GovCon Acronym Decoder
Government contracting runs on shorthand. Search any acronym and get a plain-English definition, when you will run into it, whether you need one, and where it comes from.
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2 of 172 terms matching "NAICS"
North American Industry Classification System
The six-digit codes that classify what an industry does. Each federal opportunity is assigned one NAICS code, and that code determines the small business size standard for that opportunity.
When you see it
On every solicitation, in your SAM profile, and in every market research report.
Do you need it
Yes, you select the codes that describe your business in SAM. Note that the contracting agency, not you, assigns the NAICS on a given opportunity.
Where it comes from
U.S. Census Bureau maintains the codes; SBA sets the size standard for each one.
North American Industry Classification System
The six-digit codes that classify what an industry does. Each federal opportunity is assigned one NAICS code, and that code determines the small business size standard for that opportunity.
When you see it
On every solicitation, in your SAM profile, and in every market research report.
Do you need it
Yes, you select the codes that describe your business in SAM. Note that the contracting agency, not you, assigns the NAICS on a given opportunity.
Where it comes from
U.S. Census Bureau maintains the codes; SBA sets the size standard for each one.
Product Service Code
A four-character code describing what is actually being bought (a specific product or service), as opposed to NAICS which describes the industry doing the work.
When you see it
On solicitations, award notices, and spend data when you do market research.
Do you need it
You do not register for a PSC, but knowing your PSCs makes your opportunity searches and spend analysis far more accurate.
Where it comes from
Maintained by GSA.
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