The cost of a generic whose reimbursement value is based on a list of prescriptions.

Highest allowable chemical-concentration in a period-limited worker exposure. Some chemicals have short reference periods. MEL is usually expressed for an 8-hour reference period in parts-per-million (ppm).

A never-to-be-exceeded inventory. One method of inventory control is calculating maximum inventory level.

The loss a firm would incur by not diversifying.

A borrower’s secured loan’s highest dollar limit. Set by the lender according to the purpose of securing the loan as well as various factors related to the borrower. The selected loan program,

With no regard to cost or expense this is choosing the path with the best or highest expected outcome. By contrast, optimization is selecting the most cost-effective alternative. Also refer to satisficing.

Dividing retail store activities into four major areas or departments as a management technique: (1) merchandising – responsible for buying and selling, (2) accounting and control, (3) store management, and (4) publicity.

Defined as the average of the absolute differences of each value in a set of values to the average of all the values in that set. Absolute differences is the difference between

Mean time between failures (MTBF) divided by the duration of a cycle is this value’s calculation.

Cubic feet symbol for one thousand, not 1 million). It equals 28.32 cubic meters.

Individuals whose income is below a certain level are eligible to these types of benefits. In the U.S. food stamps are a means-tested benefit. Only low-income families are allegedly eligible.

After the expiration of a claims-made liability policy this is an extended period for reporting claims.

1. Act of taking measurements, using meaningful standardized units to quantify values. For example, one measures dimensions to quantify length, width, weight, mass, and the like. 2. Calculated actions taken to remedy

The reliability of repairable items quantified as a basic measure. For computers, MTBF is called power on hours (POH). Duty cycles, time cycles, distance, events, and the like are known as life

This type of organization is hierarchical and bureaucratic. It is characterized by its (1) highly centralized authority, (2) formalized procedures and practices, and (3) specialized functions. Mechanistic organization are relatively easier and

As an alternative to incentive payment or pay-for-results schemes, production standard or quota is used. In return for quantity and quality workers receive a regular, guaranteed pay rate. It is based on

The overall goal is decomposed into objectives, Each objective is then decomposed into individual steps or actions. This is applying systems thinking to planning. The concept that ‘every attainable end leads up

1. For a Debt instrument, this is an at-maturity collectable or due obligation amount. 2. For Endowment insurance, on reaching a specified age at the end of endowment period, this is the

1. In Equipment leasing, this is on ongoing type of lease arrangement. Additional equipment is leased by simply doing a new lease schedule for the new equipment rather than doing a new

1. In Accounting, this is an amount in excess of a company’s breakeven point in sales revenue by actual sales revenue. A ratioed percentage. The bigger this margin, the less danger to