97 terms

DECA Business Management and Administration


Terms in this set (...)

communication skills
the ability to convey information to another effectively and efficiently
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.
the basic concepts and fundamental principles of decent human conduct
information management
information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business
to bring the different elements of an activity or an organization into a relationship that will ensure efficiency
to acquire goods or services to accomplish the goals of an organization
chain of command
the order in which authority and power in an organization is delegated from top management to every employee at every level of the organization
organization goals
the overall objectives, purpose and mission of a business that have been established by its management and communicated to its employees
planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations
the path through which messages are delivered
a tax on imports
detailed examination of the elements or structure of something, typically as a basis for discussion or interpretation
a process that evaluates a group of items and ranks them in their order of importance or urgency
purchase order
a legal contract between a buyer and seller that describes the quantity price and products ordered, terms of payment and delivery
rules of conduct
a 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
the process of beginning
work breakdown structure (WBS)
Project networking modeling step in which the entire job is graphically subdivided into manageable work tasks.
capability maturity model integration (CMMI)
monitoring the opportunity for loss for a business
the process of building an effective climate and creating opportunity for motivation supervising scheduling and disciplining
managerial control
a complete ban on specific goods coming into or leaving a country
knowledge management
strategy designed to identify document and share an organization intellectual assets to benefit performance
state of being efficient or methodical
emotional intelligence
the ability to identify assess and influence ones own feelings and those of others
blanket purchase order
a long term order by a buyer to a seller for supplying specific goods or services for a fixed amount of time
time management
the ability to use ones time effectively or productively
information in an unorganized form that have a relationship with current condition, ideas and knowledge
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
comparative advantage
concept in economics that a country should specialize in producing and exporting only those goods and services which it can produce more efficiently than other goods and services
project management software
software used for project planning scheduling budgeting and documentation. project management software is also used for collaboration and communication between project participants
balance of trade
the difference in value between exports and imports of a nation
a limit on either the quantity or value of a product that may be imported
awareness of and ability to understand ones own actions and reactions
able to be relied on as hones or truthful
the started duty to deal with something or of having control over someone or the opportunity or to act independently and making decisions without authorization
products that come in from another country
research report
a document prepared by an analyst or strategist who is a part of the investment research team in a stock brokerage or investment bank
a measure of the efficiency of a person machine factory system etc in converting inputs into useful outputs
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 two or more parties within an organization
information technology infrastructure
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 organizations operations and environment that may impair its ability to provide returns on investment
six sigma
the strategy involves creating groups of people within the businesses or organization who have expert status in various methods and then each project is carried out according to a set of steps in an effort to reach specific as one in which 9999% of products created are expected to be statistically free from defects
business analysis
investigation into the operations if a business to demonstrate the causes behind the results achieved and the effects of those results on the businesses
economic risk
the probability that conditions like exchange rates, government regulation, or political stability will affect an investment, usually one in a foreign country
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 preform activities that contribute toward achieving a common task related goal
a person or business that sells something
amount of merchandise on hand at any particular time
bargaining process between two or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concern
total quality management
an overall approach to long term success that views continuous improvement in all aspects of an organization as a process and not as a short term goal. it aims to transform an organization through changes in the attitudes practices structures and systems
natural risks
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 the optimum management practices
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
the action or process of carrying out or accomplishing an action task or function
setting goals and determining how to reach them
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
jobs or tasks consisting of one or more elements performed typically in one location
the selection and training of individuals for specific job functions, and delegating them the associated resposibilities
business equipment
an asset used for the operating functions of a company
work flow
progression of steps that comprise a work process involve two or more persons and create or add value to the organizations activities
free trade
commercial trade between nations through free market principals and without regulations
human risk
the probability of harm due to human actions or choices
data mining
reviewing very large amounts of data for useful information.
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 services
account design maintenance printing and supply of temporary personnel provided by specialized firms to other firms
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 more efficiently than others
organizational control
the process of establishing and maintaining authority over and throughout a business
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 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 vision
financial analysis
evaluating an organizations financial statements to determine the profitability of the organization a division within the organization or a specific event or project
to execute a decision or plan
refers to the ability of an organization to meet its' financial obligations
digital customer data
includes information that a business maintains about customers such as credit card numbers passwords and transactions
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 a out for a set period of time
digital assets
refers to an organizations website social media and email
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
implementing a process to make an organization more efficient
the process of introducing a new idea or process
to assign
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
to assess
the process of making or doing something different
change management
utilizes a systematic approach to implement change within an organization