DECA
Communication Skills
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the ability to convey information to another effectively and efficiently
DEFINITION
Economics
TERM
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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
DEFINITION
Ethics
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the basic concepts and fundamental principles of decent human contact
DEFINITION
Information Management
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The process of collecting and analyzing data that can be used in the strategic decision making process of a business
DEFINITION
Coordinate
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to bring the different elements of an activity or an organization into a relationship that will ensure efficiency
DEFINITION
Purchasing
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to acquire goods or services to accomplish the goals of an organization
DEFINITION
Chain of Command
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order in which authority and power in an organization is delegated from top management to every employee at every level of organization
DEFINITION
Organizational Goals
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The overall objectives, purpose and mission of a business that have been established by its management and communicated by its employees
DEFINITION
Project
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planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations
DEFINITION
Channels
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The path through which messages are delivered
DEFINITION
Tariff
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a tax on imports
DEFINITION
Commitments
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an engagement or obligation that restricts freedom of action
DEFINITION
Analysis
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detailed examination of the elements or structure of something, typically as a basis for discussion or interpretation
DEFINITION
Prioritize
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a process that evaluates a group of items and ranks them in their order of importance or urgency
DEFINITION
Purchase Order
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legal contract between a buyer and seller that describes the quantity, price and products ordered, terms of payment and delivery
DEFINITION
Rules of Conduct
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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
DEFINITION
initiate
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the process of beginning
DEFINITION
Work Breakdown Structure (WBS)
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a deliverable-oriented decomposition of a project into smaller components
DEFINITION
Capability Maturity Model Integration (CMMI)
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Technique for evaluating how efficiently a company is able to deliver technology products to its customers
DEFINITION
Risk Management
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monitoring the opportunity for loss for a business
DEFINITION
Directing
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Building an effective work climate and creating opportunity for motivation, supervising, scheduling, and disciplining
DEFINITION
Managerial Control
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process of achieving defined goals within an established timetable
DEFINITION
Embargo
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a complete ban on specific goods coming into or leaving a country
DEFINITION
Knowledge Management
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strategy designed to identify, document, and share an organization's intellectual assets to benefit performance
DEFINITION
Organize
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state of being efficient or methodical
DEFINITION
Emotional Intelligence
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the ability to identify, assess, and influence one's own feelings and those of others
DEFINITION
Blanket Purchase Order
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order the customer makes with its supplier which contains multiple delivery dates over a period of time, often negotiated to take advantage of predetermined pricing
DEFINITION
Time Management
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the ability to use one's time effectively or productively
DEFINITION
Data
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information in an unorganized form that have a relationship with current conditions, ideas, or knowledge
DEFINITION
Project Management
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using knowledge, skills, and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently.
DEFINITION
Comparative Advantage
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a county should specialize in producing and exporting only those goods and services which it can produce more efficiently
DEFINITION
Project Management Software
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Software used for project planning, scheduling, budgeting, and documentation.
DEFINITION
Balance of Trade
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the difference in value between exports and imports of a nation
DEFINITION
Quota
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a limit on either the quantity or value of a product that may be imported
DEFINITION
Self-understanding
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awareness of and ability to understand one's own actions of reactions
DEFINITION
Trustworthiness
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able to be relied on as honest and truthful
DEFINITION
Responsibility
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the duty to deal with something or of having control over someone
DEFINITION
Import
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products that come in from another country
DEFINITION
Research Report
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a document prepared by an analyst/strategist who is a part of the investment research team in a stock brokerage or investment bank.
DEFINITION
Productivity
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a measure of the efficiency of a person, machine, factory, system, etc.
DEFINITION
Global Trade
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the worldwide business that involves making and collecting payments for transactions in goods and services, and transporting them to various markets
DEFINITION
Electronic Purchase Order
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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
DEFINITION
Internal Business Correspondence
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any written or digital communication exchanged by 2 or more parties within an organization
DEFINITION
Information Technology Infrastructure Library (ITIL)
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a comprehensive set of documents, which defines best practices and accepted techniques in the Information Technology community
DEFINITION
Professional Development
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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.
DEFINITION
Business Risk
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the probability of loss inherent in an organization's operations and environment that may impair its ability to provide returns on investments
DEFINITION
Six Sigma
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Six Sigma is a method that provides organizations tools to improve the capability of their business processes
DEFINITION
Business Analysis
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investigation into the operations of a business to demonstrate the causes behind the results achieved, and the effects of those results on the business
DEFINITION
Economic Risk
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the probability that conditions like exchange rates, government regulation, or political stability will affect an investment, usually one in a foreign country
DEFINITION
Employment
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the state of having paid work
DEFINITION
Inventory Management
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the process of buying and storing materials and products while controlling costs for ordering, shipping, handling, and storage
DEFINITION
Project Team
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a group of individuals assembled to perform activities that contribute toward achieving a common task related goal
DEFINITION
Vendor
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a person or business that sells something
DEFINITION
Inventory
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amount of merchandise on hand at a particular time
DEFINITION
Negotiation
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bargaining process between 2 or more seeking to discover a common ground and reach an agreement to settle a matter of mutual concern
DEFINITION
Total Quality Management (TQM)
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an overall approach to a long-term success that views continuous improvement in all aspects of an organization as a process and not as a short term goal.
DEFINITION
Natural Risk
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the probability of harm to human health, property, or the environment posed by any aspect of the physical world other than human activity
DEFINITION
Strategic Management
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analysis of the factors associated with customers and competitors and the business itself to provide the basis for maintaining optimum management practices
DEFINITION
Knowledge
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awareness or familiarity gained by experience of a fact or situation
DEFINITION
Business Supplies
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the materials that are consumed within an office setting during normal business operations
DEFINITION
Performance
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the action or process of carrying out of accomplishing an action, task, or function
DEFINITION
Planning
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setting goals and determining how to reach them
DEFINITION
Export
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products that leave for another country
DEFINITION
Risk Avoidance
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Technique of risk management that involves taking steps to remove a hazard, engage in alternative activity, or otherwise end a specific exposure
DEFINITION
Operations
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jobs or tasks consisting of one or more elements performed typically in one location
DEFINITION
Staffing
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the selection and training of individuals for specific job functions, and delegating them the associated responsibilities
DEFINITION
Business Equipment
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an asset used for the operating functions of a company
DEFINITION
Work Flow
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Progression of steps that comprise a work process, involve 2 or more persons, and create/add value to the organization's activities
DEFINITION
Free Trade
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commercial trade between nations through free market principles and without regulation
DEFINITION
Human Risk
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the probability of harm due to human actions or choices
DEFINITION
Data Mining
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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
DEFINITION
Risk Retention
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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
DEFINITION
Business Service
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accounting, design, maintenance, printing, and supply of temporary personnel, etc., provided by specialized firms to other firms
DEFINITION
Controlling
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the process of setting standards and evaluating performance
DEFINITION
Quality Management Framework
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the act of overseeing all activities and tasks needed to maintain a desired level of excellence
DEFINITION
Absolute Advantage
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a country or business has an absolute advantage if it can produce a product(good/service) more efficiently/inexpensively than others
DEFINITION
Organizational Control
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the process of establishing and maintaining authority over and throughout a business
DEFINITION
Information
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Facts provided or learned about something or someone
DEFINITION
Competitive Advantage
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a circumstance that puts a company in a favorable or superior business position
DEFINITION
Risk Transfer
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a strategy in which an insurable risk is shifted to another party(the insurer) by means of an insurance policy
DEFINITION
Quality Management
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the process of overseeing that a business' activities and/or tasks meet a certain standard
DEFINITION
Process Control
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Activities involved in ensuring a process is predictable, stable, and consistently operating at the target level of performance with only normal variation
DEFINITION
Financial Analysis
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evaluating an organization's financial statements to determine the profitability of the organization, division, or project
DEFINITION
Implement
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to execute a decision or plan
DEFINITION
Solvency
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refers to the ability of an organization to meet it's financial obligations
DEFINITION
Digital Customer Data
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includes information that a business maintains about customers- such as CC numbers, passwords, and transactions
DEFINITION
Monitor
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to oversee the progress or quality of a project or business task
DEFINITION
Cash-Flow Statements
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a financial statement used by organizations that shows the cash in and out for a set period of time
DEFINITION
Digital Assets
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refers to an organizations' website, social media, and email
DEFINITION
Confidentiality
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keeping information secret
DEFINITION
Change Management Life Cycle
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process through which an organization implements change, using a three-phase process that includes identify, engage, and implement
DEFINITION
Supply Chain Management
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oversees the materials, information, and finances as a product moves through the channel of distribution from manufacturer to consumer
DEFINITION
Streamline
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implementing a process to make an organization more efficient
DEFINITION
Innovation
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the process of introducing new ideas or processes
DEFINITION
Delegate
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to assign
DEFINITION
Learning
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obtaining knowledge or skills through experience or instruction
DEFINITION
Project Schedule
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a document outlining tasks to be completed and the timeframe in which those tasks must be completed
DEFINITION
Evaluate
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to assess
DEFINITION
Change
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the process of making or doing something different
DEFINITION
Change Management
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utilizes a systematic approach to implement change within an organization