Business Management and Administration vocabulary

264 vocabulary entries in our Business Management and Administration study dataset. These are study definitions, not official wording.

Accountability

The obligation of an individual or organization to account for its activities, accept responsibility for them, and disclose the results in a transparent manner.

Acquisition

A corporate action in which one company purchases most or all of another company's shares to gain control of that company.

Adjournment

The suspension of a meeting or session to a future time or indefinitely.

Administrative law

The area of law that oversees the regulations and activities of government administrative agencies.

Affirmative Action

A set of policies and practices within a government or organization seeking to include particular groups based on their gender, race, sexuality, creed or nationality in areas in which they are underrepresented.

Agency Theory

A management concept that explains the relationship between principals (like shareholders) and agents (like company executives), focusing on resolving conflicts of interest.

Agenda

A list of items to be discussed at a formal meeting.

Agreement of sale

A contract that specifies the terms and conditions for the sale of property or goods between a buyer and seller.

Anti-trust laws

Regulations created to encourage fair competition by preventing monopolies and other practices that restrain trade.

Appropriation tort

A legal violation involving the unauthorized use of a person's name or likeness for commercial gain.

Arbitration

A form of alternative dispute resolution (ADR) where a dispute is resolved by an impartial adjudicator whose decision is legally binding.

Articles of Incorporation

The legal document filed with a state government to officially establish a corporation.

Authority

The power or right to give orders, make decisions, and enforce obedience.

Autocratic Leadership

A leadership style characterized by individual control over all decisions and little input from group members.

Automation

The application of technology to perform tasks with minimal human assistance, intended to improve efficiency.

Backward integration

A business strategy where a company acquires or merges with its suppliers to gain more control over its supply chain.

Balanced Scorecard

A strategic performance management tool that provides a semi-standard structured report of a business's performance in four key areas: financial, customer, internal business processes, and learning and growth.

Benchmarking

The practice of comparing a company's processes and performance metrics to those of industry leaders to identify areas for improvement.

Bilateral contract

An agreement between two parties in which each side agrees to fulfill their side of the bargain.

Bill of lading

A legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried.

Board of Directors

A group of individuals elected to represent shareholders. They establish policies for corporate management and make decisions on major company issues.

Boilerplate

Standardized language or clauses used in legal documents and contracts that can be reused with little change.

Bottleneck

A point of congestion in a system that limits its overall capacity and slows down the entire process.

BPR (Business Process Reengineering)

A business management strategy that involves fundamentally rethinking and redesigning core business processes to achieve dramatic improvements in performance.

Brainstorming

A group creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members.

Breach of contract

A legal cause of action in which a binding agreement or bargained-for exchange is not honored by one or more of the parties.

Broker

An individual or firm that arranges transactions between a buyer and a seller for a commission when the deal is executed.

Budget

An estimation of revenue and expenses over a specified future period of time.

Bureaucracy

A system of management characterized by a hierarchical structure, formal rules, and impersonal procedures.

Business Continuity Plan (BCP)

A plan to help ensure that business processes can continue during a time of emergency or disaster.

Business enterprise

An organization that is engaged in commercial activities, usually with the goal of making a profit.

Business Ethics

The study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading, bribery, discrimination, and corporate social responsibility.

Business plan

A formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.

Bylaws

The internal rules and regulations that govern the operations and management of a corporation or organization.

Capacity planning

The process of determining the production capacity an organization will need to meet its changing demands for its products.

Capacity utilization

A measure of how much of a company's total production capacity is being used at a given time.

Centralization

The concentration of decision-making authority at the top levels of an organization's hierarchy.

Chain of Command

The formal line of authority and communication within an organization, which dictates who reports to whom.

Change Management

The systematic approach to dealing with the transition or transformation of an organization's goals, processes or technologies.

Client relations

The strategies and practices a company uses to manage interactions and build positive, long-term relationships with its clients.

Client service standards

Predefined benchmarks that outline the level of quality and professionalism clients can expect from a company.

Common law

A body of unwritten laws based on legal precedents established by the courts.

Compensation

The total cash and non-cash payments that you give to an employee in exchange for the work they do for your business.

Conferences

Large events where professionals from a specific field come together to share knowledge, discuss trends, and network.

Consent order

A legal agreement issued by a court where a party agrees to stop a certain activity without admitting guilt.

Contingency Planning

The process of preparing for potential future events or emergencies by creating backup plans and strategies.

Continuous improvement

An ongoing effort to improve products, services, or processes through incremental and breakthrough improvements.

Contract law

The body of law that relates to making and enforcing agreements.

Controlling

A key management function that involves monitoring performance, comparing it with goals, and taking corrective action as needed.

Corporate compliance program

A formal program within a company designed to prevent and detect violations of laws and regulations.

Corporate governance

The system of rules, practices, and processes by which a company is directed and controlled.

Corporate Social Responsibility (CSR)

A business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Corporation

A legal entity created by individuals, stockholders, or shareholders, with the purpose of operating for profit.

Cost-Benefit Analysis

A systematic process that businesses use to analyze which decisions to make and which to forgo.

Covenant not to sue

A legal agreement in which the party seeking damages agrees not to sue the party that it has cause against.

Customer appreciation

Programs and gestures designed to thank customers for their business and build loyalty.

Customer care

The process of looking after customers to ensure their satisfaction and encourage repeat business.

Customer communication

The exchange of information between a company and its customers through various channels.

Customer complaint resolution

The process of addressing and resolving customer issues in a way that restores their satisfaction.

Customer engagement strategies

Plans and actions aimed at fostering a deep, meaningful connection with customers to build long-term relationships.

Customer experience

The overall perception a customer has of a company based on all their interactions throughout the customer journey.

Customer interaction

Any communication or engagement between a company and its customers across various touchpoints.

Customer interaction management

The systems and strategies used to track and optimize all customer interactions across different channels.

Customer loyalty initiatives

Programs designed to reward customers for their continued business and encourage repeat purchases.

Customer onboarding

The process of welcoming new customers and guiding them through the initial steps of using a product or service.

Customer relationship building

The practice of creating and maintaining strong, positive relationships with customers through meaningful interactions.

Customer Service

The assistance and advice provided by a company to those people who buy or use its products or services.

Customer support training

Educating employees on best practices, tools, and techniques for providing effective and efficient customer support.

Customer-centric approach

A business strategy that prioritizes the customer's needs and experience in all decisions and actions.

Cycle time

The total time from the beginning to the end of your process, as defined by you and your customer.

Data Collection

The systematic process of gathering and measuring information on targeted variables.

Decentralization

The transfer of control of an activity or organization to several local offices or authorities rather than one single one.

Decision Matrix

A tool used to evaluate and compare multiple options against a set of criteria to facilitate a more objective decision.

Democratic Leadership

A leadership style where members of the group take a more participative role in the decision-making process.

Directing

The management function of leading, motivating, and guiding employees to achieve organizational goals.

Discovery (legal process)

The pre-trial phase in a lawsuit in which each party can obtain evidence from the opposing party through methods such as interrogatories, requests for production of documents, and depositions.

Doing Business As (DBA)

A legal term for a fictitious business name that a company uses to operate under, which is different from its registered, legal name.

Due diligence

An investigation, audit, or review performed to confirm facts or details of a matter under consideration.

Duty of care

A legal obligation imposed on an individual requiring that they adhere to a standard of reasonable care while performing any acts that could foreseeably harm others.

Employee assessment

The process of evaluating an employee's performance, skills, and potential to identify strengths and areas for improvement.

Employee assistance program (EAP)

A voluntary, work-based program that offers free and confidential assessments, short-term counseling, referrals, and follow-up services to employees who have personal and/or work-related problems.

Employee development

A process where the employee with the support of his/her employer undergoes various training programs to enhance his/her skills and acquire new knowledge and skills.

Employee engagement

The extent to which employees feel passionate about their jobs, are committed to the organization, and put discretionary effort into their work.

Employee exit survey

A questionnaire given to departing employees to gather feedback on their reasons for leaving and their overall experience with the company.

Employee mentoring

A professional relationship in which an experienced person (the mentor) assists another (the mentee) in developing specific skills and knowledge that will enhance the less-experienced person\u2019s professional and personal growth.

Employee orientation

The process of introducing new employees to their jobs, coworkers, and the organization.

Employee performance

How an employee fulfills their job duties and executes their required tasks.

Employee productivity

An assessment of the efficiency of a worker or group of workers.

Employee relations

The organizational function that deals with the relationship between an employer and its employees.

Employee retention

The ability of an organization to prevent employee turnover, or the number of people who leave their job in a certain period, either voluntarily or involuntarily.

Employee satisfaction

A measurement of how happy workers are with their job and working environment.

Employee turnover

The percentage of employees in a workforce that leave during a certain period of time.

Employee value proposition

The unique set of benefits an employee receives in return for the skills, capabilities, and experience they bring to a company.

Employee wellness programs

Initiatives an organization implements to improve the health and well-being of its employees.

Employer branding

The process of managing and influencing your reputation as an employer among job seekers, employees, and key stakeholders.

Employment law

A broad area of law that governs the employer-employee relationship.

Empowerment

Giving employees the authority, tools, and information they need to do their jobs with greater autonomy.

Equal Employment Opportunity (EEO)

The legal principle that all individuals should have an equal chance for employment, regardless of their race, color, religion, sex, age, disability, or national origin.

Equal Employment Opportunity Commission (EEOC)

A U.S. federal agency responsible for enforcing federal laws that make it illegal to discriminate against a job applicant or an employee.

Ethical practices

The application of moral principles and standards to business behavior.

Ethics

Moral principles that govern a person's behavior or the conducting of an activity.

Executed agreement

A legal contract that has been fully performed by all parties involved.

Exempt contract

An agreement that is not subject to certain legal requirements that normally apply to contracts.

Express contract

An agreement where all elements are specifically stated (oral or written).

Express warranty

A seller's promise or guarantee that a buyer relies on when they purchase an item.

Extended coverage

An insurance policy that provides additional protection for risks not included in a standard policy.

Facilitation

The art of leading meetings and workshops in a way that is collaborative, inclusive, and effective.

Fair use doctrine

A legal principle in U.S. copyright law that allows for the limited use of copyrighted material without permission from the copyright holder.

Fiduciary duty

The legal and ethical obligation to act in the best interest of another party.

Fiduciary relationship

A legal relationship of trust between two or more parties, where one party (the fiduciary) has a duty to act in the best interest of the other.

Firmographics

Descriptive attributes of firms that can be used to aggregate individual firms into meaningful market segments.

Flexible work arrangements

Alternative work schedules that differ from the traditional 9-to-5 workday, such as flextime, telecommuting, and compressed workweeks.

Force majeure

A contract clause that removes liability for catastrophic events, such as natural disasters or wars, that prevent parties from fulfilling their obligations.

Forecasting

The process of making predictions of the future based on past and present data.

Foreign corporation

A corporation that is incorporated in one jurisdiction but conducts business in another.

Foreign Corrupt Practices Act (FCPA)

A U.S. law that prohibits companies from bribing foreign government officials to obtain or retain business.

Formula selling

A sales approach that follows a structured and repetitive process or script for all customers.

Franchising

A business model where a business owner (franchisor) licenses their brand, operational methods, and support to an independent operator (franchisee) for a fee.

Functional strategies

Plans developed for specific functional areas within a business, such as marketing or operations, to support the overall corporate strategy.

Gantt Chart

A type of bar chart that illustrates a project schedule, showing the start and finish dates of the terminal elements and summary elements of a project.

General partnership

A business arrangement where two or more individuals agree to share in all assets, profits, and financial and legal liabilities of a business.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale.

Hiring freeze

A temporary pause on hiring new employees, often due to economic uncertainty or budget constraints.

Horizontal integration

A business strategy in which one company grows its operations at the same level in an industry.

HR audit

A comprehensive review of an organization's human resources policies, procedures, and practices to ensure compliance and identify areas for improvement.

HR compliance

The process of ensuring that a company's HR policies and procedures adhere to all applicable federal, state, and local laws.

HR generalist

An HR professional with a broad range of responsibilities, including recruitment, employee relations, benefits administration, and compliance.

HR policies

Formal rules and guidelines that a business puts in place to hire, train, assess, and reward its members.

HR strategy

A company's plan to manage its human capital to align with its business activities and objectives.

HRIS (Human Resource Information System)

A software solution that maintains, manages, and processes detailed employee information and human resources-related policies and procedures.

Human capital

The economic value of a worker's experience and skills.

Human Resource Development (HRD)

A framework for helping employees develop their personal and organizational skills, knowledge, and abilities.

Human Resources (HR)

The division of a business that is charged with finding, screening, recruiting, and training job applicants, as well as administering employee-benefit programs.

Implied contract

A legally-binding obligation that derives from actions, conduct, or circumstances of one or more parties in an agreement.

Implied warranty

An unwritten and unspoken guarantee to the buyer that the product being sold is merchantable and fit for its intended purpose.

Incentive compensation

Performance-based pay that rewards employees for achieving specific goals, such as bonuses or commissions.

Innovation

The process of creating new ideas, products, or methods that result in significant improvements.

Intellectual Property (IP)

A category of property that includes intangible creations of the human intellect, such as patents, copyrights, and trademarks.

Inventory management

The process of ordering, storing, using, and selling a company's inventory.

Job analysis

The process of gathering and analyzing information about the content and the human requirements of jobs, as well as the context in which jobs are performed.

Job description

A formal account of an employee's responsibilities.

Job enrichment

A management concept that involves redesigning jobs so that they are more challenging to the employee and have less repetitive work.

Job rotation

A management technique that assigns trainees to various jobs and departments over a period of a few years.

Job satisfaction

The level of contentment a person feels with their job.

Job specification

A statement of employee characteristics and qualifications required for satisfactory performance of defined duties and tasks.

Joint venture

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task.

Just-in-Time (JIT)

An inventory management method whereby materials, goods, and labor are scheduled to arrive or be replenished exactly when needed in the production process.

Kaizen

A Japanese business philosophy of continuous improvement of working practices, personal efficiency, etc.

Key Performance Indicator (KPI)

A measurable value that demonstrates how effectively a company is achieving key business objectives.

Knowledge management

The process of creating, sharing, using and managing the knowledge and information of an organization.

Knowledge sharing

The activity through which knowledge is exchanged among people, friends, families, communities, or organizations.

Labor relations

The relationship between the management of a company and its workforce, especially those who are members of a union.

Laissez-Faire Leadership

A leadership style in which leaders are hands-off and allow group members to make the decisions.

Lean manufacturing

A production methodology that focuses on minimizing waste within manufacturing systems while simultaneously maximizing productivity.

Learning and development (L&D)

Programs and activities aimed at improving employee skills and knowledge for better job performance.

Legal structure

The legal framework of a company that determines how it operates, its tax obligations, and the liability of its owners.

License

An official permit from an authority to own, use, or do something.

Licensing

The act of granting permission to another party to use intellectual property, such as a trademark or patent, in exchange for a fee.

Licensing agreement

A legal contract between two parties, known as the licensor and the licensee, where the licensor grants the licensee the right to use brand names, trademarks, patented technology, or the ability to produce and sell goods owned by the licensor.

Limited Liability Company (LLC)

A business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities.

Limited partnership

A form of partnership similar to a general partnership, except that it must have at least one general partner and at least one limited partner.

Limited warranty

A warranty with certain limitations on the coverage provided, often restricted by time, scope, or conditions.

Logistics

The overall process of managing how resources are acquired, stored, and transported to their final destination.

Magnuson-Moss Warranty Act

A U.S. federal law that governs warranties on consumer products, requiring them to be clear and easy to understand.

Maintenance management

The process of planning, coordinating, and controlling activities to ensure that equipment and facilities operate reliably and efficiently.

Management by Objectives (MBO)

A strategic management model that aims to improve the performance of an organization by clearly defining objectives that are agreed to by both management and employees.

Matrix Organization

A company structure in which the reporting relationships are set up as a grid, or matrix, rather than in the traditional hierarchy.

Merger

A corporate strategy of combining two or more companies into a single entity to enhance financial and operational strengths.

Metrics

Quantifiable measures used to track and assess the status of a specific business process.

Minutes

The official written record of a meeting or hearing.

Mission statement

A concise explanation of the organization's reason for existence.

National Federation of Independent Business

An advocacy group that represents the interests of small and independent businesses in the United States.

Negligence

Failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances.

Networking

The exchange of information and ideas among people with a common profession or special interest, usually in an informal social setting.

Non-compete agreement

A contract wherein an employee promises not to work for a competitor of the employer for a certain period of time after leaving the company.

Non-insurable risk

A risk that cannot be covered by insurance because its probability of occurrence is too unpredictable or its potential losses are too catastrophic.

Offshoring

The practice of basing some of a company's processes or services overseas, so as to take advantage of lower costs.

On-the-job training (OJT)

A hands-on method of teaching the skills, knowledge, and competencies needed for employees to perform a specific job within the workplace.

Onboarding

The process of integrating a new employee with a company and its culture, as well as getting a new hire the tools and information needed to become a productive member of the team.

Operational efficiency

A measure of how effectively a company uses its resources to produce goods or services with minimal waste.

Operational excellence

A business philosophy that emphasizes continuous improvement across all aspects of the organization to achieve a competitive advantage.

Operations

The set of business activities that a company engages in to produce goods and services.

Organizational chart

A diagram that visually conveys a company's internal structure by detailing the roles, responsibilities, and relationships between individuals within an organization.

Organizational culture

The collection of values, expectations, and practices that guide and inform the actions of all team members.

Organizing

The management function of arranging resources and tasks to achieve objectives.

OSHA (Occupational Safety and Health Administration)

A U.S. government agency that sets and enforces standards to ensure safe and healthful working conditions for employees.

Outsourcing

The business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company's own employees and staff.

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Patent

An exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem.

Performance management

A corporate management tool that helps managers monitor and evaluate employees' work.

Performance review

A formal assessment in which a manager evaluates an employee's work performance, identifies strengths and weaknesses, offers feedback, and sets goals for future performance.

Personal development

Activities aimed at improving one's skills, knowledge, and personal qualities for overall growth.

Personalized customer service

Tailoring services and interactions to meet the unique needs and preferences of each customer.

Planning

The management function of setting goals and determining the best course of action to achieve them.

Primary Data Collection

The gathering of new data that has not been collected before, directly from original sources.

Process improvement

The proactive task of identifying, analyzing, and improving upon existing business processes within an organization for optimization.

Procurement

The process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process.

Production planning

The process in manufacturing that ensures materials, equipment, and human resources are available when and where they are needed to produce a product.

Production scheduling

The process of arranging, controlling and optimizing work and workloads in a production process or manufacturing process.

Professional associations

Organizations that support individuals within a specific profession by providing resources, networking, and development opportunities.

Professional certifications

Credentials awarded to individuals who have demonstrated a certain level of expertise in a specific field.

Professional growth

The ongoing process of advancing one's career by acquiring new skills, knowledge, and responsibilities.

Professional growth plans

Individualized plans that outline an employee's career aspirations and the steps required to achieve them.

Professional skills

The competencies and abilities needed to perform effectively in a professional work environment, such as communication, problem-solving, and leadership.

Profit Margin

A ratio of a company's profit (sales minus all expenses) divided by its revenue.

Project Management

The practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time.

Proxy

A person authorized to act on behalf of another, especially in voting at a meeting.

Quality Assurance (QA)

A way of preventing mistakes or defects in manufactured products and avoiding problems when delivering products or services to customers.

Quality Control (QC)

A process by which entities review the quality of all factors involved in production.

Quorum

The minimum number of members of an assembly or society that must be present at any of its meetings to make the proceedings of that meeting valid.

Recruitment

The process of actively seeking out, finding, and hiring candidates for a specific position or job.

Recruitment Process Outsourcing (RPO)

A form of business process outsourcing where an employer transfers all or part of its recruitment processes to an external service provider.

Remote work policy

A set of guidelines and expectations for employees who work from a location other than the traditional office.

Reorganization

A significant change in a company's structure, operations, or ownership, often to improve efficiency or financial performance.

Request for Proposal (RFP)

A business document that announces a project, describes it, and solicits bids from qualified contractors to complete it.

Risk management

The process of identifying, assessing, and controlling threats to an organization's capital and earnings.

Robert's Rules of Order

A manual of parliamentary procedure that governs most organizations with boards of directors.

Robinson-Patman Act

A U.S. federal law that prohibits anticompetitive practices by producers, specifically price discrimination.

Sarbanes-Oxley Act (SOX)

A U.S. federal law that mandates certain practices in financial record keeping and reporting for public companies to protect investors from fraudulent financial reporting.

Scalar Chain

A principle of management that refers to a clear, unbroken line of authority and communication from the top to the bottom of an organization.

Secondary Data Collection

The use of data that was collected by someone else for a purpose different from the researcher's.

Securities laws

Regulations designed to protect investors and ensure the integrity of the securities markets.

Seminars

Educational events where experts present on specific topics to a group of participants.

Service Level Agreements (SLAs)

Contracts that define the level of service a client can expect from a provider, setting clear metrics for performance.

Services

Intangible economic activities offered by one party to another, often performed in exchange for money.

Sherman Antitrust Act

A landmark U.S. law passed in 1890 that outlawed monopolistic business practices.

Six Sigma

A set of techniques and tools for process improvement, seeking to improve the quality of the output of a process by identifying and removing the causes of defects and minimizing variability.

Skill enhancement

Activities and training aimed at improving an employee's existing skills and competencies.

Soft skills training

Training programs that focus on developing interpersonal skills such as communication, teamwork, and leadership.

Sole proprietorship

The simplest and most common structure chosen to start a business, where a single individual owns and operates the enterprise.

Span of Control

The number of subordinates a supervisor has.

Staffing

The managerial function of recruitment, selection, training, development, promotion, and compensation of personnel.

Stakeholder

Any person, organization, social group, or society at large that has an interest in a business.

Strategic Alliance

An agreement between two or more parties to pursue a set of agreed upon objectives needed while remaining independent organizations.

Strategic Planning

The process of defining a company's direction and making decisions on allocating its resources to pursue this strategy.

Succession planning

A process for identifying and developing new leaders who can replace old leaders when they leave, retire, or die.

Supply chain management

The management of the flow of goods and services, which includes all processes that transform raw materials into final products.

SWOT Analysis

A strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.

Talent acquisition

The ongoing process of finding, attracting, and hiring skilled individuals to meet a company's current and future needs.

Talent management

The attraction, selection, and retention of employees, which involves a combination of HR processes across the employee life cycle.

Technical skills training

Training focused on developing specific job-related technical abilities, such as programming or equipment operation.

The Better Business Bureau (BBB)

A private, nonprofit organization that provides ratings and accreditation for businesses to help consumers make informed decisions.

The Clayton Act

A U.S. antitrust law enacted in 1914 that strengthens rules against anti-competitive practices like price discrimination and monopolistic mergers.

Theory of Constraints

A management paradigm that views any manageable system as being limited in achieving more of its goals by a very small number of constraints.

Throughput

The rate at which a system produces its products or services per unit of time.

Total Quality Management (TQM)

A management framework based on the belief that an organization can build long-term success by having all its members focus on quality improvement and customer satisfaction.

Training and development

A function of human resource management concerned with organizational activity aimed at bettering the performance of individuals and groups in organizational settings.

Transactional Leadership

A leadership style where leaders promote compliance by followers through both rewards and punishments.

Transformational Leadership

A leadership style in which leaders encourage, inspire and motivate employees to innovate and create change that will help grow and shape the future success of the company.

Tying agreement

An agreement in which a seller conditions the sale of one product (the tying product) on the buyer's agreement to purchase a separate product (the tied product) from the seller.

Unilateral Contract

A contract where one party, the offeror, makes an offer which is open and available to anyone who performs the required action.

Value Chain Analysis

A strategic tool used to analyze internal firm activities to identify which activities are the most valuable and which could be improved to provide a competitive advantage.

Vertical integration

A strategy whereby a company owns or controls its suppliers, distributors, or retail locations to control its value chain.

Vision statement

A company's road map, indicating what the company wants to become by setting a defined direction for the company's growth.

Whistleblowing

The act of an employee exposing an employer's wrongdoing to outsiders, such as the media or government regulatory agencies.

Work-life balance

The state of equilibrium where a person equally prioritizes the demands of their career and the demands of their personal life.

Workflow automation

The design, execution, and automation of processes based on workflow rules, where human tasks, data, or files are routed between people or systems based on pre-defined business rules.

Workforce diversity

A workforce that's made up of people with different ages, cultural backgrounds, geographies, physical abilities and disabilities, religions, genders, and sexual orientations.

Workforce planning

The process of analyzing, forecasting, and planning workforce supply and demand, assessing gaps, and determining target talent management interventions.

Workplace harassment

Unwelcome conduct that is based on race, color, religion, sex, national origin, age, disability, or genetic information.

Workplace training

The process of developing skills, knowledge, and abilities in employees to improve their job performance.

Workplace wellness

Any workplace health promotion activity or organizational policy designed to support healthy behavior in the workplace and to improve health outcomes.

Workshops

Interactive training sessions designed to teach specific skills or knowledge in a practical way.

Zoning law

Local government regulations that dictate how real property can and cannot be used in certain areas.

Other clusters

• Finance341 entries
• Hospitality and Tourism149 entries
• Entrepreneurship137 entries
• Marketing127 entries
• General93 entries