Business Management and Administration Vocab Flashcards
Planning
setting goals and determining how to reach them
Commitments
An engagement or obligation that restricts freedom of action
Data mining
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
Self-understanding
Awareness of and ability to understand one’s own actions and reactions
Learning
Obtaining knowledge or skills through experience or instruction.
Export
Products that leave for another country
Risk avoidance
Technique of risk management that involves taking steps to remove a hazard, engage in alternative activity, or otherwise end a specific exposure.
Tariff
A tax on imports
Digital assets
Refers to an organizations’ website, social media and email.
Embargo
A complete ban on specific goods coming into or leaving a country
Employment
The state of having paid work
Business services
Accounting, design, maintenance, printing, and supply of temporary personnel, etc., provided by specialized firms to other firms
Directing
The process of building an effective work climate and creating opportunity for motivation, supervising, scheduling, and disciplining.
Blanket purchase order
A long-term order by a buyer to a seller for supplying specific good(s) or service(s), for a fixed period or in a fixed quantity, at agreed-on prices or pricing method. After its acceptance by the supplier, purchases can be made on an as-and-when-required basis, or as specified in the order, without calling for new purchase orders.
Time management
The ability to use one’s time effectively or productively
Purchasing
To acquire goods or services to accomplish the goals of an organization
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.
Process control
Activities involved in ensuring a process is predictable, stable, and consistently operating at the target level of performance with only normal variation.
Project
Planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations
Channels
The path through which messages are delivered
Managerial control
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.
Operations
Jobs or tasks consisting of one or more elements performed typically in one location
Information
Facts provided or learned about something or someone
Organize
State of being efficient or methodical
Global trade
The worldwide business that involves making and collecting payments for transactions in goods and services, and transporting them to various markets.
Internal business correspondence
Any written or digital communication exchanged by two or more parties within an organization.
Performance
The action or process of carrying out or accomplishing an action, task, or function.
Business supplies
The materials that are consumed within an office setting during normal business operations.
Comparative advantage
Concept in economics that a country should specialize in producing and exporting only those goods and services which it can produce more efficiently (at lower opportunity cost) than other goods and services (which it should import).
Project team
A group of individuals assembled to perform activities that contribute toward achieving a common task related goal.
Inventory
Amount of merchandise on hand at any particular time
Work flow
Progression of steps that comprise a work process, involve two or more persons, and create or add value to the organization’s activities.
Managerial control
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.
Work breakdown structure (WBS)
Project network-modeling step in which the entire job is graphically subdivided into manageable work tasks. WBS displays the relationship of each task to the other tasks, to the whole and the end product as well as the allocation of responsibility, resources required and time available at each stage for project monitoring and management.
Data
Information in an unorganized form (alphabets, numbers or symbols) that have a relationship with current conditions, ideas or knowledge
Natural risk
The probability of harm to human health, property or the environment posed by any aspect of the physical world other than human activity.
Research report
A document prepared by an analyst or strategist who is a part of the investment research team in a stock brokerage or investment bank. Research reports generally have “actionable” recommendations.
Work flow
Progression of steps that comprise a work process, involve two or more persons, and create or add value to the organization’s activities.
Quota
A limit on either the quantity or value of a product that may be imported
Evaluate
To assess
