CPPB - Domain II Sourcing 2023/24

CPPB - Domain II Sourcing 2023/24 Scope of Work - Typically developed by procurement to be included in the solicitation to procure services or other more complex combinations of products and services. Sometimes called "Performance Specification" PWS - Performance Work Statement SOO - Statement of Objectives Statement of Work - The proposed solution by the successful proposer responding to the Scope of Work appearing in the solicitation. Benchmarking - The act of measuring a process, service or product against the characteristics of the recognized leaders in the given area of review IFB - Invitation for Bid, also known as competitive sealed bidding. Preferred method for acquiring goods, some services and some construction for public use. Award is made to the lowest responsive and responsible bidder. RFQ - Request for quotation. Also known as informal competitive bidding. Generally used for small orders under a certain dollar threshold. RFP - Request for Proposals. Allows the reviewer or evaluator to consider factors other than price ITN - Invitation to Negotiate. Used when the procurement authority deems it is in their best interest to negotiate with offerors to achieve "best value" RFQU - Request for Qualifications. Used when the award is base on the qualifications of the supplier. RFI - Request for Information. Used to solicit information from the supplier community LOI - Letter of Interest. Less formal, less expensive approach to gathering information form suppliers. NOI - Notice of Intent. Public notice issued to announce the intended award of an agreement to a certain supplier or service provider Sole Source - May result because only one supplier possesses the unique ability or capability to meet the particular requirements of the solicitation TCO - Total Cost of Ownership Total Cost of Ownership - A meas