Business Administration and Management
Terms in this set (67)
The process of referring disputes to an impartial mediator who has been chosen by the involved party
A point of congestion in a supply chain
the process of discovering new efficiencies and opportunities by analyzing company information to find anomalies, patterns, and trends
the set of tasks that allow a company to produce a good or service\\Cafeteria Plan- when you can put a certain amount of pre-tax money aside to be used towards medical emergencies and insurances
the possibility of inadequate profits or even losses due to uncertainties e.g., changes in tastes, preferences of consumers, strikes, increased competition, changes in government policy, obsolescence etc.
the structured approach businesses take when making changes, especially when implementing large-scale and holistic ones
An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.
consciousness and understanding of morals, standards, and principles of a specific culture, society, ethnic group or race, joined by a motivation to acclimate to one's actions
the business' online properties
the value, or usefulness, that a purchaser receives in return for exchanging his money for a company's goods or services
A measure of output per unit of input
consist of five company actions like operations, markets, customers, categories, competitors, and other actors and variables in the company's business environment.
Creating something from a new and creative idea
A list of products or goods that are ready or will be ready for sale to customers
when a dispute between the two parties is settled by going to court and following the judicial process
The creation of a detailed and realistic plan of action which details the steps that need to be taken to reach all goals
when two parties allow an impartial third party to help facilitate their negotiations
what you give up when you make a choice
a legally binding document between a buyer and a supplier that authorizes a transaction
A solely mathematical analysis of company information (including the value of assets or projected sales)
the decision between two parties over a legal dispute before case ends in court (does not have to involve actually going to court)
deals with hiring, retention, relocation, and firing
Supply Chain Management
the active management of resource network activities to maximize customer value and maintain competitive advantage
supplier of a product or service that is necessary for a company to perform an action
Tax taken by the government on one's personal income
Tax taken from the net worth of a deceased person before distribution to their heirs
Tax taken on sales or the receipt of a sale
Tax on real estate or on any movable property (RV, Mobile Home)
An excise tax is an indirect tax charged by the government on the sale of a particular good or service.
Money used for entrepreneurships or investing
Goods used to make other goods
One who offers a similar good or service to the same demographic leading to a split market instead of a monopoly.
a company or group of people authorized to act as a single entity (legally a person)
LLC (Limited Liability Company)
A company that is a distinct entity of its owner. Has its own taxes, can open its own bank account, etc.
The legal right given to a creator of a work of art (article, song, video, etc.) to exclusively authorize their product
Date held in a computer, possibly accessed from multiple places
A product or service that is desired by consumers
The amount of "usefulness" one obtains from a certain good or product
The ability to share a feeling or experience with another
Morals that control behaviour and actions
A government or company dealt authorization of commercial rights
Communication between the same level in the organizational hierarchy.
Vertical Communication (Upward/Downward)
Communication between subordinates and superiors.
Communication between different sectors of a business
Human Resource Management
The process of recruiting, hiring, deploying, and managing employees
Money received, either from work or investments
Collection of software designed to contain multiple programs.
Regularly paid money owed due to extended periods of debt.
Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest of previous periods of a deposit or loan.
Laissez-Faire Economic Style
is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.
is the production of merchandise for use or sale using labour and machines, tools, chemical and biological processing, or formulation.
In business communication, email is quick and easy plus it has the added benefit of leaving a paper trail and even allowing you to track the mail to see whether it has been received.
A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests.
The process of increasing the attractiveness of a product to a group of consumers by altering its physical location
the value customers have while buying a product and they have the choice to use the product for the purpose it was made for or finding a new way to use the product
preconceived opinion that is not based on reason or actual experience
business or industry that is managed by independent companies or private individuals rather than by the state.
the process of planning, designing, developing, maintaining and improving a product or service through all stages of its life cycle in response to the market opportunities.
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
the action of raising someone to a higher position or rank or the fact of being so raised.
a partial refund to someone who has paid too much money for taxes, rent, or a utility.
collection of data or computer instructions that tell the computer how to work.
an amount of something left over when requirements have been met; an excess of production or supply over demand.
feelings of pity and sorrow for someone else's misfortune.
involves joint owners that are equally responsible for debt and liabilities accrued by the business; this liability is not capped and can be paid off through the seizure of owners' personal assets, making it different from limited liability ventures.
software that is made to run automatically usually used for destructive purpose by the computer experts. This can impact client confidentiality and hurt a business.