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Business Unit 3

Business Essentials

TermDefinition
Business Process A sequence of activities designed to create something of value.
Input Requirements to perform a process, including resources such as land, labor, capital, raw materials, time, information, and energy.
Transformation Execution of a process, including: work performed, procedures followed, equipment used, facilities occupied, technology deployed, and knowledge/expertise applied.
Output The end results of the performance of a business process. Includes goods, services, and ideas, and creates value for the “next” customer.
Operations Management The discipline of ensuring the stability and performance of business processes, in order to ensure the highest level of efficiency and effectiveness possible within the organization, so as to meet customer expectations and also to maximize profits.
Front Line Processes which are executed in front of the customer, or which “touch” the customer through an interaction.
Back Office Processes which are performed out of sight from the customer but which are required to support front line operations.
Activity Work carried out by a company during the course of its business.
Role Tasks grouped together to be performed by a single person with a given level of authority and a specific set of skills, level of knowledge, and behavioral traits.
Standardization The making of identical, interchangeable components or products via a process proven to be repeatable and to generate identical output.
Modular Design The creation of an item in self-contained units, or modules, that can be combined or interchanged to create different products.
Customization Making products to meet a particular customer’s needs or wants.
Blockchain A secure, public database that records all transactions (or steps in a process) and is spread across multiple computers.
Uniformity Sameness, or the state of being free from variation.
Capacity The maximum item or workload that an organizational unit can carry or operate.
Process Map A chart displaying the detailed steps in a process and indicating the roles of individuals involved in each step. Utilizes a set of standard symbols recognized across industries and professions.
Policy Descriptions of the conditions within which a process takes place, in particular highlighting strategic purpose, rules and guidelines, compliance parameters, and any process limits.
Protocol Unwritten rules, norms, or guidelines that are peculiar to every culture or organization, and are supposed to be observed by all parties in the conduct of business, entertaining, negotiating, etc. Influence the way a process is performed.
Procedure (SOP) A detailed description of work processes, the method by which it will be completed, its participants, stakeholders, required materials, associated standards, and can also reference costs, define technical jargon, and track versions.
Task (and Task Instruction) The smallest identifiable and essential piece of a job that serves as a unit of work, and as a means of differentiating between the various components of a project.
Checklist (or Job Aides and Work Instructions) Task instructions represented as a time-ordered “to do” list which can be used for tracking completion of the task or an entire process.
Process Evidence (or Documentation) Any completed documentation, tangible and digital, which supports proof that the process was performed, including completed checklists, forms, receipts, and customer files.
Project A planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations in order to achieve a specific goal.
Project File The central repository for documentation stemming from a project.
International Organization for Standardization (ISO) An organization which created and maintains management standards, and completes certification evaluations to verify that companies implement policies and procedures to guarantee performance to the standards.
Statistical Process Control A system in which management collects and analyzes information about the production process to pinpoint quality problems in the production system.
Decision Point The point on a process map, represented by a diamond, where there are two alternative paths. The decision point usually represents a yes/no discussion.
Inspection Point The point in a process and on a process map, whereby inputs, work, or outputs are evaluated for quality and performance.
Hand-off The point in a process and on a process map during which the output of the process, or of one step, becomes the input to another process.
Feedback Loop Channel or pathway formed by an 'effect' returning to its 'cause,' and generating either more or less of the same effect.
Business System Set of actions, process are grouped together logically into systems.
Systems Thinking A way of seeing and talking about reality that helps managers to understand and work with systems to influence the quality of their outcomes. It is basically a perspective.
Business System Model A picture of the flow between business processes.
Feedback The return of information about the status of a process (or a person).
Leverage Point An area where small change can yield large improvements in a system.
Structure The manner in which a system’s elements are organized or interrelated.
Control To achieve defined goals within an established timetable. Management at all levels does four things: Establishes standards, Measures performance, Compares the measurement to those standards, and Takes Action to Eliminate the Difference.
Balanced Scorecard A set of key performance indicators that draw from a balanced selection of measurement types including: process measures, financial measures, customer measures, and learning / growth measures.
Key Performance Indicator (KPI) A type of performance measure which is chosen for its relevance, utility, and ability to be quantified.
Benchmarking A method of comparing a company’s performance with respect to any level KPI against the performance of another company or a group of companies on the same KPI.
Best Practice A tried and true successful way of doing a business activity.
Supply Chain (or Value Chain) The connection of all members of the distribution system in order to satisfy customers.
Value-added Partnership Business agreements made with suppliers or distributors to make customizations that meet customer demands and provide a competitive advantage.
Outsourcing Subcontracting work to another company.
Offshoring Moving jobs outside the country where a business is based.
Reverse Supply Chain The system which retrieves an unwanted product from a customer.
Created by: Pl237112