20 Corporate Business terms to know (1)

20 corporate business terms to know

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Yes, it’s a brand new day already and you are about to attend your first business conference. Finally! There you are, seated in the midst of prominent business tycoons of various denominations and classes. Everything sounds pretty simple and basic for a start, you seem to be flowing with the tide.

Suddenly, it’s 30 minutes past and you’re lost, it feels like they’ve shifted realms and left you stranded. Haha! I know how that feels, it could be quite embarrassing. Therefore, the aim of this article is to get you familiar with some of these terms for a start.

20 Corporate Business terms to know

1. Acquisition planning:

This is the process by which the efforts of all personnel responsible for an acquisition are coordinated and integrated through a comprehensive plan for fulfilling the organization’s need in a timely manner and at a reasonable cost.

2. Acquisition plan review:

This is the control gate to approve an acquisition plan. The  acquisition plan review is the decision point to initiate the project and commit finding, personnel and other resources to the acquisition.

3. Acceptance Test:

These are tests conducted in accordance with an approved verification plan and approved test procedures. Tests are best conducted by an independent organization and witnessed by a representative of the buyer for compliance with the test procedure and verification plan.

4. Acceptance Review:

A control gate at which the buyer determines that the items presented for acceptance complies with its specification. Acceptance reviews occur at all levels in the system hierarchy. The verification results are presented as evidence of specification compliance.

5. Back charge:

The cost of corrective action taken by the purchaser, chargeable to the supplier under the terms of the contract.

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6. Bad debt:

Actual or estimated losses arising from uncollectible accounts receivable due from customers and other claims, and any directly associated costs. (For example, Collection Costs and Legal costs).

7. Bargaining:

Persuasion, alteration of assumptions and positions, give-and-take, that may apply to price, schedule, technical requirements, type of contract, or other terms of a proposed contract.

8. Bidding:

The process of soliciting or submitting bids (an offer to pay or accept a certain price).

9. Bill:

An account for goods sold, services rendered or work done.

10. Consensus:

A state in which all the members of a group support an action or decision, even if some of them don’t fully agree with it.

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11. Commercial:

The financial arrangements associated with the exchange of goods and services.

12. Commissioning:

Advancement of an installation from the stage of static completion to full working order and achievement of the specified operational requirements.

13. Goal:

Something one wishes to accomplish.

14. Incentive:

A contribution to motivation and motivating. In other words, it is a bonus or reward, often monetary to work harder.

15. Incurred cost:

This is the total cost to date. It includes liabilities for all goods, service and work.

16. Incremental cost:

Costs added to an existing total as a result of a particular decision or action.

17. Opportunities:

The potential for improving the value of the project results.

18. Organizational behaviour:

The study and application of knowledge about how people, individuals and groups act in organizations.

19. Per Capita:

For each person in the population.

20. Planning:

A course of action for oneself and others to accomplish goals, establishing priorities and planning appropriate allocation of time and resources and proper assignment of people to achieve feasible, acceptable, and suitable goals.

 

So here you have it! If this was helpful, feel free to subscribe for our newsletters below for updates on subsequent posts. If you have a contribution to make or more terms to add, you could use the comment box below.

If you are new to the business world and want to learn the act of building a personal brand first, I’ll suggest you read my article on, “How to sell yourself as a brand”  by Clicking here.

Cheers!

Source: Corporate Business Dictionary

 

Posted in Business and tagged , .

Fortune Wobidi is a freelance/inspirational writer, Poet, Content editor, Guidance counselor, Motivational speaker, Online entrepreneur, and a Contemporary musician. He is the Founder and CEO of Royalmindsmith International, an Online body sold out to motivating and guiding youths in their quest to find self. He is of the belief that self discovery is a necessity for purpose realization and life fulfilment. He also believes that people shouldn't be written off without given the chance to prove their self worth. He is people oriented, adroit, goal driven and above all, an everyday learner....You could follow Fortune on Instagram @fortune_ozy

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