Glossary of Key Purchasing and Supply Terms Term of the Day:
FAIR MARKET VALUE
The value of an item as determined by negotiation between purchasers and suppliers, which is acceptable as a basis for a purchase and sale.
The National Association of Purchasing Management has become the Institute for Supply Management™. Please be aware that NAPM.org is now ISM.ws.
Institute for Supply Management™ (ISM) Certification Program
Accredited Purchasing Practitioner (A.P.P.) Examination Specifications Effective January 1, 2001
Fourth draft
Published June, 1999
