Key terms of management

Key Terms | Human Resources

The domain is the focus of the performance management effort.It works on the principles of the Theory of Constraints and is basically applied to manufacturing.This WhatIs.com glossary contains terms related to data, including definitions about data warehousing and words and phrases about data management.

It is a top down approach where with each descending level, an increasingly detailed definition of the project components can be accessed.An excellent example is an automated warehouse or a mail-order catalog business.For example, operations must work with marketing to understand the exact wants of a particular group of customers.

Closure — involves all the processes required to terminate project activities and transfer the products and services created by the project to operations.It is used to describe the maturity of the capabilities of business processes over the 5 distinct levels initial, repeatable, defined, managed and optimizing.Reserve: a portion of the project budget reserved by the project manager and sponsor to mitigate project risks.Business management encompasses all the aspects of running a business including business ethics, business law,.

It is for this reason that OM is a function companies go to in order to improve performance and the financial bottom line.Key Terms (See related pages) Agreed-upon procedures engagement:.The official customer for the project evaluates and signs off on each deliverable.It can then design the exact products customers want and create the production processes to efficiently produce these products.Project Management: the discipline of organizing and managing resources (e.g., people, money, materials, and equipment) in such a way that the project meets.

Key Terms - McGraw Hill Education

Ensuring that OM fits in with the other organizational functions is necessary but not sufficient.It is also a representation of how well the budget (finances, talent and other resources) are being utilized to aid the completion of the project.Information Services and Technology Administrative IT Solutions.Addition of features to a project under development can also trigger changes to the existing foundation of work.

A mega project in general costs more than a billion USD and has profound impact on people, environment or the economy.Recall that each business function manages unique aspects of the business, and they all must work together.

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Sponsor: the person who has ultimate authority over the project.The sponsor defines the priority of each of these constraints in a project.Try simple, yet powerful project management software from Workzone.Title: KEY TERMS – CHAPTER 3 Author: image Last modified by: image Created Date: 10/10/2006 6:26:00 PM Company: Pearson Technology Other titles: KEY TERMS – CHAPTER 3.Risk Assessment: the determination of quantitative or qualitative value of risk related to a specified situation and an identified threat to the project.

The higher levels of a WBS describe deliverables and planned outcomes, and the lowest level of the WBS describe the tasks required to complete the deliverables and outcomes.Definitive Guide to Manufacturing and Service Operations, The: Master the Strategies and Tactics for Planning, Organizing, and Managing How Products and Services Are Produced.It is difficult to tell whether these companies are actually manufacturing or service organizations.Most manufacturers provide services as part of their business, and many service firms manufacture physical goods they use during service delivery.At an airline it involves transporting passengers and their luggage from one location to another.The reason is that each company depends on other members of its supply chain to be able to deliver the right products to its customers in a timely and cost-effective manner.Also, if the operations function of other members of the supply chain is not managed properly, excess costs will result, which will be passed down to other members of the supply chain in the form of higher prices.

Key Terms in an Introduction to Business | Chron.com