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

Category: V

VIENNA CONVENTION

Treaty that governs international trade defang rights of importers and exporters. Aloes known as UN Convention on Contracts for the International Sale of Goods.

VISION STATEMENT

Inspirational description of what the organization wants to achieve. See mission statement.

VOICE OF THE PROCESS

Statistical data that is generated by quality control measures and indicating stability of the process.

VOLUNTARY REDUNDANCY

Accepting termination of employment by the employer based on terms offered to the employee.

VALUE SYSTEM

Coherent set of values used by a person, society or organization as standard guiding behavior in situations.

VAPOR PRESSURE

Exerted force of a Fas or vapor that is released by liquids and solids in an enclosed space.

VENDING MACHINE

Electronic machine that dispenses products when money is put it into it.

VERTICAL MANAGEMENT

Organizational structure where information passes from top levels of management down through the lower levels and little is passed back up. Also known as top down management.

VIEWTIME

Seconds of time a banner ad can be seen on a web page.

VOLUNTARY SECTOR

Part of a not-for profit- segment of the economy where quasipublic institutions are exclude. Such as hospitals.

VALUE ADDED STATEMENT

Financial statement showing wealth that has been created by the enterprise in an accounting period.

VALUE FOR MONEY AUDIT

Independent audit of a non-profit organization to determine it is using its money efficiently and effectively. Also known as value for money analysis.

VALUED

Agreement made by an insurance company to pay a pre-determined amount for a loss.

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