DECA Business Management & Administration Cluster Exam Terms

Automated Knowledge

Explicit knowledge that has been embedded in an automatic device

Cognition

Act or process of knowing

Cognitive Science

Field that investigates the processes of human intelligence

Cognitive Style

Individual's mental approach and reasoning style

Competence

Ability to deliver quality work within a particular domain

Content Mapping

Visual method of organizing information

Factual Knowledge

Knowledge of what we know to be true

Human Capital

Knowledge, skills and competence of people in an organization

Information Overload

State where person has too much information and can't effectively process and make use of information

Intellectual Assets

Individuals who create or have valuable knowledge in an organization, business, or society

Knowledge

Human understanding interpreted from oven information like data, experiences

Knowledge Broker

Person who facilitates creation, sharing and use of knowledge in an organization

Knowledge Economy

Economy where knowledge plays a predominant part in the creation of wealth

Knowledge Flows

The ways in which knowledge moves around, and in and out of an organization

Knowledge Holder

Person who holds the knowledge of interest

Knowledge Management

Range of practices used to best leverage a firm's collective knowledge

Knowledge Management Strategy

Plan outlining how an organization intends to implement KM principles to achieve objectives

Knowledge Repository

Place where knowledge is gathered and stored and can be accessed and used by others

Knowledge Vigilance

Degree to which an enterprise exhibits knowledge awareness and pursues knowledge management

Learning Organization

Organization that views its success in future as being based on continuous learning and adaptive behavior

Organizational Memory

Knowledge and understanding embedded in an organization

Physical Assets

A tangible item of value that can be sold, used, or traded successfully

Taxonomy

A system of categorizing information

Change Control

Practice of identifying, documenting, approving, and carrying out changes within a project

Closing the Project

Evaluating the success of letting team goals and assessing individual performances

Control Phase

Comparison of actual performance with project plans and correcting

Controlling

Checking results against goals and take actions to ensure plans remain in place

Cost Management Plan

Part of a project that details how costs will be planned, structure, and controlled

Critical Path

Sequence of activities that must be completed on time for the entire project to be completed on schedule

Critical Success Facfor

Factor identified as essential to achieving a successful project

Evaluate

To judge and assess worth

Float

Time a task can be delayed without delaying the project

Gannt Chart

Popular management bar chart that tracks tasks across time

Initiate

To begin a process or project

Leading

Motivating, communication, guiding and encouraging project team members

Management Functions

Management has four functions: planning, organizing, leading, and controlling. All should be performed when heading a project team

Milestone

A key event during the life of a project

Objectives

Specific result someone aims to achieve within a time frame, using available resources

Organizing

Assigning work and granting authority to project team members

Parkinson's Law

"Work expands so as to fill the time available for its completion"

Planning

Mapping out exactly how to achieve project goals

Project Execution

The actual work on the project tasks

Project Manager

Employee in charge of planning, organizing, and overseeing a project or activity

Resources

Everything needed to complete a project

Stakeholders

A person, group, or organization that has interest or concern in an organization

Waterfall Model

Process in which development moves sequentially with no overlapping steps

Work Breakdown Structure

Tool used to define and group project's task ima way to help organize and define the total work scope of project. Let's each person know their roles

Workaround

Strategy/technique used to overcome a threat/problem

Capability Maturity Model Integration

An approach to process improvement in which rated according to level of maturity. Primarily addresses product development, service establishments, and product acquisition

Continuous Improvement

Ongoing effort to improve goods, services, or processes that can show incremental improvement over time

Corrective Action

Measures taken to improve a sub-par process or situation

Deficiency

An unauthorized deviation from acceptable procedures, or a defect in an item

DRIVE

Define, Review, Identify, Verify, and Execute... DRIVE is a quality management technique used for identifying, measuring, and priorititising and improving business processes

Grade

The category or rank given to an item

Guideline

A suggested practice that is helpful but not mandatory

ICOR

Inputs, outputs, controls, and resources... ICOR is an internationally accepted quality management technique used for identifying, measuring, and priorititising and improving business processes

Information Technology Infrastructure Library

A set of practices for information technology (IT) service management that works to align IT services with business needs. It describes processes, procedures, tasks, and checklists for organizations using IT and essentially allows an organization to establish a baseline from which it can plan, implement, and measure IT standards

Inspection

The examination or measurement of an item or activity to verify conformance to specific requirements

Integrated Management

The collection of proccesses required to ensure that various elements of a project or product are properly coordinated

Nonconformance

A deficiency in a characteristic, documentation, or procedure that renders the quality of an item or activity unacceptable

Process

A set of interrelated resources and activities that transform inputs into outputs

Process Thinking

Formulating plans and ideas through a series of steps, and transforming those plans/ideas into outputs that are available to customers

Quality

A characteristic of a product or service that is fit for the purpose (should be suitable for the intended purpose) and right the first time (mistakes should be eliminated)

Quality Assurance

The ongoing effort to maintain the reliability of achieving an outcome

Quality Control

The purposeful change of a process to improve the reliablity of achieving an outcome

Quality Improvement

The act of overseeing the activities needed to maintain a certain level of excellence

Quality Manual

Information regarding personnel, facilities, equipment and working materials, analytical or testing systems, quality control, and reporting and filing results

Six Sigma

Developed in 1985 by Motorola, this quality management method/technique uses a set of quality management methods, including statistical methods, and creates a specialized infrastructure of people within the organizaiton. Each step follows defined steps and has quantifiable financial targets

Top Down Procedure

A procedure where an executive decides what needs to be done and how it will be done and gives the task to a lower level of management to carry out

Total Quality Management

Creating and implementing quality improvement, quality control, and quality assurance

Accident

Unexpected or chance event

Actual Damages

The sum on money for compensation of losses

Aggregate Limit

Maximum amount that the insurer will pay under a liability policy during one annual policy period, regardless of the number of occurrences

Certificate of Insurance

A form that indicates the types of insurance policies written, policy dates, and coverage limits

Compensation

Something of value (typically money) awarded to an indvidual or company to make up for a loss, injury, etc.

Conditions

The various promises made by an insurance company

Declarations

Summarizes key information specific to the insurance policy

Deductible

The amount of the loss that the insured party must pay

Exclusions

Policy provisions that eliminate coverage for specified exposures

Hard Market

A phase of the insurance market cycle during which time coverage may be more costly, terms may be more restrictive, and policy conditions and requirements more stringent

Indemnify

To compensate for actual losses sustained

Insurance

Traditional risk-financing tool used to transfer the financial hazard of risk

Insurance Broker

An insurance professional who markets and explains insurance products

Insurance Policy

A legally binding contract that defines the obligations of both the insured and the insurer

Joint Liability

Liability is shared by more than one person or organization.

Premium

The payment for an insurance policy.

Risk

A probabilty or threat of damage, injury, liability, loss or any other negative occcurrence caused by internal or external factors.

Risk Management

Policies, procedures, and practices involved in the identification, analysis, assessment, and control of risks in an effort to mitigate or eliminate risks.

Self Assurance

When an organization's own resources (internal) are used to fund losses.

Wrongful Termination

Being fired for an unjust reason

Aspirational

A strong desire to achieve something high or great

Bias

When an individual shows partiality or prejudice.

Character

The mental and moral qualities of a person.

Character Education

The long-term process of motivating and giving someone the knowledge to live their life by a set of ethical standards.

Code of Ethics

A set of principles of conduct within an organization that guide decision making and behavior.

Cognitive Dissonance

The cognitive process whereby an individual's values and beliefs are challenged.

Compliance

The act of following a rule or regulation.

Conflict of Interest

When an individual's personal interests clash with what is best for society, his/her clients, or his/her company.

Consequences

The results of an action.

Corruption

Dishonest or fraudulent conduct by those in power.