.fhyzics.net/hubfs/Procurement%20Lexicon-Featured%20Image.jpg --- Procurement Lexicon # Master the 2500+ procurement terminologies for success in career, interviews, and certification examinations. [Discover More ](https://www.hubspot.com/) [Get Started ](https://www.hubspot.com/) - [ Procurement Certifications ](https://pages.fhyzics.net/certversity) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) ### Venkadesh Narayanan Venkadesh is a Mechanical Engineer and an MBA with 30 years of experience in the domains of supply chain management, business analysis, new product development, business plan and standard operating procedures. He is currently working as Principal Consultant at Fhyzics Business Consultants. He is also serving as President, PDMA-India (an Indian affiliate of PDMA, USA) and Recognised Instructor of APICS, USA and CIPS, UK. He is a former member of Indian Civil Services (IRAS). Fhyzics offers consulting, certification, and executive development programs in the domains of supply chain management, business analysis and new product development. All Post - [All Post](https://blog.fhyzics.net/procurement-lexicon) - [UVWXYZ](https://blog.fhyzics.net/procurement-lexicon/tag/uvwxyz) - [ABCDE](https://blog.fhyzics.net/procurement-lexicon/tag/abcde) - [FGHIJ](https://blog.fhyzics.net/procurement-lexicon/tag/fghij) - [KLMNO](https://blog.fhyzics.net/procurement-lexicon/tag/klmno) - [PQRST](https://blog.fhyzics.net/procurement-lexicon/tag/pqrst) Search [![Procurement Lexicon – Terminologies – Z Series](https://blog.fhyzics.net/hs-fs/hubfs/Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20Z%20Series.png?width=400&upsize=true&name=Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20Z%20Series.png) ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-z-series) [UVWXYZ](https://blog.fhyzics.net/procurement-lexicon/tag/uvwxyz) ##### [Procurement Lexicon – Terminologies – Z Series](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-z-series) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) [ Venkadesh Narayanan ](https://blog.fhyzics.net/procurement-lexicon/author/venkadesh-narayanan) 31 August 2023 Zeitgeist: Zeitgeist is not a procurement terminology, but rather a term from German philosophy and... 6 minutes read [ Read More ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-z-series) [![Procurement Lexicon – Terminologies – Y Series](https://blog.fhyzics.net/hs-fs/hubfs/Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20Y%20Series.png?width=400&upsize=true&name=Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20Y%20Series.png) ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-y-series) [UVWXYZ](https://blog.fhyzics.net/procurement-lexicon/tag/uvwxyz) ##### [Procurement Lexicon – Terminologies – Y Series](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-y-series) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) [ Venkadesh Narayanan ](https://blog.fhyzics.net/procurement-lexicon/author/venkadesh-narayanan) 31 August 2023 Yield: Yield in procurement refers to the quantity or output of a product or service obtained from... 4 minutes read [ Read More ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-y-series) [![Procurement Lexicon – Terminologies – X Series](https://blog.fhyzics.net/hs-fs/hubfs/Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20X%20Series.png?width=400&upsize=true&name=Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20X%20Series.png) ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-x-series) [UVWXYZ](https://blog.fhyzics.net/procurement-lexicon/tag/uvwxyz) ##### [Procurement Lexicon – Terminologies – X Series](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-x-series) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) [ Venkadesh Narayanan ](https://blog.fhyzics.net/procurement-lexicon/author/venkadesh-narayanan) 31 August 2023 X-factor: The term X-factor in procurement and business does not have a singular, widely recognized... 4 minutes read [ Read More ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-x-series) [![Procurement Lexicon – Terminologies – W Series](https://blog.fhyzics.net/hs-fs/hubfs/Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20W%20Series.png?width=400&upsize=true&name=Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20W%20Series.png) ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-w-series) [UVWXYZ](https://blog.fhyzics.net/procurement-lexicon/tag/uvwxyz) ##### [Procurement Lexicon – Terminologies – W Series](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-w-series) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) [ Venkadesh Narayanan ](https://blog.fhyzics.net/procurement-lexicon/author/venkadesh-narayanan) 31 August 2023 Waiting Time: Waiting Time in the context of procurement and supply chain management refers to the... 28 minutes read [ Read More ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-w-series) [![Procurement Lexicon – Terminologies – V Series](https://blog.fhyzics.net/hs-fs/hubfs/Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20V%20Series.png?width=400&upsize=true&name=Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20V%20Series.png) ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-v-series) [UVWXYZ](https://blog.fhyzics.net/procurement-lexicon/tag/uvwxyz) ##### [Procurement Lexicon – Terminologies – V Series](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-v-series) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) [ Venkadesh Narayanan ](https://blog.fhyzics.net/procurement-lexicon/author/venkadesh-narayanan) 31 August 2023 Validity: Validity in procurement refers to the period during which an offer, proposal, contract,... 36 minutes read [ Read More ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-v-series) [![Procurement Lexicon – Terminologies – U Series](https://blog.fhyzics.net/hs-fs/hubfs/Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20U%20Series.png?width=400&upsize=true&name=Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20U%20Series.png) ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-u-series) [UVWXYZ](https://blog.fhyzics.net/procurement-lexicon/tag/uvwxyz) ##### [Procurement Lexicon – Terminologies – U Series](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-u-series) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) [ Venkadesh Narayanan ](https://blog.fhyzics.net/procurement-lexicon/author/venkadesh-narayanan) 31 August 2023 Unambiguous: Unambiguous is a term often used in procurement to describe a situation or document... 17 minutes read [ Read More ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-u-series) [![Procurement Lexicon – Terminologies – T Series](https://blog.fhyzics.net/hs-fs/hubfs/Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20T%20Series.png?width=400&upsize=true&name=Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20T%20Series.png) ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-t-series) [PQRST](https://blog.fhyzics.net/procurement-lexicon/tag/pqrst) ##### [Procurement Lexicon – Terminologies – T Series](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-t-series) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) [ Venkadesh Narayanan ](https://blog.fhyzics.net/procurement-lexicon/author/venkadesh-narayanan) 31 August 2023 Tacit: Tacit refers to knowledge, information, or understanding that is not explicitly documented... 78 minutes read [ Read More ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-t-series) [![Procurement Lexicon – Terminologies – S Series](https://blog.fhyzics.net/hs-fs/hubfs/Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20S%20Series.png?width=400&upsize=true&name=Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20S%20Series.png) ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-s-series) [PQRST](https://blog.fhyzics.net/procurement-lexicon/tag/pqrst) ##### [Procurement Lexicon – Terminologies – S Series](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-s-series) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) [ Venkadesh Narayanan ](https://blog.fhyzics.net/procurement-lexicon/author/venkadesh-narayanan) 31 August 2023 Safety Performance Index (SPI): The Safety Performance Index (SPI) is a crucial metric used in the... 269 minutes read [ Read More ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-s-series) [![Procurement Lexicon – Terminologies – R Series](https://blog.fhyzics.net/hs-fs/hubfs/Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20R%20Series.png?width=400&upsize=true&name=Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20R%20Series.png) ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-r-series) [PQRST](https://blog.fhyzics.net/procurement-lexicon/tag/pqrst) ##### [Procurement Lexicon – Terminologies – R Series](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-r-series) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) [ Venkadesh Narayanan ](https://blog.fhyzics.net/procurement-lexicon/author/venkadesh-narayanan) 31 August 2023 Radical Change: Radical Change refers to a significant and transformative shift in an... 84 minutes read [ Read More ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-r-series) [![Procurement Lexicon – Terminologies – Q Series](https://blog.fhyzics.net/hs-fs/hubfs/Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20Q%20Series.png?width=400&upsize=true&name=Procurement%20Lexicon%20%E2%80%93%20Terminologies%20%E2%80%93%20Q%20Series.png) ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-q-series) [PQRST](https://blog.fhyzics.net/procurement-lexicon/tag/pqrst) ##### [Procurement Lexicon – Terminologies – Q Series](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-q-series) ![Venkadesh Narayanan](https://blog.fhyzics.net/hubfs/vengadesh-narayanan.png) [ Venkadesh Narayanan ](https://blog.fhyzics.net/procurement-lexicon/author/venkadesh-narayanan) 31 August 2023 Qualified Bid: A "Qualified Bid" in procurement refers to a formal proposal submitted by a supplier... 17 minutes read [ Read More ](https://blog.fhyzics.net/procurement-lexicon/procurement-lexicon-terminologies-q-series)