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definition
term
An organization’s standards of behavior.
Corporate values
The combination of processes and structures implemented by the board in order to inform, direct, manage and monitor the activities of the organization toward the achievement of its objectives.
Governance
A department, division, team of consultants, or other practitioner(s) that provide independent, objective assurance and consulting services designed to add value and improve an organization’s operations.
Internal audit activity
An independent, objective assurance and consulting activity designed to add value and improve an organization’s operations; brings a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
Internal auditing
The conformity and adherence to policies, plans, procedures, laws, regulations, contracts, or other requirements.
Compliance
The risk derived from the environment without the mitigating effects of internal controls.
Absolute risk OR Inherent risk
A type of risk that revolves around the business impact that would be experienced if certain risks were realized.
Acceptable risk
A risk level derived from an organization’s legal and regulatory compliance responsibilities, its threat profile, and its business drivers and impacts.
Acceptable risk level
A level of control that is present if management has planned and organized in a manner that provides reasonable assurance that the organization’s risks have been managed effectively and that the organization’s goals and objectives will be achieved efficiently and economically.
Adequate control
A condition that warrants attention as a potential or real shortcoming that leaves the organization excessively at risk.
Control deficiency
The policies, procedures (both manual and automated), and activities that are part of a control framework, designed and operated to ensure that risks are contained within the level that an organization is willing to accept.
Control processes
A structured, consistent, and continuous process across the whole organization for identifying, assessing, deciding on responses to, and reporting on opportunities and threats that affect the achievement of its objectives.
Enterprise risk management (ERM)
Limitations of risk management, control, and governance related to human judgment, resource limitations, and the need to balance the costs of controls in relation to expected benefits.
Inherent limitations
The type of risk found throughout the environment.
Pervasive risk
The risk remaining after management takes action to reduce the impact and likelihood of an adverse event, including control activities in responding to a risk.
Residual risk
The identification of risk, the measurement of risk, and the process of prioritizing risk or selecting alternatives based on risk.
Risk analysis
The identification of risk, the measurement of risk, and the process of prioritizing risk (considering likelihood and impact) or selecting alternatives based on risk.
Risk assessment
The assignment of risk into categories, such as financial risk, operational risk, strategic risk, or reputation risk.
Risk classification
The method of recognizing possible threats and opportunities.
Risk identification
A process to identify, assess, manage, and control potential events or situations to provide reasonable assurance regarding the achievement of an organization’s objectives.
Risk management
The evaluation of the magnitude of risk, based on the likelihood and impact of risk occurrence.
Risk measurement
Ranking risks, formally or informally, from the highest to the lowest, establishing the relative strength of each risk and the potential consequences of each.
Risk prioritization
The actions taken to manage risk.
Risk response
The attitude and actions of the board and management regarding the importance of control within the organization; provides the discipline and structure for the achievement of the primary objectives of the system of internal control.
Control environment
The amount of risk an organization is willing to accept in pursuit of value.
Risk appetite
The comparison of an organization or project to similar internal or external organizations or projects, for the purpose of determining areas for potential improvement and to identify best practices. May also be used to assess likelihood and impact of potential events across an industry.
Benchmarking
The acceptable levels of variation relative to the achievement of objectives.
Risk tolerance
As related to risk, an uncertain event with a positive consequence.
Opportunity
A method of electronic funds transfer that sends payments in batches.
Automated clearing house (ACH)
A limiting factor, barrier, or constraint that slows down a product’s total cycle time.
Bottleneck
A fundamental rethinking of business processes in order to achieve improvements in cost, quality, service, and speed.
Business process reengineering (BPR)
Any direct link between businesses and the use of online business marketplaces, such as EDI or online catalogs.
Business-to-business (B2B) e-commerce
Marketing and selling products to customers online.
Business-to-consumer (B2C) e-commerce
An online tool set for employees.
Business-to-employee (B2E) e-commerce
The maximum rate of output generated by a process.
Capacity
An organizational structure in which there are several levels of authority, a long chain of command, and a narrower span of control.
Centralized structure
The line of authority in an organization.
Chain of command
A manufacturing system that completely integrates all factory and office functions within an organization throughout the life cycle of a product or service.
Computer-integrated manufacturing (CIM)
An organizational structure in which there are fewer levels of authority, a shorter chain of command, and a wider span of control.
Decentralized structure
An organizational structure for grouping work into specialized units and jobs.
Departmentalization
Organizational structure in which divisions are fairly autonomous units.
Divisional structure
Conducting commercial activities over the Internet.
E-commerce
An intercompany communication directly between applications in standard format.
Electronic data interchange (EDI)
The transfer of monetary value and financial data from one bank to another.
Electronic funds transfer (EFT)
A language used for Internet applications; it is accessible by any type of computer platform, allows new tags to be defined, has interactive elements, and eases interapplication communication.
Extensible markup language (XML)
Products that are ready-to-wear, ready-to-eat, ready-to-drive, or ready-to-use and are waiting to be purchased.
Finished goods
An organizational structure in which authority and decision-making are arranged by functional groups such as finance, marketing, manufacturing, and research.
Functional structure
The management area that focuses on reducing the costs of holding and transporting inventory without sacrificing customer service.
Inventory management
A comprehensive manufacturing production and inventory control methodology in which materials arrive exactly as they are needed for each stage of the production process.
Just-in-time (JIT) manufacturing
An organizational structure that is a team and project-based approach between functions and divisions.
Matrix structure
Commerce over mobile devices such as smart cell phones.
Mobile e-commerce
An organization’s formal decision-making framework and its way of organizing authority, responsibilities, and performance activities.
Organizational structure
A collection of analytical techniques that examine and measure the basic elements of processes in order to understand their activities, relationships, and contributions to organizational goals.
Process analysis
Two-dimensional graphic representations of an operation in terms of the flow of activity through a process using graphic elements to represent tasks, flow, and inventory (storage).
Process flowcharts
The number of employees who report to an individual in the chain of command.
Span of control
A global network used to deliver products and services from raw materials to end customers through an engineered flow of information, physical distribution, and cash.
Supply chain OR Logistics network
A systems management philosophy that states that every system has at least one constraint (bottleneck or barrier) limiting its output in pursuit of some goal.
Theory of constraints (TOC)
Consists of raw materials that have been only partly transformed into their finished state or components that have not been installed or connected.
Work-in-process (WIP)
A graphical representation of the actual or ideal path followed by any service or product; provides a visual sequence of the steps in a process, illustrates the relationship between parts, and identifies what the process does or should do.
Flowchart
A quality process improvement approach that focuses on the customer experience by reducing the number of defects in a process until they approach statistical insignificance.
Six Sigma
A circumstance where an organization owns and controls several different subsidiaries to promote cost and efficiency benefits.
Vertical integration
Concentration on the words and messages of others.
Active listening
The way a person prefers to express himself or herself.
Communication style
Groups of individuals that form around topics of interest for the purpose of learning and innovation in an organization.
Communities of practice
The process of interpreting the meaning of a message.
Decoding
Creating a message in the best sensory mode (such as seeing or hearing) and the best tone, format, length, etc.
Encoding
The way an organization identifies and manages its intellectual capital for learning.
Knowledge management
The ways individuals and groups interact and cooperate in an organization.
Organizational dynamics
The process of selecting some information and filtering out other information as it is received based on our needs, interests, values, opinions, and past experiences.
Selective perception
Patterns of relationships between social units, or “actors.”
Social networks
A two-way transfer of information between a sender and a receiver; can be verbal, written, or nonverbal.
Communication
An appraisal method that solicits evaluation feedback from everyone an employee interacts with, including subordinates, superiors, and internal and external customers, as well as the employee.
360-degree feedback OR Multisource rating
A project scheduling technique that divides a project into sequential activities with estimated start and completion times.
Activity chart OR Gantt chart OR Horizontal bar chart OR Milestone chart
A cooperative negotiation approach based on shared interests and objectives; focus is on presenting exchanges of value for each party.
Added-value negotiating
A process in which the parties in a dispute agree in advance that they will abide by the decision of an arbitrator who is chosen to hear both sides and make a judgment.
Arbitration
A performance appraisal method that requires the appraiser to mark an employee’s level of performance on a specific form.
Category rating
Forecasting methods based on the assumption that the variable being forecast exhibits a cause-and-effect relationship with one or more other variables.
Causal forecasting methods
A quality tool that uses a visual to map out a list of factors that are thought to affect a problem or a desired outcome.
Cause-and-effect diagram OR Ishikawa diagram
A simple visual tool used to collect and analyze data.
Check sheet
An organizational structure with many groups or teams to accomplish organizational objectives.
Cluster organization
In the organizational setting, refers to specific advising for new learning and improved work performance.
Coaching
Performance appraisal methods in which the appraiser directly compares the performance of each employee with that of others.
Comparative methods
The advantage that one organization has over competitors in realizing above-average financial performance.
Competitive advantage
The data gathered about current and potential competitors.
Competitive intelligence
An industry with stronger and larger leaders that give it market focus.
Concentrated industry
Reducing and eliminating variations (defects) from a desired outcome (the target value).
Conformance
A statistical process that illustrates variations from normal in a situation over time.
Control chart
A competitive strategy in which an organization will minimize development, advertising, and other costs in order to offer products and services at a lower cost than competitors.
Cost leadership
A project management tool used to schedule, organize, and coordinate tasks within a project.
Critical path method (CPM) OR Program evaluation review technique (PERT)
A learning curve analysis model that calculates cumulative total time by multiplying the incremental unit by the cumulative average time per unit.
Cumulative average-time learning model
A forecasting model that attempts to develop forecasts through group consensus.
Delphi method
A competitive strategy in which an organization strives to make its products or services different and unique in the industry.
Differentiation
To sell off business units early in the decline stage by finding interested buyers.
Divest
Type of conflict that erodes relationships and derails progress toward goals.
Dysfunctional conflict
Relates to outputs and the degree to which an organization’s goals and objectives are achieved.
Effectiveness
Minimizing the use of resources in a product or service process as compared to standard expectations; the ratio of the resources actually used to the resources that were planned to be used.
Efficiency
An industry in the early stages of development.
Emerging industry
A process for analyzing external and internal factors that are important to setting and carrying out strategy.
Environmental analysis OR Environmental scanning
A forecasting method used when conditions in the past are not likely to hold in the future; involves a group of experts, each considering information and then weighing in with an opinion or conclusion regarding a specific forecast.
Expert judgment
A smoothing method that uses a weighted average of past time series as the forecast; selects only one weight, that of the most recent observation.
Exponential smoothing
A research process that gathers information on the external environment that might affect the industry and organization, such as factors related to the economy, government, laws and regulations, societal and cultural concerns, and technology, as well as specific industry or competitor trends.
External analysis
A competitive strategy in which an organization appeals to a narrower segment of the industry.
Focus
Analyzing past and present data in order to project the future.
Forecasting
An industry made up of a number of smaller competitors with no strong market leader.
Fragmented industry
A group that is established to accomplish a specific ongoing purpose and remains in existence.
Functional group
A type of analysis that looks at the gap between the organization and benchmark competitor that has the best quality in the industry.
Gap analysis
An industry in which products or services are similarly created and distributed for markets in more than one country.
Global industry
The way groups and individuals act and react.
Group dynamics
A measurement of the frequency of particular elements contributing to an overall set of data.
Histogram
A lateral approach to owning and gaining control of activities at a same level of the value chain.
Horizontal integration
A learning curve analysis model that measures increased efficiency by adding the incremental time for each unit to the previous total time; average time per unit is then calculated by dividing total time by the number of units.
Incremental unit-time learning model
Groups that develop on their own, without a formal decision by management; may form spontaneously in response to a function or task or from a sense of shared experiences or interests.
Informal groups
A growth strategy used by many organizations to control aspects of product or service development or customer buying processes.
Integration
A research process that collects information on an organization’s resources, capabilities, structure, limitations, etc.
Internal analysis
A process that identifies the activities and responsibilities of a job, its relative importance and relationship to other jobs, the personnel qualifications necessary to perform the job, and the conditions under which the work is performed.
Job analysis
The way a job and its tasks are organized; includes what the tasks are, in what order they are done, and how they are done.
Job design
Broadening the scope of a job with an expansion of similar or different tasks.
Job enlargement
Adding more depth to a job by adding responsibilities.
Job enrichment
A method of job enlargement where employees move between different tasks and jobs.
Job rotation
A document that lists the knowledge, skills, and abilities (KSAs) necessary to perform a job satisfactorily.
Job specifications
When a scheduled task begins before its predecessor task is completed.
Lead time
A person who influences others to accomplish organizational goals and objectives.
Leader
Skills that relate to imparting the vision and mission of an organization, setting strategy and direction, ensuring the overall financial stability of the organization, minimizing organizational risk, and inspiring others to achieve the goals.
Leadership skills
Skills that involve managing the people and processes that accomplish specific organizational objectives; include planning, organizing, staffing, directing, monitoring, and controlling.
Management skills
Cues in the marketplace about an organization’s actions or possible actions.
Market signals
An industry that is fairly well established.
Mature industry
A process in which a neutral third party intervenes to help parties in a dispute negotiate their differences.
Mediation
A process whereby a mentor who has developed certain expertise shares that expertise with a protege.
Mentoring
A smoothing method that uses the average of the most recent data value set of a given time period.
Moving averages method
An industry in which the products and services are segmented by country and are not competitive from country to country.
Multidomestic industry
A process of bargaining between two or more parties to try to reach a mutually acceptable outcome.
Negotiation
A type of analysis that involves evaluating the network of tasks and functions that contribute to a project in order to determine the most efficient path for reaching the project goals.
Network analysis
A structure that involves relationships between multiple organizations or separate entities within an organization that perform different aspects of work.
Network structure
A strategy that focuses on the entire organization and its plans for moving into the future and achieving its goals and objectives.
Organizational strategy
A histogram that breaks down quality problems into their various causes and lists them from most to least prevalent.
Pareto diagram
A process that measures the degree to which an employee accomplishes the work requirements stated in the performance standards and then communicates that information to the employee.
Performance appraisal
An effort to be the first, or at least an early, entrant in a market and become the market leader.
Pioneering
A method to decide issues based on their merits rather than on competitive or cooperative negotiating tactics.
Principled negotiation
A two-dimensional graphic representation of an operation in terms of the flow of activity through the process. Examines the combination of inputs, tasks, and responsibilities that comprise a process.
Process-flow analysis
Refers to the quantity of an organization’s outputs (products and services) in relationship to the inputs (human and physical resources).
Productivity
The process of planning, organizing, directing, and controlling an organization’s resources (people, equipment, time, and money) so that objectives can be met within defined scope, time, and cost constraints.
Project management
Forecasting methods that involve the use of expert judgment.
Qualitative forecasting methods
An organization’s standards of excellence for product or service output.
Quality
An in-depth review of a company’s processes and strategy from a quality standpoint, including analysis of best and worst practices.
Quality audit
Refers to not having complete ownership and financial responsibility for value chain areas.
Quasi-integration
The process of generating a pool of qualified applicants for an organization’s jobs.
Recruitment
A type of conformance that requires all products or services to meet a target value exactly, with no variation.
Robust quality conformance
Developing a conceptual scenario of the future based on a well-defined set of assumptions.
Scenario writing
A type of analysis that describes how changes in probabilities and/or changes in payoffs affect a recommended decision alternative.
Sensitivity analysis
A widely used quantitative analysis technique in which software tools model the operation of a system and perform various computations.
Simulation
The amount of additional time an activity can consume without delaying a project past the expected completion date.
Slack time
An analytical method in which random fluctuations from the irregular component of the time series are averaged out.
Smoothing
The process of identifying human capital needs for the internal audit function and internal audit activities and ensuring that qualified individuals are available for engagements.
Staffing
A document that indicates how an organization will carry out its mission, vision, goals, and objectives, given factors in the internal and external environments.
Strategic plan
The process organizations use to determine where they want to be and how they will get there.
Strategic planning
The plans and means for developing advantageous positions and outcomes.
Strategy
A method for analyzing the elements of industry structure and the factors that affect and drive industry competition.
Structural analysis
A group that is dictated by an organization’s formal organizational chart or governance structure, typically with an appointed supervisor and subordinates.
Structural group
A common way to analyze internal and external information; SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
SWOT analysis
When cooperative efforts bring about a result that is much stronger and advantageous than the sum of the individual parts alone.
Synergy
A strategic approach to attracting, developing, engaging, and retaining the right people to meet current and future business needs.
Talent management
A group charged with the completion of a task; the group’s formal existence is expected to end with the completion of the assigned task.
Task group
A series of measurements taken at successive points in time or over successive periods of time (hours, days, months, etc.).
Time series analysis
An integrated quality management system that involves managers and employees and uses quantitative methods to continually improve an organization’s processes.
Total quality management (TQM)
The process in which people acquire the capabilities (knowledge and skills acquisition and development) to help them achieve organizational goals and objectives.
Training
A model to analyze an organization’s value creation activities.
Value chain
A geographically dispersed organization that is linked together through electronic communications.
Virtual organization
Groups that collaborate but do not have a purpose toward express performance objectives and results.
Work groups
Conformance to a quality specification expressed as a specified range around a target.
Zero defects conformance
(1) The use of research to develop new processes and products or significantly improve existing ones; (2) the process of employees gaining new capabilities that are useful for both present and future jobs.
Development
The continuous process of planning and directing changes that occur within an organization to achieve an intended result.
Change management
Situation in which a party’s opportunity cost for producing a good or service, in comparison to that of other goods and services it can apply its resources toward, is lower than the opportunity cost for other parties.
Comparative advantage
A situation in which members of a group make decisions without considering a range of alternatives and perspectives.
Groupthink
A person who implements an organization’s strategy and provides the necessary structure for people and operations on a day-to-day basis.
Manager
The sale of a government-owned operation to a private investor.
Privatization
A smaller group of individuals that has been organized to accomplish a common purpose and performance objectives.
Team
Teams that are dispersed geographically and primarily communicate via electronic methods.
Virtual teams
An IT control related to the specific functioning of an application system that supports a specific business process.
Application control
A type of firewall that serves as an intermediary for communications between the external world and private internal servers; intercepts external packets and, after inspection, relays a version of the information, called a proxy, to the private server, and vice versa.
Application gateway/proxy server
In a database, fields relating to entities.
Attributes
A type of processing that accumulates data changes until a set time and then releases them to the database.
Batch processing
A binary digit; the item that is lowest in the database hierarchy.
Bit
Networking hardware that connects two or more LANs with similar architectures.
Bridge
A network topology that has a main line (bus); all devices are connected to the line.
Bus network
A set of processes developed for the entire enterprise, outlining the actions to be taken by the information technology (IT) organization, executive staff, and various business units in order to quickly resume operations in the event of a business disruption or service outage.
Business continuity plan
Any alphanumeric key; the item that is second-lowest in the database hierarchy.
Character
A type of control in which an extra digit is added that has an algorithmic relationship to the remaining digits to show if the number was incorrectly entered such as by transposition.
Check digits
A network architecture that uses servers for specialized functions; clients (the recipients of these functions) are PCs that send requests to the servers.
Client/server architecture
The sum of all infrastructure and applications required to connect two or more network nodes (computers and devices).
Computer network
A computer network formed by a group of organizations to assist in intercommunications.
Consortium network
A system of internal controls for managing the availability of computer and other resources and data after a processing disruption.
Contingency planning
Files intended to be accessible only by the creator that are used to store data about a user’s preferences.
Cookies
IT controls that are used once errors, fraud, or other control issues have been detected. These are designed to allow manual or automated correction of errors or irregularities discovered by detective controls.
Corrective controls
The removal of redundancies and errors in a database.
Data cleansing
Describes the data and the relationships between data in a database, including logical access paths and records.
Data definition language
A master record concerning the data in a database.
Data dictionary
In a database, the specific data in fields.
Data items
A language that has commands for viewing or changing a database.
Data manipulation language
The capability of sifting through and analyzing large volumes of data to find certain patterns or associations.
Data mining
