DECA - Business Management and Administration

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Quota

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

Knowledge

Awareness or familiarity gained by experience of a fact or situation

Inventory

Amount of merchandise on hand at any particular time

Business Supplies

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

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 order to reach specific financial milestones.

Information Management

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

Planning

Setting goals and determining how to reach them

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.

Staffing

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

Employment

The state of having paid work

Negotiation

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

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

Performance

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

Business risk

The probability of loss inherent in an organization’s operations and environment that 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

Balance of Trade

The difference in value between exports and imports of a nation

Organizational Control

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

Process Control

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

Prioritize

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

Export

Products that leave for another country

Monitor

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

Change Management

Utilizes a systematic approach to implement change 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

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

Emotional Intelligence

The ability to identify, assess, and influence one’s own feelings and those of others

Trustworthiness

Able to be relied on as honest or truthful

Chain of Command

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

Tariff

A tax on imports

Project management Software

Software used for project planning, scheduling, budgeting, and documentation. Also used for collaboration and communication between project participants

Global Trade

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

Purchasing

To acquire goods or services to accomplish the goals an organization

Learning

Obtaining knowledge or skills through experience or instruction

Risk Management

Monitoring the opportunity for loss for a business

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

Internal Business Correspondence

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

Organize

State of being efficient or methodical

Absolute Advantage

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

Strategic Management

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

Quality Management

The process of overseeing that a business’ activities and/or tasks meet a certain standard

Confidentiality

Keeping information secret

Operations

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

Productivity

A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs

Rules of Conduct

A 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

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 end of the product as well as the allocation of responsibility, resources required time and available at each stage for project monitoring and management

Change

The process of making or doing something different

Inventory

Amount of merchandise on hand at any particular time

Data

Information in an unorganized form (alphabets, numbers or symbols) that have a relationship with current conditions, ideas, or knowledge

Organizational Goals

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

Ethics

The basic concepts and fundamental principles of decent human conduct

Directing

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

Supply Chain Management

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

Import

Products that come in from another country

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

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 favorable or superior business position

Research Report

A document prepared by an analyst or strategist who is a part of the investment research team in a stock brokerage or investment bank. Research reports have “actionable” recommendations

Change management Life Cycle

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

Streamline

Implementing a process to make an organization more efficient

Initiate

The process of beginning

Delegate

To assign

Channels

The path through which messages are delivered

Implement

To execute a decision or plan

Business Equipment

An asset used for the operating functions of a company

Vendor

A person or business that sells something

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 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.

Self-Understanding

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

Project

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

Project Schedule

A document outlining tasks to be completed and the timeframe in which those tasks must be completed

Project Team

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

Coordinate

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

Risk Transfer

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

Purchase Order

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

Information

Facts provided or learned about something or someone

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

Business Supplies

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

Risk Retention

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

Communication Skills

The ability to convey information to another effectively and efficiently

Quality Management

The process overseeing that a business’ activities and/or tasks meet a certain standard

Solvency

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

Digital Customer Data

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

Controlling

The process of setting standards and evaluating performance