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transaction

1. General: Agreement, contract, exchange, understanding, or transfer of cash or property that occurs between two or more parties and establishes a legal obligation. Also called booking or reservation.
2. Accounting: Event that effects a change in the asset, liability, or net worth account. Transactions are recorded first in journal and then posted to a ledger.
3. Banking: Activity affecting a bank account and performed by the account holder or at his or her request.
4. Commerce: Exchange of goods or services between a buyer and a seller. Every transaction has three components: (1) transfer of good/service and money, (2) transfer of title which may or may not be accompanied by a transfer of possession, and (3) transfer of exchange rights.
5. Computing: Event or process (such as an input ...

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organizational structure

The typically hierarchical arrangement of lines of authority, communications, rights and duties of an organization. Organizational structure determines how the roles, power and responsibilities are assigned, controlled, and coordinated, and how information flows between the different levels of management. A structure depends on the organization's objectives and strategy. In a centralized structure, the top layer of management has most of the decision making power and has tight control over departments and divisions. In a decentralized structure, the decision making power is distributed and the departments and divisions may have different degrees of independence. A company such as

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system

1. A set of detailed methods, procedures and routines created to carry out a specific activity, perform a duty, or solve a problem.
2. An organized, purposeful structure that consists of interrelated and interdependent elements (components, entities, factors, members, parts etc.). These elements continually influence one another (directly or indirectly) to maintain their activity and the existence of the system, in order to achieve the goal of the system. All systems have (a) inputs, outputs and feedback mechanisms, (b) maintain an internal steady-state (called homeostasis) despite a changing external environment, (c) display properties that are different than the whole (called emergent properties) but are not possessed by any of the ...

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population

All elements, individuals, or units that meet the selection criteria for a group to be studied, and from which a representative sample is taken for detailed examination. The total of all populations is called a universe

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order

      Commerce: A confirmed request by one party to another to buy, sell, deliver, or receive goods or services under specified terms and conditions. When accepted by the receiving party, an order becomes a legally binding contract. See also purchase order.
2. Banking: An instrument (such as a check or draft) through which its maker or issuer (drawer) authorizes a bank or other financial institution to pay the stated sum to a named holder (drawee or payee). Such instruments are transferable by endorsement, and thus are negotiable instruments.
3. Law: An authoritative mandate, command, or direction issued by a court under its seal. A final court order is called judgment.
4. Finance: An investor's instructions to a broker or dealer to buy or sell an item in a ...

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fixed cost

A periodic cost that remains more or less unchanged irrespective of the output level or sales revenue, such as depreciation, insurance, interest, rent, salaries, and wages. While in practice, all costs vary over time and no cost is a purely fixed cost, the concept of fixed costs is necessary in short term cost accounting. Organizations with high fixed costs are significantly different from those with high variable costs. This difference affects the financial structure of the organization as well as its pricing and profits. The breakeven point in such organizations (in comparison with high variable cost organizations) is typically at a much higher level of output, and their marginal profit (rate of contribution) is also much higher

diversity

diversity

       . Accounting: Situation where different batch sizes, distribution channels, product mixes, etc., place different demands on resources due to uneven assignment of costs.
2. HR: Feature of a mixed workforce that provides a wide range of abilities, experience, knowledge, and strengths due to its heterogeneity in age, background, ethnicity, physical abilities, political and religious beliefs, sex, and other attributes.

strategic planning

strategic planning

Systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. In contrast to long-term planning (which begins with the current status and lays down a path to meet estimated future needs), strategic planning begins with the desired-end and works backward to the current status. At every stage of long-range planning the planner asks, "What must be done here to reach the next (higher) stage?" At every stage of strategic-planning the planner asks, "What must be done at the previous (lower) stage to reach here?" Also, in contrast to tactical planning (which focuses at achieving narrowly defined interim objectives with predetermined means), ...

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function

1. An action performed by a device, department, or person that produces a result. Function remains more or less fixed whereas the purpose (which indicates intention or objective) generally changes. For example, the function of a hammer is to strike something nearby whereas its purpose (what to strike and why) could be anything the hammer-wielder has in mind.
2. See business function.
3. Mathematics: A mathematical relationship in which a quantity (dependent variable) depends on or is determined by another quantity (independent variable) or quantities. The dependent variable is said to be a function of the independent variable(s). If something is done, or something happens, to the independent variable(s), it is reflected in the dependent variable. For ...
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