deca vocab

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.

Information management

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

Risk Transfer

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

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 investment.

Embargo

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

Capability Maturity Model Integration (CMMI)

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

Financial Analysis

Evaluating an organization’s financial statements to determine the profitability of the organization, a division within the organization or a specific event or project.

Work Flow

Progression of steps that comprise a work process, involve two or more persons, and create or add value to the organization’s activities.

Change Management

Utilizes a systematic approach to implement change within an organization

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.

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.

Risk Management

Monitoring the opportunity for loss for a business.

Internal Business Correspondence

Any written or digital communication exchanged by two or more parties within an organization.

Work Breakdown Structure (WBS)

Project network-modeling step in which the entire job is graphically subdivided into manageable work tasks. WBS displays the relationship of each task to the other tasks, to the whole and the end product as well as the allocation of responsibility, resources required and time available at each stage for project monitoring and management.

Balance of Trade

The difference in value between exports and imports of a nation.

Quality Management Framework

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

Information Technology Infrastructure Library (ITIL)

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

Supply Chain Management

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

Free Trade

Commercial trade between nations through free market principles and without regulation.

Economic Risk

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

Competitive Advantage

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

Change Management Life Cycle

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

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.

Blanket Purchase Order

A long-term order by a buyer to a seller for supplying specific good(s) or service(s), for a fixed period or in a fixed quantity, at agreed-on prices or pricing method. After its acceptance by the supplier, purchases can be made on an as-and-when-required basis, or as specified in the order, without calling for new purchase orders.

Cash-Flow Statements

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

Comparative Advantage

Concept in economics that a country should specialize in producing and exporting only those goods and services which it can produce more efficiently (at lower opportunity cost) than other goods and services (which it should import).

Business Services

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

Digital Assets

Refers to an organizations’ website, social media and email.

Human Risk

The probability of harm due to human actions or choices.

Inventory Management

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

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.

Solvency

Refers to the ability of an organization to meet its’ financial obligations.

Process Control

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

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.

Digital Customer Data

Includes information that a business maintains about customers – such as credit card numbers, passwords and transactions.