DECA+ Business Management and Administration Vocabulary

Business Risk

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

Negotiation

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

Global Trade

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

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

Quality Management Framework

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

Quota

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

Research Report

A document prepared by an analyst or strategist. Research reports generally have "actionable" recommendations

Project

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

Risk Management

Monitoring the opportunity for loss within a business

Controlling

The process of setting standards and evaluating performance

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

Directing

The process of building an effective work climate and creating opportunity for motivation, supervising, scheduling, and disciplining

Purchasing

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

Process Control

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

Organizational Control

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

Capability Maturity Model Integration (CMMI)

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

Export

Products that leave for another country

Balance of Trade

The difference in value between exports and imports of a nation

Inventory Management

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

Organize

State of being efficient or methodical

Tariff

A tax on imports

Project Team

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

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

Free Trade

Commercial trade between nations through free market principles and without regulation

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

Knowledge Management

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

Rules of Conduct

A written set of guidelines issued by an organization to its workers and management to help workers conduct his/her actions in accordance with the primary values and ethical standards of the organization

Purchase Order

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

Organizational Goals

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

Self - Understanding

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

Staffing

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

Embargo

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

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

Planning

Setting goals and determining how to reach them

Information Technology Infrastructure Library (ITIL)

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

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

Strategic Management

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

Information Management

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

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

Import

Products that come in from another country

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