Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: M

MALIGNANT

An immediate cause for concern, such a Condition, disorder, or growth will likely worsen in time, potentially deadly. Typically referenced in cancer determinations. Contrast to benign.

MANAGEMENT BY WALKING AROUND (MBWA)

Unstructured approach of keeping a finger on the pulse of the organization by collecting qualitative information and listening to suggestions and complaints. Hands-on, direct manager participation in subordinates’ work-related affairs. Managers make

MANIPULANDUM

Characteristic or property of being modifiable, manipulable . Also refer to manipulative (Definition 2).

MANUFACTURING

Processing raw materials, components, and parts while building finished goods based on a customer’s specifications and expectations. Manufacturing commonly employs a man/machine setup with division of labor in a large scale production.

MARGINAL BENEFIT

All other factors remaining constant, an activity’s overall benefit increase caused by a unit increase in the level of that activity. Also known as marginal utility.

MARGINAL PRODUCT OF LABOR

With all other factors remaining constant, this is the resulting output from hiring one more worker. Output of a firm or economy as a measured physical increase.

MARGINAL TAX RATE

Additional income unit’s paid tax rate. Marginal tax rates increment as income increases in a graduated or progressive tax regimen. The highest marginal tax rate applies to the highest income bracket or

MARKET CONDITION

Market’s characteristic(s) such as number of the competitors, level or intensity of competitiveness, and the market’s growth rate that a firm walks into when introducing a new product.

MARKET SEGMENTATION

The action of identifying unique group characteristics, separating groups by these characteristics, and segmenting these groups from the large homogenous market. Designing a marketing strategy that tightly matches the targeted segment’s customer

MARKOVIAN DEPENDENCE

A given event is dependent to some degree on recent previous events in this type of situation. Research may find that a bull week in the stock market is followed by another

MASS MEDIA

Principally using the national newspapers, radio, and television for impersonal broadcasting a message through these various channels to the general public, .

MASTER PRODUCTION SCHEDULING (MPS)

A comprehensive product manufacturing schedule that covers what is to be assembled or made, when, with what materials acquired when, and the cash required translated into a business plan. Material requirements planning

MATERIAL INFORMATION

When it is revealed to the public, any company or product information that is likely to change a security’s perceived value. Common examples of material information are: bankruptcy filings, board of directors

MATURE

The point when a policy’s face value is paid out, as when the insured dies, the policy is mature.

MATURITY VALUE

1. For a Debt instrument, this is an at-maturity collectable or due obligation amount. 2. For Endowment insurance, on reaching a specified age at the end of endowment period, this is the

MAXIMUM TOLERATED DOSE

Without significant impairment or adverse effect other than carcinogenicity, an animal specie can tolerate for a major part of its life span this specific highest dose of a chemical or substance.

MEASURES

1. Act of taking measurements, using meaningful standardized units to quantify values. For example, one measures dimensions to quantify length, width, weight, mass, and the like. 2. Calculated actions taken to remedy

MEDICAL INFORMATION BUREAU

the health conditions of individuals who have been insured in the past are kept as coded information by this specific bureau. To get all possible information on prospective insureds, life and health

MELTDOWN

1. The point where nuclear core overheats and melts causing a core failure. Known to be a catastrophic event it causes the loss of radioactive materials containment, which are released into the

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