level 3 terms

Contingency planning

Preparing for possible ricks

Stake holder

Someone who has interest in organisations

Quality control

Checking quality of outputs

Quality assurance

Ongoing checking of quality

Inventory

Stock held by business

Logistics

Planning movement of goods or people

Supply chain

All stages of producing and delivering a product

Procurement

Obtaining goods and services

Pestle

P-political

E- economic

S- social

T- technological

L - legal

E- environmental

Low power / low interest

Stake holders that require minimal attention

High power / high interest

Stakeholders that much be managed closely

Mission statement

Reason for organisation existence

Rapport

Positive relationship and understanding

Interpersonal skills

Ability to communicate with others

Budget

Plan of money coming in and out

Cash flow

Money moving in and out over time

Gross profit

Profit after cost of goods

Net profit

Profit after all expenses

Break even

When income equals costs

VAT

Tax added to good and services

Assets

Items of value owned by a business

Liabilities

Money owned by a business

Credit note

Value given when goods are returned

Corporation tax

Tax paid on company profits

Cost benefit analysis

Comparing advantages and costs

Induction

Training for new employees

Protected characteristics

Traits protected by the law e.g. age, gender

Appraisal

A review of employee performance

Absenteeism

Employed away from work without good reason

Monetary policy

Control of interest rates

Fiscal policy

Government tax and spending decisions

Austerity

Reduced government spending

Market forces

Interaction of supply and demand

GDP

Gross domestic product

Total value of goods/ services in a country

Economic growth

Increase in goods and services produced

Inflation

Rise in average prices

Privacy notice

Explains how personal data is used

Cloud based

Software accessed via the internet

Cyber security

Protection systems and data

GDPR

Regulations for protecting personal data

PERT chart

Visual timeline of project tasks

Network analysis

Planning tasks and dependencies

Migration

Reducing likelihood or impact of risk

Risk register

Document listing risk and actions