Glossary terms: M

Term

Definition

Product

Managed Service Provider

MSP (initialism)

Provides value-added services to help streamline the procurement process, acting as a broker to multiple staffing companies, performing background checks, processing requisitions, and managing the time and expense tracking workflow. 

MSPs are typically either Beeline or a Partner who the client with full-service support of the VMS. MSPs can also assist in a more strategic way, helping with demand forecasting, organizational assessments, and employee development.

Also, a distinct procurement persona in the VMS billing process.

Contingent Staffing

Services Procurement

Margin

The percentage subtracted from the Bill Rate to calculate the Pay rate.

Mark-up

A percentage added to the pay rate for each position filled by a staffing firm. For example, if a position has a base hour rate of $20 and a 50% markup, the total rate the client pays would be $30. 

Mass Amendments

Simultaneous adjustments to multiple assignments. 
IQN Vendor Management System: Changes to contractual terms on multiple Work Orders.

Contingent Staffing

Master Project

To help keep a large project more organized, you can link several project files together to create a master project/sub-project arrangement. For example, a construction master project might have sub-project files for plumbing, electrical, and carpentry work.

Master Services Agreement

MSA (initialism)

A master services agreement is a contract between a service provider and customer, which sets out the terms of engagement for all current and future work.

Services Procurement

Match Alerts

IQN Vendor Management System: a system flag that identifies a candidate as a duplicate submittal, a candidate with a previous assignment, or as a do not rehire (DNU) candidate.

Client Onboarding

Medalist

A term used to distinguish evaluated talent, such as gold medalist, silver medalist, bronze medalist.

Contingent Staffing

Milestone Payment

A payment associated to the completion of a defined milestone deliverable

Services Procurement

Milestone/Deliverable

Signifies the end of a stage that marks the completion of a work objective or phase, typically marked by an event such as task completion or the signing of a deliverable.

Services Procurement

Minimum Viable Product

MVP (initialism)

A version of a new product that allows a team to collect the maximum amount of validated learning about clients with the least effort. A minimum viable product has just those core features that allow the product to be deployed, and no more, it's the product with the highest return on investment versus risk.

An MVP is not a minimal product, it is a strategy and process directed toward making and selling a product to clients. It is an iterative process of idea generation, prototyping, presentation, data collection, analysis and learning.

The product is typically deployed to a subset of possible clients, such as early adopters who are thought to be more forgiving, more likely to give feedback, and able to grasp a product vision from an early prototype or marketing information.

MSP

Managed Service Provider

Provides value-added services to help streamline the procurement process, acting as a broker to multiple staffing companies, performing background checks, processing requisitions, and managing the time and expense tracking workflow. 

MSPs are typically either Beeline or a Partner who the client with full-service support of the VMS. MSPs can also assist in a more strategic way, helping with demand forecasting, organizational assessments, and employee development.

Also, a distinct procurement persona in the VMS billing process.

MVP

Minimum Viable Product

A version of a new product that allows a team to collect the maximum amount of validated learning about clients with the least effort. A minimum viable product has just those core features that allow the product to be deployed, and no more, it's the product with the highest return on investment versus risk.

An MVP is not a minimal product, it is a strategy and process directed toward making and selling a product to clients. It is an iterative process of idea generation, prototyping, presentation, data collection, analysis and learning.

The product is typically deployed to a subset of possible clients, such as early adopters who are thought to be more forgiving, more likely to give feedback, and able to grasp a product vision from an early prototype or marketing information.

MWDVE

Minority, Women, Disabled, Veteran Enterprises

aka MWBE or Minority and Women Business Enterprises

Historically Underutilized Businesses include minority-owned, women-owned, disabled-owned, veteran-owned, and small (SBA 8(a), SDB, and HUB Zone) businesses. 

Some Suppliers are designated to this group, and some clients are required or prefer to use those types of suppliers to fill requisitions.