HR Competencies Flashcards
Weighted Mean
Average of data that adds factors to reflect the importance of different values
Validity
Extent to which a measurement instrument measures what it is intended to measure
Business intelligence
Ability to use information to gain a deeper understanding of an organization and make sound business decisions
Common law
Legal system in which each case is considered in terms of how it relates to legal decisions that have already been made; evolves through judicial decisions over time
Delphi Technique
Technique that progressively collects information from a group of anonymous respondents
Extraterritoriality
Extension of the power of a country’s laws over its citizens outside that country’s sovereign national boundaries
High-context cultures
Societies or groups characterized by complex, usually long-standing networks of relationships; members share a rich history of common experience so the way they interact and interpret events is often not apparent to outsiders
Mode
Value that occurs most frequently in a set of data
Low-context cultures
Societies in which relationships have less history; individuals know each other less well and don’t share a common database of experience so communication must be very explicit
Regression analysis
Statistical method used to predict a variable from one or more predictor variables
Trend analysis
Statistical method that examines data from different points in time to determine if a variance is an isolated event or if it is part of a longer trend
Scenario/what-if analysis
Statistical method used to test the possible effects of altering the details of a strategy to see if the likely outcome can be improved
Value Chain
The process by which an organization creates the product or service it offers to the customer
Affinity diagramming
Data-sorting technique in which a group categorizes and subcategories data until relationships are clearly drawn
Business case
Presentation to management that establishes that a specific problem exists and argues for a proposed solution
Code of conduct
Principles that guide decision making and behavior in an organization
Equity
Amount of owners or shareholders portion of a business
Gross profit margin
Ratio of gross profit to net sales
Negotiation
Process by which two or more parties work together to reach agreement on a matter
Online analytical processing (OLAP)
Processing applications that store data in a multidimensional “cube” which enables users to analyze data quickly in a variety of different ways
Mind mapping
Data-sorting technique in which group members add related ideas and indicate logical connections, eventually grouping similar ideas
Net profit margin
Ratio of net income (gross sales minus expenses and taxes) to net sales
Ratio analysis
Comparing the sizes of two variables to produce an index or percentage; commonly used to analyze financial statements
Rule of law
Concept that stipulates that no individual is beyond the reach of the law and that authority is exercised only in accordance with written and publicly disclosed laws
Transparency
Extent to which an organization’s agreements, dealings, information, practices, and transactions are open to disclosure and review by relevant persons
Value
The benefit created when an organization meets its strategic goals; measure of usefulness, worth or importance
Balance sheet
Statement of an organization’s financial position at a specific point in time, showing assets, liabilities and shareholder equity
Cash flow statement
Statement of an organization’s ability to meet its current and short term obligations, showing incoming and outgoing cash and cash reserves in operations, investments and financing
Due process
Concept that laws are enforced only through accepted, codified procedures
Income statement
Statement that reports revenues, expenses and profits for a specified period of time, for example quarterly or annually
Mean
Average score or value
Root cause analysis
Type of analysis that starts with a result and then works backward to identify fundamental cause
Stakeholder concept
Concept that proposes that any organization operates within a complex environment in which it affects and is affected by a variety of forces or stakeholders who all share in the value of the organization and it’s activities
Motivation
Factors that initiate, direct and sustain human behavior over time
Nominal group technique (NGT)
Technique in which participants each suggest ideas through a series of rounds and then discuss the items, eliminate redundancies and irrelevancies, and agree on the importance of the remaining items
Unweighted mean
Raw average of data that gives equal weight to all values with no regard for other factors
Variance analysis
Statistical method for identifying the degree of difference between planned and actual performance or outcomes
Civil law
Legal system based on written codes (laws, rules or regulations)