55 terms

DECA Business Management and Administration Cluster - Performance Indicators (RANDOM FROM QUIZLET)


Terms in this set (...)

Describe factors affecting the settlement of legal matters.
A settlement is a set of terms that the parties agree to fulfill within a certain timeframe after conclusion of the trial.

Some factors are:
Extent of Injury - how bad the damages are
Potential Damages Caused by Trial - legal costs, etc.
Publicity Concerns - unwanted media coverage, etc.
Arbitration/Mediation - cheaper than formal litigation
Describe the litigation process.
The litigation process describes how a civil suit proceeds. It consists of a pre-trial stage (complaint filed by the plaintiff, an answer statement provided by the defendant, investigation of information pertaining to the case, expert witness accounts, and motions to the court), followed by the trial, post-verdict, and wage garnishment.
Discuss the arbitration/mediation process.
Arbitration is when a plaintiff "sues" a defendant out of court with a middleman (known as the arbitrator) presiding over the "lawsuit." Mediation is similar, except the two parties attempt to reach a mutual settlement with a middleman (known as the mediator) facilitating negotiations.
Write analytical reports (i.e., reports that examine a problem/issue and recommend an action).
An analytical report is a thorough analysis of a business situation, as well as a recommendation of action.
One must analyze the situation by stating the problem and purpose of analysis, gather/organize information, and convey the report through an appropriate medium.
Write research reports.
A research report is a collection of data that does not include recommendation, but it can be used to make one.
One must define the topic, research the scenario, make a thesis, and support the claim with evidence.
Interpret cash-flow statements.
Cash flow statements show inflows and outflows of currency, divided into operating, investing, and financing activities. The net income for the timeframe can be calculated by subtracting cash outflowed from cash inflowed.
Utilize project-management software.
Project management software has the capacity to help plan, organize, and manage resource tools and develop resource estimates for project planning and facilitation.
Adhere to data change best practices.
Data change best practices are processes of modifying procedures and policies of a business to improve its productivity and profit.

Some practices include:
Early and Consistent Communication
Relevant and Desirable Benefits
Appropriate Timing
Monitoring the Change
Discuss legal considerations in operations.
Legislation is imposed on business operations for the sake of the protection of consumers, businesses, and investors.

Key categories of this legislation include:
Marketing/Advertising Law
Labor/Employment Law
Finance Law
Intellectual Property Law
Environmental Regulations
Privacy Law
Workplace Health/Safety Law
Comply with strategies for protecting business' digital assets (e.g., website, social media, email,
Businesses should identify and prioritize confidential information, perform assessment of risk, determine appropriate information-management policies, and implement a monitoring and enforcement system to ensure protection from data theft.
Comply with strategies to protect digital customer data (e.g., information about customers, customers' credit-card numbers, passwords, customer transactions).
The FTC (Federal Trade Commission) mandates the confidentiality of customer information. Some steps businesses can take to comply include: requiring authentication to access data, encrypting data, segmenting and monitoring the network, and securing remote access.
Describe types of purchase orders.
A purchase order is an agreement in which a business purchases a good or service from a vendor.

Types of Purchase Orders:
Standard - specific item, quantity, price, delivery schedule and payment terms of the product or service are known
Planned - exact quantity is known, but delivery schedule is unknown (serves as a long-term agreement)
Blanket - quantity, price, and/or the delivery schedule are unknown and decided throughout the process
Contract - established for a specific period of time, when the item is undetermined; formed in advance of establishing which goods are going to be purchased
Discuss types of inventory.
Inventory is a business' storage of goods and services sold to consumers or used to sell to the consumers.

Types of Inventory:
Raw Material - comes from suppliers, used in production
Work in Progress - currently in production
Finished Goods - completed products
Service Inventory - used to operate facility
Transportation - means of distributing goods (supply chain)
Discuss the nature of business analysis.
Discuss business process thinking and its impact.
Describe the factors that influence business process design.
Explain the causes of business process changes.
Explain the impact of supply chain on business performance (e.g., value, customer satisfaction,
business design, sustainability).
Describe the impact of technology on supply chain management.
Describe supply chain networks.
Discuss global supply chain issues.
Discuss the nature of supply chain management.
Organize and prioritize work.
ABCDE system is one method of organizing and prioritizing work. It is as follows:
A - urgent, severe consequences for failure to complete
B - imminent, moderate consequences for failure to complete
C - noncritical, little to no consequences for failure to complete
D - can be delegated to others
E - unnecessary, only for leisure
Coordinate work with that of team members.
Monitor and ensure completion of delegated tasks.
Streamline work processes.
Maintain vendor/supplier relationships.
Negotiate terms with vendors in business.
Discuss employment opportunities in business management and administration .
Discuss the nature of managerial planning.
Explain managerial considerations in organizing.
Describe managerial considerations in staffing.
Describe the nature of managerial control (control process, types of control, what is controlled).
Describe relationship among innovation, learning, and change.
Explain the nature of change management.
Change management is the process of implementing new policies and procedures in a business environment to improve its productivity and profit.
Explain the change-management lifecycle.
Explain the nature of knowledge management.
Discuss the role of ethics in knowledge management.
Explain the use of technology in knowledge management.
Explain legal considerations for knowledge management.
Identify techniques that can be used to capture and transfer knowledge in an organization.
Apply knowledge management processes.
Initiate project.
Prepare work breakdown structure (WBS).
Execute and control projects.
Manage project team.
Manage project schedule.
Close project.
Explain the nature of quality management.
Describe the nature of quality management frameworks (e.g., Six Sigma, ITIL, CMMI).
Discuss the need for continuous improvement of the quality process.
Explain the role of ethics in risk management.
Describe the use of technology in risk management.
Discuss legal considerations affecting risk management.
Describe international considerations affecting risk management.