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55 Terms

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Anticipating Risk

uncertainties in nature, in the economic system and in human nature.

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Product is King

a company’s succes is the product itself.

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Product Failues

Business Failure

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What are the 2 Stages of Market Research?

Preliminary Survey and Intensive Market Study

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Preliminary Survey

determine the potential demands.

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Intensive Market Study

used for the basis of production plans and sales campaigns. Typically used after Preliminary Survey

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Forecasting

practice of predicting what will happen in the future, taking consider of past and present.

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Risk

company’s exposure to factors that may lower the profit/sales or fails.

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Forecasting Risk

prediciting potential uncertainties.

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What are the 3 sets of forces or influes

Seasonal Influence, Long Term Trends, Business Cycles

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Seasonal Influence

Regular changes in the system occure within a year. Ex Holiday, Climate

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Long Term Trends

Structural changes in the economy, occuring in slow and cumulative way.

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Business Cycles

pattern where a business experience upswing and downswing. 2 extreme phase, Prosperity and Depression.

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Business Barometers

Metric/ set of indicators used to see the overall health and direction of the business.

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Methods of Forecasting

techniques used to predict future events or trends by analyzing historical data and patterns

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what are 2 types of Forecasting Methods

Qualitative and Quantitative Methods.

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What are the types of Qualitative Forecasting

Delphi Method, Market Research and Sales force composite

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Delphi Methods

set of series of questioners used to gather opinions

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Market Research

conducting a survey or focus groups to gain insights,

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Sales Force Composites

Combining sales team forecast to predict future sales

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Subjective Methods

heavily rely on personal opinions, intuitions

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Objective methods

Relies on historical data and mathematical computations.

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Examples of Objective Methods?

Time Series analysis, moving average method, exponentioal moving average method, correlations analysis.

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Types of Quantitative Forecasting

Time Series analysis, Moving Average, Simple Linear Regression. Multiples Linear Regression

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Time Series Analysis

analyzing historical data pattterns to identifty trends

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Moving Average

calculating average of average recent data points

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Simple Linear

identifying linear relationship between 2 variables to predict future values based on 1 variables.

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Multiple Linear Regression

analyzing relationships of multiple Independent variables and dependent variables to make predictions

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Stage of Product Development

Development and Introduction, Rapid Growth and Mature State

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Specific Risk in Industrial operations

refer to the hazards tp some sectors or workplace

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Risk Survey

process of identifying, assessing and responding to potential Risk

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Technological Assesment

new field of study where its intent to examine the consequences of introducing new technology

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Insurance

financial arrangement that offers financial protection from losses or potential rosk

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Capital

resources like lands, buildings. machinery used in production

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KInds of Capital

Fixed Capital, Working Capital. Pain In Capital. Equity Capital

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Fixed Capital

assets used in production over a long time

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Working Capital

Funds required for daily operations

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Pain in Capital

money pain for the stock sold

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Equity Capital

total assets minus debts

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Sources of Savings

Individual, Businesss, Goverment Savings

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Capital Pool

Fuel the Economy

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Money Market

Financial Segment where short term borrowing occur

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Types of Stocks

Common and Preffered Stocks

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Bonds

Promises to repay loans

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Reserves

setting aside money to keep a business stable

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Budgetting

Function to plan that profit or return picture

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6 Basic Budgets Needed

Production, Materials, Plant and Equipment, Maintenance, Manufacturing and Labor Budget

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Examples of Variable Cost

Raw Materials, packaging, Production Supplies, Delivery cost, Labor cost

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types of Bonds

Corporate, Goverment, Municipal, Convertible and Zero Coupon bonds

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