Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

PROCEDURAL LAW

The technical aspects of a legal system that states the steps that need to followed while enforcing criminal or civil law.

PROCESS CONTROL

The steps taken to ensure that the output of a process is consistent and stable, with a desired level of performance and minimal variance.

PROCESS DESIGN

The determination of the equipments required, workflows, and implementation requirements of a specific process.

PROCESS MANAGEMENT

Activities related to administration that are aimed at (1) process definition, (2) establishment of responsibilites, (3) evaluation of process performance and (4)Identification of improvement opportunities.

PROCESSOR

A microchip that is present in the hard drive of the CPU that is the primary source of commands for the computer system. They vary in sizes and functionality. The higher the

PROCUREMENT

The entire process of purchasing goods that includes the purchasing decision, the selection of the goods, and the payment made by the buyer to purchase the goods. It involves (1)planning the purchase,

PROCUREMENT REQUEST

A contract that states the goods or services that need to received. The basis for a procurement action is based on this. The procurement request package also includes the statement of work

PROCURING AUTHORITY

The entity that is responsible for the purchase of order and the coordination of the related purchasing activities.

PROCYCLIC

In direct relation to the overall state of the economy. The value of an asset is procyclic if it moves in tandem with the economy.

PRODUCER

An individual or entity that produces animal, agricultural or botanic products mainly through the natural processes, but with a little bit of stimulation provided by nutrients, labor, etc.

PRODUCER PRICE INDEX (PPI)

The relative measure of the average change in the price of a basket of goods that are sold by the producers in the wholesale market. It consists of three different indices and

PRODUCIBILITY

The ease associated with manufacturing goods in large quantities. It is largely dependant on the design characteristics of the item in question.

PRODUCT

1. A product that is its finished stage, usually at the end of a production cycle. It is usually what a user needs or wants. 2.Law: A good distributed commercially that is

PRODUCT BENEFITS ADVERTISING

A promotional campaign that aims to showcase the satisfaction guaranteed by a product according to the needs of the target customer.

PRODUCT CHAIN

The processes that are involved in the creation of the final product.

PRODUCT FRANCHISING

Order in which a firm or franchiser supplies a product family to a certain dealer or franchisee who associates with the brand name of the producer. Usually product franchisees are exlusive brand

PRODUCT LAUNCH

The introduction of a new product into the market. It signifies the point where buyers have access to the product for the first time.

PRODUCT LIABILITY

General obligation or liability of the producer or supplier of goods and services in order to adjust for the loss associated with its utilization, such as damage of property or personal injury.

PRODUCT RECALL INSURANCE

Insurance covering the cost engaged in recalling defective or possibly defectife products that an insured person makes.

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