Glossary of Terms Flashcards
Key words, phrases and terminology used within the course.
what is the definition of 180* feedback?
performance appraisal data collected from peers or colleagues (at the same level as the employee) and their manager
what is the definition of 360* feedback?
performance appraisal data collected from “all around” and employee. This could be from their peers, subordinates, supervisors and often from internal and external customers
what are the 5 stages of project management?
- initiation
- planning
- execution
- monitoring and control
- closure
what are the 7 P’s of marketing?
- product
- price
- place
- promotion
- people
- process
- physical environment
what are the 7 principles of data protection?
- lawfulness, fairness and transparency
- purpose limitation
- data minimalisation
- accuracy
- storage limitation
- integrity and confidentiality
- accountability
what is the definition of accrual?
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.
what is the meaning of agile project management?
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)
what is the definition of BACS?
BACS is a payment scheme. The organisation has the responsibility to deal with the clearing and settlement of UK automated payment methods.
what is a balance sheet?
a summary of the financial balances of an individual or business
what is the meaning of BYOD?
bring your own device - the practice of allowing employees to use their own computers, smartphones, laptops etc. for work purposes
what is the meaning of business innovation?
refers to the change in processes or the creation of more effective ideas. processes or products
what is the meaning of business markets?
the selling of products and services to other businesses that are then resold or used to make other item / services for sale.
what is the definition of business models?
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.
what is the definition of business planning?
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.
what is the meaning of capital budget?
allocating money for the acquisition or maintenance for fixed assets eg. land, buildings, equipment
what is the meaning of cash flow?
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.
what is the definition of change management?
refers to the techniques, tools and processes needed to manage any changes within the business
what is the meaning of CIPD
Charted Institute of Personnel and Development is an association for human resource management professionals
what is the meaning of code of practice?
a set of rules (written) that shows how people should behave in their profession or role
explain communication styles
there are five basic communication styles:
1. passive-aggressive
2. assertive
3. aggressive
4. submissive
5. manipulative
what is the Competition and Markets Authority?
a government department that is responsible for promoting and strengthening business competition. non-ministerial department
what is the meaning of compliance
conforming to a rule (specification, policy, standard or law)
explain consolidated planning
the ability to consolidate and document components of a change, scope, schedule, source, budget etc.
what is contingency planning?
a plan to take into account possible future events or circumstances