General Business Terms Flashcards
What SOP stands for?
Standard Operating Procedure
What GxP stands for?
GxP is a general abbreviation for the “good practice” quality guidelines and regulations. The “x” stands for the various fields, including the pharmaceutical and food industries.
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QCA
Quality/Compliance Authority
QRC
Quality Risk & Compliance
SME
Subject Matter Expert
What are Smart Controls?
Smart controls are defined to ensure that Tech systems meet Regulatory requirements (eg. audit trails, access management, electronic records and signatures, validation, privacy.
Smart Controls are simple control statements, aligned to the risk to mitigate, with acceptance criteria, and are methodology agnostic.
SOW
Statement of Work or Scope of Work:
What is a statement of work (SOW)? Effectively, it defines the specific goals for a project; what needs to be delivered, and the performance criteria. This is often confused with the scope of work as they’re both abbreviated to SOW. With the scope of work, you’re looking at all the specific tasks that a particular project manager has to perform to reach all the objectives. While both are important, the statement of work is the more critical of the two.
Composing an SOW usually falls on the shoulders of project management to complete.
SOV
A schedule of values commonly referred to as SOV is a comprehensive documented list of work that was done on a particular project.
Schedule of Values (SOV) means the Document specified in the construction phase, which divides the Contract Price into pay items, such that the sum of all pay items equals the Contract Price for the construction phase Work, or for any portion of the Work having a separate specified Contract Price. The SOV may or may not be output from the Progress Schedule depending on whether the Progress Schedule is cost-loaded or not.
BPM
Business process management (BPM) is the discipline in which people use various methods to discover, model, analyze, measure, improve, optimize, and automate business processes. Any combination of methods used to manage a company’s business processes is BPM. Processes can be structured and repeatable or unstructured and variable. Though not required, enabling technologies are often used with BPM.
Program management
Program management or programme management is the process of managing several related projects, often with the intention of improving an organization’s performance. In practice and in its aims, program management is often closely related to systems engineering, industrial engineering, change management, and business transformation. In the defense sector, it is the dominant approach to managing very large projects. Because major defense programs entail working with contractors, it is often called acquisition management, indicating that the government buyer acquires goods and services by means of contractors.
What is CRP?
Capacity requirements planning (CRP) is the process of discerning a firm’s available production capacity and whether it can meet its production goals. The CRP method first assesses the company’s planned manufacturing schedule.
Capacity requirements planning (CRP) is the process of specifying the level of resources (facilities, equipment and labor force size) that best supports the enterprise’s competitive strategy for production.
What is RACI?
The RACI acronym stands for “Responsible, Accountable, Consulted, and Informed.” An example of a responsibility assignment matrix, the RACI chart shows the expense at the lowest level of work for the purpose of managing cost and duration. It is a charting system that illustrates the given task’s goal and the required action for each person.
Responsible: Person who is completing the task
Accountable: Person who is making decisions and taking actions on the task(s)
Consulted: Person who will be communicated with regarding the decision-making process and specific tasks
Informed: Person who will be updated on decisions and actions during the project
RFP
Request for proposal
BPMN
Business Process Model and Notation is a graphical representation for specifying business processes in a business process model.
A standard Business Process Model and Notation (BPMN) will provide businesses with the capability of understanding their internal business procedures in a graphical notation and will give organizations the ability to communicate these procedures in a standard manner. Furthermore, the graphical notation will facilitate the understanding of the performance collaborations and business transactions between the organizations. This will ensure that businesses will understand themselves and participants in their business and will enable organizations to adjust to new internal and B2B business circumstances quickly.
Net present value (NPV)
Net present value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. NPV is used in capital budgeting and investment planning to analyze the profitability of a projected investment or project.
- Net present value (NPV) is used to calculate the current value of a future stream of payments from a company, project, or investment.
- To calculate NPV, you need to estimate the timing and amount of future cash flows and pick a discount rate equal to the minimum acceptable rate of return.
- The discount rate may reflect your cost of capital or the returns available on alternative investments of comparable risk.
- If the NPV of a project or investment is positive, it means its rate of return will be above the discount rate.
