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Business Management
DECA
| Term | Definition |
|---|---|
| Six Sigma | Data-driven method to reduce defects and improve quality |
| Big Q | Company-wide quality focus |
| Little Q | Product-specific or departmental quality |
| Business Process Thinking | Optimizing step-by-step work process for efficiency |
| Matrix Organizational Structure | Employees report to multiple managers for projects |
| M.O.S.T. Analysis | Mission, Objectives, Strategies, Tactics: guides business goals |
| Six Thinking Hats | Structured thinking method for meetings (each "hat" = type of thinking) |
| Change management | Structured approach to organizational change, focusing on people |
| ADKAR Model | Awareness, Desire, Knowledge, Ability, Reinforcement: Framework for individual change |
| Functions of Management | Planning, organizing, leading, controlling |
| Control Process | Ensures activities align with goals: set standards -> measure -> compare -> correct |
| Quality Assurance (QA) | Prevents issues; differs from Quality Control (QC) which fixes them |
| Feedforward (managerial control) | Prevents problems proactively |
| Concurrent (managerial control) | Monitor during process |
| Feedback (managerial control) | Analyze results after task |
| Purchase requisitions | Internal request to buy goods/services |
| Overhead costs | General expenses (payroll, rent, utilities) |
| Retailers | Sell goods/services to end consumers. |
| Request for Proposal (RFP) | Document asking vendors for proposals to provide a product/service |
| Divisional organizational structure | When a company is divided into separate divisions based on products, regions, or customer type and each division operate like its own business. (Each division has its own team focused on one specific area - specialization) |
| Functional organizational structure | Groups employees based on job roles |
| Working capital management | Process of managing a company's short-term assets to ensure it can meet its day to day financial obligations. Like monitoring cash flow, money owed to the business (accounts receivable), accounts payable (money the business owes), and inventory levels. |
| Total quality management | Company-wide focused on continuously improving processes, products, and services for high levels of quality and customer satisfaction. |
| Lean management | Business approach focusing on maximizing value for customers while minimizing waste like time, materials, and labor; eliminating anything that does not add value. |
| Diminishing returns | the concept that adding more of one input (like workers, time, or money) eventually leads to smaller and smaller increases in output. |
| Knowledge mapping | the process of identifying, organizing, and showing where knowledge exists in a business and how it flows |
| Tactical production | the short-term planning and adjustment of how goods are produced to meet current demand and business goals |
Created by:
HeatherLee0511
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