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Conor LC Bus U3 Pt2
Key terms LC Bus Unit3 Part2 ICT, Planning, Organising, Controlling
| Term | Definition |
|---|---|
| ICT | Information & communications technology |
| internet | global network of computers to STAM data |
| hacking | illegally stealing or deleting someone else's data |
| phishing | attempt to illegally gain access to passwords or financial information |
| electronic data interchange (EDI) | computer to computer communication |
| cloud computing | use of remote servers to STAM an organisation's data |
| GDPR | General Data Protection Regulation 2018 |
| data subject | the individual who the data is about |
| data controller | the person in a business who decides what data is collected & how it is processed |
| data processor | person or org. that processes data on behalf of the data controller (may be a 3rd party) |
| data protection officer (DPO) | a person appointed by an organisation to oversee compliance with the law |
| Data Protection Commission (DPC) | monitors and enforces GDPR |
| planning | when management sets specific goals for the future and puts strategies in place to achieve them. |
| SMART plans | plans that are Specific |
| SWOT analysis | an assesment tool used by management to identify firm's Strengths |
| mission statement | sets out a firm's overall goal |
| strategic plan | medium term (1-5 years) plan to implement parts of the mission statement |
| tactical plan | 1-2 year plan that breaks down strategic plan into short-term plans |
| operational plan | 0-1 year plan for the day-to-day running of the business |
| contingency plan | a back up plan to deal with unexpected events of emergencies |
| human resource (manpower) planning | ensures the firm has the correct number of staff with the right skills |
| financial planning | using cashflow forecasts to identify income and expenditure for a given time period |
| benchmarking | comparing a firm's planned targets with what actually happened. |
| organising | the co-ordination of all business resources into the most effective way to achieve goals |
| organisation chart | defines the activities of a business |
| functional organisation structure | firm is divided up into departments based on the functions they perform |
| geographic organisation structure | firm is divided into geographical areas |
| product organisation structure | firm is divided into units based on the type of products it makes |
| matrix (team) organisation structure | combines parts of functional structure with team-based structure. |
| specialisation | when staff focus on a specific function so as to become expert at it |
| chain of command | the line of authority and communication in an organisation |
| span of control | the number of staff who report directly to a manager |
| delayering | removing one or more layers of management in an organisation |
| controlling | measuring how well an organisation performs in its efforts to achieve its goals |
| stock | all the materials that haven't yet been sold: raw materials |
| stock control | aims to keep the optimal level of stock (not too much or too little) |
| just in time (JIT) manufacturing | a manufacturing method in which the bare minimum of raw materials is held. Suppliers deliver materials just when needed. |
| quality control | a set of procedures used to check work completed to ensure it meets the standards set |
| quality circle | a group of workers volunteer to meet and identify quality issues at the firm. |
| Q Mark | an Irish quality mark awarded by Excellence Ire. Quality Assoc. (EIQA) |
| ISO | an international quality award system |
| total quality management (TQM) | `a system where the whole business seeks to improve quality in all areas |
| credit control | ensures that customers who use credit pay their bills on time |
| debtor | a customer who owes the business for goods purchased on credit |
| bad debt | when a debtor fails to pay the amount owed |
| credit limit | the maximum amount of credit a business provides to a customer |
| creditworthiness | a measure of a customers ability to repay debts |
| liquidation | when a business is wound up because it is unable to pay its bills |
| bankruptcy | when a business is declared by law unable to pay its debts |
| cashflow forecast | a financial plan that sets out planned future income & expenditure |
| ratio analysis | interpreting the financial information of a firm |
| credit controller | the person in an organisation who decides the amount of credit given to a customer |
Created by:
conorok
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