Business Services
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Key terms and concepts
|
Term
|
Definition
|
|---|---|
| Raw materials
|
Materials required for the manufacture or
production of finished goods
|
| Human resources
|
The people necessary to achieve the
organisation’s goals
|
| Stock and supplies
|
The resources necessary for the
organisation to carry out its business eg stocks of raw
materials or finished product, assets, consumables
|
| Quality Assurance
|
Processes used to ensure continuous
improvement or maintenance of quality standards
|
| Management and accountability channels
|
The ways in which management decisions, and
the means of assessing results, are transmitted through
the organisation
|
| Ethical standards
|
Standards that are considered to be
socially acceptable, morally right, honourable and fair
|
| Defined resource parameters
|
The designated variables for the resource
acquisition eg size, quantity, cost
|
| Decision-making delegation
|
The authority to make a decision which is
entrusted to other personnel
|
| Ordering procedures
|
Organisational policy and procedures which
need to be followed to acquire goods or services within
an appropriate timeframe
|
| Time management
|
Scheduling time effectively in order to
complete tasks within a time frame
|
| Purchasing authorities
|
The personnel who have authority to
purchase on behalf of the organisation
|
| Budgeting limits
|
The amount of money allocated for a
particular purpose
|
| Recruitment
|
The process of locating, identifying and
attracting applicants for a job
|
| Tendered processes
|
The processes by which offers (tenders) to
provide goods or services (including detailed estimates
and the total cost of supply) are made to the
organisation seeking the tender
|
| Contracted supplier
|
A supplier which has been contracted to
supply goods or services for an agreed cost over a given
period of time
|
| Periodic forecasts
|
A regular estimate of future needs or
outcomes
|
|