Principles of Business Management

DECA

Communication Skills

the ability to convey information to another effectively and efficiently

Economics

attempts to explain how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction

Ethics

the basic concepts and fundamental principles of decent human contact

Information Management

The process of collecting and analyzing data that can be used in the strategic decision making process of a business

Coordinate

to bring the different elements of an activity or an organization into a relationship that will ensure efficiency

Purchasing

to acquire goods or services to accomplish the goals of an organization

Chain of Command

order in which authority and power in an organization is delegated from top management to every employee at every level of organization

Organizational Goals

The overall objectives, purpose and mission of a business that have been established by its management and communicated by its employees

Project

planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations

Channels

The path through which messages are delivered

Tariff

a tax on imports

Commitments

an engagement or obligation that restricts freedom of action

Analysis

detailed examination of the elements or structure of something, typically as a basis for discussion or interpretation

Prioritize

a process that evaluates a group of items and ranks them in their order of importance or urgency

Purchase Order

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

Rules of Conduct

written set of guidelines issued by an organization to its workers and management to help them conduct their actions in accordance with its primary values and ethical standards

initiate

the process of beginning

Work Breakdown Structure (WBS)

a deliverable-oriented decomposition of a project into smaller components

Capability Maturity Model Integration (CMMI)

Technique for evaluating how efficiently a company is able to deliver technology products to its customers

Risk Management

monitoring the opportunity for loss for a business

Directing

Building an effective work climate and creating opportunity for motivation, supervising, scheduling, and disciplining

Managerial Control

process of achieving defined goals within an established timetable

Embargo

a complete ban on specific goods coming into or leaving a country

Knowledge Management

strategy designed to identify, document, and share an organization's intellectual assets to benefit performance

Organize

state of being efficient or methodical

Emotional Intelligence

the ability to identify, assess, and influence one's own feelings and those of others

Blanket Purchase Order

order the customer makes with its supplier which contains multiple delivery dates over a period of time, often negotiated to take advantage of predetermined pricing

Time Management

the ability to use one's time effectively or productively

Data

information in an unorganized form that have a relationship with current conditions, ideas, or knowledge

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.

Comparative Advantage

a county should specialize in producing and exporting only those goods and services which it can produce more efficiently

Project Management Software

Software used for project planning, scheduling, budgeting, and documentation.

Balance of Trade

the difference in value between exports and imports of a nation

Quota

a limit on either the quantity or value of a product that may be imported

Self-understanding

awareness of and ability to understand one's own actions of reactions

Trustworthiness

able to be relied on as honest and truthful

Responsibility

the duty to deal with something or of having control over someone

Import

products that come in from another country

Research Report

a document prepared by an analyst/strategist who is a part of the investment research team in a stock brokerage or investment bank.

Productivity

a measure of the efficiency of a person, machine, factory, system, etc.

Global Trade

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

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

Internal Business Correspondence

any written or digital communication exchanged by 2 or more parties 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

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 Risk

the probability of loss inherent in an organization's operations and environment that may impair its ability to provide returns on investments

Six Sigma

Six Sigma is a method that provides organizations tools to improve the capability of their business processes

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

Economic Risk

the probability that conditions like exchange rates, government regulation, or political stability will affect an investment, usually one in a foreign country

Employment

the state of having paid work

Inventory Management

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

Project Team

a group of individuals assembled to perform activities that contribute toward achieving a common task related goal

Vendor

a person or business that sells something

Inventory

amount of merchandise on hand at a particular time

Negotiation

bargaining process between 2 or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concern

Total Quality Management (TQM)

an overall approach to a long-term success that views continuous improvement in all aspects of an organization as a process and not as a short term goal.

Natural Risk

the probability of harm to human health, property, or the environment posed by any aspect of the physical world other than human activity

Strategic Management

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

Knowledge

awareness or familiarity gained by experience of a fact or situation

Business Supplies

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

Performance

the action or process of carrying out of accomplishing an action, task, or function

Planning

setting goals and determining how to reach them

Export

products that leave for another country

Risk Avoidance

Technique of risk management that involves taking steps to remove a hazard, engage in alternative activity, or otherwise end a specific exposure

Operations

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

Staffing

the selection and training of individuals for specific job functions, and delegating them the associated responsibilities

Business Equipment

an asset used for the operating functions of a company

Work Flow

Progression of steps that comprise a work process, involve 2 or more persons, and create/add value to the organization's activities

Free Trade

commercial trade between nations through free market principles and without regulation

Human Risk

the probability of harm due to human actions or choices

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

Risk Retention

a strategy in which an entity sets aside a sum as a protection against a probable loss, instead of transferring the risk by purchasing an insurance policy

Business Service

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

Controlling

the process of setting standards and evaluating performance

Quality Management Framework

the act of overseeing all activities and tasks needed to maintain a desired level of excellence

Absolute Advantage

a country or business has an absolute advantage if it can produce a product(good/service) more efficiently/inexpensively than others

Organizational Control

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

Information

Facts provided or learned about something or someone

Competitive Advantage

a circumstance that puts a company in a favorable or superior business position

Risk Transfer

a strategy in which an insurable risk is shifted to another party(the insurer) by means of an insurance policy

Quality Management

the process of overseeing that a business' activities and/or tasks meet a certain standard

Process Control

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

Financial Analysis

evaluating an organization's financial statements to determine the profitability of the organization, division, or project

Implement

to execute a decision or plan

Solvency

refers to the ability of an organization to meet it's financial obligations

Digital Customer Data

includes information that a business maintains about customers- such as CC numbers, passwords, and transactions

Monitor

to oversee the progress or quality of a project or business task

Cash-Flow Statements

a financial statement used by organizations that shows the cash in and out for a set period of time

Digital Assets

refers to an organizations' website, social media, and email

Confidentiality

keeping information secret

Change Management Life Cycle

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

Supply Chain Management

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

Streamline

implementing a process to make an organization more efficient

Innovation

the process of introducing new ideas or processes

Delegate

to assign

Learning

obtaining knowledge or skills through experience or instruction