Monday, August 24, 2009

Management Glossary

Do you ever get stumped by words that others use?

How about management terminology's?

Fortunately (for the uninitiated) Business have come up with a Business Dictionary.

Here a few examples -
  • Bean Counter - An informal derogatory term for an accountant, especially one who is perceived or suggested to be overly concerned about expenditure detail;
  • Just-In-Time - JIT. A manufacturing system in which materials and components are delivered immediately before they are required, in order to increase efficiency, reduce waste and minimise storage costs;
  • Vicarious Liability - Having legal responsibility for the actions of another, e.g. the liability of an organisation for the actions of its employees.

As expected some are amusing, while others may just come in handy for the uninitiated!

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