PROBABLE MAXIMUM LOSS (PML)
The biggest possible loss that is expected if the occurrence of an event is as planned.
Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.
The biggest possible loss that is expected if the occurrence of an event is as planned.
A microchip that is present in the hard drive of the CPU that is the primary source of commands for the computer system. They vary in sizes and functionality. The higher the
Occupation which involves controlling different aspects of the production system by prescribing scheduling, cost, quality, etc.
Detailed analysis of a process according to a set of pre-defined parameters, to determine the success of project completition (according to the expected result).
The initiator, beneficior, financer and contractor of a project.
The burden of proof that is put forward by the prosecution used to determine a persons guilt or innocence. The defendant is always presumed to be innocent unless the burden of proof
The act of making a suggestion, declaration, proposition or plan to another party. For example, someone might suggest a different plan be carried out in order to maintain customer supplies or a
This involves the information that is held on customers and clients of a business. This information should not be told to anyone that doesn’t need to know it and never disclosed to
This is another party that is appointed to ensure that the benefactors wishes are being carried out as requested by the trustees. They don’t have alot of power but are able to
American Rule originating in 1830 by Samuel Putnum. Investors and money managers should act in the interest of the investor and not themselves when investing money for other people. Money should be
This is the money that a government spends on public services and other government departments. The money spent is to provide services that are run by the government.
A company that trades on the stock exchange. The shares can be traded and sold by any member of the public. It is governed by a set of strict regulations. They are
Known as a purpose trust. It might or might not be charitable. It is created to promote public welfare and not for the needs of any single individual.
The ordering of stock to replace the stock that has been sold. An inventory replacement system that is used by companies to replenish their stocks that are for sale. See push ordering
An economic term related to goods and services that provides services and benefit to the general public. The goods and services specified are for the public good.
When a company decides to reduce the cost of an item in order to be competitive to increase sales. Normally the price is reduced to be the lowest in the market. It
A term used by auditors about accounts which have been audited and the auditor has doubts or disagrees with certain aspects of the accounts. The doubts will be considered to be of
These factors are used to highlight a company’s performance. These elements include items such as margins of profit, the style of management and product turn over rates.
The group of people charged with carrying out the quality improvements. They will endeavour to improve the quality of the production by cutting any losses and improving methods of the manufacture.
The continuing monitoring of all aspects of production from start to finished products. Each step of the process is constantly checked to maintain the efficiency and quality of the processes.