Archive for the ‘Word of the Day’ Category
A portion of the total market that has been selected to participate in a small-scale, short-term release of a product or service. Used to compare actual customer response to expected customer response.
Usage: Sometimes companies try out products in a trial market to make sure their behind-the-scenes systems are working.
The ordered series of events in a project that take the longest to complete and thus influence the schedule. Commonly used to refer to a project’s required activities or resources.
Usage: Activities that were not on the critical path were not included in the budget.
One of the three largest credit bureaus in the United States.
Usage: They requested a copy of their credit report from TransUnion to check for errors.
A management tool that measures business success by tracking metrics from four key areas.
Usage: A balanced scorecard tracks financial, customer, internal process, and learning measures.
An organized report that describes a business idea, the business model, a financial analysis and an implementation plan with milestones and supporting documentation.
Usage: We have to get the business plan to the bank or they won’t consider our loan request.
Not contributing or providing supporting evidence to a debate or position. Not relevant or applicable.
Usage: Your dinner plans are irrelevant to a discussion of computer software options.
The issue that is making it difficult for people to agree during the course of a negotiation.
Usage: The best they could do was to outline the sticking points.
Barrier used to limit entry or exit from a lot or portion of a lot.
Usage: The fence limits access to the site from the rear.
Federal Acquisition Regulations. The FAR outline the policies and rules that apply when US federal government executive agencies acquire goods.
Usage: A contract to sell goods or services to the US government means understanding and complying with FAR requirements.
An evaluation of the customers, competitors, technology, corporate strengths, and capability for a specific product or service.
Usage: The market analysis indicated that there would be buyers for the new product.