110 terms

DECA Business Management & Administration Core Cluster

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Automated Knowledge
Explicit knowledge that has been embedded in an automatic device
Cognition
Act or process of knowing
Cognitive Science
Field that investigates the processes of human intelligence
Cognitive Style
Individual's mental approach and reasoning style
Competence
Ability to deliver quality work within a particular domain
Content Mapping
Visual method of organizing information
Factual Knowledge
Knowledge of what we know to be true
Human Capital
Knowledge, skills and competence of people in an organization
Information Overload
State where person has too much information and can't effectively process and make use of information
Intellectual Assets
Individuals who create or have valuable knowledge in an organization, business, or society
Knowledge
Human understanding interpreted from oven information like data, experiences
Knowledge Broker
Person who facilitates creation, sharing and use of knowledge in an organization
Knowledge Economy
Economy where knowledge plays a predominant part in the creation of wealth
Knowledge Flows
The ways in which knowledge moves around, and in and out of an organization
Knowledge Holder
Person who holds the knowledge of interest
Knowledge Management
Range of practices used to best leverage a firm's collective knowledge
Knowledge Management Strategy
Plan outlining how an organization intends to implement KM principles to achieve objectives
Knowledge Repository
Place where knowledge is gathered and stored and can be accessed and used by others
Knowledge Vigilance
Degree to which an enterprise exhibits knowledge awareness and pursues knowledge management
Learning Organization
Organization that views its success in future as being based on continuous learning and adaptive behavior
Organizational Memory
Knowledge and understanding embedded in an organization
Physical Assets
A tangible item of value that can be sold, used, or traded successfully
Taxonomy
A system of categorizing information
Change Control
Practice of identifying, documenting, approving, and carrying out changes within a project
Closing the Project
Evaluating the success of letting team goals and assessing individual performances
Control Phase
Comparison of actual performance with project plans and correcting
Controlling
Checking results against goals and take actions to ensure plans remain in place
Cost Management Plan
Part of a project that details how costs will be planned, structure, and controlled
Critical Path
Sequence of activities that must be completed on time for the entire project to be completed on schedule
Critical Success Facfor
Factor identified as essential to achieving a successful project
Evaluate
To judge and assess worth
Float
Time a task can be delayed without delaying the project
Gannt Chart
Popular management bar chart that tracks tasks across time
Initiate
To begin a process or project
Leading
Motivating, communication, guiding and encouraging project team members
Management Functions
Management has four functions: planning, organizing, leading, and controlling. All should be performed when heading a project team
Milestone
A key event during the life of a project
Objectives
Specific result someone aims to achieve within a time frame, using available resources
Organizing
Assigning work and granting authority to project team members
Parkinson's Law
"Work expands so as to fill the time available for its completion"
Planning
Mapping out exactly how to achieve project goals
Project Execution
The actual work on the project tasks
Project Manager
Employee in charge of planning, organizing, and overseeing a project or activity
Resources
Everything needed to complete a project
Stakeholders
A person, group, or organization that has interest or concern in an organization
Waterfall Model
Process in which development moves sequentially with no overlapping steps
Work Breakdown Structure
Tool used to define and group project's task ima way to help organize and define the total work scope of project. Let's each person know their roles
Workaround
Strategy/technique used to overcome a threat/problem
Capability Maturity Model Integration
An approach to process improvement in which rated according to level of maturity. Primarily addresses product development, service establishments, and product acquisition
Continuous Improvement
Ongoing effort to improve goods, services, or processes that can show incremental improvement over time
Corrective Action
Measures taken to improve a sub-par process or situation
Deficiency
An unauthorized deviation from acceptable procedures, or a defect in an item
DRIVE
Define, Review, Identify, Verify, and Execute... DRIVE is a quality management technique used for identifying, measuring, and priorititising and improving business processes
Grade
The category or rank given to an item
Guideline
A suggested practice that is helpful but not mandatory
ICOR
Inputs, outputs, controls, and resources... ICOR is an internationally accepted quality management technique used for identifying, measuring, and priorititising and improving business processes
Information Technology Infrastructure Library
A set of practices for information technology (IT) service management that works to align IT services with business needs. It describes processes, procedures, tasks, and checklists for organizations using IT and essentially allows an organization to establish a baseline from which it can plan, implement, and measure IT standards
Inspection
The examination or measurement of an item or activity to verify conformance to specific requirements
Integrated Management
The collection of proccesses required to ensure that various elements of a project or product are properly coordinated
Nonconformance
A deficiency in a characteristic, documentation, or procedure that renders the quality of an item or activity unacceptable
Process
A set of interrelated resources and activities that transform inputs into outputs
Process Thinking
Formulating plans and ideas through a series of steps, and transforming those plans/ideas into outputs that are available to customers
Quality
A characteristic of a product or service that is fit for the purpose (should be suitable for the intended purpose) and right the first time (mistakes should be eliminated)
Quality Assurance
The ongoing effort to maintain the reliability of achieving an outcome
Quality Control
The purposeful change of a process to improve the reliablity of achieving an outcome
Quality Improvement
The act of overseeing the activities needed to maintain a certain level of excellence
Quality Manual
Information regarding personnel, facilities, equipment and working materials, analytical or testing systems, quality control, and reporting and filing results
Six Sigma
Developed in 1985 by Motorola, this quality management method/technique uses a set of quality management methods, including statistical methods, and creates a specialized infrastructure of people within the organizaiton. Each step follows defined steps and has quantifiable financial targets
Top Down Procedure
A procedure where an executive decides what needs to be done and how it will be done and gives the task to a lower level of management to carry out
Total Quality Management
Creating and implementing quality improvement, quality control, and quality assurance
Accident
Unexpected or chance event
Actual Damages
The sum on money for compensation of losses
Aggregate Limit
Maximum amount that the insurer will pay under a liability policy during one annual policy period, regardless of the number of occurrences
Certificate of Insurance
A form that indicates the types of insurance policies written, policy dates, and coverage limits
Compensation
Something of value (typically money) awarded to an indvidual or company to make up for a loss, injury, etc.
Conditions
The various promises made by an insurance company
Declarations
Summarizes key information specific to the insurance policy
Deductible
The amount of the loss that the insured party must pay
Exclusions
Policy provisions that eliminate coverage for specified exposures
Hard Market
A phase of the insurance market cycle during which time coverage may be more costly, terms may be more restrictive, and policy conditions and requirements more stringent
Indemnify
To compensate for actual losses sustained
Insurance
Traditional risk-financing tool used to transfer the financial hazard of risk
Insurance Broker
An insurance professional who markets and explains insurance products
Insurance Policy
A legally binding contract that defines the obligations of both the insured and the insurer
Joint Liability
Liability is shared by more than one person or organization.
Premium
The payment for an insurance policy.
Risk
A probabilty or threat of damage, injury, liability, loss or any other negative occcurrence caused by internal or external factors.
Risk Management
Policies, procedures, and practices involved in the identification, analysis, assessment, and control of risks in an effort to mitigate or eliminate risks.
Self Assurance
When an organization's own resources (internal) are used to fund losses.
Wrongful Termination
Being fired for an unjust reason
Aspirational
A strong desire to achieve something high or great
Bias
When an individual shows partiality or prejudice.
Character
The mental and moral qualities of a person.
Character Education
The long-term process of motivating and giving someone the knowledge to live their life by a set of ethical standards.
Code of Ethics
A set of principles of conduct within an organization that guide decision making and behavior.
Cognitive Dissonance
The cognitive process whereby an individual's values and beliefs are challenged.
Compliance
The act of following a rule or regulation.
Conflict of Interest
When an individual's personal interests clash with what is best for society, his/her clients, or his/her company.
Consequences
The results of an action.
Corruption
Dishonest or fraudulent conduct by those in power.
Credo
Fundamental beliefs.
Ethical Dilemnas
Situations that require ethical judgment calls.
Ethics
The branch of philosophy that deals with right vs. wrong. Ethics guide a person's or group's behavior.
Governance
The act, process, or power of exercising authority or control in an organizational setting.
Integrity
Character trait in which an individual is free from corruption.
Justice
The moral value that fairness should be applied to all
Law
A system of rules enforced by a government.
Objectivity
The position of being without bias.
Transparency
Sharing information and acting in an open manner.
Whistle Blower
A person who notifies proper authorities when he/she observes a lack of compliance by another person.
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