DECA Business Management & Administration Cluster Exam

Human risk

Probability of harm due to human actions or choices

Project management

Using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently.

Business services

Accounting, design, maintenance, printing, and supply of temporary personnel, etc., provided by specialized firms to other firms

Quota

A limit on quantity or value on a product that may be imported

Digital customer data

Includes information that a business maintains about customers – such as credit card numbers, passwords and transactions

Data mining

Reviewing very large amounts of data for useful information. This activity often uses advanced statistical tools to determine trends, patterns and relationships. Data mining can also be referred to as data surfing

Project schedule

A document outlining tasks to be completed and the timeframe in which those tasks must be completed.

Change management life cycle

Process through which an organization implements change, using a three-phase process that includes, identify, engage and implement

Total quality management (TQM)

An 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 systems.

Inventory management

The process of buying and storing materials and products while controlling costs for ordering, shipping, handling and storage.

Supply chain management

Oversees the materials, information and finances as a product moves through the channel of distribution from manufacturer to consumer

Purchase order

A legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery

Project management software

Software used for project planning, scheduling, budgeting, and documentation. Project management software is also used for collaboration and communication between project participants.

Internal business correspondence

Any written or digital communication exchanged by two or more parties within an organization.

Capability Maturity Model Integration (CMMI)

A process improvement technique for evaluating how efficiently a company is able to deliver technology products to its customers

Process control

Activities involved in ensuring a process is predictable, stable, and consistently operating at the target level of performance with only normal variation.

Strategic management

Analysis of the factors associated with customers and competitors and the business itself to provide the basis for maintaining optimum management practices.

Blanket purchase order

A long-term order by a buyer to a seller for supplying specific good(s) or service(s), for a fixed period or in a fixed quantity, at agreed-on prices or pricing method. After its acceptance by the supplier, purchases can be made on an as-and-when-required basis, or as specified in the order, without calling for new purchase orders

Comparative advantage

Concept in economics that a country should specialize in producing and exporting only those goods and services which it can produce more efficiently (at lower opportunity cost) than other goods and services (which it should import).

Work Breakdown Structure (WBS)

Project network-modeling step in which the entire job is graphically subdivided into manageable work tasks. WBS displays the relationship of each task to the other tasks, to the whole and the end product as well as the allocation of responsibility, resources required and time available at each stage for project monitoring and management.

Supply Chain Network (SCN)

Interconnected system of organizations, people, activities, information, and resources involved in moving a product from supplier, more modern; uses advanced technology

Workload analysis

A process to assess and balance the tasks, time and opuses need for a project or department; assesses current HR needs

Free trade

Commercial trade between nations through free market principles and without regulation.

Digital assets

Refers to an organizations’ website, social media and email.

Global trade

The worldwide business that involves making and collecting payments for transactions in goods and services, and transporting them to various markets.

Organizational control

The process of establishing and maintaining authority over and throughout a business

Balance of trade

Difference between exports and imports of a nation

Streamline

Implementing a process to make an organization more efficient.

Business equipment

An asset used for the operating functions of a company

Electronic purchase order

A 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 Internet.

Six sigma

The strategy involves creating groups of people within the business 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 financial milestones. A six sigma process is defined as one in which 99.99966% of products created are expected to be statistically free from defects.

Business supplies

The materials that are consumed within an office setting during normal business operations.

Managerial control

A process of achieving defined goals within an established timetable, and usually understood to have three components: setting standards, measuring actual performance, and taking corrective action.

Research report

A document prepared by an analyst or strategist who is a part of the investment research team in a stock brokerage or investment bank. Research reports generally have “actionable” recommendations.

Knowledge management

Strategy designed to identify, document and share an organization’s intellectual assets to benefit performance.

Work flow

Progression of steps that comprise a work process, involve two or more persons, and create or add value to the organization’s activities.

Financial analysis

Evaluating an organization’s financial statements to determine the profitability of the organization, a division within the organization or a specific event or project.

Change management

Utilizes a systematic approach to implement change within an organization

Information Technology Infrastructure Library (ITIL)

A comprehensive set of documents, which defines best practices and accepted techniques in the Information Technology community

Operations

Jobs or tasks consisting of one or more elements performed typically in one location

Professional development

Process of improving capabilities of staff through access to education and training opportunities in the workplace, through outside organizations, or observing others perform the job.

Business analysis

Investigation into the operations of a business to demonstrate the causes behind the results achieved, and the effects of those results on the business.

M.O.S.T.

Mission

Objectives

Strategy

Tactics

Focuses on how to approach and achieve organizational goals

S.W.O.T.

Strengths

Weaknesses

Opportunities

Threats

Strategic planning tool that evaluates a company’s circumstances and helps develop effective strategies

P.E.S.T.L.E.

Political

Economic

Social

Technological

Legal

Environmental

Strategic framework helping businesses scan their external environment for factors that may impact them

Critical Path Method (CPM)

Focuses on task sequence and duration, finding the longest path to determine project length

Critical Chain Project Management (CCPM)

Adds resource constraints, creating a realistic “critical chain: and using strategic buffers for faster project completion.

Arbitration

ADR method, involves a neutral decision-maker

Mediation

ADR method, uses a neutral facilitator to help parties reach an agreement

Power

Ability of an individual to influence the actions of other people

Chain of command

Employees/staff > supervisors/team leaders > store/department managers > vice presidents > CEO/owner

Overhead costs

Ongoing expenses of operating a business