Term in cost accounting for the number of hours worked in a day without overtime. See standard time.

Traditional production on an assembly line where parts are strategically located next to the line.

1. General. A body, individual or system with large demands place on its resources. 2. Engineering. Measure of how much a body will deform when under stress.

Valued instrument of the stock market that is not performing well but needs to be shown on financial statements.

A user of public transport who hangs onto straps provided to steady themselves during the journey.

Decisions designed to create favorable impact on key factors to create a desired outcome. See tactical.

Co-operative agreement between companies who work together towards a common objective.

Process for developing a strategy by research into the business and its environment.

State combining long and short term objectives and factors in order to gain equilibrium.

Internal document that will (1) outline the philosophy, purpose and direction of the organization (2) examine its current status, SWOT analysis, (3) set long term objectives and (4) set short term tactics

Organizational unit or autonomous division that is flexible and can exercise control over factors that effect long term performance.

A factor that is critical in determining the failure or success of the strategy of an organization.

Transition time of a company’s competition requiring the company to change its current path and adapt or risk losses of profit.

Developed by Dry, Charles Wiseman in 1982, used in information systems and created to respond to business initiatives and give a competitive advantage.

Large stock of essential materials and goods to withstand a long period of scarcity caused by a natural disaster, war or strike action. See strategic stockpiles.

Factors that affect the organization’s external environment and its strategic objectives.

Ideas for creating a business with direction and actions.

1. Classification of large quantity of data into groups based on criteria exhibited. 2. Society’s hierarchical arrangement into layers based on features such as gender, race, age.

1. Draft or outline copy ready for suggestions and comments. 2. Third party used as a cover in illegal or shady deals. 3. Nominee director. 4. A weak or flawed person with

Improving the processes, organizations or businesses efficiency through simplifying steps.