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the demographic cohort following the baby boomers and preceding the Millennials. There are no precise dates for when Generation X starts or ends. Demographers and researchers typically use birth years ranging from the early-to-mid 1960s to the early 1980s.
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(also known as work analysis) is a family of procedures to identify the content of a job in terms of activities involved and attributes or job requirements needed to perform the activities. Job analysis provides information of organizations which helps to determine which employees are best fit for specific jobs. Through job analysis, the analyst needs to understand what the important tasks of the job are, how they are carried out, and the necessary human qualities needed to complete the job successfully.
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The process by which a manager or consultant examines and evaluates an employee's work behavior by comparing it with preset standards, documents the results of the comparison, and uses the results to provide feedback to the employee to show where improvements are needed and why.Performance appraisals are employed to determine who needs what training, and who will be promoted, demoted, retained, or fired.
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A broad, general, and written statement of a specific job, based on the findings of a job analysis. It generally includes duties, purpose, responsibilities, scope, and working conditions of a job along with the job's title, and the name or designation of the person to whom the employee reports. Job description usually forms the basis of job specification.
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What does it mean to have open communication?
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Communication and information must flow freely throughout the organization when employees are empowered to make decisions—they can’t make them in a vacuum. Procedures for encouraging open communication include the following: Create an organizational culture that rewards listening & Train supervisors and managers to listen.
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A group of workers joined together in a specific type of organization for the purpose of improving their working conditions as well as to help in promoting the common interests of the group.
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A working environment where employees are required to pay union fees, even if they are not union members. The agency shop typically requires such payments to cover the relevant union's services in contract negotiations, settlement of grievances and general administrative procedures.
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| An individual who continues to work despite the rest of the employees going on strike. Most of the time, a strikebreaker is an individual hired before or during the strike to keep the company's production or services in motion during the strike. Also called scab. |
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| An agreement used in United States labor law in which a prospective employee agrees as a condition of employment, not to join a labor union and to forfeit employment upon joining a union during the period of their employment. The yellow dog contract was widely used in the United States until 1932, when these contracts were outlawed by the Norris-LaGuardia Act. |
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| Study of the mathematical relationship between costs and sales revenue, under a given set of assumptions regarding the firm's fixed costs and variable costs. In this financial analysis, the objective is to determine (in manufacturing) number of products that must be sold at a given price to cover the costs, or (in project financing) number of months or years required by the forecasted total net cash flow to equal estimated total project cost. An integral part of financial planning, it is performed either by using a breakeven-formula or by drawing a breakeven graph. |
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| a reduction in the value of an asset with the passage of time, due in particular to wear and tear. |
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| Projection of achievable sales revenue, based on historical sales data, analysis of market surveys and trends, and salespersons' estimates. Also called sales budget, it forms the basis of a business plan because the level of sales revenue affects practically every aspect of a business. |
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| The income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted. Revenue is shown usually as the top item in an income (profit and loss) statement from which all charges, costs, and expenses are subtracted to arrive at net income. Also called sales. |
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| in retailing : the purchase cost or inventory value of merchandise sold during a stated period plus the cost of direct work thereon (as alterations or workroom charges). in manufacturing : the production cost or inventory value of goods sold during a stated period |
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| The total revenue in an accounting period minus all expenses during the same period. If income taxes and interest are not deducted, it is called operating profit (or loss, as the case may be). Also called earnings, net earnings, or net profit. |
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| Gross margin is the difference between revenue and cost of goods sold divided by revenue. Gross margin is expressed as a percentage. Generally, it is calculated as the selling price of an item, less the cost of goods sold. Formula: (Sales revenue - Cost of sales) x 100 ÷ Sales revenue. |
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| Generally, a time frame for investing in which an asset is held for at least seven to ten years. The measure of a "long term" time frame can vary depending on the asset held or the investment objective. In business accounting measures, long term can be a period of time that exceeds 12 months. |
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| A time frame for investing in which an asset is held for one to three years. The measure of a "long term" time frame can vary depending on the asset held or the investment objective. For tax purposes, assets held for less than a year and sold for a gain are subject to a higher tax than that of the long-term capital gains rate. In business accounting measures, short term is a period of time of less than 12 months. |
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| The amount kept by the insurer in order to be able to cover all his or her debts. This term can also refer to an amount earmarked by the insurer for a specific purpose. |
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| a deduction from the usual cost of something, typically given for prompt or advance payment or to a special category of buyers. Deduction from the face amount of an invoice, made in advance of its payment. See also rebate. Deduction from the par value of a financial instrument, made in advance of its sale. Opposite of premium. |
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| The best rate of interest at which a bank lends to its customers. Alternative term for prime lending rate. |
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| Maslow hierarchy of needs |
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| Motivation theory which suggests five interdependent levels of basic human needs (motivators) that must be satisfied in a strict sequence starting with the lowest level. Physiological needs for survival (to stay alive and reproduce) and security (to feel safe) are the most fundamental and most pressing needs. They are followed by social needs (for love and belonging) and self-esteem needs (to feel worthy, respected, and have status). The final and highest level needs are self-actualization needs (self-fulfillment and achievement). Its underlying theme is that human beings are 'wanting' beings: as they satisfy one need the next emerges on its own and demands satisfaction and so on until the need for self-actualization that, by its very nature, cannot be fully satisfied and thus does not generate more needs. This theory states that once a need is satisfied, it stops being a motivator of human beings. In personnel management, it is used in design of incentive schemes. In marketing, it is used in design of promotional campaigns based on the perceived needs of a market segment a product satisfies. Named after its originator, the US psychologist Abraham Harold Maslow (1908-70) who proposed it in 1954. |
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| The motivation to realize one's own maximum potential and possibilities. It is considered to be the master motive or the only real motive, all other motives being its various forms. In Maslow's hierarchy of needs, the need for self-actualization is the final need that manifests when lower level needs have been satisfied. |
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| Non-traditional work scheduling practice which allows full-time employees to choose their individual starting and quitting times within certain limits (such as 'not earlier than 5 a.m.' and 'not later than 9 p.m.'). Flextime periods usually precede or follow a core time during which all employees must be present. |
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| Type of bar-chart that shows both the scheduled and completed work over a period. A time-scale is given on the chart's horizontal axis and each activity is shown as a separate horizontal rectangle (bar) whose length is proportional to the time required (or taken) for the activity's completion. In project planning, these charts show start and finish dates, critical and non-critical activities, slack time, and predecessor-successor relationships. Also called chronogram, it was invented in 1917 by the US engineer and a scientific-management pioneer, Henry L. Gantt (1861-1919). |
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| A PERT chart is a project management tool used to schedule, organize, and coordinate tasks within a project. PERT stands for Program Evaluation Review Technique, a methodology developed by the U.S. Navy in the 1950s to manage the Polaris submarine missile program. A similar methodology, the Critical Path Method (CPM) was developed for project management in the private sector at about the same time. |
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| Flexible employee benefit plan in which every employee receives a certain number of credits. He or she can 'spend' these credits on one or more benefit-options chosen from a 'menu' of benefits, such as life dental care, insurance, medical plan, or take cash in lieu. |
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| Good-faith process between an organization's management and a trade union representing its employees, for negotiating wages, working hours, working conditions, and other matters of mutual interest. To the management, this process presents (usually) one set of people to negotiate with; to the employees, it gives greatly enhanced bargaining-power. Collective bargaining is the fundamental principle on which the trade union system is based. |
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| in Marketing: Technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower than the total of their individual selling prices. Also called price bundling |
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| A particular market segment at which a marketing campaign is focused. |
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| A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.These four elements are adjusted until the right combination is found that serves the needs of the product's customers, while generating optimum income. Sometimes the first P (Product) is substituted by presentation. |
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| A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.These four elements are adjusted until the right combination is found that serves the needs of the product's customers, while generating optimum income. Sometimes the first P (Product) is substituted by presentation. |
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| A specific combination of promotional methods used for one product or a family of products. Elements of a promotion mix may include print or broadcast advertising, direct marketing, personal selling, point of sale displays, and/or merchandising. |
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| The profession or practice of creating and maintaining goodwill of an organization's various publics (customers, employees, investors, suppliers, etc.), usually through publicity and other nonpaid forms of communication. These efforts may also include support of arts, charitable causes, education, sporting events, and other civic engagements. |
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| Demographics segmentation |
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| a market segmentation method based on variables such as age, gender, income etc. This segmentation helps organizations understand consumer behavior accurately that in turn helps them perform better. |
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| a common strategy when you serve customers in a particular area, or when your broad target audience has different preferences based on where they are located. This marketing approach is common for small businesses that serve a wide demographic customer base in a local or regional territory. |
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| Incomings and outgoings of cash, representing the operating activities of an organization.In accounting, cash flow is the difference in amount of cash available at the beginning of a period (opening balance) and the amount at the end of that period (closing balance). It is called positive if the closing balance is higher than the opening balance, otherwise called negative. Cash flow is increased by selling more goods or services, selling an asset, reducing costs, increasing the selling price, collecting faster, paying slower, bringing in more equity, or taking a loan. |
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| The process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions. |
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| A field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities, and revenues and expenses.Financial accounting gathers and summarizes financial data to prepare financial reports such as balance sheet and income statement for the organization's management, investors, lenders, suppliers, tax authorities, and other stakeholders. |
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| Federal Deposit Insurance Corporation. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. |
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| How much is your money insured up to? |
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| The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category. |
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| Employee training at the place of work while he or she is doing the actual job. Usually a professional trainer (or sometimes an experienced employee) serves as the course instructor using hands-on training often supported by formal classroom training. |
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| Four distinct but not wholly-predictable stages every product goes through from its introduction to withdrawal from the market: (1) introduction, (2) growth in sales revenue, (3) maturity, during which sales revenue stabilizes, and (4) decline, when sales revenue starts to fall and eventually vanishes or becomes too little to be viable. As a product moves through these stages, its pricing, promotion, packaging, and distribution are re-evaluated and changed if required to prolong its life. In summary, it is the journey from "new and exciting" to "old and dated." |
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| Securities or commodities market in which prices are rising, bulls are trading in high volumes, investment interest is high, and the public views the economy as strong and getting stronger. Some US bull markets (like the one that ended in the year 2000) have lasted for more than 15 years. |
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| Period in which prices of securities or commodities fall by 20 percent or more. During such periods (1) investment interest is generally limited, (2) concerns about the state of the economy abound, and (3) dealers or speculators are more inclined in selling their investment portfolios than to increase their risk by holding. |
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| Individual or firm (such as an agent, distributor, wholesaler, retailer) that links producers to other intermediaries or the ultimate buyer. Marketing intermediaries help a firm to promote, sell, and make-available a good or service through contractual arrangements or purchase and resale of the item. Each intermediary receives the item at one pricing point and moves it to the next higher pricing point until the item reaches the final buyer. Also called distribution intermediary. |
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| A share of the after-tax profit of a company, distributed to its shareholders according to the number and class of shares held by them.Smaller companies typically distribute dividends at the end of an accounting year, whereas larger, publicly held companies usually distribute it every quarter. The amount and timing of the dividend is decided by the board of directors, who also determine whether it is paid out of current earnings or the past earnings kept as reserve. Holders of preferred stock receive dividend at a fixed rate and are paid first. Holders of ordinary shares are entitled to receive any amount of dividend, based on the level of profit and the company's need for cash for expansion or other purposes. |
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| US law that extends civil rights (such as those enjoyed by minorities) to disabled persons. In addition, it guarantees them equal facilities and opportunities in access to and use of public accommodations, buildings, communications, and transportation |
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| Observation that employee motivation is affected as much or more by recognition and show of concern, as it is by improvements in their work conditions. Observed by the US productivity researcher George Elton Mayo (1810-1949), during 1927 to 1933 at the Hawthorne (Illinois) plant of Western Electric company (where he was assessing the effects of lighting conditions). He reported that the worker performance went up and up whether the lighting was good or bad, because (presumably) workers were responding to the management's show of concern for their problems. This study was later severely criticized as too skimpy and unscientific to be of any practical value. |
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| Difference between unsought & sought out products |
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| Unsought Goods are goods that the consumer does not know about or does not normally think of buying, and the purchase of which arises due to danger or the fear of danger and lack of desire. The classic examples of known but unsought goods are funeral services, encyclopedias, fire extinguishers and reference books. A high degree of marketing, including heavy advertising and aggressive sales techniques, is often necessary due to consumer unawareness of the product or no real desire to purchase it. Something that is sought-after is in great demand, usually because it is rare or of very good quality. |
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| Who established the first central bank in the United States? |
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| In 1791, after the United States gained independence, Alexander Hamilton persuaded Congress to form a central bank.signed by George Washington soon after. |
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