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Glossary - M & N

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

MAP - Management and Professional employees
 
merchant category code group (MCCG) refers to restrictions encoded into a pro-card to ensure that restrictions are enforced. See Pro-card Menu.
 
monitor - Regularly keeping watch over processes or funds, usually done in a “big picture” or holistic way. Use monitoring (a key element of control) to ensure that the business objective is being met. Monitoring can happen at different stages of the process. Different people (or offices) may be monitoring the different aspects of a process. Responses to monitoring include sharing information, formal reporting, or more review. When anomalies are discovered as a result of monitoring they are reviewed, researched and corrected as needed. Corrective actions may include reporting to affected units, providing additional training, requesting further review, or alerting internal audit.
 
month-to-month - A lease for a specified period of time, usually one month, which automatically renews itself for the same period of time, unless landlord or tenant provide notice to terminate.

MRO - Maintenance Repair Operations (facilities)
 
MSP - Managers and Senior Professionals
 
multiple award - Awarding contracts to more than one bidder for the same types of goods or similar items. This would be appropriate under circumstances when a single contractor would not be able to adequately serve the entire area that needs to be provided for.
 
near relative - Husband, wife, mother, father, daughter, son, sister, brother, and step-relatives and in-laws in the same relationships
 
negligence - The failure of an individual to exercise the ordinary degree of care that would be expected from a reasonable and prudent person acting in the same situation under the same or similar circumstances. This term is generally synonymous with malpractice.
 
net present value - The future stream of benefits and costs converted into equivalent values today. This is done by assigning monetary values to benefits and costs, discounting future benefits and costs using an appropriate discount rate, and subtracting the sum total of discounted costs from the sum total of discounted benefits.
 
non-responsive bid - A bid or proposal from a vendor who does not conform to the mandatory or essential requirements of the invitation for bid.

NTE - not to exceed

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Last revised: January 15, 2007 (am)