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| Objective |
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| A goal or guidepost used by management to define the standards that an organisation sets as being achievable and should accomplish over a period of time. Typical areas where objectives are identified include customer service, output levels of production, amount of sales for a month, year etc.. |
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| Observation Method |
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| A method of collecting primary data that involves direct studies of actually viewing and observing the actions of respondents either directly or mechanical devices |
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| Oligopoly |
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| A market, which is controlled by only a few sellers |
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| Online Processing |
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| A method of scheduling computer processing in which data are entered and processed when received |
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| On-the-job Training |
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| An employee training programme in which the worker learns job task under the guidance of a more experienced employee |
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| Open Corporation |
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| A large corporation in which ownership is widely diversified |
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| Open Loop |
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| The controls in a business, where no feedback system is in place that could be used to monitor the achievability of planned activities. |
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| Open Market Operation |
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| A reserve banking system of controlling the money supply through the purchase and sale of government bonds |
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| Operating Expenses |
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| All business costs other than the cost of goods sold and associated freight charges |
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| Order Processing |
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| The sales function of receiving and handling an order. The condition of whether an order is considered processed will vary from business to business |
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| Organisation |
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| A structured group of people working together to achieve a set of planned objectives |
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| Organisation Chart |
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| The pictorial map which outlines the functionality of the business and the positions to whom authority and responsibility is designated |
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| Organisational Structure |
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| The type of structure used to determine the lines of command and responsibility in the business |
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| Organising |
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| The means by which management blends human and material resources through the design of a formal structure of tasks and authority |
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| Output |
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| The results of processing input data for any process, computerised, mechanical or human |
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| Outside Directors |
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| Members of a Board of Directors of a business who are not employed by the business |
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| Owner’s Equity |
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| Claims that proprietors, partners or shareholders have against the assets of a firm or the excess of all assets over liabilities |
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