DECA Business Management and Administration

competitive advantage

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

managerial control

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

information technology infrastructure

a comprehensive set of documents which defines best practices and accepted techniques in the information technology community

absolute advantage

a country or business has an absolute advantage if it can produce a product more efficiently than others

project schedule

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

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

cash flow statements

a financial statement used by organizations that shows the cash in a out for a set period of time

project team

a group of individuals assembled to preform activities that contribute toward achieving a common task related goal

purchase order

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

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

quota

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

blanket purchase order

a long term order by a buyer to a seller for supplying specific goods or services for a fixed amount of time

productivity

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

vendor

a person or business that sells something

prioritize

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

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

risk transfer

a strategy in which an insurable risk is shifted to another party by means of an insurance policy

tariff

a tax on imports

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

trustworthiness

able to be relied on as hones or truthful

business services

account design maintenance printing and supply of temporary personnel provided by specialized firms to other firms

process control

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

inventory

amount of merchandise on hand at any particular time

business equipment

an asset used for the operating functions of a company

total quality management

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

strategic management

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

internal business correspondence

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

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.

self-understanding

awareness of and ability to understand ones own actions and reactions

knowledge

awareness or familiarity gained by experience of a fact or situation

negotiation

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

information

facts provided or learned about something or someone

streamline

implementing a process to make an organization more efficient

digital customer data

includes information that a business maintains about customers such as credit card numbers passwords and transactions

data

information in an unorganized form that have a relationship with current condition, ideas and knowledge

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

business analysis

investigation into the operations if a business to demonstrate the causes behind the results achieved and the effects of those results on the businesses

operations

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

confidentiality

keeping information secret

capability maturity model integration (CMMI)

monitoring the opportunity for loss for a business

learning

obtaining knowledge or skills through experience or instruction

supply chain management

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

project

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

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

change management life cycle

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

import

products that come in from another country

export

products that leave for another country

work flow

progression of steps that comprise a work process involve two or more persons and create or add value to the organizations activities

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

digital assets

refers to an organizations website social media and email

solvency

refers to the ability of an organization to meet its' financial obligations

data mining

reviewing very large amounts of data for useful information.

planning

setting goals and determining how to reach them

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

organize

state of being efficient or methodical

knowledge management

strategy designed to identify document and share an organization intellectual assets to benefit performance

risk avoidance

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

communication skills

the ability to convey information to another effectively and efficiently

emotional intelligence

the ability to identify assess and influence ones own feelings and those of others

time management

the ability to use ones time effectively or productively

quality management framework

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

performance

the action or process of carrying out or accomplishing an action task or function

ethics

the basic concepts and fundamental principles of decent human conduct

balance of trade

the difference in value between exports and imports of a nation

business supplies

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

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

organization goals

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

channels

the path through which messages are delivered

human risk

the probability of harm due to human actions or choices

natural risks

the probability of harm to human health property or the environment posed by any aspect of the physical world other than human activity

business risk

the probability of loss inherent in an organizations operations and environment that may impair its ability to provide returns on investment

economic risk

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

initiate

the process of beginning

directing

the process of building an effective climate and creating opportunity for motivation supervising scheduling and disciplining

inventory management

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

organizational control

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

innovation

the process of introducing a new idea or process

change

the process of making or doing something different

quality management

the process of overseeing that a business' activities and or tasks meet a certain standard

controlling

the process of setting standards and evaluating performance

staffing

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

responsibility

the started duty to deal with something or of having control over someone or the opportunity or to act independently and making decisions without authorization

employment

the state of having paid work

six sigma

the strategy involves creating groups of people within the businesses 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 as one in which 9999% of products created are expected to be statistically free from defects

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 of an organization

evaluate

to assess

delegate

to assign

coordinate

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

implement

to execute a decision or plan

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

work breakdown structure (WBS)

Project networking modeling step in which the entire job is graphically subdivided into manageable work tasks.

free trade

commercial trade between nations through free market principals and without regulations

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 than other goods and services

commitments

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

financial analysis

evaluating an organizations financial statements to determine the profitability of the organization a division within the organization or a specific event or project