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
Streamline
Implementing a process to make an organization more efficient.
Time management
The ability to use one’s time effectively or productively
Implement
To execute a decision or plan
Communication skills
The ability to convey information to another effectively and efficiently
Import
Products that come in from another country
Professional development
Process of improving capabilities of staff through access to education and training opportunities in the workplace, through outside organizations, or observing others perform the job.
Cash-flow satements
A financial statement used by organizations that shows the cash in and out for a set period of time
Knowledge management
Strategy designed to identify, document and share an organization’s intellectual assets to benefit performance.
Economics
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
Knowledge
Awareness or familiarity gained by experience of a fact or situation
Digital customer data
Includes information that a business maintains about customers – such as credit card numbers, passwords and transactions
Responsibility
The stated duty to deal with something or of having control over someone OR the opportunity or to act independently and make decisions without authorization.
Analysis
Detailed examination of the elements or structure of something, typically as a basis for discussion or interpretation
Change management
Utilizes a systematic approach to implement change within an organization
Electronic purchase order
A legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery that is transmitted electronically over the Internet.
Ethics
The basic concepts and fundamental principles of decent human conduct
Financial analysis
Evaluating an organization’s financial statements to determine the profitability of the organization, a division within the organization or a specific event or project.
Inventory
Amount of merchandise on hand at any particular time
Delegate
To assign
Risk avoidance
Technique of risk management that involves taking steps to remove a hazard, engage in alternative activity, or otherwise end a specific exposure.
Inventory management
The process of buying and storing materials and products while controlling costs for ordering, shipping, handling and storage.
Productivity
A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs
Emotional intelligence
The ability to identify, assess and influence one’s own feelings and those of others.
Business analysis
Investigation into the operations of a business to demonstrate the causes behind the results achieved, and the effects of those results on the business.
Trustworthiness
Able to be relied on as honest or truthful
Purchase order
A legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery
Rules of conduct
A written set of guidelines issued by an organization to its workers and management to help them conduct their actions in accordance with its primary values and ethical standards
Change management life cycle
Process through which an organization implements change, using a three-phase process that includes, identify, engage and implement
Risk management
Monitoring the opportunity for loss for a business
Prioritize
A process that evaluates a group of items and ranks them in their order of importance or urgency
Risk transfer
A strategy in which an insurable risk is shifted to another party (the insurer) by means of an insurance policy
Organizational control
The process of establishing and maintaining authority over and throughout a business
Confidentiality
Keeping information secret
Change
The process of making or doing something different
Chain of command
The order in which authority and power in an organization is delegated from top management to every employee at every level of the organization
Capability maturity model integration (CMMI)
A process improvement technique for evaluating how efficiently a company is able to deliver technology products to its customers
Vendor
A person or business that sells something
Quality management
The process of overseeing that a business’ activities and/or tasks meet a certain standard.
Negotiation
Bargaining process between two or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concern.
Staffing
The selection and training of individuals for specific job functions, and delegating them the associated responsibilities.
Economic risk
The probability that conditions like exchange rates, government regulation, or political stability will affect an investment, usually one in a foreign country.
Monitor
To oversee the progress or quality of a project or business task.
Risk retention
A strategy in which an entity sets aside a sum as a protection against a probable loss, instead of transferring the risk by purchasing an insurance policy
Information technology infrastructure library (ITIL)
A comprehensive set of documents, which defines best practices and accepted techniques in the Information Technology community
Project management software
Software used for project planning, scheduling, budgeting, and documentation. Project management software is also used for collaboration and communication between project participants.
Supply chain management
Oversees the materials, information and finances as a product moves through the channel of distribution from manufacturer to consumer
Project schedule
A document outlining tasks to be completed and the timeframe in which those tasks must be completed.
Quality management framework
The act of overseeing all activities and tasks needed to maintain a desired level of excellence
Solvency
Refers to the ability of an organization to meet its’ financial obligations
Strategic management
Analysis of the factors associated with customers and competitors and the business itself to provide the basis for maintaining optimum management practices.
Business risk
The probability of loss inherent in an organization’s operations and environment that may impair its ability to provide returns on investment.
Coordinate
To bring the different elements of an activity or an organization into a relationship that will ensure efficiency
Controlling
The process of setting standards and evaluating performance.
Initiate
The process of beginning
Organizational goals
The overall objectives, purpose and mission of a business that have been established by its management and communicated to its employees
Total quality management (TQM)
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.
Free trade
Commercial trade between nations through free market principles and without regulation.
Human risk
The probability of harm due to human actions or choices.
Balance of trade
The difference in value between exports and imports of a nation
Six sigma
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.
