DECA Business Management and Administration

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communication skills
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Terms in this set (97)
communication skills
the ability to convey information to another effectively and efficiently
economics
attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction.
ethics
the basic concepts and fundamental principles of decent human conduct
information management
information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business
coordinate
to bring the different elements of an activity or an organization into a relationship that will ensure efficiency
purchasing
to acquire goods or services to accomplish the goals of an organization
chain of command
the order in which authority and power in an organization is delegated from top management to every employee at every level of the organization
organization goals
the overall objectives, purpose and mission of a business that have been established by its management and communicated to its employees
project
planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations
channels
the path through which messages are delivered
tariffa tax on importscommitmentsdetailed examination of the elements or structure of something, typically as a basis for discussion or interpretationprioritizea process that evaluates a group of items and ranks them in their order of importance or urgencypurchase ordera legal contract between a buyer and seller that describes the quantity price and products ordered, terms of payment and deliveryrules of conducta written set of guidelines issued by an organization to its workers and management to help them conduct their actions in accordance with its primary values and ethical standardsinitiatethe process of beginningwork breakdown structure (WBS)Project networking modeling step in which the entire job is graphically subdivided into manageable work tasks.capability maturity model integration (CMMI)monitoring the opportunity for loss for a businessdirectingthe process of building an effective climate and creating opportunity for motivation supervising scheduling and discipliningembargoa complete ban on specific goods coming into or leaving a countryknowledge managementstrategy designed to identify document and share an organization intellectual assets to benefit performanceorganizestate of being efficient or methodicalemotional intelligencethe ability to identify assess and influence ones own feelings and those of othersblanket purchase ordera long term order by a buyer to a seller for supplying specific goods or services for a fixed amount of timetime managementthe ability to use ones time effectively or productivelydatainformation in an unorganized form that have a relationship with current condition, ideas and knowledgeproject managementproject management is using knowledge skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficientlycomparative advantageconcept in economics that a country should specialize in producing and exporting only those goods and services which it can produce more efficiently than other goods and servicesproject management softwaresoftware used for project planning scheduling budgeting and documentation. project management software is also used for collaboration and communication between project participantsbalance of tradethe difference in value between exports and imports of a nationquotaa limit on either the quantity or value of a product that may be importedself-understandingawareness of and ability to understand ones own actions and reactionstrustworthinessable to be relied on as hones or truthfulresponsibilitythe started duty to deal with something or of having control over someone or the opportunity or to act independently and making decisions without authorizationimportproducts that come in from another countryresearch reporta document prepared by an analyst or strategist who is a part of the investment research team in a stock brokerage or investment bankproductivitya measure of the efficiency of a person machine factory system etc in converting inputs into useful outputsglobal tradethe worldwide business that involves making and collecting payments for transactions in goods and services and transporting them to various marketselectronic purchase ordera legal contract between a buyer and seller that describes the quantity, price and products ordered terms of payment and delivery that is transmitted electronically over the internetinternal business correspondenceany written or digital communication exchanged by two or more parties within an organizationinformation technology infrastructurea comprehensive set of documents which defines best practices and accepted techniques in the information technology communityprofessional developmentprocess of improving capabilities of staff through access to education and training opportunities in the workplace through outside organizations or observing others perform the jobbusiness riskthe probability of loss inherent in an organizations operations and environment that may impair its ability to provide returns on investmentsix sigmathe strategy involves creating groups of people within the businesses or organization who have expert status in various methods and then each project is carried out according to a set of steps in an effort to reach specific as one in which 9999% of products created are expected to be statistically free from defectsbusiness analysisinvestigation into the operations if a business to demonstrate the causes behind the results achieved and the effects of those results on the businesseseconomic riskthe probability that conditions like exchange rates, government regulation, or political stability will affect an investment, usually one in a foreign countryemploymentthe state of having paid workinventory managementthe process of buying and storing materials and products while controlling costs for ordering, shipping, handling and storageproject teama group of individuals assembled to preform activities that contribute toward achieving a common task related goalvendora person or business that sells somethinginventoryamount of merchandise on hand at any particular timenegotiationbargaining process between two or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concerntotal quality managementan overall approach to long term success that views continuous improvement in all aspects of an organization as a process and not as a short term goal. it aims to transform an organization through changes in the attitudes practices structures and systemsnatural risksthe probability of harm to human health property or the environment posed by any aspect of the physical world other than human activitystrategic managementanalysis of the factors associated with customers and competitors and the business itself to provide the basis for maintaining the optimum management practicesknowledgeawareness or familiarity gained by experience of a fact or situationbusiness suppliesthe materials that are consumed within an office setting during normal business operationsperformancethe action or process of carrying out or accomplishing an action task or functionplanningsetting goals and determining how to reach themexportproducts that leave for another countryrisk avoidancetechnique of risk management that involves taking steps to remove a hazard engage in alternative activity or otherwise end a specific exposureoperationsjobs or tasks consisting of one or more elements performed typically in one locationstaffingthe selection and training of individuals for specific job functions, and delegating them the associated resposibilitiesbusiness equipmentan asset used for the operating functions of a companywork flowprogression of steps that comprise a work process involve two or more persons and create or add value to the organizations activitiesfree tradecommercial trade between nations through free market principals and without regulationshuman riskthe probability of harm due to human actions or choicesdata miningreviewing very large amounts of data for useful information.risk retentiona strategy in which an entity sets aside a sum as a protection against a probable loss, instead of transferring the risk by purchasing an insurance policybusiness servicesaccount design maintenance printing and supply of temporary personnel provided by specialized firms to other firmscontrollingthe process of setting standards and evaluating performancequality management frameworkthe act of overseeing all activities and tasks needed to maintain a desired level of excellenceabsolute advantagea country or business has an absolute advantage if it can produce a product more efficiently than othersorganizational controlthe process of establishing and maintaining authority over and throughout a businessinformationfacts provided or learned about something or someonecompetitive advantagea circumstance that puts a company in a favorable or superior business positionrisk transfera strategy in which an insurable risk is shifted to another party by means of an insurance policyquality managementthe process of overseeing that a business' activities and or tasks meet a certain standardprocess controlactivities involved in ensuring a process is predictable stable and consistently operating at the target level of performance with only normal visionfinancial analysisevaluating an organizations financial statements to determine the profitability of the organization a division within the organization or a specific event or projectimplementto execute a decision or plansolvencyrefers to the ability of an organization to meet its' financial obligationsdigital customer dataincludes information that a business maintains about customers such as credit card numbers passwords and transactionsmonitorto oversee the progress or quality of a project or business taskcash flow statementsa financial statement used by organizations that shows the cash in a out for a set period of timedigital assetsrefers to an organizations website social media and emailconfidentialitykeeping information secretchange management life cycleprocess through which an organization implements change using a three-phase process that includes identify engage and implementsupply chain managementoversees the materials, information and finances as a product moves through the channel of distribution from manufacturer to consumerstreamlineimplementing a process to make an organization more efficientinnovationthe process of introducing a new idea or processdelegateto assignlearningobtaining knowledge or skills through experience or instructionproject schedulea document outlining tasks to be completed and the timeframe in which those tasks must be completedevaluateto assesschangethe process of making or doing something differentchange managementutilizes a systematic approach to implement change within an organization