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The Institute for Supply Management® (ISM) is the first supply management institute in the world. Since 1915, ISM has executed and extended its mission through education, research, standards of excellence and information dissemination — including the renowned monthly ISM Report On Business® — and maintains a strong global influence among individuals and organizations.

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Glossary of Key Supply Management Terms TERM OF THE DAY:


A legally binding offer to sell or to buy. In public sector purchasing, a bid is an offer in a sealed bidding process. In the private sector, the offer may be referred to as a quotation and sometimes a proposal.

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