Quality Management
Strategic planning tool that helps businesses identify and assess their strengths, weaknesses, opportunities, and threats
What is SWOT Analysis?
Purchase order for repetitive non-capital purchases, such as parts for inventory
What is a blanket order?
Risk that can only result in a loss
What is pure risk?
A performance measure used to evaluate the efficiency or profitability of an investment.
What is Return on Investment (ROI)?
How many teams/people per event make it to ICDC (orals)?
What is 10?
Method for businesses to improve their processes, products, or services (Hint: uses martial arts terminology)
What is Six Sigma?
Order for repeated purchase of goods or services (with scheduled payments) from a vendor over a set period of time (e.g. lease)
What is a standing purchase?
Authorizes project manager to start the project
What is Project Charter?
A person, group, or organization that has an interest in the outcomes of a business's actions or decision-making
What is a stakeholder?
Employees split their time between working remotely and working from the company's office
What is Hybrid Work?
Maximizing value for customers with the fewest resources
What is Lean Operations?
Thorough investigation of information provided by the seller to identify potential legal issues
What is Due Diligence?
A quantifiable measure of performance over time for a specific objective
What is a Key Performance Indicator (KPI)?
A legally binding document that outlines the terms and conditions of the sale
What is a Purchase Agreement?
Risk that can result in either a loss or a gain
What is Speculative Risk?
Allow organizations to assess their progress or maturity and strengths/weaknesses of processes
What is Capability Maturity Model Integration (CMMI)?
Disclosing relevant information to buyer (potential risks hazards, defects)
What is Disclosure?
Plan that divide the work down into work packages (Tasks > Subtasks > Work Assignment)
What is Work Breakdown Structure (WBS)
the business process of creating, organizing, using, and sharing an organization's collective knowledge
What is Knowledge Management?
The four functions of management
What are Planning, Organizing, Leading, Controlling?
A management approach/philosophy (includes all of a company's employees) to achieve long-term success through customer satisfaction and improved product quality.
What is Total Quality Management (TQM)?
Network of people, organizations, resources, activities, and technology involved in creating and selling a product to the consumer
What is the Supply Chain?
Legally binding document of what is included / not included in the project
What is Statement of Work (SOW)?
Corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes
What is an S Corporation?
Ability of a company to withstand disruptions, adapt to change, and continue operating during challenging times
What is Resilience?