Domain 6: Management Flashcards
Additional Services
New scope or services requested of your firm by the client that are beyond the initial agreed upon scope.
Coach
Person who takes a teaching role to improve student performance with an issue or skill set.
Arbitration
Use of a third party to settle a dispute.
Consequential Damages
Damages not directly caused by a breach of a contract, but that may result from a breach.
Backlog
Work (revenue) logged which has yet to be completed.
Consideration
Value exchanged between two parties in a contract. It can consist of promises, services, goods and/or money.
Charge-Out Rate
Person’s hourly billable rate based on their salary, firm overhead and target profit.
Hourly Rate = (Hourly Wage x Overhead Rate) + Profit
Contract
Mutually-binding legal relationship, generally written, that specifies the agreed-upon parameters and mitigates risk of non-performance by one party or the other.
Cross-Functional Training
Training conducted so staff of each functional area is aware of the needs and opportunities presented by teammates in another department.
Doer-Closer
Senior member of the firm who focuses on marketing existing clients and spends most time on billable projects.
Cross-Selling
Selling a different service you provide to an existing client.
Direct Costs
Labor costs associated with selling work, particularly in face-to-face situations.
Current Ratio
Ratio of current assets* to current liabilities
(*Cash, accounts receivable, unbilled services, prepaid expenses, etc.)
Firm Offer
Offer to perform services that is only open for a limited time period.
Curve of Relationships©
Model that describes relationship-building through five levels of connection and three stages of evolution.
Indirect Costs
Labor costs not associated with selling work but in support of it.
Internal Marketing
Multi-dimensional strategy for growing from the inside out. It is a continuous, participative process of training and motivation, principally those with client contact.
Mentor
Long-term teaching role to support the development of a professional.
Lead
Indication or a clue to a potential project.
Net Multiplier
Ratio of net revenues (in-house labor only, without reimbursables) to total direct labor
(raw labor salary only, without any fringe benefits).
Lead Originator
Person who brings a new lead or opportunity.
Net Profit Ratio
Ratio of net profit* to net revenues.
(*Income minus expenses)
Mediation
Procedure in which the both parties in a contract submit the details of their dispute to an independent third-party mediator.
Networking
Gaining and giving info with those who could assist you in doing a better job,
in your work or in your life.
