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

Category: O

OBJECTIVE

1. The use of available resources to achieve a target(the objective), within a specified timeframe. A collection of goals is usually termed as an objective.Policy appraisals and performance appraisals are based on

OCEAN BILL OF LADING (B/L)

A bill of lading for the journey that takes places in the ocean and includes various modes of transportation such as by air or by sea.

OFF SEASON

The period of the year when the demand of a particular good or a service is the lowest in the annual cycle.

OFFICE OF PERSONNEL MANAGEMENT (OPM)

A department for federal government employees that deal with human resources. The OPM provides valuable services such as recommendation of certain individuals for promotion, innovationin the field of human resource practice and

OFFSITE STORAGE

A storage facility to protect the storage of magnetic media, microfilm, etc, usually at a remote location. Nowadays, sites rent out space on their hard drives to customers that allows easy storage

ON THE JOB TRAINING (OJT)

Training provided to inexperienced employees during the initial stages of employment. This is usually delivered by a professional trainer or an experienced employee, and typically consists of “hands-on” training. If supported by

OPEC BASKET

This is an average price that is calculated based on the production and exports of all oil-producing countries, used as a reference point for checking the overall state of the oil business

OPEN DISTRIBUTION

When the same products can be distributed and sold in a particular region by multiple vendors. This is the opposite of exclusive distribution.

OPEN MOUTH OPERATIONS

Buying and selling of US Treasury Funds by the Federal Reserve, intended to affect inflation, monetary supply and interest rates. Such operations are rare, as the financial sector usually takes similar action

OPEN SYSTEM

1. Computing: A system designed according to known standards that can interact freely with other systems using the same standards. Open system standards must be fully defined, stable over a long period

OPERATING CASH FLOW

Overall income, adjusted for depreciation and the amortization of costs and assets.

ORDER CARD

A document that confirms an order is being placed.

ORDINARY DEBTS

Debts that are not secured and have no special claim on the debtor?s assets. Secured and preferential debts will be satisfied before ordinary debts.

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