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

Category: O

OMAN INVESTMENT FUND

This fund was created by the Sultan of Oman in 2006 to aid the economic development of Oman. The fund has been invested in a combination of private equity, public equity, and

ON-CARRIAGE

This is transportation that is provided after the goods are discharged at port, usually until final delivery.

ONLINE BROKER

This is a brokerage firm that only interacts with customers over the Internet, instead of using traditional, office-based meetings. Online brokers often charge lower fees and provide do-it-yourself resources for investors.

OPEN ACCESS

This is when an insured individual can see a different service provider without the need to obtain a referral.

OPEN ECONOMY

A market economy with few barriers to trade, where imports and exports make up a large portion of the GDP. This is a theoretical state, as all governments have some control over

OPEN ORDER

1. An order to buy or sell securities that remains valid until executed or cancelled. 2. A term that is often used instead of backlog.

OPEN SYSTEMS INTERCONNECTION (OSI)

International standard computer network architecture, as defined by ISO protocols. A modular approach to network design is used to divide necessary functions into seven layers so that equipment provided by different vendors

OPERATING CYCLE

1. The whole process an input / output system undergoes to progress from initial to final state (which will be identical). 2. The average time to liquidate merchandise or raw materials.

OPPORTUNITY

Situation in which the commitment of resources may lead to unforeseen gains, but containing an element of risk.

OPTIMAL PLANT

The manufacturing plant that incurs the lowest overall cost amongst all available alternatives.

ORDER ENTRY

The act of recording an order in the company?s system, so that it can be viewed, changed and/or executed.

ORGANIC RESERVE REPLACEMENT

Calculation of oil reserves generated through a company?s own exploration and production processes (rather than purchased). Used as an indicator of the strength of an oil company.

ORGANIZATIONAL DESIGN

The design of an organization determines how its operations are differentiated and integrated, as a response to environmental uncertainty.

ORIGINAL BILL

A bill of exchange that has not yet attracted any endorsements.

OUTLINE

1. The shape or boundary of an item or object. 2. A list of the key items in a document or plan, presented in the order they appear in the main document,

OUTSOURCING

The delegation of non-core activities to outside agencies and contractors. Called contracting out, this allows businesses to benefit from specialist skill sets without paying for an in-house team, and it enables companies

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