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| Mainframe Computer |
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| Early style of computer, which processes massive amounts of data and provides large storage capacity. Given way to Distributed Processing, Networks and Servers |
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| Maintenance Factors |
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| Job-related factors such as wages, conditions and job security that must be present in order to prevent worker dissatisfaction but which are not strong motivational factors in them selves. |
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| Make-or-Buy Decision |
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| A fundamental management decision of whether or not to manufacture a product, material or component or purchase it from an outside supplier |
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| Management |
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| The achievement of organisational objectives through people and other resources |
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| Management by Objectives (MBO) |
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| A programmes designed to improve employee’s motivation through participation in setting their own goals and knowing in advance the bases of evaluation |
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| Management Development Programs |
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| Employee training programmes designed to improve the skills and broaden the knowledge of present managers as well as facilitating the growth of those with management potential |
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| Management Information Systems (MIS) |
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| An organised method of providing past, present and projected information on internal operations and external intelligence for use in management decision making |
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| Management Reporting |
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| Information that is reported to management within the organisation, which may include financial data as well as other performance indicators and the strategic implications compared to projected objectives. |
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| Margin Trading |
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| Securities purchases in which a portion of the funds is borrowed from the brokerage firm |
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| Market |
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| A system comprising people with the authority, financial ability and willingness to purchase goods and services |
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| Market Lead Times |
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| Those lead times that are considered to be normal for the sector. |
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| Market Order |
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| An Investor request for stock or share purchase be made at the current market price |
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| Market Research |
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| The study of marketing problems and opportunities which contributes to the formulation of strategies to achieve market objectives |
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| Market segmentation |
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| The process of dividing a total market into several homogeneous groups |
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| Market share |
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| The percentage of a market controlled by a particular company, industry, product or service |
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| Market Value |
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| The price at which a security is currently selling |
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| Marketing Concept |
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| A business philosophy, which advocates that all activities and functions in an organisation be directed toward the identification and satisfaction of customers needs and wants |
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| Marketing Mix |
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| The combination of a company’s product, pricing, distribution, and promotional strategies focused on selected consumer segments |
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| Markup |
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| The amount added to cost for profit and expenses not previously considered from which the total forms the selling price |
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| Markup Percentage |
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| Markup / Selling Price expressed as a percentage |
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| Mass Production |
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| The manufacture of products in large quantities as a result of the standardisation, specialised labour, mechanisation and automation |
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| Materials Handing |
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| The moving of items within a company’s warehouse, factory or other stores |
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| Materials Management |
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| A measure of the effectiveness and relevance of the management of the flow of materials and information through the immediate supply network. This may include purchasing, stock control, stores management, operations planning and control and physical distribution management. |
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| Materials Requirements Planning (MRP) |
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| A computer-based production panning system for ensuring that certain parts and materials are available at the right time and place and in the correct quantities. MRPII is a more sophisticated version |
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| Matrix Organisation |
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| An organisation structure in which specialists from different parts of the organisation are brought together to work on specific projects, usually used in conjunction with a line and staff structure where projects are led by a sponsor or project manager |
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| Maturity |
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| The stage of the business in its evolutionary cycle |
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| Maturity Date |
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| The date specified on a security when the principal must be repaid |
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| Mean (Average) |
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| A statistical measure calculated by adding together all the observations then dividing by the number of observations |
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| Mechanisation |
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| The use of a machine for work previously performed by humans |
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| Median |
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| The middle score in a distribution of observations |
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| Mediation |
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| The process of introducing an impartial third party, called a mediator, to make recommendations for the settlement of union-management differences. Used also in domestic environments to settle many forms of dispute |
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| Medium of Exchange |
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| A monetary function, which facilitates exchange eliminating the need for a barter system |
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| Memory Unit |
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| A part of a computer that stores information |
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| Merchant Wholesaler |
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| An independent wholesaler who takes legal title to goods |
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| Merger |
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| The joining of two or more businesses whereby the obligations are amalgamated for joint purpose |
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| Metric System |
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| A standard of weights and measures based on a decimal system and its multiples |
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| Microcomputer |
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| A personal computer, laptop or desktop, which provides storage, calculation and design and entertainment facilities for home and business use |
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| Microprocessor |
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| One or more computer chips containing the basic arithmetic logic and storage elements needed for processing |
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| Middle Management |
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| A level of management, which maintains closer observation of operational aspects of running a business and participates in the formulation of strategic plans and budgets |
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| Middlemen |
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| Persons or firms, including wholesales and retailers, who operate between the producer and the consumer |
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| Minicomputer |
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| An intermediate computer, which is less in capacity to a mainframe computer |
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| Missionary Selling |
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| An indirect from of selling in which the representative markets the goodwill of a company and/or provides technical or operational assistance to the customer |
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| Mixed Economy |
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| An economic system having a mix of government ownership and private enterprise |
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| Mode |
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| The most frequently occurring value in a series of observations |
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| Modelling |
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| The process of simulating of new or existing activities or processes using complex software and parameters to determine future viability to facilitate decision-making and maximising economies of introduction |
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| Money |
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| Anything generally accepted as a means of paying for goods and services |
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| Monopoly |
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| A market situation in which there are no direct competitors |
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| Morale |
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| The mental attitude of employees toward their company and their job |
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| Mortality Table |
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| A table, based on past experience, which is used to predict the number of persons in each age category who will die n a given year |
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| Motivational factors |
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| Job-centred characteristics, such as the work itself, recognition, responsibility, advancement and growth potential, which are key sources of employee motivation |
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| Motive |
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| An inner state that directs and individual toward the goal of satisfying a felt need |
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| Motor Vehicle Insurance |
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| Insurance cover for a motor vehicle which covers losses such as theft, malicious damage, or collision which result in claims for damage to the person, vehicle or property of others involved in an accident |
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| Multi Tasking |
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| Comparative measures within sector for multi tasking in the organisation that are industry specific. |
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| Multi-National Corporation |
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| A corporation that operates production and marketing facilities on an international basis and considers the world its market |
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| Municipal Bonds |
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| Debt issues of a state or political subdivision such as county, city, town, village |
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| Mutual Funds |
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| Financial organisations that pool investment money from purchasers of their securities and use the money to acquire a diversified portfolio of securities |
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| Mutual Insurance Company |
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| An insurance company owned by its policyholders |
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