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KAIZEN BUDGETING

A budgeting approach that includes product improvement costs. With the objective of reducing actual costs below standard costs, projected costs of improvement are already incorporated in the budget . Also refer to target costing.

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KEY EMPLOYEE

Essential, main employee stakeholder in corporate operations. May be an officer with voting rights able to influence the company. Any employee owning company assets 5% or more of the total and/or receives compensation exceeding a threshold set by the IRS is a key employee per the IRS. Also known as highly compensated employee.

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KEYED ADVERTISEMENT

Print ad coded in an advertisement address to identify the source of the query or order. The words ‘Dept. DN’, for example, may indicate ad placements in a newspaper named ‘Daily News.’ These allow an advertiser to place the same ad in different periodicals and measure the best means of promoting a particular offer from the responses.

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KILOGRAM CALORIE

Another name for kilocalorie (Refer to calorie).

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KNOWLEDGE BASED MANUFACTURING

Artificial intelligence or expert systems retrieval for a knowledge based system of automated production processes.

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KAIZEN COSTING

Reducing product costs even if being produced. A process involving effective waste management, continuous product improvement and raw material price reduction. Cost minimization is a strategy in overall product cost reduction.

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KEY ESCROW

Copy or copies of a code, password, or secret key protected by a third party for use in an emergency or when the originals) is(are) lost. Escrowed items may be separated to two or more third parties to mitigate risk of the trusted third party abusing its power. Typically, this is a fiduciary arrangement.

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KEYNESIAN

Supporter of governmental economic intervention by public policies driving for full employment and price stability. A follower of John Maynard Keynes, a believer in his economic principles.

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KILOWATT (KW)

Electrical power measure of a standard unit equal to 1000 watts. Equivalent to 1.34 horsepower, or 1000 joules per second as a measured consumption rate.

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KNOWLEDGE BASED SYSTEM

Artificial intelligence / expert system based software techniques. Used to solve process problems. Intended use is to respond to unique queries and expertise transfers, relating one domain of knowledge to another. Exists as a data store / relational database. Data is expert knowledge; retrieval is couplings and linkages; design is to facilitate retrieval.

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KARAT

Fineness, as a measure of the purity, of gold. It also indicate gold proportion in an alloy. UK spelling of both carat and karat is carat. Germany spelling is karat. 24 karats or a fineness of 1000 defines pure gold. One karat equals 41.66 fineness. 22 karat gold-alloy has 22 parts gold and 2 parts other metal, usually copper. Its fineness is 916.66, 91.666 percent pure gold. An 18 karat gold-alloy is 75 percent pure gold.

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KEY JOBS

Organization’s and Labor market’s common jobs used to determine general pay scales. Clerks, drivers, janitors, and secretaries are examples of common jobs.

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KEYNESIAN THEORY

British economist John Maynard Keynes established this economic theory. A stable, growing economy requires active government intervention is the concept embodied by the theory.

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KILOWATT-HOUR (KWH)

Electrical power consumption measure of a standard unit equal to 1000 watts in an hour. Equivalent to 860 kilocalories, or 3412 British thermal units (Btu) as a measured consumption rate.

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KNOWLEDGE CAPITAL

Experience, information, knowledge, learning, and skills of the employees of an organization tallied into expertise, high-capability. Knowledge capital is an essential component of human capital. Knowledge capital builds the longest lasting competitive advantage of all the production factors. Technical information, such as chemical and electronics expertise or actual experience or skills, such as construction and steel expertise are examples of knowledge capital types. Another name for intellectual capital.

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KARL MARX

The foundation of communism evolved from this revolutionary socialist thinker. He strongly opposed capitalism, believing it would destroy societies by increasing tensions and disparity between workers and owners. His theories and ideas became very popular during the 19th century.

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KEY LIFETIME

For encryption-decryption security, private decryption keys have no expiration, an indefinite lifetime. Secret keys, however, have terminal lifetimes that need to be defined in an organization’s security policy.

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KEYNESIAN UNEMPLOYMENT

Because the economy is in recession, employers have low demands for their goods and services, situation exists where low wage-rates should drive to higher employment levels, but do not.

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KINKED DEMAND CURVE

Standard demand curve with a bend depicting competitors decreasing prices to match another’s, yet not raising prices to match another’s. Concern is that raising prices lose customers, so that once a business has reduced prices to a certain level, gain market share.

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KNOWLEDGE CREATION

Defined by Ikujiro Nonaka, interactions between explicit and tacit knowledge form new ideas. Socialization (tacit to tacit), externalization (tacit to explicit), combination (explicit to explicit), and internalization (explicit to tacit) are the types of interactions defined.

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