HRM - DECA Flashcards
PRODUCTIVITY
A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs
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
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.
FREE TRADE
Commercial trade between nations through free market principles and without regulation.
STAFFING
The selection and training of individuals for specific job functions, and delegating them the associated responsibilities.
GLOBAL TRADE
The worldwide business that involves making and collecting payments for transactions in goods and services, and transporting them to various markets.
PLANNING
Setting goals and determining how to reach them
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.
DIGITAL CUSTOMER DATA
Includes information that a business maintains about customers – such as credit card numbers, passwords and transactions
QUOTA
A limit on either the quantity or value of a product that may be imported
BUSINESS EQUIPMENT
An asset used for the operating functions of a company
PROJECT MANAGEMENT
Project management is using knowledge, skills and techniques to execute a temporary group activity designed to develop a product, service or outcome both effectively and efficiently.
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.
EMOTIONAL INTELLIGENCE
The ability to identify, assess and influence one’s own feelings and those of others.
PERFORMANCE
The action or process of carrying out or accomplishing an action, task, or function.
CHANNELS
The path through which messages are delivered
INVENTORY
Amount of merchandise on hand at any particular time
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
ORGANIZE
State of being efficient or methodical
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.
CHANGE MANAGEMENT LIFE CYCLE
Process through which an organization implements change, using a three-phase process that includes, identify, engage and implement
SOLVENCY
Refers to the ability of an organization to meet its’ financial obligations
CAPABILITY MATURITY MODEL INTEGRATION (CMMI)
A process improvement technique for evaluating how efficiently a company is able to deliver technology products to its customers
BALANCE OF TRADE
The difference in value between exports and imports of a nation