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

BUSINESS PARTNER

Business partner is a term used to denote a commercial entity with which another commercial entity has some form of alliance. This relationship may be a highly contractual, exclusive bond in which

BUSINESS PERFORMANCE MANAGEMENT (BPM)

A set of management and analytic processes that enable the performance of an organisation to be managed with a view to achieving one or more pre-selected goals.

BUSINESS PHILOSOPHY

The philosophy of business considers the fundamental principles that underlie the formation and operation of a business enterprise; the nature and purpose of a business, for example, is it primarily property or

BUSINESS PLAN

A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background

BUSINESS PRACTICE

Essential features of processes needed to effect standard operating procedures in a consistent manner.

BUSINESS PROCESS

A collection of related, structured activities or tasks that produce a specific service or product (serve a particular goal) for a particular customer or customers.

BUSINESS PROCESS IMPROVEMENT (BPI)

Analyzing business processes to determine if there is a more effective way to perform the existing ones, or if they should be completely re-designed. Typical reasons for BPI include outmoded processes or

BUSINESS PROCESS LOGIC

Assumptions and other principles that are underlying a business process design and this also determines the activities or events and how they are played out.

BUSINESS PROCESS MANAGEMENT (BPM)

A management approach focused on aligning all aspects of an organization with the wants and needs of clients. Involves the use of appropriate tools and techniques to design, analyze, and manage operational

BUSINESS PROCESS REENGINEERING (BPR)

The analysis and design of workflows and processes within an organization. A business process is a set of logically related tasks performed to achieve a defined business outcome. Re-engineering is the basis

BUSINESS RECEIPTS

Business receipts represent the gross receipts or sales less returns and allowances from trade or business income.

BUSINESS RECOVERY PLANNING (BRP)

This is another part of the business continuity planning executed if a disaster should occur. The whole goal of the planning is to make sure the business will recover at an equal

BUSINESS RECOVERY RISK

The RISK of loss arising from a temporary disruption in business activities due to lack of accessibility to physical infrastructure. Business recovery risk is typically firm, business or productspecific and generally not

BUSINESS REPLY MAIL (BRM)

Freepost is a postal service provided by various postal administrations, whereby a person sends mail without affixing postage, and the recipient pays the postage when collecting the mail. Freepost differs from self-addressed

BUSINESS RESUMPTION

The process in which all operations of a business or firm are restored after a disaster or emergency.

BUSINESS RISK

A business (also known as acompany, enterprise, and firm’) is a legally recognized organization designed to provide goods or services, or both, to consumers, businesses and governmental entities. Businesses are predominant in

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