Week 2 VOCABULARY - MANAGEMENT Flashcards
Accounting
The way an organization collects, organizes, and records financial information for making management decisions; the way to report a company’s transactions and to maintain accountability for its assets and liabilities
Accounting System
A formal communications network that supplies relevant information for planning, control, decision-making, and evaluation
Acid test ratio
The ratio determining how well the company’s current liabilities can be satisfied by its current assets less inventory
Activity-based costing system
An accounting system focused on a production cycle and based on the principles that an output needs activities to produce it and that those activities use certain resources; assigns costs through cost drivers that the activities use to create the outputs
Administrative lead time
A measurement used by some organizations of how long it takes to award a contract, starting when a procurement request is received and ending when the contract is awarded.
Asset
Something a company owns that has value and that can be sold or used by the company to make products or provide services that can be sold
Balance Sheet
Provides detailed information about a company’s assets, liabilities, and shareholder equity.
Bottom line
A company’s total earnings or losses over a specific time period, after accounting for costs and expenses; also called net income
Burn rate
An average of the estimated costs per month, often based on staffing estimates, used for estimating funding requirements
Cash Flow Statement
A statement reporting a company’s inflow and outflow of cash; generally includes operating activities, investing activities, and financing activities
Competition
The effort or action of two or more commercial companies to obtain the same business from a third party
Contingency planning
Involves “what if?” analysis to look at various situations if certain environmental or economic conditions change
Controlling
Monitoring and evaluating how well the team and organizational objectives are pursued and accomplished
Current
Current assets are assets which can converted into cash within one year; current liabilities are obligations that a business must pay within one year
Current ratio
The ratio of current assets to current liabilities
Debt-to-equity ratio
The ratio measuring the relation of debt and shareholder equity used to finance the company’s operations
Demand
Describes how buyers behave in the marketplace; the quantity a buyer demands is what a buyer is willing to buy at a particular price.
Directing
The management of people and processes to accomplish objectives
Economics
The science concerned with making decisions with scarce resources such as labor, capital, goods, and natural resources.
Electronic government (e-government)
The use by the government of the Internet and other information technologies, together with the processes and people needed to implement them, to enhance the delivery of information and services to the public and others to make improvements in government operations
Equity
The amount of money that would be left if a company sold all of its assets and paid off all of its liabilities; this amount, also called capital or net worth, belongs to the owner(s) of the company
FedBiz Opps
A web-based portal (www.fbo.gov) that allows vendors to review federal business opportunities, and buyers to create opportunity notices and awards, using secured accounts.
Financial analysis
An assessment of the viability, stability, and profitability of a business
General Accepted Accounting Principles (GAAP)
A set of uniform accounting rules for assigning and measuring contract data to accurately represent an organization’s financial condition; non regulatory guidance developed and used by certified public accountants
Gross Profit
The subtotal of total revenue made during an accounting period, minus any returns or discounts and the costs of goods sold, before deducting operating expenses
Income statement
A report that shows how much revenue a company earned over a specific time period, and the costs and expenses associated with earning that revenue
Information science
The field concerned with collecting, organizing, storing, retrieving, and protecting recorded data
Intangible assets
Assets whose value comes from a legal claim or additional earning power from a business transaction, such as goodwill, patents, or trademarks
Job-order cost system
An accounting system under which the company accounts for output by identifying specific physical units; the costs for each job or contract are accumulated under separate job orders
Latency
The delay between when a cost is incurred and when that cost appears in the accounting system
Liability
An amount of money owed by a company to another; may require a specific sum of money paid to a particular party at a specified time, or may be indefinite
Long-term
Long-term assets are assets that a business cannot easily turn into cash and that are not used within one year; long-term liabilities are liabilities that will mature over one year from the balance sheet date
Monopoly
A type of competition that exists when there is only one company in the marketplace and it has no competitors
Monopsony
A type of competition that exists when there is only one buyer, such as when certain supplies or services can only be bought by a single entity
Net operating income
The subtotal of gross profit minus the operating expenses that a company pays to conduct its business
Oligopoly
A type of competition that exists when there are only a few companies in an industry with slight differences in products or services
Operational planning
Looks at the near-term goals and identifies how the organization will meet its tactical goals
Operations management
A type of management activity that is mostly concerned with the directing and controlling of management functions, which uses customer feedback to improve processes and procedures, to improve the activities or add value to the product or service
Organizing
Allocating resources to meet goals identified during the planning process
Perfect competition
A type of competition that exists when many companies produce identical goods or services and no one company can influence the market
Planning
Preparing the organization for the future
Process cost system
An accounting system under which direct costs are charged to a project for more than one contract that are run through the process at the same time, even though the end items may not be identical; at the end of the accounting period, the costs incurred for that process are assigned to the units completed during the period and to the incomplete unit still in production
Project management
The discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria
Resource-loaded schedule
A project schedule outlining what tasks will take place, when they are scheduled to begin and end, and what resources are needed to accomplish them
Quality control (QC)
The seller’s process of measuring quality performance, comparing it with the standard, and acting on the difference. All those tasks done within an organization to improve the quality of its output. This would include inspection systems set up by a seller to monitor its own output at key intervals in the contracting process.
Solvency ratio
A ratio measuring the company’s ability to meets its current and long-term obligations; also called liquidity ratio
Statistical process control
An operations management tool that looks at identifying and preventing quality problems
Strategic planning
Looks at long-term goals and objective, typically based on the organization’s mission statement
Supply
Indicates how sellers behave in the marketplace; the quantity supplied is what is available to be bought at a particular price
Supply chain
All the tasks associated with taking raw materials and transforming them into the final product to deliver to the customer
Supply chain management
A process of integrating goods, services, and information to meet the customer’s needs; involves managing the activities to produce and deliver a product or service from suppliers and their vendors to the customer
Tactical planning
Focuses on short-term goals and involves evaluating economic and environmental issues to meet the strategic plan’s goals
Tangible assets
Focuses on short-term goals and involves evaluating economic and environmental issues to meet the strategic plan’s goals
Time-phased budget
A “road map” estimating how much funding a contract will require over time
Work breakdown structure
A top-down, hierarchical or tree-structured description of the work to be accomplished as viewed from the standpoint of outputs or products work breakdown structure
Work package
A group of related tasks within a project; the smallest unit of work that a project can be broken down to when creating the Work Breakdown Structure
