cluster vocab Flashcards
revolving credit
flexible line of credit that remains open even as you pay the balance
tacit knowledge
gained through experience and often intuitive; subjective to each individual
embedded knowledge
information that is “trapped” within organizational routines, processes, and
protocols
4 stages of conflict
- emergence: participants become aware of the conflict
- escalation stage: complaints are aired
- de-escalation: options are discussed
- resolution: last stage
calculate price to cash ratio
price / cash to flow
reference group
groups buyers want to be associated with
ex: michael jordan nike shoes
civil litigation steps
- Investigation
- Pleading
- Discovery
- Pre-trial proceedings
- Trial
- Appeal
Concession in negotiation
compromise or yield made by one party to help reach an agreement
gridlock in negotiation
agreement cannot be reached and neither party gets what they want
functional structure
traditional departments (ex: sales, IT, etc)
divisional structure
divided by product, market, or geography
matrix structure
combo of functional and divisional: team members report to multiple leaders
4 types of purchase agreement
standard: one-time purchase
contract: no specified product/service
planned: long-term agreement
blanket: no specified quantity
DMAIC (six sigma)
Define
Measure
Analyze
Improve
Control
6 stages of knowledge management
- prioritize
- audit
- capture
- curate
- deliver
- optimize
trade secret
intellectual property rights or confidential info that can be sold or licensed
must be commercially valuable
ex: sales data
1st step of change management
prepare the org for change (culturally and in processes)
backward integration
acquisition of firms at the supplier end of supply chain
forward integration
acquisition of firms toward the distribution end of the supply chain
limited decision
not made frequently and involves a small amount of consideration
ex: backpack
appraisal costs
costs to detect defective inventory (after production)
civil law vs. criminal law
civil law: behavior that injures an individual or private party
criminal law: behavior that is offense against public, society, state
source documents vs financial statements
source doc: original records (checks, invoices, bank statements)
financial statements: formal records that detail financial activities and health (income statement, balance sheet, statement of cash flows)
arbitration vs mediation
arbitration: binding process where a third party makes the final decision
mediation: non-binding process facilitated by a mediator to help parties reach consensus
