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L3 Business Administration > Glossary of Terms > Flashcards

Glossary of Terms Flashcards

Key words, phrases and terminology used within the course.

1
Q

what is the definition of 180* feedback?

A

performance appraisal data collected from peers or colleagues (at the same level as the employee) and their manager

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2
Q

what is the definition of 360* feedback?

A

performance appraisal data collected from “all around” and employee. This could be from their peers, subordinates, supervisors and often from internal and external customers

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3
Q

what are the 5 stages of project management?

A
  1. initiation
  2. planning
  3. execution
  4. monitoring and control
  5. closure
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4
Q

what are the 7 P’s of marketing?

A
  • product
  • price
  • place
  • promotion
  • people
  • process
  • physical environment
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5
Q

what are the 7 principles of data protection?

A
  1. lawfulness, fairness and transparency
  2. purpose limitation
  3. data minimalisation
  4. accuracy
  5. storage limitation
  6. integrity and confidentiality
  7. accountability
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6
Q

what is the definition of accrual?

A

the accumulation or increase of something over time, eg. payments and benefits. it can also be a charge for work that has been done but not invoiced yet.

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7
Q

what is the meaning of agile project management?

A

an approach based on delivering requirements repetitively through a project lifecycle. the main aspect is the necessity to demonstrate central values and behaviours (trust, flexibility, empowerment and collaboration)

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8
Q

what is the definition of BACS?

A

BACS is a payment scheme. The organisation has the responsibility to deal with the clearing and settlement of UK automated payment methods.

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9
Q

what is a balance sheet?

A

a summary of the financial balances of an individual or business

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10
Q

what is the meaning of BYOD?

A

bring your own device - the practice of allowing employees to use their own computers, smartphones, laptops etc. for work purposes

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11
Q

what is the meaning of business innovation?

A

refers to the change in processes or the creation of more effective ideas. processes or products

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12
Q

what is the meaning of business markets?

A

the selling of products and services to other businesses that are then resold or used to make other item / services for sale.

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13
Q

what is the definition of business models?

A

this is a plan for the successful operation and profit making of a business. includes identifying sources of revenue, the intended customer base, products and details of financing.

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14
Q

what is the definition of business planning?

A

the process of determining a business’ objectives. strategies and actions in order to promote its survival within a given time frame. normally 2 key aspects to business planning. One is to focus on profits and the other is dealing with risks.

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15
Q

what is the meaning of capital budget?

A

allocating money for the acquisition or maintenance for fixed assets eg. land, buildings, equipment

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16
Q

what is the meaning of cash flow?

A

the difference in the amount of cash available at the beginning and the end of a period. positive cash flow is when the closing balance is higher than the opening balance. inflow is cash coming in, outflow is the cash being spent.

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17
Q

what is the definition of change management?

A

refers to the techniques, tools and processes needed to manage any changes within the business

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18
Q

what is the meaning of CIPD

A

Charted Institute of Personnel and Development is an association for human resource management professionals

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19
Q

what is the meaning of code of practice?

A

a set of rules (written) that shows how people should behave in their profession or role

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20
Q

explain communication styles

A

there are five basic communication styles:
1. passive-aggressive
2. assertive
3. aggressive
4. submissive
5. manipulative

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21
Q

what is the Competition and Markets Authority?

A

a government department that is responsible for promoting and strengthening business competition. non-ministerial department

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22
Q

what is the meaning of compliance

A

conforming to a rule (specification, policy, standard or law)

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23
Q

explain consolidated planning

A

the ability to consolidate and document components of a change, scope, schedule, source, budget etc.

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24
Q

what is contingency planning?

A

a plan to take into account possible future events or circumstances

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24
Q

what is the consumer protection act 1987?

A

give consumers rights when buying goods and services (eg. manufacturers need to put certain info on products and services)

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25
Q

what are the 5 steps to contingency planning?

A
  1. identify and prioritise key risk
  2. specify risk trigger points
  3. assess impact and estimate potential benefit or harm
  4. create a contingency plan
  5. communicate and rehearse
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26
Q

define continuous professional development (CPD)

A

a process of tracking and documenting skills, knowledge and experience that you gain. This can be formal and informal.

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27
Q

explain COSHH

A

control of substances hazardous to health. it ensures that employers control these

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28
Q

explain corporate culture

A

“the way things are done around here”. the way attitudes and behaviours are shared within the business

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29
Q

what is corporate image?

A

the perception of a business amongst the stakeholders and wider public

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30
Q

what is the meaning of corporate social responsibility (CSR)

A

the practice of integrating social and environmental goals into the business operations.

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31
Q

what is the meaning corporation tax?

A

companies are subject to paying corporation tax. levied on business profits and other income. charged on the profits of a financial year.

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32
Q

what is cost-benefit analysis?

A

this is used to analyse the costs of situations. benefits are taken away from the cost of an action in order to show the risks.

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33
Q

what is crowdfunding?

A

this is a way of raising finance for a project by asking a large number of people for a small amount of money each.

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34
Q

what is customer relationship management?

A

a strategy for managing the relationships that the business has. this could be between existing or potential customers.

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35
Q

explain crisis management

A

the process that the business follows when dealing with a sudden emergency

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36
Q

what is data management?

A

this is the practice of collection, organising and sorting data within the business so that it can be analysed for decisions if needed.

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37
Q

what is debt factoring?

A

when a business takes responsibility for collecting money relating to another business’ invoices. they they pay the business part of the total amount. this can help with cashflow.

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38
Q

what is the department for environmental, food and rural affairs? (Defra)

A

the government department that is responsible for the protection of the environment, food production and standards within agricultural roles. (GB NI)

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39
Q

what is direct discrimination?

A

this is when somebody is treated worse than others due to the fact they have a protected characteristc.

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40
Q

what is DSE?

A

display screen equipment. laptops, smartphones etc.

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41
Q

what is an eco-management audit scheme?

A

a voluntary premium arranged management tool that was developed in 1993 for businesses to evaluate, report and improve their environmental performance.

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42
Q

what is employers’ liability insurance?

A

protects against the cost of compensation claims which can arise from illness and injury. it is a legal requirement to have this in place if the business employs one or more people.

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43
Q

what is the employment rights act 1996?

A

this gives individuals who are employed within the K rights in accordance to the uk labour laws

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44
Q

what is an employment tribunal?

A

has the statutory jurisdiction to hear disputed between employers and employees. usually concerned with unfair dismissal, redundancy and employment discrimination

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45
Q

what is the equality act 2010?

A

protects people from discrimination within the workplace and society.

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46
Q

explain ethical approach

A

implementing appropriate business policies and practices for controversial subjects. such a bribery, discrimination, social responsibility, finances etc.

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47
Q

what is the meaning of external customers

A

people who pay for and use the products and services which are offered by a business

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48
Q

what is the financial conduct authority (FCA)?

A

a UK financial regulatory body. this is independent from the government and looks at the regulation of conduct by financial services firms.

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49
Q

What is a fishbone diagram?

A

known as a cause-and-effect diagram. it is a visualisation tool for identifying potential causes of a problem in order to identify what the root cause is.

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50
Q

what is Frederick Taylor’s Scientific Management Theory?

A

analysis and synthesis workflow. the aim is to improve economic efficiency and productivity.

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51
Q

what is The Freedom of Information Act 2000?

A

this gives the public access to info that is held by public authorities. they must publish certain info about their activities and the public are also able to request information from them.

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52
Q

What is a Gantt chart?

A

this shows activities that are planned to take place over certain periods. the activities are in horizontal likes and periods in vertical lines.

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53
Q

what is the General Data Protection Regulation (GDPR)

A

This is a legal framework that sets guidelines for the collection and processing of personal info for individuals within the EU. this applies to all companies based in the EU that have EU citizens as customers. It has an extraterritorial effect so non-EU companies are also affected. the UK will still need to comply with GDPR even after leaving the EU

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54
Q

what is governance?

A

this relates to the management, policies, processes and guidance for an area of responsibility. it allows for proper oversight and accountability.

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55
Q

what is gross profit?

A

this is the difference between revenue and the cost of products or services before deducting any other payments such as payroll, overheads and taxes.

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56
Q

What is the Health & Safety at Work act 1974?

A

this has wide-ranging duties for employers. they must protect the health and safety and welfare at work for all of their employees, causal workers, clients and visitors.

57
Q

What is a health & safety executive?

A

the national regulator for workplace health and safety. prevents work-related death, injury and ill health.

58
Q

what is a hierarchical structure?

A

this is an organisational structure that shows a single group or person at the top with different levels of power below them.

59
Q

what is HMRC?

A

this is a non-ministerial department of the UK government which is responsible for the collection of taxes, state support and administration of other regulatory authorities.

60
Q

what is human resource management (HRM)?

A

this is the practice of recruiting, hiring, deploying and managing a business’ employees.

61
Q

what is imperfect competition?

A

a market situation where there are many sellers that sell dissimilar goods.

62
Q

what is indirect discrimination?

A

a rule of policy that applies to everyone but disadvantages a particular protected characteristic

63
Q

what is the Information Commissioner’s Office (ICO)

A

this is the public body that is responsible for the regulation of data protection in the UK. they can offer advice and guidance etc.

64
Q

what is an influence impact grid?

A

this is a tool that helps to understand which stakeholders have the most influence on a project and how they can impact the success

65
Q

what are internal customers?

A

people within a business who receive goods or services from other parts of the business.

66
Q

what is the International Organisation for Standardisation (ISO)?

A

this is an international organisation which develops and publishes international standards across a range of fields.

67
Q

what are interpersonal skills?

A

variety of skills such as listening and speaking. most are communication related.

68
Q

what are the Investors in People?

A

the Investors in People accreditation offers a range of standards for businesses to follow. this was owned by the government until 2017 when it was moved into a community interest company.

69
Q

what is Kaizen?

A

a Japanese business philosophy of continuous development that aims to improve all functions and processes of a business while involving all employees.

70
Q

what is a key performance indicator?

A

a measure of performance over a time against a specific objective

71
Q

what is a key risk indicator?

A

this is a management tool that can help decide how risky something is. it can be used to spot early warning signs for risk in various areas of the business

72
Q

what is the kubler-ross management model - change curve

A

also known as the 5 stages of grief. model with various stages or levels of emotions that may be experienced by a person.

73
Q

what are leadership styles?

A

a leaders actions that are perceived by their employees.

74
Q

what are the 9 leadership styles?

A

transformational
transactional
servant
autocratic
laissez-faire
democratic
bureaucratic
charismatic
situational

75
Q

what is lean practice?

A

a practice that consists of continuous improvement and experimentation to achieve a perfect value with no waste.

76
Q

what is a learning style?

A

this is an individual’s preferred or best method of gaining knowledge

77
Q

what legislation?

A

the act or process of making or enacting laws

78
Q

what is a limited liability company (LLC)?

A

stakeholders of a business are protected personally against any action taken against the business.

79
Q

what is a macro environment?

A

a set of external conditions that can affect a business’ development efforts both positively and negatively. (economy, demographic, natural ect.)

80
Q

What are market forces?

A

Supply vs demand and the effect on price - this is how the supply is related to the level of demand.

81
Q

What is market research

A

the process of gathering information about target markers and customers in order to make informed business decisions.

82
Q

what is a micro environment?

A

the factors or elements in a business’ immediate environment that can affect performance and decision-making. this can be such as suppliers and competitors.

83
Q

What is a mission statement?

A

a list of values, purpose, goals and objectives of a business. short and to the point so it can be understood by all.

84
Q

what is a monopsony interaction?

A

this occurs when a single business has a large proportion of the market power through production which can drive prices down

85
Q

what is a national living wage

A

an obligatory minimum wage that is payable to workers in the UK aged 23 and over.

86
Q

what is net profit?

A

the difference between the revenue and costs of products after deducting payments such as payroll and overheads.

87
Q

what is organisational culture?

A

set of values and beliefs in a business that demonstrates how people behave

88
Q

what is outsourcing

A

when a business employs others to do some of their work instead of its own employees.

89
Q

what is a partner organisation?

A

an organisation where 2 or more individuals pull together their money, skills and other resources. they also share profits and losses under their partnership agreement.

90
Q

what is portable appliance testing?

A

this is the testing of portable appliances in order to ensure they are safe to use in the place of employment

91
Q

what is Pay as You Earn (PAYE)?

A

the system of paying income tax and national insurance contributions through deduction directly from your wages or pension.

92
Q

what is personal protective equipment

A

equipment that protects users against health and safety risks at work

93
Q

what is PEST analysis?

A

analysis of the external macro environment of the business.
Political
economic
social
technological

94
Q

what is PESTLE analysis?

A

political
economic
social
technological
legal
environmental
framework used to analyse key factors that influence the business.

95
Q

what is phased project management?

A

this is the use and application of a number of processes, knowledge and skills in order to achieve objectives. there are many phases required
project initiation
project planning
project execution
project monitoring and controlling
project closing

96
Q

what are policies and procedures?

A

documents in place to explain how a business will deal with issues and how they operate in a fair and consistent way.

97
Q

what is positive action?

A

a series of lawful actions to minimise disadvantages in employment opportunities. these can come from people who share a protected characteristic.

98
Q

what is Prince2 practitioner - projects in controlled environments

A

a method for effective project management. widely recognised and used in the private sector

99
Q

what is Privacy and Electronic Communications Regulations (PECR)

A

the regulation that specify privacy right in relation to electronic communication

100
Q

what is process management?

A

the use and application of processes, skills and experience in order to achieve objectives.

101
Q

what is procurement

A

the process of purchasing goods or services

102
Q

what is a profit and loss account?

A

shows the business’ revenue and expenses over a period of time. shows if it was an overall profit or a loss.

103
Q

what is programme evaluation and review technique (PERT)?

A

enables you to evaluate and estimate the time it will take to complete a task with deadlines.

104
Q

what is a project business case

A

a justification for undertaking a project or programme, evaluating the benefits, costs and risks of alternative options and providing a rationale for the preferred solution

105
Q

what is a project life cycle?

A

a logical sequence of activities to accomplish a project goal or objectives. there are four phases:
initiation
planning
execution
evaluation

106
Q

what is a project management plan?

A

the formal documentation that defines how a project should be executed, monitored and controlled

106
Q

what is a project management institute?

A

an international project management organisation - supporting professionals that work in project management

107
Q

what is a project management professional?

A

an internationally recognised professional certification offered my the PMI to recognised project managers who have proved their skills to successfully manage projects.

108
Q

what is a project management triangle?

A

Each side of the triangle represents a constraint and one skid cannot be changed without effecting the others

109
Q

what is a project resource plan?

A

any project requires a plan to ensure that all the resources that are needed to complete the project are identified.

110
Q

What is a project sponsor?

A

the person who is accountable for ensuring that the work is governed effectively and delivers the objectives that meets the identified needs.

111
Q

What is a Purchase Order Number (PON)

A

a reference code that is generated by a business and assigned to a purchaser so that it can be tracked through the order process.

112
Q

what is a Qualitative Financial Forecasting?

A

the use of judgements and opinions to make financial predictions and decisions

113
Q

what is Quantitative financial forecasting?

A

the use of quantifiable data, such as sales volumes, profits and expenses to make financial predictions and decisions.

114
Q

what is a RACI matrix?

A

also known as the responsibility assignment matrix - this is used to identify and track responsibilities for those involved in the process
- responsible
- accountable
- consulted
-informed

115
Q

what is a RAID log?

A

a project management tool that is used to identify the:
- risks
- actions
- issues
- decisions
of a projectw

116
Q

What is Reach:

A

the registration, evaluation, authorisation and restriction of chemicals

117
Q

what is reflective practice?

A

a way of studying your own experiences in order to improve the way you work

118
Q

what is RIDDOR?

A

Reporting or injuries, diseases and dangerous occurrences regulation. puts employers in control of reporting the above in order to keep the workplace safe

119
Q

What is resource management?

A

the efficient development and use of a business’s resources. this can include financial resources, people skills, production resources and IT.

120
Q

what is a risk assessment?

A

the method of identifying hazards and risk factors that have the potential to cause harm

121
Q

what is root cause analysis?

A

the process of discovering the caused of problems in order to identify appropriate solutions

122
Q

what is schedule management?

A

developing, maintaining and communicating schedules for resources and time. It can be a timetable for a project.

123
Q

what is scope management?

A

the process where outputs, outcomes and benefits are identified, defined and controlled.

124
Q

what is a small to medium enterprise (sme)

A

any business with less that 250 employees

125
Q

what is SMART

A

Specific
measurable
achievable
realistic
timed

126
Q

what is stakeholder analysis

A

this is a project management tool that is used to collect info on the people who will be impacted by a project.

127
Q

what are stakeholder relationships?

A

relationships with stakeholders that depended on how you manage expectations and objectives

128
Q

what is statutory leave entitlement?

A

the minimum amount of annual leave which all employees are entitled too. In the Uk, this is 5.6 weeks.

129
Q

what is STEEP?

A

social
technological
economical
ecological
political

factors that are used to evaluate external factors that can effect the business

130
Q

what is a supplier

A

a person or a business that is the source of goods or services

131
Q

what is supply chain management?

A

a global network that is used to deliver products and services outside the business. follows a set of processes to overlook the flow of the products or services.

132
Q

what is swot analysis?

A

helps you understand if you have a strong business strategy:
Strengths
weaknesses
opportunities
threats

133
Q

what is a thought shower?

A

a discussion where new ideas are generated and spoken about

134
Q

what is a trading account?

A

a fund of money deposited with another financial org. for the purpose of financial speculation.

135
Q

what is a vision statement?

A

one sentence that describes the long-term desired changes as a result of a business’ work.

136
Q

what is a work breakdown structure (wbs)?

A

a key project that organises the teams’ work into manageable sections

137
Q

what is working time regulations 1998

A

a set of regulations that state how people may or may not work in terms of how many hours they can work per week

138
Q
A

L3 Business Administration (10 decks)

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