3.01 Key Terms

Accounting

keeping accurate and useful financial records; and analyzing and interpreting the recorded information.

Business

An organized effort to produce and/or distribute goods and services

Financial analysis

The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources 

Human resources management

The process of planning, staffing, leading, and organizing the employees of the business

Information management

The process of accessing, processing, maintaining, evaluating, and disseminating business knowledge, facts, or data

Marketing

The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Operations

The day-to-day activities required for continued business functioning

Outsourcing

involves using outside organizations or consultants to perform one or more of the primary business activities.

Production

The process or activity of producing goods and services

Strategic management

The process of planning, controlling, and organizing an organization or department