Business English and Procurement Flashcards

Flashcards covering business terminology, the procurement process, professional communication phrases, and common English idioms based on the lecture notes.

Procurement

The process of acquisition or purchasing, especially within a company or public supply chain.

Market research

The phase of the procurement process used to investigate the market, define budgets, and help create financial plans.

Award and selection criteria

The specific standards used to evaluate and choose a supplier or bid during the procurement process.

Bids analysis

The evaluation and comparison of offers submitted by potential suppliers.

In accordance with the legislation

A phrase meaning that actions or documents are in compliance with the law.

Positive laws

A term referring to existing or valid laws currently in effect.

EOB

An abbreviation for 'End of business day,' denoting the close of the working day.

Vis major / Force majeure

A legal term for 'higher force,' referring to unforeseeable circumstances that prevent someone from fulfilling a contract.

Integrity

A core professional value defined as the quality of being honest and having strong moral principles.

Commute

The regular journey traveled between one's home and place of work.

Vacancy

An unoccupied or available job position.

Trouble-shooter

A person whose job is to solve major problems or advise during a crisis.

Green with envy

An idiom used to describe a person who is extremely jealous.

Food for thought

An idiom referring to something that warrants serious consideration or time for reflection.

Another pair of shoes

An idiom used to indicate that a matter is a completely different story or a separate issue.

Procurement threshold

The specific financial limit that triggers different procedural requirements in public procurement.

Most favourable offer

The bid that provides the best value, often in terms of price or quality standards.

Segregation of roles

The internal control principle of dividing responsibilities and duties among different people to reduce risk.

Contract performance

The stage where the quality of work is evaluated as a pre-condition for the invoice to be paid.

Value for money

The utility derived from every purchase or every sum of money spent, equating to the best available price for a certain quality.

Line manager

The person with direct managerial responsibility for a particular employee.

Risk assessment

The process of identifying, estimating, and minimizing various risks such as operational, reputation, financial, or security risks.

Know-how

Practical knowledge and experience on how to accomplish something effectively.

Belated birthday

A term used for a birthday greeting or celebration that occurs after the actual date.

Comprehensive

Something that is all-encompassing or includes all necessary details and specifics.

Technical and functional specification

The part of the procurement process where the requirements and functionalities of the needed service or product are detailed.

In charge of

Having the responsibility or control over a specific task, department, or process.

Resident permit

A document or status allowing a foreign national to live in a country for a set period.