term1 Definition1term2 Definition2term3 Definition3
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Benchmarking
A mechanism for achieving continuous improvement by measuring products, services or activities against those of other best performing organizations
Budget
A financial plan for implementing management decisions
Continuous improvement
An ongoing search to reduce costs, eliminate waste and improve the quality and performance of activities that increase customer value or satisfaction
Control
A managerial function that consists of the measurement, reporting and subsequent correction of performance in order to achieve the organization's objetives
Control process
The process of setting targets or standards against which actual results are measured
Cost accounting
Accounting concerned with cost accumulation for inventory valuation to meet the requirements of external reporting and internal profit measurement
Cycle time
The length of time from start to completion of a product or service and is the sum of processing time, move time, wait time and inspection time
E-business
The use of information and communication technologies to support any business activities, including buying and selling
E-commerce
The use of information and communication technologies to support the purchase, sale and exchange of goods
Employee empowerment
Providing employees with relevant information to allow them to make continuous improvements to the output of processes without the authorization by superiors
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