DECA HRM Vocab

Legally Binding Contract

Something that is bound to you and can have legal consequences if not followed. To be considered this, you must have two elements: agreement from both parties, and the exchange of something of value.

Civil Litigation Process

When there are disputes among people, businesses, or other entities, this is used. The steps are: pleadings, discovery, trial, and possible appeal.

Composition of a letter

Place the good news at the beginning and the bad news in the secondary position. Post Script should only contain good news if used.

Feasibility Report

A document that summarizes the positive and negative consequences, or implication of taking a certain course of action.

Troubleshoooting Reports

A document that addresses specific problems, and possible solutions.

Sales Analysis

An examination of a company’s sales for a certain period of time.

A request for Proposal

An invitation that a business extends to suppliers to bid on a particular project or program.

unlimited resources

Resources that have somewhat unlimited supply, such as air.

competing wants

When a customer desires multiple objects, but cannot purchase both, so has to make a decision.

Economic Resource

an item that is used to produce a good or service.

Goods/Services

The outputs of a business’s production system.

Capital Resources

The business’s investment in its facilities and equipment.

Raw materials

The basic resources used to create the good or service, almost in a natural state.

Means of Production

The resources that are required in the production of goods and services.This includes physical assets like machinery, tools, and facilities, as well as human labor.

Innovative Management

A management style that where employees are encouraged to exchange ideas and to take creative approaches to their work, suits businesses that work in constantly changing markets.

Indirect Competition

A form of competition where competition businesses offer goods or services that are not similar.D

Direct Competition

A form of competition where the competing businesses have similar goods or services.

Price Competition

A form of competition in which the decrease of price is used to attract customers.

VISA

A document that often is used as a supplement to a passport that can gain access to many countries.

Passport

A document that is necessary for almost all international travel, used as an identifying factor.

Vision

A mental snapshot of your desired, ideal future.

Free Cash Flow

Funds available for internal growth and expansion. To calculate, do total cash flow minus cash invested and cash spend on financing. If this value is positive, it shows positive money management.

Decision Support System

A computre program that uses gathered knowledge to aid managers in decision making and problem solving.

Intranet

An organizations internal internet where data is stored.

Spreadsheet

A computer program that can organize data into rows and columns in cells. It also ahs the ability to quickly and accurately calculate mathematical data.

Expert System

A computer program that gathers the knowledge of experienced workers from both inside and outside the organization.

Meta Tags

HTML codes that display information about web pages

HTML

Hypertext Markup Language

Selling

A marketing function that involves determining customer needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities.

Promotion

The communication of information to customers about goods or services to achieve a desired outcome.

Pricing

Adjusting prices to maximize return and to create a brand value.

Distribution

The process of moving, storing, locating, or transferring ownership of goods and services.

Who is responsible for information management

The whole company

How can you make sure your project plan is realistic and thorough?

Obtain feedback from your team.

Purchase order content

Product specifications, quantities, prices, and shipping requirements.

Total Quality Management (TQM)

• Create constancy of purpose for improving products and services

• Adopt the new philosophy

• Cease dependence on inspection to achieve quality

• End the practice of awarding business on price alone, instead minimize total cost by working with a single supplier

• Improve constantly and forever every process for planning, production, and service

• Institute training in the job

• Adopt and institute leadership

• Drive out fear

• Break down barriers between staff areas

• Eliminate slogans, exhortations, and targets for the workforce

• Eliminate numerical quotas for the workforce and management

• Remove barriers that rob people of pride of workmanship and eliminate the annual rating or merit system

• Institute a vigorous program of education and self-improvement for everyone

• Put everybody in the company to work accomplishing the transformation

Six Sigma

A system for reducing variation in processes using statistics. It seeks to reduce defect levels to 3.4 per million units. It is an internationally recognized quality management framework that was developed by Motorola. It focuses on continually improving quality throughout an organization while lowering its costs at the same time. An important aspect of using this framework is continuously setting incremental goal s and measure their successes against the established benchmarks. To implement and execute Six Sigma successfully, improvement efforts should involve input and action from employees at all levels of the organization. When all employees are involved in the process, they often feel as if they have control over their work, which can increase personal job satisfaction levels. Main objective is to identify and eliminate defects.

Steps: DMAIC

Define, measure, analyze, improve, and control.

Uses martial arts belt colors in certification programs.

Lean Operations

A series of mathematical and visual tools to streamline material and information flow. Management strategy focused on reducing waste through streamlining processes.

Continuous Improvement

Any ongoing effort to improve products, services, or processes.

Fixed Costs

Costs such as rent that do not change with the amount of units produced

Variable Costs

Costs that change with the amount of units produced.

Salaries

The cost of paying workers

Direct Costs

A cost that can be directly tied to the production of a specific good or service, such as labor and raw material costs.

Indirect Costs

Costs that can’t be attributed to the production line, include costs such as budgeting, payroll, and non-labor salaries.

Overhead Costs

Ongoing costs of the whole business excluding costs directly from the product production process, same as indirect costs.

Steps of Business Analyst

• Get Oriented

• Discover primary business objectives

• define scope

• formulate your business analysis plan

• support the technical implementation

• help the business implement the solution

• assess value created by the solution

Importance of Social Media Policies

Negative comments can spread quickly online

Person to report to

Even if you boss does not have expertise in that topic, you should still report to them, and if they truly do not know, they will direct you to someone who does.

8-80 Rule

Each work package in the Work Breakdown structure should take between 8 to 80 hours

Quality Management

The process of planning, implementing, and integrating quality into every aspect of an organization.

Quality control

The process that measures products against predetermined standards after the products have already been created. Part of Quality management.

Quality Assurance/Improvement

An organization’s willingness to adapt for the purpose of maintaining quality. Part of quality management

Quality management

An organization wide system that business use to ensure that products meet quality standards.

What question should effective managerial practice answer?

What do we want to do?

Functions of Management

Includes planning, organizing, staffing, directing, coordinating, reporting, and budgeting.

Planning

A function of management where they plan out the project and what it will cover. Includes establishing goals.

Organizing

A function of management where they determine how to distribute resources and arrange employees.

Staffing

A function of management where the person chooses staff that would be a good fit with the project. Also includes determining the need and amount of employees.

Directing

A function of management that is the process of providing guidance to workers as they work, initiating action to get the work done.

Coordination/Control

The function of management which ensures the different departments and groups work in sync. Also includes monitoring progress and evaluating feedback.

Reporting

The function of management that includes keeping stakeholders in the know of a project.

Budgeting

A function of management where you predict costs and allocate funds.

Managerial organization leads to a sense of security

When a company is well organized, everyone has a clear idea about their job positions, and know exactly what they are supposed to do, which leads to confidence, security, and satisfaction.

Change Management

A structured process used to ensure that changes are made successfully and have lasting impact. It is beneficial to a company that is adding a new product line.

Steps of Change Management

Identify need for change, review and authorize, implementation, and close.

Democratic Managers

Managers that generally explain the reason behind their decisions. They often ask for employee input and give possible solutions instead of strict orders. They do not rely on personal judgement.

Lassiez-Faire Managers

Managers that often encourage creativity in their projects.

Steps of budget preparation

Create goals, then estimate income, then determine expenditures, then finally allocate income.

Deposit taking institutions

savings and loan banks, commercial banks, and credit unions.

Credit Union

A financial non-profit organization that provides credit and savings opportunities to its owners.C

Commercial Banks

Banks that provide basic services such as savings, checking, credit cards, and small loans.

Savings and Loan banks

Banks that offer savings accounts and give loans, usually for real-estate buyers.

Investment Banks

Financial intermediary that facilitates merger and underwrites securities.

Mortgage Banks

Banks that give out loans primarily for real estate.

Source documents

documents that contain the transaction amount, payer, payee, and the good that is being sold. They represent a business’s transactions.

Financial statements

Summaries of accounting information. Three major examples of these are balance sheet, income statement, and statement of cash flows.

Screening

A human resources function that involves weeding out applicants that do not have the minimum requirements.

Prospecting

A sales function that involves scoping out potential buyers.

Knowledge

Understanding how to use information.

Home Page

The most important part of a website because many customers only look at this part of the website.

Tacit Knowledge

Knowledge that is intuitive and hard to explain, often coming with experience.

Embedded Knowledge

Knowledge that is trapped into routine, processes, and protocols.

Quality Management

this process evaluates business processes, products, and functions.

Goals

can help you understand yourself.

Change management is necessary when

a business merger is happening.

Protecting digital assets

Employees should follow company protocol, and the IT or management departments should send emails regarding any changes. Strong passwords and limited access should be set up.

classes/seminars

weekly participation where you learn about new business strategies in your field and you can meet new people.

Trade journals/periodicals.

written articles that can help one stay updated in their field, but can not help one meet new people.

Professional association

Organizations the meet sparsely, only once every few months, but can help one stay up to date and meet new people with little time spent.

along with the rules and conduct,

one should also explain the consequences of breaking the rules.

Crashing a Project

The process of exceeding the budget, often buy hiring more employees or contractors, in order to make up time if behind.

Appraisal Costs

the cost of checking if goods are of top quality and catching defective goods.

Prevention Costs

Costs to make sure that defective goods are never made, quality assurance.

Internal failure

costs associated with a defective good before it reaches a customer, often the cost of replacing the good or fixing the machinery.

External failure

The costs of defective goods after they reach a customer, often including shipping a replacement for free.

Matrix organizational Structure

A design that combines functional (split based on career, like finance, marketing, engineering) and divisional structures (based on product, like toothpaste group and toothbrush group). More complexity, but allows employees to communicate cross department.

Project sponsorship

getting your project approved by senior executives.

Hierarchical organization

logically organizes work into smaller components.

One goal of of business analytical reports

evaluate an opportunity such as a potential new market or acquisition, not mean to be critical of decisions, only used to support them.

Local govt taxes

Property taxes