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

Category: V

VACANCY FACTOR

Gross loss of income from an untenanted property available for lease.

VALUE STREAM

Activities that are needed to design, produce, provide a service or product with information of materials and flows of worth.

VAPOR LOCK

Situation where liquid is trapped in pipes and cannot flow as vapor has formed and is blocking the pipe.

VELOX

Graphic image on light sensitive paper that is able to be copied photographically, manipulated and then transferred to a plate for printing. Also called Photomechanical Transfer, PMT, and replacing it is Lion

VESTING PERIOD

Period of time an employees needs to work to fully own company shares in a stock option plan.

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.

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