99 terms


Accounts Payable
Money an organization owes its vendors and suppliers
Accounts Receivable
Money an organization's customers owe the organization
Action Plans
Detailed steps a unit, department, or team will take in order to achieve short term objectives
Modification of the Constitution or a law; may be either formal (written) or informal (unwritten)
Financial, physical and sometimes intangible properties an organization owes
Balance Sheet
Statement of a firm's financial position at a particular time
Balanced Scorecard
Measurement approach that provides and overall picture of an organization's performance as measured against goals in finance, customers, internal business processes and learning and growth
Proposal presented to a legislative body for possible enactment as a law
Break even analysis
Analysis that shows point in time at which total revenue associated with a program is equal to the total costs of the program
to an operations department, the ability to yield output
Degree to which decision making authority is restricted to higher levels of management in an organization.
Code of ethics
Principles of conduct within an organization that guide decision making and behavior
Consumer price index (CPI)
Measure of the average change over time in the prices paid by consumers for goods and services
To an operations department, an after the fact evaluation of a company's ability to met its own specifications and its customer's needs
Cost-benefit analysis
Ratio that allows management to determine the financial impact particular activities and programs will have on a company's profitability.
Degree to which decision-making authority is given to lower levels in an organizations hierarchy
Deductive reasoning
Involves applying specific premises to a given situation to develop certain predictions about or understanding of the situation
Sale by a company of an asset that is not performing well, that is not core to the company's business, or that is worth more as a separate entity.
Divisional structure
Organizational structure ion which divisions are separated by product, customer or market, or region
Due Diligence
Process of conducting an intensive investigation of a corporation as one of the first steps in a pending merger or acquisition.
Electronic Communication Privacy Act (ECPA)
Act that makes it unlawful to intercept messages in transmission or access stored information on electronic communication services or disclose any of this information
Environmental scanning
Process that surveys and interprets relevant data to indentify external opportunities and threats
Amount of owners or shareholders portion of a business
System of moral principles and values that establish appropriate conduct
Research in which the researcher controls and manipulates elements of the research environments to measure the impact of each variable
Foreign Corrupt Practices Act (FCPA)
Prohibits American companies from making corrupt payments to foreign officials for the purpose of obtaining or keeping business
Formula budgeting
Form of budgeting in which an average cost is applied to comparable expenses and general funding is changed by a specific amount
Functional Structure
Organizational structure that defines departments by what services they contribute to the organizations overall mission
Gantt chart
Project planning tool that graphically displays activities of a project in sequential order and plots them against time
Generation X
Group of people born roughly between the years of 1965 and 1980
Generation Y
Group of people born after 1980
Gross Domestic Product (GDP)
Estimate of the total value of goods and services produced in a country in a given year
Gross Profit margin
Measure the difference between what it costs to product a product and the selling price
HR Audit
Process to measure the effectiveness and efficiency of HR programs and positions
Human Capital
Combined knowledge, skills, and experience of a company's employees.
Human Resource Information System (HRIS)
Systematic tool for gathering, storing, maintaining, retrieving, and revising HR data
Human resource management (HRM)
Design of formal systems in an organization that ensure the effective and efficient use of human talent to accomplish organizational goals
Specific, testable prediction that is derived from a theory and describes a relationship between two variables
Income statement
Statement explaining revenues, expenses, and profits over a specified period of time, usually one year or a quarter
Incremental budgeting
Form of budgeting in which the prior budget is the basis for allocation of funds
Inductive reasoning
involves looking at a set of observations and designing a rule that characterizes or explains a pattern underlying the observations
To an operations department, an organizations major asset after physical buildings and equipments
Organizations debts and other financial obligations
Line units
Work groups that conduct the major business of an organization
Long term objectives
Specific results, accomplished in three to five years that an organization seeks to achieve in pursuing its mission
Process of planning, pricing, promoting, and distributing goods and services to satisfy organizational objectives
Matrix structure
Organizational structure that combines departmentalization by division and finction to gain the benefits of both
average score or value in a set of data
Point below which 50% of scores in a set of data lie
Mid-term objectives
serve a purpose similar to short term objectives but are completed in one to three years
Mission statement
Specifies what the company does, who its customers are, and the priorities it has set in pursuing its work.
value that occurs most frequently in a set of data
Normal Distribution
Expected distribution given a random sampling of people across a large populations
relocation of processes or functions from a "home" country to another country
buying services externally rather than producing them internally
Specific point in a distribution of data that has a given percentage of cases below it
Group of persons or objects or a complete set of observations or measurements about which one wishes to draw conclusions
Primary research
involves data that is gathered for a specific evaluation
What an organization sells to make profit
Program evaluation review technique (PERT chart)
Project management took used to schedule, organize, and coordinate tasks within a project
Series of tasks and activities that has a stated goal and objectives, a schedule with defined state and end dates, and a budget that sets limits on the use of monetary and human resources
Techniques for communicating information about products to consumers
Public comment period
time allowed for the public to express its views and concerns regarding an action of a regulatory agency
Qualitative analysis
based on research that uses open-ended interviewing to explore and understand attitudes, opinions, feelings, and behavior
Quantitative Analysis
Seeks to obtain easily quantifiable data on a limited number of measurement points
Number of members of an organization that have to be present before official business may be conducted
Distance between highest and lowest scores in a set of data
Measure that refers to the causal effect of one variable upon another
Rule or order issued by government agency; often has the force of law
Ability of an instrument to measure consistently
Request for Proposal (RFP)
Written request asking contractors to propose solutions and process that fit customer's requirements
Legislative measure limited in effect to either the Congress or one of its chambers
Return on investment (ROI)
calculation that measures the economic return on a project of investment
business function responsible for selling an organizations product to the marketplace
Portion of a population used to draw conclusions regarding an entire population
Sandwich generation
portion of silent baby boom generations that is simultaneously caring for their own children and one or more elderly family members
Scatter diagram
Measure that indicates the relationship between data item using x and y axis
To an operations department, the act of detailed planning; based upon incoming orders, order history, and forecasts of future demands
Scientific method
Research method in which certain factors (variables) are manipulated and the results are examined
Secondary research
Uses data already gathered by others and reported in various sources.
Short-term objectives
Milestones that must be achieved, usually within six months to one year, in order to reach long term objectives
Span of control
Refers to the number of individuals who report to a supervisor.
Staff units
Work groups that assist line units by performing specialized services, such as HR.
Standard deviation
Measure that indicates how much scores in a set of data are spread out around a mean or average.
For an operations department, provide the yardstick by which the amount and quality of output are measured.
Strategic management
Processes and activities used to formulate HR objectives, practices, and policies.
Strategic planning
Art and science of formulating, developing, implementing, and evaluating cross - functional decisions that enable an organization to achieve its objectives.
Provide the direction that enables an organization to achieve its long-term objectives.
Supply chain
Global network that delivers products and services from raw materials to end customers through an engineered flow of information, physical distribution, and cash.
SWOT analysis
Vehicle for collecting information on an organization's current strengths, weaknesses, opportunities, and threats.
Ability of an instrument to measure what it is intended to measure.
Describe what is important to an organization, dictate employee behavior, and create the organization's culture.
Action of canceling or postponing a decision or bill.
Virtual organization
Short-term alliance between independent organizations in a potentially long-term relationship to design, produce, and distribute a product.
Vision statement
Vivid, guiding image of an organization's desired future.
Zero-based budgeting
Form of budgeting that requires that expenditures be justified for each new period and in which budgets start at zero.
General Agreement of Tariffs and Trade - International agreement setting out the rules of conducting international trade
North American Free Trade Agreement - designed to foster increased trade and investment between Mexico, Canada, and the United States
International Labor Organization - formulates international labor standards that propose minimum standards for basic worker rights