DECA Business Management & Administration Cluster Vocabulary - (FLIP CARDS)

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100 Terms
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communication skills

The ability to convey information to another effectively and efficiently.

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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.

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ethics

The basic concepts and fundamental principles of decent human conduct.

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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.

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coordinate

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

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purchasing

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

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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.

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organizational goals

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

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project

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

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channels

The path through which messages are delivered.

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tariff

A tax on imports.

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commitments

An engagement or obligation that restricts freedom of action.

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analysis

Detailed examination of the elements or structure of something, typically as a basis for discussion or interpretation.

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prioritize

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

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purchase order

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

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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.

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initiate

The process of beginning.

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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.

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capability maturity model integration (CMMI)

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

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risk management

Monitoring the opportunity for loss for a business.

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directing

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

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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.

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embargo

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

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knowledge management

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

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organize

State of being efficient or methodical

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emotional intelligence

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

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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.

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time management

The ability to use one's time effectively or productively.

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data

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

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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.

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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).

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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.

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balance of trade

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

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quota

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

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self-understanding

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

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trustworthiness

Able to be relied on as honest or truthful.

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responsibility

The stated duty to deal with something or of having control over someone or the opportunity or to act independently and make decisions without authorization.

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import

Products that come in from another country.

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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 generally have "actionable" recommendations.

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productivity

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

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global trade

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

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electronic purchase order

A legal contract between a buyer and seller that describes the quantity, price, products ordered, terms of payment, and delivery that is transmitted electronically over the Internet.

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internal business correspondence

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

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information technology infrastructure library (ITIL)

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

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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.

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business risk

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

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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.

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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.

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economic risk

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

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employment

The state of having paid work.

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inventory management

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

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project team

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

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vendor

A person or business that sells something.

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inventory

Amount of merchandise on hand at any particular time.

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negotiation

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

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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.

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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.

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strategic management

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

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knowledge

Awareness or familiarity gained by experience of a fact or situation.

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business supplies

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

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performance

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

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planning

Setting goals and determining how to reach them.

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export

Products that leave for another country.

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risk avoidance

Technique of risk management that involves taking steps to remove a hazard, engage in alternative activity, or otherwise end a specific exposure.

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operations

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

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staffing

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

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business equipment

An asset used for the operating functions of a company.

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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.

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free trade

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

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human risk

The probability of harm due to human actions or choices.

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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.

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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.

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business services

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

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controlling

The process of setting standards and evaluating performance.

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qualify management framework

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

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absolute advantage

A country or business has an absolute advantage if it can produce a product (good or services) more 'efficiently' (inexpensively) than others.

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organizational control

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

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information

Facts provided or learned about something or someone.

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competitive advantage

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

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risk transfer

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

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quality management

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

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process control

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

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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.

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implement

To execute a decision or plan.

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