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Professional Practice

Professional Practice-QProfessional Practice-A
Activity Based Budgeting (ABB) It means presenting a budget in terms of the anticipated cost of a particular activity or program, rather than the traditional budget which lumps costs under factors such as compensation, travel, and training.
Affinity Diagram Sometimes referred to mind-mapping, it allows for the organization of ideas into related groupings or issues.
Balanced Scorecard They are an overarching strategy for measuring organizational performance in a more comprehensive manner than using traditional financial results. They measure aspects in three crucial areas: the customer, learning and growth and internal processes.
Book value It is the value of an asset on the company’s books after depreciation has been deducted
Breakeven It is the point where the revenues that are being generated are equal to the fixed and variable costs associated with those revenues
Canada Labour Code It governs organizations in the federal jurisdictions such as: banks, grain elevators, flour mills, highway transport, pipelines radio and television broadcasting and cable systems, railways, shipping and shipping services; telephone/telegraph systems.
Capability Maturity Model It identifies five levels of process maturity for an organization initial (chaotic, ad hoc) repeatable (project manageable, disciplined) defined (institutionalized), managed and optimizing (ongoing organic improvement)
Cash Budgeting It is a detailed estimate of cash inflows and outflows incorporating revenue, expenses and capital
Cash Flow Statement It is a statement of the changes in the organization’s financial position in cash terms
Cause and Effect Diagram (Fishbone Diagram) It illustrates the problem on the right side, with a list of potential causes and related issues on the left, using arrows organized in a pattern to pictorially represent the causes; 1 of 4 types: machinery, methods, materials, people.
Common Law These “judge made” laws apply in almost all aspects of the employment relationship. The HR professional, therefore, has to be aware of the legal precedents that have been established through court challenges on issues.from “negligent misreprese
Concurrent validity It ensures that the employees currently performing well on the job have assessment results that concur with the applicant’s test results.
Content Validity it will ensure that the assessment method or test accurately assesses the skills and knowledge it sets out to assess (i.e. a typing test actually assess the speed and accuracy of the typist)
Contract Law Requires that there must be an offer, an acceptance and consideration for it to be in effect
Control Test It examines the employer’s authority to select and hire, ability to determine means of payment, control and direction of the work and right to discipline
Correlation It is the strength of relationship between two variables, indicating both size and direction of the relationship
Cost of capital It is the cost of funds that an organization raises and uses, and the return that investors expect to be paid for putting funds into it. It is the minimum return that an organization should make on its own investments.
Criterion related validity It measures the accuracy of an assessment to predict or correlate with job performance.
Critical Path Analysis It is a process used to flesh out the network of activities, activity durations and elapsed time required for a project.
Depreciation It the charge that is applied to capital or fixed assets on the balance sheet and represents the reduction in value of those assets over their useful working life. Also referred to as amortization
EBITDA It is a term that is frequently used in assessing an organization’s financial health and is an acronym for earnings before interest, taxes, depreciation and amortization. It represents the money, in cash, made by an organization from its operations
Economic Value Added The after-tax cash generated by a business minus the cost of the capital it has deployed to generate that cash.
Employment Equity It aims to ensure that “target/protected groups”, women, aboriginal peoples, visible minorities and persons with disabilities are represented in the workplace to the same degree that they are represented in the qualified workforce.
Equal Pay for Equal Work It ensures that women doing the same jobs as their male counterparts receive equitable remuneration for their work
Equal Pay for Work of Equal Value It ensures that women performing in female dominated occupations receive equitable remuneration to their male counterparts performing in male dominated occupations of equal value as defined by: skills, effort, responsibility, and working condition.
Force Field Analysis It is a process for listing “restraining forces” and “driving forces” affecting a change or change situation
Four Fold Test lt is most commonly used by courts to determine the status of the employment relationships. It examines:. control as defined by the “control test”, ownership of tools, chance of profit and risk of loss and integration as defined by the “organization test”
Gantt Charts It is another form of activity diagram where the activities are charted in a spreadsheet format on the left side and calendar dates are spread across the top
Histograms They are a way of presenting data (usually historical performance information) in a bar chart format
Leverage It is a financial term that relates to an organization’s use of debt to improve the return to shareholders
Liquidity Ratios (Current Ratio and Acid Test) They show the ratio of current assets to current liabilities and are an indication of whether the organization can meet its financial commitments in the short term
Median The mid point of the scores, where half of the distribution is greater than and half is less that the located data point.
Mean The average of the data points or values
Mode The data point that occurs most often
Net Present Value The value today of a series of payments in the future using an agreed interest rate to discount those future payments. A way of showing how future payments have less value than payments received in the present. Often referred to as the time value of money
Nominal Group Technique A teambased, problesolving process that enhances participation and improves the quality of analysis and decision-making.
Normal Distribution An extremely important probability distribution in many fields. The standard normal distribution has a mean of zero, the mean and the median being the same and a standard deviation of one. Often called a bell curve.
Organization Test Also known as “integration test”, it looks at whether an individual’s duties are vital to the survival of the organization and if the individual is economically dependent on one establishment
Opportunity Cost The lost earnings (in other words the cost) that might have been achieved by making a different investment or expenditure.
Personal Information Protection and Electronic Documents Act (PIPEDA) Governs the collection, usage, storage and disposal of “personal information": gender, age, ethnic origin, relation,race, social insurance number, home phone number and address, financial and credit information, health information, evaluations & opinions.
Professional Practice Assessment The second exam in the CHRP process, testing “tacit knowledge”
Protected groups It is illegal in most jurisdictions in Canada to discriminate against members of this group in employment advertisement, recruitment, selection, deployment and treatment
Range It is the difference between the highest and lowest data points or values
Regression It is the mathematical equation for the straight line that best fits the data points in a scatter diagram (illustrating a correlation between two variables)
Reliability It is a measure of stability or dependabilit9 over repeated applications of a measurement procedure; the degree to which observed scores are free from random measurement errors
Retained Earnings The difference between assets and liabilities and are the sum of all of the profits (that were not paid out to shareholders) the organization has made since its inception
Scatter Diagrams It shows the relationship between two variables plotted against an x & y axis; where the vertical(y)axis is the dependent variable or “effect” and the horizontal(x)axis is the independent variable or “cause”. Used to show if there is correlation of the 2.
Shareholder Equity It represents the total of retained earning plus the original investment made by the shareholders to start the organization
Standard Deviation It measures the square root of the variation of the distribution of data points around the mean
Standard error of measurement It shows how a person’s spore would vary, on average, over repeated observations that were made under identical conditions
Transaction Accounting It can be done on an accrual basis where expenses and revenues are recognized in the period when they occur and not when the actual cash flows in or outor a cash basis, where revenues and expenses are recognized when the cash flows in or out.
Utility Analysis Analytical/decisionmaking technique used to assess the usefulness/success of an initiative, program or strategy. A quantitative method that estimates the $ value of benefits generated by an intervention based on the improvement in productivity/performance
Validity it is a measure of the legitimacy, correctness, or accuracy of the inferences that are drawn from a set of measurements
Variance It is the average difference between any one data point and the mean of all the data points. it indicates how values are spread around the “expected value” which is usually the mean.
Working Capital It is calculated as current assets less current liabilities and represents the monies the organization has to work with in the short term.
Created by: smczim
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