Open-minded, without pre-determined ideas, and taking all views into account.
A market structure where many companies are competing, but each is selling a slightly different product.
Contractual terms that exist even if they are not stated in the contract, i.e., the law of the land.
Something conducted within an organization by its own workforce.
Generally known either by the public at large, or a certain section of it; readily obtainable outside of the organization.
Price for the whole amount, including taxes.
A company that is treated in law as being distinct from its owner.
International commercial terms of sale that assign costs and responsibilities between the buyer and seller when delivering products.
Finished products whose demand (ordering levels) is not dependent on other items of stock.
A collection of data that can be used for comparison, e.g., The Dow Jones Index.
Costs that are not directly incurred in the manufacture of a product or delivery of a service, e.g., insurance.
Services, tools and equipment that do not form part of the finished product but are required to maintain the business and production process, e.g., repairs, stationery, consultancy.
Something offered to persuade or influence an individual to conduct themselves or business in a certain way.
A person’s formal introduction to an organization and its procedures.
Higher than necessary.
A solicitation which does not require a sealed response.
Resources used in the production of a product or creation of a service that lead to the desired ‘output’ (e.g., people, raw materials, information).
Unable to pay the money owed.
The world’s first professional body of chartered accountants.
A contract between an insurance company and a person or group which provides for a money payment in case of covered loss, accident or death.
Something you cannot physically see or touch.
A cost to an organization that is known but cannot be quantified.
A short document about an organization’s features and how this creates value in the short, medium and long term.
The percentage of money that is required to be paid back in addition to money borrowed, or the percentage of money that is gained in addition to money saved.
Shipments that utilize different modes of transport, e.g., a shipping container carried by lorry to a dock where it is loaded aboard a ship.
The means by which an investment or project is evaluated financially. It is the interest rate at which the net present value of cash flows is equal to zero.
People, groups or organizations with an inside interest in an organization, including shareholders and employees who own or work for the business.
A global coalition that promotes reporting about value creation.
Skills used when communicating and dealing with people.
The stock of goods, materials or products.
The process of ensuring the safe and efficient storage and control of stock, including managing demand and movement.
Document inviting potential suppliers to quote for business.
A list of goods or services sent to a purchaser showing information including prices, quantities and shipping charges for payment.
Statements of what has been supplied and a request for payment.
International Organization for Standardization (www.iso.org).
This sets out the international standards for an environmental management system.
This is the international standard developed to help organizations in selecting and addressing their social responsibilities.
A set of international quality management and quality assurance standards that help companies effectively document and maintain an efficient quality system. They are not specific to any one industry and can be applied to organizations of any size.
ISO 9001 is a document describing the requirements an organization must fulfill to meet the ISO 9000 standards.
A computer network that allows computers or systems to share data.
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