We’ve put together a list of terms we find helpful together with accompanying links to help you as you go through your business improvement process.
Previous balance on an account which is carried forward over to the next billing period.
A quantity or consignment of goods produced at one time or to arrange things in sets or groups.
Term used in bids to indicate that no further negotiation on the amount or terms is possible. BAFO is issued often in response to the request a customer sends to the contractors or suppliers whose bids are within a close range of one another.
A cost recovery system in which the client or payer is charged a percentage of the total cost of equipment, services and venues of which they have already used.
The indirect costs that are associated with either employees or the inventory of the company.
An incentive in the form of a percentage or fixed amount discount offered by a seller to a buyer for paying an invoice ahead of the scheduled due date.
You can report the total costs of a project by reporting the committed costs along with the actual costs. Committed costs are the outstanding requisitions and purchase orders charged to a project , which are not yet invoiced.
A account used to record the balances of a number of subsidiary accounts and to provide a cross – check on them.
A project or department for which costs are accumulated or measured.
A measure of the financial effectiveness and efficiency of a project. It divides the budgeted cost of work completed ,or earned value , by the actual cost of the work performed.
A method of establishing a selling price in which an agreed percentage is added to the cost price to cover profit.
Document issued by the seller of goods or services to the buyer, reducing the amount that the buyer owes to the seller under the terms of an earlier invoice.
A note a financial institution sends a client, informing the customer about an incremental change in account balances. Generally good news.
The responsiveness of demand for good X following a change in the price of a related good Y.
A method in which a constant rate of depreciation is applied to an assets declining book value each year.
Declining balance method =( Net Book Value-Residual Value)*Rate of Depreciation(in *)
An accelerated depreciation method that records large depreciation expenses during the earlier years of an asset’s useful life, and smaller ones in later years.
Artificial general intelligence. The intelligence of a machine that could successfully perform any intellectual task that a human being can.
A blanket purchase order is a contractual arrangement between a buyer and a supplier, for the supplier to deliver goods and services to the buyer, at a pre- set price, for a period of time.
Earmarking or setting aside of funds in response to a purchase requisition.
The manufacturing cost of a product relative to the cost of raw materials.
Tabulation of the quantity of a good that all consumers in a market will purchase at a given price.
A deposit of money by a payer directly into a payee’s bank account.
The process of methodically communicating with customers to ensure the collection of accounts receivable. Communications progress from gentle reminders to more demanding and firmer collection options.
A flex budget itemizes different expense levels depending upon changes in the amount of actual revenue.
Return of a portion of a purchase price by a seller to a buyer after the payment of the full invoice amount.
A fee paid in advance to someone to secure their services for use when required.
Payment for a service or product that is withheld pending the completion of some specified condition.
An amount that an employer withholds from employee’s wages and pays directly to the government.
The annual depreciation expense equals the cost of the asset minus the salvage value, divided by the useful life (number of years).
Calculate double declining balance depreciation rate and expense amount for an asset for a given year based on it’s acquisition cost, salvage value and expected useful life.
Expenses are recorded in the same period as the revenue that is earned as a result of those expenses. So when a company purchases an expensive asset that will be used for many years, it does not deduct the entire purchase price as a business expense in the year of purchase but instead deducts the price over several years.
Divide 100% by the number of years in the asset’s useful life, this is your straight -line depreciation rate. then multiply that number by 2 and that is your Double Declining Depreciation rate.
A collection letter sent to defaulting debtor demanding payment by the creditor.
The forecasted cost of a project as the project progresses.
Exponential Smoothing is used to forecast the business volume for taking appropriate decisions. This is a way of ‘Smoothing’ out the data by eliminating much of random effects.
Any fee representing the cost of credit, or the cost of borrowing.
First sun finance is a loan company will several branches across the US.
The difference between the actual or real value of a product and the predicted or forecast value.
The main currency used by a business or unit of business. The currency of the primary economic environment in which the company operates.
Tax authorities have jurisdiction over sales tax in a specific area. The address’s geographic area determines the tax jurisdiction and as a result the tax to be paid and the authority it is payable to.
Global Location Number can be used by companies to identify their locations, giving them complete flexibility to identify any type or level of location required
A grading scheme is a set of criteria that measures varying levels of achievement in a course. Account-level grading schemes are grading schemes that can be defined at the account or sub-account level for the entire institution.
A way to calculate depreciation for tax purposes. A fixed asset is assumed to have been in service for one-half of it’s first year,irrespective of the actual purchase date. The remaining half year of depreciation is deducted from earnings in the final year of depreciation.
The depreciation expense charged during the current period is added to the accumulated depreciation at the beginning of the period while deducting the depreciation expense for a disposed asset.
To find the mean absolute deviation of the data, start by finding the mean of the data set. Find the sum of the data values, and divide the sum by the number of the data values. Find the absolute value of the difference between each data value and the mean. Find the sum of the absolute values of the difference.
The bank should be directed to put a stop payment on the check.
An account that receives all the temporary accounts of a business upon closing them at the end of every accounting period.
The system for collecting information and producing statistics on the trade in goods between countries of the European Union.
The formal recognition of a company’s inventory that no longer has value.
Job levels are catagories of authority in an organization. Each level is typically associated with a sale ray range and a series of job titles.
The total price of a product or shipment once it has arrived at a buyer’s doorstep.
The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the US. The capital cost of tangible property is recovered over a specified life by annual deductions for depreciation .
Mean Absolute Deviation is the average of the absolute value, or the difference between actual values and their average value, and is used for the calculation of demand variability.
The workflow associated with the picking, packing and delivery of the packed items to a shipping carrier.
Outbound cash flow is any money a company or individual must pay out when conducting a transaction with another party.
To settle (a debt, obligation,etc.), as by transferring money or goods. To give over (a certain amount of money) in exchange for something.
A document sent by a customer to the supplier of a product or a service informing the supplier of the payment of their invoice or bill.
A test transaction that gets sent to the bank to make sure that the provided employee account information is valid before setting up a direct deposit transfer to pay the employee.
The proportion or percentage a part-time employee would receive if he worked full-time.
A type of business transaction that is repeated frequently, often at fixed intervals. For example monthly rent.
Inventory replenishment is an operation that consists in making the stock full again in order to avoid stock -out.
An additional quantity of an item held in inventory in order to reduce the risk that the item will be out of stock.
An accelerated method for calculating an asset’s depreciation.
The remaining useful life of the asset is divided on a particular date by the sum of the year’s digits.
The method used to accelerate the recognition of depreciation. Most of the depreciation is recognized in the first few years of iuse
An account in the books of an organization in which items are entered temporarily before allocation to the correct or final account.
The difference between a company’s sales and variable expenses, expressed as a percentage.
A transaction that has occurred but has not been consummated by a payment.
The proportion of the available time ( expressed usually as a percentage ) that a piece of equipment or a system is operating. Formula : Operating hours x 100 / available hours.
A check that has been cancelled and therefore rendered null and void.
Retroactive pay is compensation you owe an employee for work performed during a previous pay period when you have paid them less than you should.
The burden rate is the allocation rate at which indirect costs are applied to the direct costs of either labor or inventory.
The period for which books are balanced and the financial statements are prepared.
A commercial document issued by a buyer to a seller as a means of formally requesting a credit note.
A check written by the drawer for a date in the future.
Someone who is appointed by a court of law to manage the affairs of a business, usually when it is facing financial failure.
Employees time off with pay for vacations, holidays and sick day.
A claim against a property by a party that is not the owner.
The provision of capital for a company or the conversion of income or assets into capital.
Economic order quantity is the order quantity that minimizes the total holding costs and ordering costs.
Evaluated Receipt Settlement ( ERS) is a procedure for the automatic settlement of goods receipts.
The employees and temporary help who work directly on a manufacturer’s products.
Commission received by a sales manager on the sales made by sales persons working under him or her.
A unique identifier assigned to any financial transaction.
A letter sent by a customer to a supplier to inform the supplier that their invoice has been paid.
Retroactive or back pay is income owed to an employee from a previous pay period. This can be for a number reasons i.e. Incorrect salary compensation or a pay increase.
A situation that involves a sale of goods, where three different member states in the EU are invoved and where there are two sales transactions but one transport transaction.
An asset account with credit balance. This means that it appears on the balance sheet as a reduction from the gross amount of fixed assets reported.
A lump sum contract (or stipulated sum contract) is the traditional means of procuring construction, and still the most common form of construction contract. Under a lump sum contract, a single ‘lump sum’ price for all the works is agreed before the works begin.
An ndash is a punctuation mark. A dash that is the width of a capital N. It can be used to range a span of numbers, report results or scores, represent conflict, connection, or direction or for compound adjectives.
An ndash is a dash that is the width of a capital N . HTML is the standard markup language for creating web pages and web applications.
1. Communication Skills. 2. Commercial Awareness. 3. Teamwork. 4. Leadership. 5. Resilience. 6. Confidence. 7. Organisation. 8. Influencing Skills. 9. Problem Solving Skills. 10. Positivity.
Are you a gatekeeper who monitors and assesses ideas before you let them pass through to the next stage of development … or are you the key master, the one who holds all the keys and tells people “get this into production and sell it” ?
Most employees are allowed a certain number of sick or personal days, but beyond that amount, excessive absences may require intervention by the boss. If allowed to continue unchecked, an employee’s poor attendance issues can affect other areas of the business.
Both /and is a type of logic used in decision making that allows for a greater variety and scope of outcomes than a rigid either/or decision making process. This approach is useful when comparing two or more possible tracks or outcomes in a real world setting.
A business requirements document template, sometimes called a BRD, is an important document relating to a business project. It details the business solution for a project including the documentation of customer needs and expectations. When a business or organisation relies on a template, it makes it far easier to define the project, its features and the anticipated outcome of the project or product in question.
The Buy Side refers to firms that purchase securities, and includes investment managers, pension funds and hedge funds. The Sell Side refers to firms that issue, sell or trade securities, and includes investment banks, advisory firms and corporations. Sell Side firms have far more opportunities for aspiring analysts than Buy Side firms usually have, largely due to the sales nature of their business.
Cobblestone Management assist financial intitutions in their risk management practices with high quality, market-leading products and services.
The Concord Review : A Quarterly Review of Essays by Students of History is an academic journal dedicated to publishing the research papers of high school students.
Cross docking is a logistics procedure where products from a supplier or manufacturing plant are distributed directly to a customer or retail chain with marginal to no handling or storage time . When the outbound transportation has been loaded, the products can then make their way to customers.
The cross elasticity of demand is an economic concept that measures the responsiveness in the quantity demanded of one good when the price for another good changes. This measurement is calculated by taking the percentage change in the quantity demanded of one good and dividing it by the percentage change in the price of the other good.
The cross elascity of demand is the proportional change in the quantity of Y to a given proportionate change in the price of the related commodity X
Delivered at frontier. Terms of sale signifying that the seller fulfills its obligations by delivering the goods at a specified point on the international border of the buyer’s country.
Time taken off work by an employee, split into authorised absence and unauthorised absence.
Certification is a formal procedure by which an accredited or authorized person or agency assesses and verifies (and attests in writing by issuing a certificate) the attributes, characteristics, quality. qualification, or status of individuals or organizations, goods or services, procedures or processes, or events or situations, in accordance with established requirements or standards.
Cobblestone Software is a leading orovider of Enterprise Contract Management Software and eProcurement solitions for thousands of users.
A special feature on a computer, piece of software etc: that enables you to do something.
Monitoring a job, enquiry, sale, etc to get feedback on the schedule, requirements, effectiveness, or other such factors.
A charge paid for carriage or transportation of goods by air, land or sea.
A locked door standing between you and the person you need to speak with. If youdo
Held means kept in custody, possession, or storage, usually to satisfy a condition or requirement.
Hold is temporary unavailability of specific sums in a bank account to the accountholder. A hold may be placed on uncleared checks, or on funds that are pledged, for example, as collateral.
In computer science, a mask or bitmask is data that is used for bitwise operations, particularly in a bit field. Using a mask, multiple bits in a byte, nibble, word etc can be set either on, off or inverted from on to off ( or vice versa ) in a single bitwise operation.
A milestone is a specific point in time within a project lifecycle used to measure the progress of a project toward its ultimate goal
In the law of contracts, the mirror image rule, also referred to as an unequivocal and absolute acceptance requirement, states that an offer must be accepted exactly with no modifications. The offerer is the master of one’s own offer.
A person who is not an expert or specialist in a particular subject.
In quality management, a nonconformity (also known as a defect)is a deviation from a specification, a standard, or an expectation. Nonconformaties are classified as either critical, major or minor.
Optimus is an exclusive service platform developed and delivered by Togglenow to help businesses and organisations achieve and maintain full optimisation of their SAP environment.
The body of people employed in an organization or place of work.
A position is the amount of a security, commodity or currency which is owned by an individual, dealer, institution, or other fiscal entity.
Remaining is an event that usually occurs when a company is insolvent, meaning it cannot pay it’s obligations when they are due. As company operations end, the remaining assets are used to pay creditors and shareholders, based on the priority of their claims.
A requisition, in procurement, is a request for goods or services made by an employees to the person or department in a company that is responsible for purchasing. In this context, a requisition is also known as a purchase requisition.
Scope creep in project management refers to changes, continuous or uncontrolled growth in a project’s scope, at any point after the project begins. This can occur when the project is not properly defined, documented, or controlled. It is generally considered harmful.
Substitute goods are goods which, as a result of changed conditions, may replace each other in use ( or consumption ). A substitute good, in contrast to a complementary good, is a good with a positive cross elasticity of demand. Conversely, the demand for a good is decreased when the price of another good is decreased.
A supplier is a party that provides goods or services. A supplier may be distinguished from a contractor or subcontractor, who commonly adds specialised input to deliverables . Also called vendor.
When an item is out of stock or discontinued it is described as unavailable.
A vendor is a person or business that supplies goods and services to a company. Another term for vendor is supplier. In many situations a company presents the vendor with a purchase order stating the goods or services, the price, delivery date, and other terms.
A software library is a suite of data and programming code that is used to develop software programs and applications. It is designed to assist both the programmer and the programming language compiler in building and executing software
The word ‘deliverables is a project management term describing the quantifiable goods or services that must be provided upon the completion of a project. Deliverables can be tangible or intangible in nature.
The private sector is usually composed of organisations that are privately owned and not part of the government. These usually include corporations ( both profit and non-profit ) and partnerships. The public sector is usually composed of organisations that are owned and operated by the government.
The main difference between these two is that digital signature is mainly used to secure documents and is authorised by certification authorities while electronic signature is often associated with a contract where the signer has got the intention to do so.
The manager is responsible for overseeing and leading the work of a group of people in many circumstances.
Business managers are responsible for overseeing and supervising a company’s activities and employees. Small businesses rely on the business manager to keep workers aligned with the goals of the company. Business managers report to top executives in a larger organisation, but in a small company, the manager might either own the company or report directly to the owner.
E-signatures should not include: 1. Unnecessary contact details. 2. Custom fonts. 3. Bullet points. 4. Animated gifs. 5. Videos. 6. Quotes. 7 Personal information. 8. Multiple colour fonts. 9. An image as your email signature. 10. Links to unused accounts or old posts.
The price elasticity of demand measures the sensitivity of the quantity demanded to changes in the price. Demand is inelastic if it does not respond much to price changes, and elastic if demand changes a lot when the price changes. Demand is elastic when there are close substitutes.
The person responsible for keeping a decision-maker from being bothered by what she or he considers to be irrelevant and bothersome visitors and callers.
A junior officer ( such as a secretary ) who has the authority or ability to control access to a decision maker or to certain information.
Gatekeeping is the process through which information is filtered for dissemination, whether for publication, broadcasting, the internet, or some other mode of communication.
A way of dealing with a difficult situation that can help countries or companies in every part of the world. / A professional collection agency specialising in the collection of commercial accounts nationwide and international.
Business intelligence is the use of computing technologies, applications and practices for the collection, integration, analysis, and presentation of business information.
The International Association for Contract and Commercial Management enables public and private sector organisations and professionals to achieve world-class standards in their contracting and relationship management process and skills.
InsightExpress is an industry leading marketing research and data analytics provider, specialising in the measurement of brand communications.
This is a graphical representation of the common sense principle that the more one does something the better one gets at it. Learning Curve shows the rate of improvement in performing a task as a function of time or the rate of change in average cost ( in hours or pounds) as a function of cumulative output.
To control something, such as a project, team of people or idea. To complete a goal or project.
Entrusted with a leadership role, a manager is responsible for overseeing a department or a group of employees within a specific organisation or company. Managers are utilised in every sector, and the business model relies on their leadership and ability to operationalise the management structure.
The manager is responsible for overseeing and leading the work of a group of people in many instances. The manager is also responsible for planning and maintaining work systems, procedures, and policies that enable and encourage the optimum performance of its people and other resources within a business unit.
Ming Labs work across digital strategy, internal enablement and work-class UX production to create digital products that change mindsets and behaviours.
In the law of contracts, the mirror image rule, also referred to as an unequivocal and absolute requirement, states that an offer must be accepted exactly with no modifications. The offeror is the master of one’s own offer.
Optical Character Recognition is a technology that recognizes text within a digital image. It is commonly used
Optimus Consulting are at the forefront of developing innovative data and analytics software platforms. They have proven proprietary and scalable software for data modeling, scientific testing, and audience targeting.
Optimus Solutions offers unique and innovative management solution to small and medium sized business.
The own-price elasticity of demand is often simply called the price elasticity. For example, if the price of a good increases by 5 percent and the quantity demanded decreases by 5 percent, then the elasticity at the initial price and quantity is -5%/5%=_1 .
Pegging in commodities trading : Control by commodity exchanges of price fluctuations by tying the daily trading limits to the previous trading day’s settlement( close ) price. In currency trading : Control of exchange rate fluctuations by a government through (1) tying a currency’s value to the value of a stronger currency, (2) buying and selling own currency to increase or decrease its demand, (3) securities trading : manipulation of a new issue’s market price by its underwriter through large purchases on the stockmarket. Siimilar manipulation of already issued securities is illegal.
A business playbook contains all the pieces and parts that make up your company’s go-to approach for getting things done. This includes ” process workflows, standard operating p
Excellent customer service means making each and every aspect of the customer’s experience an absolutely positive one. Good customer service means meeting expectations-but excellent customer service means exceeding them.
A prefix is an affix which is placed before the stem of a word. Adding it to the beginning of one word changes it into another word.
Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price.
Private practise is the practise of one’s profession as an independent rather than as an employee.
Professional Advantage is a leading global developer for additional modules to Infor SunSystems, as well as being the top Infor Partner for Asia Pacific.
To implement a project means to carry out activities proposed in the application form with the aim to achieve project objectives and deliver results and outputs. It’s success depends on many internal and external factors. Some of the most important ones are a very well organised project team and effective monitoring of project progress and related expenditures.
Observations made under identical conditions / Duplication or reproduction of a test result at another location or time.
A product requirements template (PRD) is a document containing all the requirements to a certain product. It is written to allow people to understand what a product should do. PRDs are most frequently written for software products, but can be used for any type of product and also for services.
A requisition, in procurement, is a request for goods and services made by an employee to the person or department in a company that is responsible for purchasing …. in this context, a requisition is also known as a purchase requisition.
The meaning of a term in a legal document as explicitly stated in that document, otherwise it’s statutory meaning ( if it exists ) or the customary meaning in the circumstances.
To save a single search, either select it and click the Save button, or click the More button and then select the Save option. To save one or more selected searches, select the searches and then click the Save button. To save the search history, click the Save All button.
Scope creep in project management refers to changes, continuous or uncontrolled growth in a project’s scope, at any point after the project begins. This can occur when the scope of a project is not properly defined, documented or controlled.
A search and status report is generally asked for by the bank or financial institution while granting loans or working capital facility to a company. It acts as a progress report on the legal aspects and also shows the exact position on loans and borrowing of the company.
A business segment is a part of a company that can be identified by the products it provides or by the services or geographical locations it operates in. In other words, it is a single part of a business that can be distinctly separated from the company as a whole based on its customers, products, or market places.
Segmented Bar Charts are one of the most popular charts used in Statistics. They are a type of stacked bar chart. Stacked Bar Graphs segment their bars of multiple datasets on top of each other. They are used to show how a larger category is divided into smaller categories and what the relationship of each part has on the total amount.
A signature block (often abbreviated as signature, sig block, sig file, sig, dot sig, siggy or just sig) is a block of text automatically appended at the bottom of an email message, Usenet article, or forum post. An email signature is a block of text appended to the end of an email message often containing the sender’s name, address, phone number, disclaimer or other contact information.