Performance Indicators Flashcards
Utilize project management software
Project management software is used for project planning, scheduling, budgeting, and documentation. Project management software is also used for collaboration and communication between project participants.
Describe the concept of insurance
Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment (premium). This protects the financial standing of an individual or company in the case of unexpected loss. A policy holder can be responsible for paying part of a loss (a deductible) and the insurer pays the rest.
Analyze employer expectations in the business environment
When employed in an organization, an employee should understand what management requires of him/her within his/her position, thus allowing an employee to meet and/or exceed those demands.
Discuss legal considerations in operations
Legal actions that can take place as a result of operations include lawsuits from employees are hurt on the job, lawsuits from consumers if products are found harmful, and engagements with labor unions.
Write analytical reports
An analytical report is a detailed report that requires a person to do thorough research on the subject of the report and to clearly interpret the report.
Explain the nature of project management
Project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently. There are five processes needed in project management: initiating, planning, executing, monitoring and controlling and closing.
Explain factors that influence customer/client/business buying behavior
Buying behavior explains the purchase decisions that consumers make on a daily basis. As a business function, this means understanding what consumers buy, why a consumer has decided to make that purchase, when the purchase was made and from what distribution channel and how often the product or service is used. Buying behavior can be influenced by a variety of internal and external factors including perception of brand, competition, society and consumer research.
Demonstrate ethical work habits
To exhibit ethical work habits, an employee will be punctual, flexible, creative, attentive, complete objectives on time, deliver quality products, face challenges in a positive manner, manage their time, show respect by interacting in a positive manner with co-workers, and demonstrate leadership by solving problems, resolving conflicts effectively and encouraging mentorship.
Manage project team
Using a prepared work breakdown structure (WBS), an employee will use data to monitor the progress of a project. A leader will ensure that each member of the team is contributing to the success of the project by completing his/her responsibilities
Describe the nature of human resources management
Human resource management is a process of bringing people and organizations together so that the goals of each are met. This includes a focus on: results rather than on rules; helping employees develop his/her full potential; encouraging employees to give his/her best to the organization; assigning people to jobs in order to produce good results; helping the organization meet its goals in the future by providing for competent and well-motivated employees; building and maintaining positive relations between people working at various levels in the organization.
Explain the nature of operations
Operations include the activities involved in the daily functions of the business to generate revenue.
Explain marketing and its importance in the global economy
As the global economy has expanded, brands must use technology and communication to establish themselves in a variety of markets.Marketing is a tool that is used to persuade customers and must be employed in order for businesses to sell their products.
Describe types of purchase orders
A standard purchase order is for a one-time purchase that describes the quantity, price and products ordered, terms of payment and delivery. A blanket purchase order is a long-term order by a buyer to a seller for supplying specific good(s) or service(s), for a fixed period or in a fixed quantity, at agreed-on prices or pricing method. An electronic purchase order is the same as a standard purchase order that is transmitted electronically over the Internet.
Describe the nature of budgets
A budget is an itemized forecast of an individual or company’s income and expenses for a designated period of time. This allows the entity to evaluate how to use funds in fixed and discretionary categories as well as provides focus to achieve financial goals and avoid debt.
Describe the use of technology in risk management
Risk management, as a business operation unit, began with protecting against natural risk through insurance. Today risk management includes protection against technology-driven risks such as Cybercrime which includes malware which can risk loss not only to the company’s infrastructure but to its customers as well. “Hacking” is also a technology related risk that has had many recent victims, when computer systems are used to gain confidential information for criminal purposes.
Describe desirable traits important to business
Your personality is a set of characteristics that relate to a person’s emotions, motivations, interpersonal interactions and attitudes. Highly desired personality traits most often include professionalism, being “high-energy”, confidence, the ability to work independently and intellectual curiosity.
Close project
When each task identified in the work breakdown structure (WBS) has been completed, the project is finished. At this time the project will be evaluated to determine efficiency and performance.
Identify techniques used to capture and transfer knowledge in an organization
Knowledge is gathered through intranets, extranets, groupware, web conferencing and document management systems. Once gathered, knowledge is then stored in data warehouses. This information can then be shared through education, training programs, lessons learned databases, automated knowledge systems, expert networks and communities of practice (CoP).
Negotiate terms with vendors in business
Terms commonly negotiated with vendors include prices, dating terms, delivery terms, and discounts. A buyer can receive discounts for paying an invoice early (cash discounts) or ordering a large quantity (quantity discounts).
Explain the role of finance in business
The role of finance in business is to help capital move from investors to businesses. Businesses need finance to assist with operations. This is possible through financial markets and various investment vehicles including loans, and short and long term financing. Finance can also include roles in business development and corporate governance.
Explain the role of ethics in risk management
Risk management monitors the opportunity for loss in a business. If the fundamental principles of human behavior are not followed in this area, loss will occur. If an employee withholds information, makes mistakes or is dishonest it can place the business at risk for loss.
Execute and control projects
Using a prepared work breakdown structure (WBS), an employee will use data to monitor the progress of a project. Performance will be evaluated against the information provided in the WBS to determine if sufficient progress if being made or if correct action needs to be taken.
Handle difficult customers
There are a variety of difficult customers including those who are angry, impatient, demanding and indecisive. To handle these, first maintain control over your personal emotions and behavior by staying calm and listening closely to the customer. Acknowledge their concerns, maintain eye contact and demonstrate compassion for the situation. Try to solve the problem or identify someone who can act on the customer’s behalf. Whenever possible, offer choices.
