encyclopedia

PRICE

The amount the MTA anticipates it will pay the contractor for full performance under the terms of a contract, including costs and profit.

PRICE ANALYSIS

Process of examining and evaluating the reasonableness of a bidder’s or proposer’s price without evaluation of the separate cost elements and proposed profit of the bidder/proposer.

PRICING OBJECTIVES

The goals that a company or public agency seeks to reach through implementation of its pricing strategy. (TRB)

PRIMARY METROPOLITAN STATISTICAL AREA (PMSA)

As provided by the U.S. Office of Management and Budget, a major component of a consolidated metropolitan statistical area. Also see Consolidated Metropolitan Statistical Area. (TRB)

PRIVATE BRANCH EXCHANGE

A telephone exchange serving a single organization and having connections to the public telephone exchange.

PRIVATE INDUSTRY COUNCIL (PIC)

A PIC is typically composed of private businesses, community based organizations and organized labor. PICs were established as a result of the Job Training Partnership Act. PICs fund training and reemployment programs for unemployed and underprivileged persons, and are responsible…

PRIVATE SIDING

A siding owned or leased by an individual or firm. (TRB)

PRIVATE TRANSPORTATION

1. Any transport service that is restricted to certain people and is therefore not open to the public at large. 2. Owned or operated by an individual or group, not by a governmental entity, for his or its own purposes…

PRIVATIZATION

The transfer of functions, or the production of goods or services, performed for public agencies by private companies. With regards to a public transportation function, it usually involves a private company performing the function through a competitive bid process. If…