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DECA Business Management + Administration VOCAB

Terms in this set (100)

Communication Skills
the ability to convey information to another effectively and efficiently
Economics
attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction
Ethics
the basic concepts and fundamental principles of decent human contact
Information Management
The process of collecting and analyzing data that can be used in the strategic decision making process of a business
Coordinate
to bring the different elements of an activity or an organization into a relationship that will ensure efficiency
Purchasing
to acquire goods or services to accomplish the goals of an organization
Chain of Command
order in which authority and power in an organization is delegated from top management to every employee at every level of organization
Organizational Goals
The overall objectives, purpose and mission of a business that have been established by its management and communicated by its employees
Project
planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations
Channels
The path through which messages are delivered
Tariff
a tax on imports
Commitments
an engagement or obligation that restricts freedom of action
Analysis
detailed examination of the elements or structure of something, typically as a basis for discussion or interpretation
Prioritize
a process that evaluates a group of items and ranks them in their order of importance or urgency
Purchase Order
legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery
Rules of Conduct
written set of guidelines issued by an organization to its workers and management to help them conduct their actions in accordance with its primary values and ethical standards
initiate
the process of beginning
Work Breakdown Structure (WBS)
a deliverable-oriented decomposition of a project into smaller components
Capability Maturity Model Integration (CMMI)
Technique for evaluating how efficiently a company is able to deliver technology products to its customers
Risk Management
monitoring the opportunity for loss for a business
Directing
Building an effective work climate and creating opportunity for motivation, supervising, scheduling, and disciplining
Managerial Control
process of achieving defined goals within an established timetable
Embargo
a complete ban on specific goods coming into or leaving a country
Knowledge Management
strategy designed to identify, document, and share an organization's intellectual assets to benefit performance
Organize
state of being efficient or methodical
Emotional Intelligence
the ability to identify, assess, and influence one's own feelings and those of others
Blanket Purchase Order
order the customer makes with its supplier which contains multiple delivery dates over a period of time, often negotiated to take advantage of predetermined pricing
Time Management
the ability to use one's time effectively or productively
Data
information in an unorganized form that have a relationship with current conditions, ideas, or knowledge
Project Management
using knowledge, skills, and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently.
Comparative Advantage
a county should specialize in producing and exporting only those goods and services which it can produce more efficiently
Project Management Software
Software used for project planning, scheduling, budgeting, and documentation.
Balance of Trade
the difference in value between exports and imports of a nation
Quota
a limit on either the quantity or value of a product that may be imported
Self-understanding
awareness of and ability to understand one's own actions of reactions
Trustworthiness
able to be relied on as honest and truthful
Responsibility
the duty to deal with something or of having control over someone
Import
products that come in from another country
Research Report
a document prepared by an analyst/strategist who is a part of the investment research team in a stock brokerage or investment bank.
Productivity
a measure of the efficiency of a person, machine, factory, system, etc.
Global Trade
the worldwide business that involves making and collecting payments for transactions in goods and services, and transporting them to various markets
Electronic Purchase Order
a legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment, and delivery that is transmitted electronically over the internet
Internal Business Correspondence
any written or digital communication exchanged by 2 or more parties within an organization
Information Technology Infrastructure Library (ITIL)
a comprehensive set of documents, which defines best practices and accepted techniques in the Information Technology community
Professional Development
process of improving capabilities of staff through access to education and training opportunities in the workplace, through outside organizations, or observing others perform the job.
Business Risk
the probability of loss inherent in an organization's operations and environment that may impair its ability to provide returns on investments
Six Sigma
Six Sigma is a method that provides organizations tools to improve the capability of their business processes
Business Analysis
investigation into the operations of a business to demonstrate the causes behind the results achieved, and the effects of those results on the business
Economic Risk
the probability that conditions like exchange rates, government regulation, or political stability will affect an investment, usually one in a foreign country
Employment
the state of having paid work
Inventory Management
the process of buying and storing materials and products while controlling costs for ordering, shipping, handling, and storage
Project Team
a group of individuals assembled to perform activities that contribute toward achieving a common task related goal
Vendor
a person or business that sells something
Inventory
amount of merchandise on hand at a particular time
Negotiation
bargaining process between 2 or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concern
Total Quality Management (TQM)
an overall approach to a long-term success that views continuous improvement in all aspects of an organization as a process and not as a short term goal.
Natural Risk
the probability of harm to human health, property, or the environment posed by any aspect of the physical world other than human activity
Strategic Management
analysis of the factors associated with customers and competitors and the business itself to provide the basis for maintaining optimum management practices
Knowledge
awareness or familiarity gained by experience of a fact or situation
Business Supplies
the materials that are consumed within an office setting during normal business operations
Performance
the action or process of carrying out of accomplishing an action, task, or function
Planning
setting goals and determining how to reach them
Export
products that leave for another country
Risk Avoidance
Technique of risk management that involves taking steps to remove a hazard, engage in alternative activity, or otherwise end a specific exposure
Operations
jobs or tasks consisting of one or more elements performed typically in one location
Staffing
the selection and training of individuals for specific job functions, and delegating them the associated responsibilities
Business Equipment
an asset used for the operating functions of a company
Work Flow
Progression of steps that comprise a work process, involve 2 or more persons, and create/add value to the organization's activities
Free Trade
commercial trade between nations through free market principles and without regulation
Human Risk
the probability of harm due to human actions or choices
Data Mining
reviewing very large amounts of data for useful information. This activity often uses advanced statistical tools to determine trends, patterns, and relationships. Data Mining can also be referred to as data surfing
Risk Retention
a strategy in which an entity sets aside a sum as a protection against a probable loss, instead of transferring the risk by purchasing an insurance policy
Business Service
accounting, design, maintenance, printing, and supply of temporary personnel, etc., provided by specialized firms to other firms
Controlling
the process of setting standards and evaluating performance
Quality Management Framework
the act of overseeing all activities and tasks needed to maintain a desired level of excellence
Absolute Advantage
a country or business has an absolute advantage if it can produce a product(good/service) more efficiently/inexpensively than others
Organizational Control
the process of establishing and maintaining authority over and throughout a business
Information
Facts provided or learned about something or someone
Competitive Advantage
a circumstance that puts a company in a favorable or superior business position
Risk Transfer
a strategy in which an insurable risk is shifted to another party(the insurer) by means of an insurance policy
Quality Management
the process of overseeing that a business' activities and/or tasks meet a certain standard
Process Control
Activities involved in ensuring a process is predictable, stable, and consistently operating at the target level of performance with only normal variation
Financial Analysis
evaluating an organization's financial statements to determine the profitability of the organization, division, or project
Implement
to execute a decision or plan
Solvency
refers to the ability of an organization to meet it's financial obligations
Digital Customer Data
includes information that a business maintains about customers- such as CC numbers, passwords, and transactions
Monitor
to oversee the progress or quality of a project or business task
Cash-Flow Statements
a financial statement used by organizations that shows the cash in and out for a set period of time
Digital Assets
refers to an organizations' website, social media, and email
Confidentiality
keeping information secret
Change Management Life Cycle
process through which an organization implements change, using a three-phase process that includes identify, engage, and implement
Supply Chain Management
oversees the materials, information, and finances as a product moves through the channel of distribution from manufacturer to consumer
Streamline
implementing a process to make an organization more efficient
Innovation
the process of introducing new ideas or processes
Delegate
to assign
Learning
obtaining knowledge or skills through experience or instruction
Project Schedule
a document outlining tasks to be completed and the timeframe in which those tasks must be completed
Evaluate
to assess
Change
the process of making or doing something different
Change Management
utilizes a systematic approach to implement change within an organization
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