Training is a set of a systematic processes designed to meet learning objectives related to trainees' current or future jobs. These processes can be grouped into the following phases; needs analysis, design, development, implementation, and evaluation.
Organizations competing on an international basis face choices in terms of resource allocation, the balance of authority between the central office and business units, and the degree to which products and services are customized in order to accommodate tastes and preferences of local markets. When employing a transnational strategy, the goal is to combine elements of global and multidomestic strategies.
Organizations have entered a new era characterized by rapid, dramatic and turbulent changes. The accelerated pace of change has transformed how work is performed by employees in diverse organizations.
The Uniform Commercial Code (UCC) is a collection of recommended laws covering many different issues that arise during commercial transactions, such as sales contracts, leases, negotiable instruments, letters of credit, bank collections, and secured transactions. The impetus behind the creation of the UCC was the hope that each state would adopt it as a statute, thereby giving uniformity throughout the country to the area of commercial law.
Utility theory provides a methodological framework for the evaluation of alternative choices made by individuals, firms and organizations. Utility refers to the satisfaction that each choice provides to the decision maker.
A value-added tax (VAT) is a fee assessed against businesses at each step of the production and distribution process, usually whenever a product is resold or value is added to it. A VAT is levied on the difference between the purchase cost of an asset and the price at which it can be sold (i.e., the amount of value added to it).
Lawrence D. Miles developed Value Analysis (VA) at General Electric in 1947.
Value chain management (VCM) is the integration of all resources starting with the vendor's vendor. It integrates information, materials, labor, facilities, logistics, etc.
Value creation is the primary aim of any business entity. Creating value for customers helps sell products and services, while creating value for shareholders, in the form of increases in stock price, insures the future availability of investment capital to fund operations.
Vendor rating is the result of a formal vendor evaluation system. Vendors or suppliers are given standing, status, or title according to their attainment of some level of performance, such as delivery, lead time, quality, price, or some combination of variables.
Venture capital refers to money that is invested in companies during the early stages of their development. Such funds may come from wealthy individuals, government-backed Small Business Investment Companies (SBICs), or professionally managed venture capital firms.
Videoconferencing is a communications system that allows people in separate locations to talk to and see each other using live audio and video. A point-to-point videoconference connects individuals at two separate sites, and a multi-point conference connects individuals at more than two sites simultaneously.
The term virtual organization is used to describe a network of independent firms that join together, often temporarily, to produce a service or product. Virtual organization is often associated with such terms as virtual office, virtual teams, and virtual leadership.
Warehousing is the storage of goods for profit. The physical location, the warehouse, is a storage facility that receives goods and products for the eventual distribution to consumers or other businesses.
The role of women and minorities in the twenty-first century American work place continues to develop.
Helping employees balance work and non-work responsibilities has been a growing concern of corporations for more than twenty years. The interest in work-life balance issues began in the 1980s as more women entered the workplace and focused primarily on helping employees balance work and family responsibilities by offering family-friendly benefits.
World marketplace events during the 1970s and 1980s caused competition to grow to such an intense level that many firms were forced to re-examine their concept of manufacturing strategy, especially in terms of the tradeoffs among the four competitive priorities: cost, quality, delivery/service, and flexibility. Managers began to realize that they no longer had to make these tradeoffs but could instead compete on several competencies.
The budgeting process is an essential component of management control systems and has been an effective system by which management can successfully plan, coordinate, and control. The process involves the creation and implementation of the broad objectives of an organization, the detailed objectives, and a short-term and long-term financial plan.
A zero-sum game is a term used in connection with game theory and management games. Game theory is a mathematical theory that applies to certain situations in which there are conflicts of interest between two or more individuals or groups.