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Public Budgeting Term Paper

Redo Match the following terms with the appropriate definition

Purchasing

Central purchasing Agent

Lowest responsible bidder

Standardization

Specification

Life-cycle costing

Total-purchase costing

Ordering costs

Incremental costs

Carrying costs

Shortage costs

Total desirable inventory

Preventative maintenance

Maintenance prevention

Risk control

Security

Risk funding

Insurance

Total Cost Production manager assigned to monitoring the delivery services, developing a list of qualified vendors, purchasing standardized items, and uses specification.

Cost associated with disappointing a client, legal settlements, lost labor costs, delay and failure of service.

3.

Coverage which is paid for by monthly or yearly premiums and will pay out in the event of an emergency

4.

Minimizing maintenance by using good equipment and facility design

5.

Reduction in risk through careful procedures and practices in security

6.

Providing sufficient funds to meet possible loss situations

7.

Requires periodic inspections and upkeep

8.

Company a qualified company that has the lowest bid on a product or project

9.

Total...

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These take the form of preventative risk reduction and risk management. Loss prevention techniques can also be used to reduce the amount of loss that occurs. These can include the installation of security and risk control measures. Installation of anti-theft measures, for example, can reduce the incidence of theft. Maintenance helps to reduce the incidence of loss, and it also extends the usable life of capital assets. Loss can also be prevented through proper inventory…

Sources used in this document:
References

Harding, M. & Harding, M. (2001). Purchasing. New York: Barron's.

Reuvid, J. (2010). Managing Business Risk. Philadelphia, PA: Kogan Press.
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