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    Actuarial Science

    Actuarial science is a discipline that assesses financial risks in the insurance and finance fields, using mathematical and statistical methods.

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    What Is Accounts Receivable (AR)?

    Accounts receivable (AR) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivables are listed on the balance sheet as a current asset. More

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    What is a Prospectus?

    A prospectus is a document that is required by and filed with the SEC that provides details about an investment offering for sale to the public.

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    What is Workforce Management Software?

    Workforce Management Software is concerned with scheduling and tracking the workforce. The goal is to distribute and allocate workers in the most effective and efficient way. This is particularly important for organizations with shift workers, such as contact centers and service businesses. Key features of WFM software include: Time and attendance tracking Labor scheduling Compliance monitoring […] More

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    What is a company?

    A company is essentially a “legal person”. A legal person is a person or entity (a thing with distinct and independent existence) that can do all the legal things that a real person (aka natural person) can do. Legal things that a person can do, and therefore a company can do, include: Enter into contracts Sue and be […] More

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    401(k) vs. Pension Plan: What’s the Difference?

    401(k)s and pensions are both employer-sponsored retirement plans, but pensions are nearly extinct.

    In a 401(k):

    • The employee makes contributions (pre-tax) into the account
    • The employer may or may not match the contribution up to a certain percent
    • The employee can choose where to invest the money
    • The employee assumes all the investment risk. Meaning, however their investments do by the time they retire, that’s the money they get.

    In a pension plan:

    • The employee and/or the employer makes contributions into an investment pool with other employees’ pension money
    • The employee cannot choose how to invest the money. The employer has an investment professional that manages the portfolio.
    • The employer assumes all the investment risk
    • The employer guarantees a monthly payment to the employee for the rest of his life after they retire. The amount of this monthly payment is known to the employee upfront when he first joins the pension plan. 
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    Definition of Management

    Managers coordinate activities with resources to meet their department’s objectives. The primary goal of a manager is to produce high-quality output while keeping costs low and employees happy. Managers produce nothing in and of themselves, rather, they coordinate the work of others. More

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    Resource Management Definition – What is Resource Management

    Resource management is the process by which managers manage their various resources effectively. Those resources can be intangible – people and time – and tangible – equipment, materials, and finances.

    Resources can include things like:

    1. Finances – Can we afford to invest in new equipment or staff training? 
    2. Staffing – Do we have the right people for the work at hand? Will we need to hire if we get that new client and if so, what skills will those people need to have?
    3. Physical space – Is the company’s office or manufacturing space configured for maximum efficiency?
    4. Equipment – Do we have the tools needed to do what’s required?
    5. Technology – What technology does the business need to succeed and should financial resources be reallocated to fund what’s missing?
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    Change management

    Change management is the approach a company takes to prepare, support, and help individuals, teams, and organizations in making organizational change. Change management includes things like redirecting or redefining the roles of employees, changing business processes, budget reallocations, etc. Drivers of change may include the ongoing evolution of technology, internal reviews of processes, crisis response, customer demand changes, competitive pressure, acquisitions and mergers, and […] More

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    Performance Management

    Performance management is an ongoing process of communication between a supervisor and an employee that occurs throughout the year, in support of accomplishing the strategic objectives of the organization. The communication process includes clarifying expectations, setting objectives, identifying goals, providing feedback, and reviewing results.

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    Corporate Responsibility

    Corporate Social Responsibility (CSR) is the act of integrating social and environmental concerns/initiatives into a company’s planning and operations. The reason many companies have a CSR program is to contribute to the well-being of the communities and society they affect and on which they depend. CSR programs vary in scope, but a few common initiatives […] More

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    Business continuity

    Business continuity is the advance planning and preparation undertaken to ensure that an organization will have the capability to operate its critical business functions during emergency events. Events can include natural disasters, a business crisis, pandemic, workplace violence, or any event that results in a disruption of your business operation. More

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    What is an initiative?

    An initiative is “a new plan or action to improve something or solve a problem”. The examples give an even better understanding of what initiatives represent: a marketing/cost-cutting initiative, a diplomatic/peace initiative. More

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    What is project discovery?

    You have an idea for a software project that will have a big impact on your business. Before jumping into the design and development it is crucial to understand exactly what problems it addresses, who the target audience is, if the solution will genuinely add value, and a number of other key factors. This is why a Discovery Phase is an integral part of the project lifecycle.

    Project discovery is the initial step in project development. It’s aimed at collecting information about the project to identify its Vision, Goals, and Scope.

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    Digital transformation

    Digital Transformation is the process of transforming a business by replacing non-digital and manual processes with digital technology and processes. It also includes replacing older digital technology with new digital technology.

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    Streamlining

    In business, streamlining means to make a process more efficient and effective by simplifying tasks, bypassing unnecessary steps, and cutting waste. It is analogous to making water flow in a stream, smooth and with little resistance. More

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    Overhead Definition

    In short, overhead refers to the ongoing business expenses not directly attributed to creating a product or service. It includes everything other than parts and labor.

    Check the link for a more detailed explanation.

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    Types of customer loyalty programs | YouTube

    A customer loyalty program is a rewards program that a company offers customers to encourage them to continue to shop with them.

    Traditionally, loyalty programs involved the business issuing the customer a loyalty card (variously called a rewards card or advantage card) which was visually similar to a credit card. The customer would swipe this card at every purchase and then get discounts on their current purchase or points toward a future purchase.

    More recently, companies have been using mobile online loyalty programs. Instead of swiping a loyalty card at checkout, the customer opens an app and shows a QR code that gets scanned at the register. The scanning process has moved from cards to phones but the rewards part has mostly remained the same.

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    Service Level Agreement (SLA)

    An SLA is an agreement between a client and a service provider on the level of service that the provider must provide. However, the SLA isn’t usually a separate contract between the client and provider.  Let’s say someone needs internet access in their new apartment so they sign a contract with an internet service provider. […] More

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    What is logistics?

    There are two definitions: In general, logistics is the detailed coordination of a complex operation (activity) involving many people, facilities, or supplies. In business, logistics is the commercial activity of transporting goods to customers. It involves things like transportation, inventory, packing, warehousing, etc. More

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