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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

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