As a management student, you need to prepare yourself to work in a business organization where you will handle various projects, interact with the third party, such as investors, buyers, etc., coordinate with fellow members, and even lead a team. Managing all these tasks efficiently is indeed not a cakewalk and demands a thorough understanding of the concepts of this field. There will be several technical terms and jargons that you will come across every day while communicating with professionals, or attending presentations. So, you need to work on your knowledge of this subject to prepare yourself for a company.
To help you take your first step, we have prepared a dictionary of nine management terms. Take a look:
B2B
It stands for business to business which means that one business entity offers its goods and services directly to another. It can be the end buyer or source of the business, respective examples are the copywriter and drop shipper.
B2C
This is the acronym for business to consumer where a business entity sells its service or product directly to the ultimate user.
Boil the Ocean
This phrase is applied when one undertakes a difficult or impossible project given the lack of availability of resources. It can also be used when a task is made unnecessarily complicated.
Line Manager
This term is also used interchangeably with direct manager. He/she is the person who manages and is directly responsible for subordinate employees or particular operations of the organization. Line managers have to report to their senior managers.
Matrix Management
Organizations that have to share available resources across different departments or functions usually opt for matrix management. In this system, an employee has an immediate supervisor and is also answerable to one or more managers while working on a project.
Shewhart Cycle
This cycle is a circle without any beginning or end. This implies that an improvement process must be continued without a break. Shewhart cycle has four stages:
Planning- which includes identifying the opportunity and create a plan.
Doing- testing the plan on a small-scale.
Checking- examining the benefits of the plan.
Acting- finally, implementing the set plan on a large-scale and monitoring the outcomes and results.
Non-disclosure Agreement
One of the most valuable assets of the companies is their intellectual property, and they must ensure it is kept secret from any outsider or third party. A non-disclosure agreement legally bounds the employer and employee where former agrees to share certain information about the organization with the latter for a specific purpose. In turn, employee restricted not to leak that detail to anyone else.
Accounts Payable
In simple terms, accounts payable report is an overview of what a company owes for services, supplies, and inventory. This statement consists of the identities of the creditors and the amount of money that has to be paid to each of them along with the time it has been owed.
SME
SME is the acronym for subject matter expert who has a deep understanding and considerable knowledge of a particular technology, process, material, function, machine, or equipment. The person designated as SME is usually sought out by other members who are interested in learning more about various that particular project and elements involved in it. Another reason to appoint an expert is to leverage his/her proficiency and skills to solve specific problems or deal with technical challenges.
We are sure that these management terms will help you to understand the concepts of this subject better. However, if you still find it difficult to deal with your academic writing tasks because of the tricky topic or any other reason, then take management assignment help instead of putting your grades at stake. We, at Assignment Prime, have a pool of subject-experts who are adept at providing writing assistance to the college students. Along with quality content, there are certain other benefits that we offer to our clients. Take a look to know more:
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To help you take your first step, we have prepared a dictionary of nine management terms. Take a look:
B2B
It stands for business to business which means that one business entity offers its goods and services directly to another. It can be the end buyer or source of the business, respective examples are the copywriter and drop shipper.
B2C
This is the acronym for business to consumer where a business entity sells its service or product directly to the ultimate user.
Boil the Ocean
This phrase is applied when one undertakes a difficult or impossible project given the lack of availability of resources. It can also be used when a task is made unnecessarily complicated.
Line Manager
This term is also used interchangeably with direct manager. He/she is the person who manages and is directly responsible for subordinate employees or particular operations of the organization. Line managers have to report to their senior managers.
Matrix Management
Organizations that have to share available resources across different departments or functions usually opt for matrix management. In this system, an employee has an immediate supervisor and is also answerable to one or more managers while working on a project.
Shewhart Cycle
This cycle is a circle without any beginning or end. This implies that an improvement process must be continued without a break. Shewhart cycle has four stages:
Planning- which includes identifying the opportunity and create a plan.
Doing- testing the plan on a small-scale.
Checking- examining the benefits of the plan.
Acting- finally, implementing the set plan on a large-scale and monitoring the outcomes and results.
Non-disclosure Agreement
One of the most valuable assets of the companies is their intellectual property, and they must ensure it is kept secret from any outsider or third party. A non-disclosure agreement legally bounds the employer and employee where former agrees to share certain information about the organization with the latter for a specific purpose. In turn, employee restricted not to leak that detail to anyone else.
Accounts Payable
In simple terms, accounts payable report is an overview of what a company owes for services, supplies, and inventory. This statement consists of the identities of the creditors and the amount of money that has to be paid to each of them along with the time it has been owed.
SME
SME is the acronym for subject matter expert who has a deep understanding and considerable knowledge of a particular technology, process, material, function, machine, or equipment. The person designated as SME is usually sought out by other members who are interested in learning more about various that particular project and elements involved in it. Another reason to appoint an expert is to leverage his/her proficiency and skills to solve specific problems or deal with technical challenges.
We are sure that these management terms will help you to understand the concepts of this subject better. However, if you still find it difficult to deal with your academic writing tasks because of the tricky topic or any other reason, then take management assignment help instead of putting your grades at stake. We, at Assignment Prime, have a pool of subject-experts who are adept at providing writing assistance to the college students. Along with quality content, there are certain other benefits that we offer to our clients. Take a look to know more:
- Customized writing service
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We are sure that you won’t find so many features anywhere else
For more information, you can visit our blogs. Here is the link:
https://www.apsense.com/article/7-ways-to-avoid-mistakes-in-common-law-assignment.html
http://www.imfaceplate.com/adamjackson/20-entrepreneurship-assignment-topics-to-write-an-engaging-document
http://www.imfaceplate.com/adamjackson/tips-to-make-a-flawless-ppt-presentation-for-environmental-engineering-assignment
https://www.launchora.com/story/5-commonly-used-cryptography-software-you-should-k
https://sites.google.com/site/assignmentprime/
https://www.funadvice.com/blog/writing-an-assignment-on-econometrics-is-difficult-as-it-includes-various
https://www.funadvice.com/blog/hotel-management-is-considered-as-one-of-the-best-fields-for-students-who
https://assignmentprime.kontribune.com/articles/9048
https://www.launchora.com/story/5-time-management-techniques-for-writing-an-assign
http://www.imfaceplate.com/adamjackson/top-5-mba-assignment-samples-to-get-amazing-ideas-for-your-work
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