The value added to a product or service at each phase of the supply chain, based on the difference between the input value and the output value. A diamond cutter may buy a rough diamond, but once he cuts and polishes the diamond, the resale price will be many times the original cost of the rough diamond. This represents the value added by the diamond cutter. See also Savings.
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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.
