DECA Business Management and Administration Cluster CORE - Vocabulary (DETAILED)
Terms in this set (110)
Explicit knowledge that has been embedded in an automatic device
Act or process of knowing
Field that investigates the processes of human intelligence
Individual's mental approach and reasoning style
Ability to deliver quality work within a particular domain
Visual method of organizing information
Knowledge of what we know to be true
Knowledge, skills and competence of people in an organization
State where person has too much information and can't effectively process and make use of information
Individuals who create or have valuable knowledge in an organization, business, or society
Human understanding interpreted from oven information like data, experiences
Person who facilitates creation, sharing and use of knowledge in an organization
Economy where knowledge plays a predominant part in the creation of wealth
The ways in which knowledge moves around, and in and out of an organization
Person who holds the knowledge of interest
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
Place where knowledge is gathered and stored and can be accessed and used by others
Degree to which an enterprise exhibits knowledge awareness and pursues knowledge management
Organization that views its success in future as being based on continuous learning and adaptive behavior
Knowledge and understanding embedded in an organization
A tangible item of value that can be sold, used, or traded successfully
A system of categorizing information
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
Comparison of actual performance with project plans and correcting
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
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
To judge and assess worth
Time a task can be delayed without delaying the project
Popular management bar chart that tracks tasks across time
To begin a process or project
Motivating, communication, guiding and encouraging project team members
Management has four functions: planning, organizing, leading, and controlling. All should be performed when heading a project team
A key event during the life of a project
Specific result someone aims to achieve within a time frame, using available resources
Assigning work and granting authority to project team members
"Work expands so as to fill the time available for its completion"
Mapping out exactly how to achieve project goals
The actual work on the project tasks
Employee in charge of planning, organizing, and overseeing a project or activity
Everything needed to complete a project
A person, group, or organization that has interest or concern in an organization
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
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
Ongoing effort to improve goods, services, or processes that can show incremental improvement over time
Measures taken to improve a sub-par process or situation
An unauthorized deviation from acceptable procedures, or a defect in an item
Define, Review, Identify, Verify, and Execute... DRIVE is a quality management technique used for identifying, measuring, and priorititising and improving business processes
The category or rank given to an item
A suggested practice that is helpful but not mandatory
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
The examination or measurement of an item or activity to verify conformance to specific requirements
The collection of proccesses required to ensure that various elements of a project or product are properly coordinated
A deficiency in a characteristic, documentation, or procedure that renders the quality of an item or activity unacceptable
A set of interrelated resources and activities that transform inputs into outputs
Formulating plans and ideas through a series of steps, and transforming those plans/ideas into outputs that are available to customers
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)
The ongoing effort to maintain the reliability of achieving an outcome
The purposeful change of a process to improve the reliablity of achieving an outcome
The act of overseeing the activities needed to maintain a certain level of excellence
Information regarding personnel, facilities, equipment and working materials, analytical or testing systems, quality control, and reporting and filing results
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
Unexpected or chance event
The sum on money for compensation of losses
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
Something of value (typically money) awarded to an indvidual or company to make up for a loss, injury, etc.
The various promises made by an insurance company
Summarizes key information specific to the insurance policy
The amount of the loss that the insured party must pay
Policy provisions that eliminate coverage for specified exposures
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
To compensate for actual losses sustained
Traditional risk-financing tool used to transfer the financial hazard of risk
An insurance professional who markets and explains insurance products
A legally binding contract that defines the obligations of both the insured and the insurer
Liability is shared by more than one person or organization.
The payment for an insurance policy.
A probabilty or threat of damage, injury, liability, loss or any other negative occcurrence caused by internal or external factors.
Policies, procedures, and practices involved in the identification, analysis, assessment, and control of risks in an effort to mitigate or eliminate risks.
When an organization's own resources (internal) are used to fund losses.
Being fired for an unjust reason
A strong desire to achieve something high or great
When an individual shows partiality or prejudice.
The mental and moral qualities of a person.
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.
The cognitive process whereby an individual's values and beliefs are challenged.
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.
The results of an action.
Dishonest or fraudulent conduct by those in power.
Situations that require ethical judgment calls.
The branch of philosophy that deals with right vs. wrong. Ethics guide a person's or group's behavior.
The act, process, or power of exercising authority or control in an organizational setting.
Character trait in which an individual is free from corruption.
The moral value that fairness should be applied to all
A system of rules enforced by a government.
The position of being without bias.
Sharing information and acting in an open manner.
A person who notifies proper authorities when he/she observes a lack of compliance by another person.