Business cycles -- the “ups and downs” in economic activity (i.e. all activities that produce, trade, and consume goods and services) over a period of time.
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Blockchain -- a digital, public database that records online transactions or movements of an item and stores this information in encrypted blocks. The records are kept in a distributed network to prevent falsification.
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Communication -- how we give and receive information and convey our ideas and opinions to inform and persuade others through verbal, non-verbal and written means.
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Continuous Process Improvement -- methods for regularly reviewing products, services and processes to identify opportunities for productive change and to then adopt new measures, gather data, analyze the outcomes and make adjustments.
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Customer/stakeholder analysis -- a process for understanding the broad community of people that are affected by a company’s decisions. Internal customers include employees who need time and materials to perform their jobs. External customers include outsiders who purchase the company’s product or service.
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Entrepreneurship -- the concept of developing and overseeing a new business or improving an existing product, service, or method of production for profit. Entrepreneurial thinking involves thinking creatively and recognizing opportunities as well as being flexible and comfortable with uncertainty or risk. It requires extra effort to yield potential process improvement.
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Ethics -- the moral standards of right and wrong governing human behavior. In technology, ethics issues arise regarding copyrights, privacy, freedom, data protection, online behavior and more.
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Lean processes -- strategies for maximizing customer value while using fewer resources and minimizing waste. Lean thinking means always considering how processes and products can be improved.
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Supply chains -- the flow of a product through production from the raw materials up through finished product in a customer's hands.
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Market trends -- patterns related to consumer purchasing. Market trends are used to forecast whether demand for a company’s products or services is going to increase or decrease.
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Overall Equipment Efficiency (OEE) -- identifies the percentage of manufacturing time that is truly productive. An OEE score of 100% means that a company is manufacturing only good parts (a measure of quality), as quickly as possible (a measure of performance), and with no stop time (a measure of availability).
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Return on Investment (ROI) -- the amount of money or benefit expected in response to spending on goods or a process.
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Risk management -- involves understanding the full consequences of events and decisions on the company and stakeholders and making decisions that factor in those possible consequences and outcomes.
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Supply and demand -- the relationship between the amount of goods and services, or labor available and the amount customers want.
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Vertical and horizontal integration -- in the vertical integration business model, a company expands by gaining control of more of its supply chain. In a horizontal integration business model, a company acquires or merges with other companies that create the same type of product or offer the same services.
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