AOB Unt 4

AOB Unit 4

Contingency Plan

is a plan that can be followed if

an original plan is not possible for some reason.

Human Capital

is the collective skills and knowledge of people that can

be used to create economic value for individuals, their employers, or their

community.

Management

is the oversight of

processes and making daily decisions in business.

Mass Production

When a company is producing large quantities of the same item, a process

called

Operating Procedure

which are established methods and processes for organizing workflow.

Organizational Structure

represents the hierarchy of roles within a business.

Project Management

refers to the execution

of all stages of a business project.

Benefit

are nonmonetary forms of compensation provided to employees in

addition to their salaries or wages.

Human Resource Development

The training of new employees in

skills, customs, and responsibilities is called

Human Resources Management

refers to the branch of management that

supports employees within an organization.

Minimum Wage

is a wage fixed by legal

authority or by contract as the least that may be paid either to employed persons

generally or to a particular category of employed persons.

Probation

a period of time where an employee is monitored to assess

their behavior.

Salary

is fixed compensation paid regularly for services.

Wage

refers to the payment of money for labor or services usually according to a

contract and on an hourly, daily, or piecework basis.

Inventory

refers to the number of items a business

currently holds.

Product Management

refers to the coordination

of all activities required to make a product.

Product Plan

is the term for the operating procedures a

company will use when developing or providing a product or service.

Prototype

a functional model of a product intended

for testing, when they produce a good.

Purchasing

refers to a business’s acquisition of various necessary items to make

products.

Sourcing

which is the process of selecting suppliers

that can best meet financial and quality standards.

Vendor

suppliers who sell

services, materials, and resources to a business to create a product.