Utility is a term used by economists to describe the degree of satisfaction related to consumption of a particular good or service. When we evaluate competing offers from suppliers we are essentially seeking to establish the relative utility of each supplier’s offer.

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Discover the world’s largest Glossary of Procurement terms

With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.