Entrepreneurship-6
Terms
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- Total quality management
- a philosophy of management that's driven by customer needs and expectations and focuses on continual improvement in the way employees do their work.
- Short-term goals
- Goals that cover one year or less.
- Marketing
- A process of assessing and meeting individual's or group's wants and needs by creating, offering, adn exchanging products of value.
- Six sigma
- a quality standard that establishes a goal of no more than 3.4 defects per million units or procedures.
- Quality
- the ability of a product or service to reliably do what it's supposed to do and to satisfy customers' expectations.
- Goals
- outcomes or end results that are desired by individuals, groups or entire organization.
- Budget
- A numerical plan for allocating resources to specific activities.
- Organization-wide goals
- goals that establish broad purposes, apply to the entire entrepreneurial venture, and seek to successfully position the venture in terms of its environment.
- Directional goals
- goals that are flexible enough to provide focus and general guidelines, but do not lock entrepreneurs into specific courses of action.
- Strategy
- a plan of action for accomplishing goals.
- Production
- the process of creating products or service to reliably do what it's supposed to do and to satisfy customers' expectations.
- Long-term goals
- Goals with a time frame beyond three years.
- Information Systems
- a set of interrelated components used to collect, process, store, and disseminate information to support decision making, analysis, and control in organization.
- Operational goals
- goals that specify details associated with accomplishing the organization-wide goals.
- Specific Goals
- goals that are clearly defined and leave no room for interpretation.
- Benchmarking
- the search for the best practices among competitors or non competitors that contribute to their superior performance.