BUSINESS MANAGEMENT AND ADMINISTRATION Flashcards
The process of setting standards and evaluating performance
Controlling
Attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction
Economics
Software used for project planning, scheduling, budgeting and documentation. Project management software is also used for collaboration and communication between project participants
Project Management Soft
A legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery
Purchase Order
Planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations
Project
The process of establishing and maintaining authority over and throughout a business
Organizational Control
The act of overseeing all activities and tasks needed to maintain a desired level of excellence
Quality Management Framework
A group of individuals assembled to perform activities that contribute toward achieving a common task related goal
Project Team
Setting goals and determining how to reach them
Planning
To acquire goods or services to accomplish the goals of an organization
Purchasing
A limit on either the quantity or value of a product that may be imported
Quoto
Information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business
Information Managment
Products that come in from another country
Important
The worldwide business that involves making and collecting payments for transactions in goods and services, and transporting those products to various markets
Global Trade
A process improvement technique for evaluating how efficiently a company is able to deliver technology products to its customers
Capability Maturity Model Integration
The probability of loss inherent in an organization’s operations and environment that may impair its ability to provide returns on investment
Business Risk
Reviewing very large amounts of data for useful information. This activity often uses advanced statistical tools to determine trends, patterns and relationships. Data mining can also be referred to as data surfing
Data Mining
Products that leave for another country
Export
Bargaining process between two or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concern
Negotiation
A written set of guidelines issued by an organization to its workers and management to help workers conduct his/her actions in accordance with the primary values and ethical standards of the organization
Rules of Conduct
Analysis of the factors associated with customers and competitors and the business itself to provide the basis for maintaining optimum management practices
Strategic Management
Strategy designed to identify, document and share an organization’s intellectual assets to benefit performance
Knowledge Management
The strategy involves creating groups of people within the business or organization who have expert status in various methods, and then each project is carried out according to a set of steps in an effort to reach specific financial milestones. A six sigma process is defined as one in which 99.99966% of products created are expected to be statistically free from defects
Six Sigma
The overall objectives, purpose and mission of a business that have been established by its management and communicated to its employees
Organizational Goals
Project Management
Project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently
Activities involved in ensuring a process is predictable, stable and consistently operating at the target level of performance with only normal variation
Process Control
The process of buying and storing materials and products while controlling costs for ordering, shipping, handling and storage
Inventory Management
A comprehensive set of documents, which defines best practices and accepted techniques in the Information Technology community
Information Library Infrastructure Library
A complete ban on specific goods coming into or leaving a country
Embargo
The difference in value between exports and imports of a nation
Balance of Trade
Monitoring the opportunity for loss within a business
Risk Management
The selection and training of individuals for specific job functions, and delegating them the associated responsibilities
Staffing
State of being efficient or methodical
Organize
Commercial trade between nations through free market principles and without regulation
Free Trade
A document prepared by an analyst or strategist. Research reports generally have “actionable” recommendations
Research Report
The process of building an effective work climate and creating opportunity for motivation, supervising, scheduling, and disciplining
Directing
Awareness of and ability to understand one’s own actions and reactions
Self-understanding
A process of achieving defined goals within an established timetable, and usually understood to have three components: setting standards, measuring actual performance and taking corrective action
Managerial Control
A tax on imports
Tariff
Investigation into the operations of a business to demonstrate the causes behind the results achieved, and the effects of those results on the business
Business Analysis
An overall approach to long-term success that views continuous improvement in all aspects of an organization as a process and not as a short-term goal. It aims to transform an organization through changes in the attitudes, practices, structures, and systems
Total Quality Management
