project management glossary

vendor

 A supplier of material or services offered from a catalog or price list and purchased with a purchase order.

vendor contact

 Communication with the seller by the buyer. Under certain circumstances such contact may be considered unethical, such as when offers by competing vendors are being evaluated.

vendor pricing

 Submission of a price list for goods or services on offer by a seller to a buyer.

venture

 An undertaking involving chance, risk, or danger, such as a speculative business enterprise.

venture organization

 The form of organization used in some large organizations where a three or four person team, itself functionally organized, is established within the larger organization to develop and commercialize a new product.