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4As	Sheth and Sisodia's buyer-side view of the marketing mix: acceptability, affordability, accessibility and awareness.	veda-verse unit-7 marketing-core-concepts-philosophies-and-the-marketing-mix
Absorption Costing	Includes fixed manufacturing overhead in the cost of each unit.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Acceptance Theory of Authority	Chester Barnard's view (1938) that an order has authority only if those who receive it accept it.	veda-verse unit-1 organisation-structure
Accountability	The obligation to answer to a superior for the results of assigned work; it flows upward and cannot be delegated away.	veda-verse unit-1 organisation-structure
Accounting Equation	Assets = Liabilities + Equity, the identity that every double entry preserves.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Accounting Standards (AS)	The older set of Indian accounting standards, which apply to companies not covered by Ind AS.	veda-verse unit-4 indian-accounting-standards-and-ifrs
Accrual Concept	Revenues and expenses are recorded when earned or incurred, not when cash is received or paid.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Accrued Income	Income earned in the period but not yet received.	veda-verse unit-4 preparation-of-financial-statements
Achievement Need	McClelland's need for accomplishing challenging goals and excelling at tasks.	veda-verse unit-2 values-learning-and-motivation
Achievement Test	A psychometric test of what a person has already learned, such as mathematics or language; aptitude tests show what a person can learn.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Acquisition	A cooperative strategy in which one firm buys a controlling interest in another, which loses its independent identity.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Action Research	Kurt Lewin's cycle of research whose findings go straight into action and whose results are then studied in turn; the classic form of the OD process.	veda-verse unit-2 organisation-development-and-change
Activity	A group of tasks tied to a cost object, such as scheduling, set-ups, purchasing or inspection.	veda-verse unit-4 activity-based-and-life-cycle-costing
Activity-Based Costing (ABC)	Allocates overhead to products according to the activities that cause it.	veda-verse unit-4 activity-based-and-life-cycle-costing
Actual Cost	The cost actually incurred, compared with the standard.	veda-verse unit-4 standard-costing-and-variance-analysis
Adaptive Reuse	Finding a new use for old materials or products; one item under green products and services.	veda-verse unit-2 green-human-resource-management
Adjudication	A labour court or industrial tribunal hears both sides and gives a binding decision.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Administrative Principles (Fayol)	Henri Fayol's framework of general management principles such as division of work and the scalar chain, focused on top-down organisational efficiency.	veda-verse unit-1 management-concept-principles-roles-and-skills
Advertising	Any paid, non-personal presentation of ideas, goods or services by an identified sponsor.	veda-verse unit-7 promotion-decisions-the-communication-mix-and-budget
Affiliation Need	McClelland's need for warm, friendly interpersonal relationships and a sense of belonging.	veda-verse unit-2 values-learning-and-motivation
Agency Cost Theory	Debt disciplines managers through fixed payments, at the price of monitoring costs and conflicts with lenders.	veda-verse unit-4 capital-structure-theories
Agency Shop	Workers need not join the union, but all must pay it a fee for bargaining on their behalf.	veda-verse unit-2 trade-unions-and-collective-bargaining
Agency Theory	A corporate governance theory explaining the conflict of interest between shareholders (principals) and managers (agents), resolved through audits and performance incentives.	veda-verse unit-1 corporate-governance-and-value-based-organisations
AIDA	A response model: attention, interest, desire, action; usually credited to E. St. Elmo Lewis.	veda-verse unit-7 promotion-decisions-the-communication-mix-and-budget
AIO Model	A way of profiling consumer lifestyle through activities, interests and opinions.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
AMO Model	Ability, motivation and opportunity: green behaviour needs people who are able, motivated and given the opportunity to act.	veda-verse unit-2 green-human-resource-management
Angle of Incidence	The angle at which the sales line cuts the total cost line at break-even; a wide angle means profit builds fast.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Ansoff Matrix	Igor Ansoff's 2 × 2 grid of growth strategies: market penetration, product development, market development and diversification, by existing or new products and markets.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Application of Funds	A long-term outflow that uses funds, such as buying assets, repaying loans or paying dividends.	veda-verse unit-4 fund-flow-statement
Aptitude Test	A selection test assessing a candidate's capacity to learn specific job-related skills.	veda-verse unit-2 recruitment-and-selection
Arbitration	Settlement of a dispute by a neutral third party whose decision the parties have agreed, or are required, to accept.	veda-verse unit-2 trade-unions-and-collective-bargaining
Arc Elasticity	Elasticity between two points on a demand curve, measured with average price and quantity so the result is the same in either direction.	veda-verse unit-1 elasticity-of-demand
Assessment Centre	A method, not a building: candidates do simulations such as in-basket exercises, role-play and group discussion while trained assessors observe their behaviour.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Asset Turnover Ratio	Net sales divided by total assets; the sales earned from each rupee of assets.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Attitude	A learned tendency to respond consistently, favourably or unfavourably, toward a person, object or situation.	veda-verse unit-2 personality-perception-and-attitude
Attitude (Consumer)	A learned predisposition to respond favourably or unfavourably toward a product, brand or idea.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Augmented Product	The product level that adds services and benefits such as delivery, warranty and after-sales service.	veda-verse unit-7 product-decisions-levels-new-products-and-the-life-cycle
Authority & Responsibility	Fayol's principle that the power to give orders must be matched by an equal obligation to accept accountability for the outcomes.	veda-verse unit-1 management-concept-principles-roles-and-skills
Autocratic Leadership	A leadership style involving total leader control with minimal team input, best suited to emergencies.	veda-verse unit-2 group-behaviour-teams-and-leadership
Automatic Vending	Non-store retailing through unmanned machines that sell around the clock.	veda-verse unit-7 retail-marketing
Average Revenue	Total revenue divided by quantity sold, which equals price; the average revenue curve is the firm's demand curve.	veda-verse unit-1 market-structures
Backward Integration	A vertical integration strategy in which a firm acquires or controls its suppliers and sources of inputs.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Balance Sheet	A statement of what a business owns, owes and has put in by its owners on a single date.	veda-verse unit-4 preparation-of-financial-statements
Balance-Sheet Approach	An expatriate pay method that aims to keep the home standard of living by paying the gaps in income tax, housing, goods and services, and savings, plus incentives.	veda-verse unit-2 international-human-resource-management
Balanced Scorecard	Kaplan and Norton's framework linking strategy to measures from four perspectives: financial, customer, internal process, and learning and growth.	veda-verse unit-6 strategy-implementation-and-evaluation
Barometric Method	Forecasting demand from leading indicators that move before it, such as building permits ahead of cement demand.	veda-verse unit-1 business-economics-and-demand
Barriers to Communication	Physical, psychological, language, cultural, perceptual, organisational or attitudinal obstacles that distort or block the transfer of a message.	veda-verse unit-1 communication
Basic Standard	A standard fixed for a base year and not revised.	veda-verse unit-4 standard-costing-and-variance-analysis
Batch Costing	A costing method for goods made in distinct lots.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Batch-Level Activity	An activity done once per batch, such as ordering, set-ups or inspecting a lot.	veda-verse unit-4 activity-based-and-life-cycle-costing
BCG Growth-Share Matrix	The Boston Consulting Group's portfolio tool, placing each business unit by market growth rate and relative market share into stars, cash cows, question marks and dogs.	veda-verse unit-6 business-portfolio-analysis-bcg-and-ge-mckinsey-matrices
Bedaux Plan	Pays for time taken plus 75% of the value of time saved against a standard counted in B points; guarantees a time wage.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Behavioural Finance	The study of how psychological biases influence financial decisions.	veda-verse unit-4 financial-management
Behaviourally Anchored Rating Scale (BARS)	Smith and Kendall's 1963 scale in which each point is described by an example of observable behaviour, not a word like average.	veda-verse unit-2 performance-management-and-appraisal
Behaviourist Theory (Personality)	A theory holding that personality is shaped by learning, conditioning and environment rather than internal drives.	veda-verse unit-2 personality-perception-and-attitude
Benchmarking	Comparing an organisation's performance or practices with the best in its field.	veda-verse unit-1 functions-of-management
Beta	A measure of how much a share’s return moves with the market.	veda-verse unit-4 cost-of-capital
Big Five Model (OCEAN)	A trait-based personality framework comprising Openness, Conscientiousness, Extraversion, Agreeableness and Neuroticism.	veda-verse unit-2 personality-perception-and-attitude
Bilateral Monopoly	A market in which a single seller faces a single buyer, so price is settled by bargaining within limits.	veda-verse unit-1 market-structures
Bills Discounting	Selling a bill to a bank before it is due, at a discount.	veda-verse unit-4 sources-of-finance
Blue Ocean Strategy	Kim and Mauborgne's approach of creating uncontested market space instead of competing in existing (‘red ocean’) markets.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Borrowed Capital	Funds raised from outsiders, repayable with interest.	veda-verse unit-4 sources-of-finance
Brand	A name, term, sign, symbol or design, or a combination, that identifies a seller's goods and differentiates them from competitors'.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Brand Equity	The added value a brand gives a product in customers' minds, shown in their perceptions, preferences and behaviour.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Brand Extension	Using an established brand name to enter a new product category.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Brand Portfolio	All the brands and brand lines a firm offers in a category or segment, each with a role such as flanker or prestige brand.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Brand Resonance Model	Keller's pyramid of brand building: salience, performance and imagery, judgements and feelings, and resonance.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
BrandAsset Valuator	Young and Rubicam's brand equity model with four pillars: energised differentiation, relevance, esteem and knowledge.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Break-Even Chart	A graph of sales and costs showing the level of activity where there is no profit or loss.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Break-Even Point	The sales level at which contribution equals fixed costs, so there is no profit and no loss.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Budget Line	A graphical representation of all combinations of two goods a consumer can purchase given a fixed income and fixed prices.	veda-verse unit-1 indifference-curve-analysis
Budgetary Control	Continually comparing actual results with budgets, finding variances and acting on them.	veda-verse unit-4 budgeting-and-budgetary-control
Budgeting	Preparing a quantitative financial plan for a period.	veda-verse unit-4 budgeting-and-budgetary-control
Built-In Inflation	Inflation driven by a wage-price spiral, where workers and firms adjust wages and prices based on expected future inflation.	veda-verse unit-1 national-income-and-inflation
Bureaucracy (Weber)	Max Weber's model of organisation based on rational-legal authority: hierarchy, written rules, impersonality, merit, careers and records.	veda-verse unit-1 theories-of-management
Bureaucratic Management	Max Weber's approach emphasising clear hierarchy, detailed rules and impersonality to achieve efficiency and eliminate favouritism.	veda-verse unit-2 organisational-behaviour-significance-and-theories
Burnout	A syndrome from chronic workplace stress not successfully managed (WHO, ICD-11), marked by exhaustion, cynicism towards the job and reduced effectiveness.	veda-verse unit-2 employee-engagement-and-work-life-balance
Business Entity Concept	The business is treated as separate from its owner, so the owner’s private affairs stay out of its books.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Business Ethics	The application of moral principles to corporate conduct, balancing the profit motive with social welfare and stakeholder interests.	veda-verse unit-1 business-ethics-and-csr
Business Portfolio Analysis	Evaluating and balancing a diversified firm's mix of business units with tools such as the BCG and GE–McKinsey matrices.	veda-verse unit-6 business-portfolio-analysis-bcg-and-ge-mckinsey-matrices
Business Process Re-engineering	A radical, one-off redesign of processes, in contrast to the small steps of continuous improvement.	veda-verse unit-4 target-costing-kaizen-costing-and-just-in-time
Business Process Re-engineering (BPR)	Hammer and Champy's (1993) radical redesign of a process, starting from what the customer needs, to gain sharply in cost, quality, service and speed.	veda-verse unit-2 organisation-development-and-change
Business-Level Strategy	Strategy for how one business unit will compete in its market, made by SBU heads.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Buyclass Framework	Robinson, Faris and Wind's classification of business purchases into straight rebuy, modified rebuy and new task.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Buyer Persona	A fictional profile of an ideal customer, used to target marketing.	veda-verse unit-7 customer-relationship-marketing
Buygrid Model	Robinson, Faris and Wind's grid crossing the three buyclasses with eight stages (buyphases) of the industrial buying process.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Buying Centre	Everyone involved in an organisational purchase: users, influencers, buyers, deciders and gatekeepers, with initiators and approvers.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
4Cs	Lauterborn's customer-side restatement of the 4Ps: customer solution, cost, convenience and communication.	veda-verse unit-7 marketing-core-concepts-philosophies-and-the-marketing-mix
Capital Asset Pricing Model (CAPM)	Estimates the cost of equity as the risk-free rate plus beta times the market risk premium.	veda-verse unit-4 cost-of-capital
Capital Budgeting	Evaluating long-term investment projects using tools such as NPV, IRR and payback.	veda-verse unit-4 financial-management
Capital Employed	The long-term funds in the business: debt plus equity, or fixed assets plus working capital.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Capital Gearing Ratio	Funds carrying a fixed interest or dividend divided by equity funds.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Capital Structure	The mix of debt and equity a firm uses to fund itself.	veda-verse unit-4 capital-structure-theories
Career	The series of jobs and roles a person holds over a working life; Hall: an individually perceived sequence of attitudes and behaviours linked to work experiences.	veda-verse unit-2 career-planning-and-development
Career Anchor	Schein's term for the self-image of talents, motives and values, formed through work experience, that a person will not give up when forced to choose.	veda-verse unit-2 career-planning-and-development
Career Cone	Schein's picture of an organisation as a cone in which a career can move in three directions: vertical, circumferential and radial.	veda-verse unit-2 career-planning-and-development
Career Development	The personal improvements a person makes to carry out a career plan, helped by the organisation; in a broader sense, an ongoing move through career stages.	veda-verse unit-2 career-planning-and-development
Career Management	The organisation's work, with the individual, of designing and carrying out goals, plans and strategies so employees' needs and the organisation's needs are both met.	veda-verse unit-2 career-planning-and-development
Career Mobility	Movement across grades and positions, upward or downward, or a complete change of occupation, started by the employee or the employer.	veda-verse unit-2 career-planning-and-development
Career Path	The sequential pattern of jobs that forms a career (Werther and Davis); used interchangeably with career ladder.	veda-verse unit-2 career-planning-and-development
Career Planning	The process by which a person selects career goals and the path to those goals (Werther and Davis); the individual's own work.	veda-verse unit-2 career-planning-and-development
Career Plateau	A point in the career path where the chance of promotion is low and the work becomes repetitive; it may be structural or content-based.	veda-verse unit-2 career-planning-and-development
Carrying Cost	The yearly cost of holding stock: storage, insurance, interest and spoilage.	veda-verse unit-4 target-costing-kaizen-costing-and-just-in-time
Cartel	A formal agreement among firms to fix a joint price and share out output, such as OPEC.	veda-verse unit-1 market-structures
Carve-Out	A point where India chose a treatment different from the IFRS in its converged standards.	veda-verse unit-4 indian-accounting-standards-and-ifrs
Cash Budget	A forecast of cash receipts and payments to manage liquidity.	veda-verse unit-4 budgeting-and-budgetary-control
Cash Cow	A BCG cell: high market share in a low-growth market, generating surplus cash for other units.	veda-verse unit-6 business-portfolio-analysis-bcg-and-ge-mckinsey-matrices
Cash Equivalents	Short-term, highly liquid investments that convert readily into known amounts of cash with little risk.	veda-verse unit-4 cash-flow-statement
Cash Flow Statement	A statement of cash and cash equivalents received and paid, classified into operating, investing and financing.	veda-verse unit-4 cash-flow-statement
Cash Ratio	Cash and cash equivalents divided by current liabilities; the strictest liquidity test.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Category Extension	Using a brand to enter a product category different from its original one.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Central Tendency	A rater error in which everyone is placed in the middle of the scale, playing safe, so the rating tells the firm nothing.	veda-verse unit-2 performance-management-and-appraisal
Centralisation	The systematic and consistent reservation of authority at central points in an organisation (Louis A. Allen).	veda-verse unit-1 organisation-structure
Change Agent	An OD consultant, inside or outside the organisation, who leads a planned change effort.	veda-verse unit-2 organisation-development-and-change
Channel Intermediary	A wholesaler, retailer, agent or broker that helps move a product from producer to consumer.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Churn	The rate at which customers stop doing business with a firm over a period.	veda-verse unit-7 customer-relationship-marketing
Circumferential Movement	In Schein's cone, a move across a functional boundary at the same level, such as from a loans desk to a treasury desk.	veda-verse unit-2 career-planning-and-development
Classical Conditioning	Pavlov's learning theory linking a neutral stimulus with a natural response through repeated association.	veda-verse unit-2 values-learning-and-motivation
Closed Shop	The employer may hire only union members; in one form, workers must be members before they are hired.	veda-verse unit-2 trade-unions-and-collective-bargaining
Co-Branding	Putting two or more established brand names on one product.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Co-opetition	Brandenburger and Nalebuff's term for firms competing and cooperating at the same time.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Code on Social Security, 2020	In force from 21 November 2025, it consolidates the older social security laws into one Code and reaches gig and platform workers.	veda-verse unit-2 labour-welfare-and-social-security
Code on Wages, 2019	In force from 21 November 2025, it consolidates four older laws on payment of wages, minimum wages, bonus and equal remuneration.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Cognitive Dissonance	Discomfort after a purchase caused by doubt about the choice; ‘buyer's remorse’.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Cognitive Learning	A learning theory (Tolman, Piaget) emphasising reasoning, thinking and problem-solving over conditioning.	veda-verse unit-2 values-learning-and-motivation
Collective Bargaining	Negotiation between employee representatives, usually a union, and the employer to settle terms and conditions of employment such as wages, benefits and job security.	veda-verse unit-2 trade-unions-and-collective-bargaining
Collective Bargaining Agreement (CBA)	The written, signed terms reached through bargaining, running for a fixed period, often a few years.	veda-verse unit-2 trade-unions-and-collective-bargaining
Combination Strategy	Following several strategies at once across different units, such as expanding one business while retrenching another.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Commander Approach	Bourgeois and Brodwin's implementation approach in which top management decides the strategy and instructs others to carry it out.	veda-verse unit-6 strategy-implementation-and-evaluation
Commercial Paper	A short-term unsecured promissory note issued by large firms.	veda-verse unit-4 sources-of-finance
Committee Organisation	An arrangement in which a group of managers decides jointly on matters referred to it.	veda-verse unit-1 organisation-structure
Common Carrier	A transport firm serving set routes on a schedule, open to all shippers at standard rates.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Common-Size Statement	A statement with each item shown as a percentage of sales or total assets, to spot changes.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Communication Network	The pattern of channels among members of a group: chain, wheel, circle or all-channel.	veda-verse unit-1 communication
Competency	A mix of knowledge, skills, attitudes and traits that shows up as good performance in a role; a demonstrable individual characteristic enabling effective job performance.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Competency Mapping	Deciding which competencies each job needs, writing them down, and using them in recruitment, training, appraisal and promotion.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Competitive Advantage	A firm's ability to outperform rivals, through lower cost, differentiation or a well-defended focus.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Complementors	Firms whose products add value to an industry's own; sometimes called a sixth force.	veda-verse unit-6 external-analysis-pestel-five-forces-and-industry-life-cycle
Composite Ratio	A ratio with one figure from the statement of profit and loss and the other from the balance sheet, such as debtors turnover.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Compressed Work Week	Five 8-hour days become four 10-hour days: the total stays 40 hours and the team gains a free day, but days are longer and more tiring.	veda-verse unit-2 employee-engagement-and-work-life-balance
Conceptual Skills	In Katz's model, the ability to see the organisation as a whole and connect strategy to its parts; most important for top managers.	veda-verse unit-1 management-concept-principles-roles-and-skills
Conciliation	A neutral officer helps the parties find an agreement in a dispute but cannot force one.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Confidential Report	A superior's private report on conduct, strengths and weaknesses, common in government service; in its classic form the employee does not see it.	veda-verse unit-2 performance-management-and-appraisal
Conjunctive Rule	A decision rule in which a product must meet a minimum acceptable level on every attribute.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Conservatism (Prudence)	Provide for expected losses at once, but recognise profits only when realised.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Consistency Convention	The same accounting methods are used from year to year so results can be compared.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Consumer Equilibrium	The point at which a consumer maximises utility subject to the budget constraint, where the indifference curve is tangent to the budget line.	veda-verse unit-1 indifference-curve-analysis
Contingency Plan	An alternative plan kept ready for use if conditions change or the main plan fails.	veda-verse unit-1 functions-of-management
Contingency Theory	A management theory holding that there is no single best way to organise; effectiveness depends on matching structure to the situation (structure, environment, technology, people).	veda-verse unit-1 theories-of-management
Contingency Theory	A management theory holding that there is no single best way to organise; the right approach depends on the specific situation.	veda-verse unit-2 organisational-behaviour-significance-and-theories
Contract Costing	A costing method for large, long projects such as construction.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Contrast Effect	A perceptual error where a person is evaluated by comparison with others rather than against objective standards.	veda-verse unit-2 personality-perception-and-attitude
Contribution	Sales less variable cost; what each sale adds towards fixed costs and profit.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Controlling	Setting standards, measuring performance, comparing it with the standards and correcting deviations.	veda-verse unit-1 functions-of-management
Convergence	Bringing national standards into harmony with IFRS, with changes where local conditions need them, short of full adoption.	veda-verse unit-4 indian-accounting-standards-and-ifrs
Coordination	The orderly arrangement of group effort to provide unity of action in the pursuit of a common purpose; often called the essence of management.	veda-verse unit-1 functions-of-management
Core Competence	Prahalad and Hamel's bundle of skills and technologies that lets a firm deliver distinctive value across several businesses and is hard to imitate.	veda-verse unit-6 internal-analysis-resources-capabilities-and-swot
Core Competency (Employee)	A competency everyone in the organisation needs, tied to its aims, such as teamwork or integrity. Not the same as a firm's strategic core competence.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Core Product	The basic benefit or need the customer is really buying.	veda-verse unit-7 product-decisions-levels-new-products-and-the-life-cycle
Corporate Governance	The system of rules, practices and processes by which a company is directed and controlled to balance stakeholder interests.	veda-verse unit-1 corporate-governance-and-value-based-organisations
Corporate Strategy	Top-level strategy setting the scope of the firm: which businesses to compete in and how to allocate resources among them.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Cost Accounting	Recording, classifying, analysing and controlling costs to find unit cost and support decisions.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Cost Concept	Assets are recorded at what was paid for them, whatever they later become worth.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Cost Driver	The factor that causes the cost of an activity, such as the number of set-ups.	veda-verse unit-4 activity-based-and-life-cycle-costing
Cost Driver Rate	The cost of an activity pool divided by the number of driver units.	veda-verse unit-4 activity-based-and-life-cycle-costing
Cost Object	Anything for which a separate measure of cost is wanted, such as a product, service, project or customer.	veda-verse unit-4 activity-based-and-life-cycle-costing
Cost of Capital	The minimum return a firm must earn to satisfy those who supply its funds.	veda-verse unit-4 cost-of-capital
Cost of Debt (Kd)	Interest after tax divided by net proceeds: I(1 − T) ÷ NP.	veda-verse unit-4 cost-of-capital
Cost of Equity (Ke)	The return equity holders expect, estimated by dividend growth, earnings yield or CAPM.	veda-verse unit-4 cost-of-capital
Cost of Preference Capital (Kp)	Preference dividend divided by net proceeds.	veda-verse unit-4 cost-of-capital
Cost of Retained Earnings (Kr)	The opportunity cost of keeping profits, taken as about equal to the cost of equity.	veda-verse unit-4 cost-of-capital
Cost Pool	A group of indirect costs with similar behaviour, one for each activity.	veda-verse unit-4 activity-based-and-life-cycle-costing
Cost Sheet	A statement that builds up cost stage by stage from prime cost to selling price.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Cost Unit	A unit of product, service or time for which cost is stated, such as a kilowatt-hour.	veda-verse unit-4 activity-based-and-life-cycle-costing
Cost-Plus Pricing	Setting price by adding a standard mark-up to cost.	veda-verse unit-7 pricing-decisions-objectives-factors-and-strategies
Cost-Volume-Profit (CVP) Analysis	Studies how cost, volume and profit move together.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Cournot Model	Augustin Cournot's 1838 duopoly model in which each firm chooses output taking its rival's as given; each produces one-third of the competitive output.	veda-verse unit-1 market-structures
Craft Union	A union of workers with the same craft, skill or occupation, whatever industry they work in.	veda-verse unit-2 trade-unions-and-collective-bargaining
Creditors Turnover Ratio	Net credit purchases divided by average payables; how quickly suppliers are paid.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Crescive Approach	Bourgeois and Brodwin's implementation approach in which strategy grows from ideas proposed by lower-level employees.	veda-verse unit-6 strategy-implementation-and-evaluation
Critical Incident Technique	A job analysis method documenting extreme examples of good or poor performance to uncover key job behaviours.	veda-verse unit-2 job-analysis-evaluation-and-design
Critical Success Factor	One of the few things that must go right for a job to succeed; found when designing the competency-mapping questionnaire.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Cross Elasticity of Demand (XED)	The responsiveness of demand for one good to a price change in a related good — positive for substitutes, negative for complements.	veda-verse unit-1 elasticity-of-demand
Cross-Functional Competency	A competency many jobs in many departments need, such as computer skills or budgeting; it makes staff versatile and cuts training cost.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
CSR (Corporate Social Responsibility)	The integration of social, environmental and economic responsibility into business operations; mandatory in India above specified net worth, turnover or profit thresholds.	veda-verse unit-1 business-ethics-and-csr
Current Account	A current asset or liability, such as stock, debtors, cash or creditors.	veda-verse unit-4 fund-flow-statement
Current Ratio	Current assets divided by current liabilities; a liquidity test with a conventional benchmark of about 2:1.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Current Standard	A standard for present conditions, set for a short period and widely used for control.	veda-verse unit-4 standard-costing-and-variance-analysis
Customer Lifetime Value (CLV)	The present value of the profits a customer will bring over the whole relationship.	veda-verse unit-7 customer-relationship-marketing
Debentures	Long-term borrowing at a fixed rate of interest; holders are creditors, not owners.	veda-verse unit-4 sources-of-finance
Debt Ratio	Total debt divided by total assets; the share of assets financed by debt.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Debt-to-Equity Ratio	Total debt divided by shareholders’ equity; a measure of financial leverage.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Debtors Turnover Ratio	Net credit sales divided by average receivables; how quickly customers pay.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Decentralisation	The system-wide distribution of decision-making power across multiple levels of an organisation — functional, geographic, product-based or market-based.	veda-verse unit-1 organisation-structure
Decisional Roles	Mintzberg's entrepreneur, disturbance handler, resource allocator and negotiator roles, in which a manager makes choices.	veda-verse unit-1 management-concept-principles-roles-and-skills
Delegation of Authority	The transfer of responsibility and decision-making power from a superior to a subordinate, while the superior retains ultimate accountability.	veda-verse unit-1 organisation-structure
Deliberate Strategy	In Mintzberg's terms, strategy realised as originally intended.	veda-verse unit-6 strategy-and-strategic-management-concept-and-process
Delphi Method	A forecasting method in which experts answer anonymously in rounds, seeing a summary of others' views, until their estimates converge.	veda-verse unit-1 business-economics-and-demand
Demand Forecasting	Estimating future demand for a product, by survey methods or statistical methods, to plan production, prices and capacity.	veda-verse unit-1 business-economics-and-demand
Demand Function	An equation stating quantity demanded as depending on own price, related prices, income, tastes, expectations, population and advertising.	veda-verse unit-1 business-economics-and-demand
Demand-Pull Inflation	Inflation caused when aggregate demand in an economy exceeds aggregate supply capability.	veda-verse unit-1 national-income-and-inflation
Democratic Leadership	A leadership style that actively involves the team in decision-making.	veda-verse unit-2 group-behaviour-teams-and-leadership
Deontological Ethics	An ethical approach focused on adherence to moral duties and principles rather than outcomes.	veda-verse unit-1 business-ethics-and-csr
Departmentalisation	Grouping related activities into departments or units, for example by function, product or region.	veda-verse unit-1 functions-of-management
Depreciation	The spreading of an asset’s cost over its useful life; it uses no cash and sets none aside.	veda-verse unit-4 preparation-of-financial-statements
Derived Demand	Demand for business goods that comes from demand for the consumer goods they help produce.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Development (HR)	Long-term, broad career-oriented growth activities that prepare employees for future roles.	veda-verse unit-2 training-and-development
Diagonal Communication	Communication between people at different levels in different departments; fast, but it bypasses the chain of command.	veda-verse unit-1 communication
Differential Piece-Rate System	Taylor's wage system paying a higher rate per piece to workers who meet the standard output and a lower rate to those who fall short, linking pay to output.	veda-verse unit-1 management-concept-principles-roles-and-skills
Differentiation Strategy	Porter's generic strategy of winning by offering unique features customers value and will pay a premium for.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Direct Cost	A cost that can be traced to a specific product or job.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Direct Marketing	One-to-one communication designed to get an immediate, measurable response.	veda-verse unit-7 emerging-trends-in-marketing
Direct Method	Shows cash received from customers and cash paid out, to arrive at cash from operations.	veda-verse unit-4 cash-flow-statement
Direct Observation	A job analysis method of watching an employee perform routine or physical tasks in real time.	veda-verse unit-2 job-analysis-evaluation-and-design
Directing	Guiding, motivating, supervising and communicating with people so they work toward the organisation's goals.	veda-verse unit-1 functions-of-management
Disclosure Convention	All material information, including contingent liabilities, must be disclosed fully.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Discount Store	A retailer selling standard goods at low prices, with low margins and high volume.	veda-verse unit-7 retail-marketing
Disinflation	A slowdown in the rate of inflation, where prices continue rising but at a reduced pace.	veda-verse unit-1 national-income-and-inflation
Disjunctive Rule	A decision rule in which a product is accepted if it meets a high standard on any one key attribute.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Distribution Channel	The set of organisations, direct or through intermediaries, through which a product passes from producer to final consumer.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Distributive Bargaining	Win-lose negotiation over a fixed sum, where one side's gain is the other's loss.	veda-verse unit-2 trade-unions-and-collective-bargaining
Distributive Justice	The fairness of outcomes in the allocation of rewards and resources, based on equity, equality or need.	veda-verse unit-2 organisational-justice-and-whistleblowing
Diversification	Growth by entering new products and markets; related (seeking synergy) or unrelated (conglomerate).	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Divestment	A retrenchment strategy of selling or shedding a business unit that no longer fits the corporate strategy.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Dividend Policy	The decision on how much profit to pay out and how much to retain.	veda-verse unit-4 financial-management
Dog	A BCG cell: low market share in a low-growth market; usually harvested or divested.	veda-verse unit-6 business-portfolio-analysis-bcg-and-ge-mckinsey-matrices
Double-Loop Learning	Argyris and Schön's learning that questions the rules and goals themselves; single-loop learning only corrects an error within the current rules.	veda-verse unit-2 organisation-development-and-change
Downward Communication	Communication from superiors to subordinates, such as orders, policies and instructions.	veda-verse unit-1 communication
Dual Aspect Concept	Every transaction has two effects, a debit and an equal credit, so Assets = Liabilities + Equity always holds.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Dunlop's Systems Approach	John Dunlop's (1958) view of IR as a system of actors, contexts and ideology that produces a web of substantive and procedural rules.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Duopoly	An oligopoly with two sellers.	veda-verse unit-1 market-structures
Duration Driver	A cost driver based on the time an activity takes, such as set-up hours.	veda-verse unit-4 activity-based-and-life-cycle-costing
Earnings per Share (EPS)	Net profit divided by the number of shares.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Economic Strike	A strike because talks failed to agree terms of a contract, such as wages, benefits and other conditions of employment.	veda-verse unit-2 trade-unions-and-collective-bargaining
Effectiveness	Doing the right things: the degree to which goals are actually reached.	veda-verse unit-1 management-concept-principles-roles-and-skills
Efficiency	Doing things right: reaching goals with the least waste of time, money and effort.	veda-verse unit-1 management-concept-principles-roles-and-skills
Elasticity of Demand	A measure of how responsive quantity demanded is to changes in price, income, or the price of related goods.	veda-verse unit-1 elasticity-of-demand
Elite Talent Hiring	Buying ready expertise: it arrives at once and sets a high benchmark, but is costly and may unsettle insiders who were passed over.	veda-verse unit-2 talent-management-and-skill-development
Emergent Strategy	A pattern of action that forms over time without, or despite, deliberate intentions.	veda-verse unit-6 strategy-and-strategic-management-concept-and-process
Emerging Talent Nurturing	Growing promising people: cheaper per head and builds loyalty, but slower to deliver, and trained people may leave.	veda-verse unit-2 talent-management-and-skill-development
Employee Engagement	The level of enthusiasm and dedication a person feels towards the job; the energy, attention and care put in beyond the minimum.	veda-verse unit-2 employee-engagement-and-work-life-balance
Employee Net Promoter Score (eNPS)	From one recommend-us question scored 0 to 10: percentage of promoters (9–10) minus percentage of detractors (0–6); it runs from −100 to +100.	veda-verse unit-2 employee-engagement-and-work-life-balance
Employees' State Insurance	Medical care and cash benefits for insured employees in sickness, maternity and employment injury.	veda-verse unit-2 labour-welfare-and-social-security
Employer Branding	An organisation's reputation and image as an employer, used to attract quality candidates.	veda-verse unit-2 strategic-human-resource-management
Encoding	The stage of the communication process where the sender transforms thoughts into transmittable symbols such as words, gestures or visuals.	veda-verse unit-1 communication
Engagement Cycle	The five-step process of diagnose and design, survey, analyse, act and follow up; follow-up feeds the next round.	veda-verse unit-2 employee-engagement-and-work-life-balance
Engagement Score	A summary of survey answers, usually an average or a share of favourable answers; compare a team with its own past score.	veda-verse unit-2 employee-engagement-and-work-life-balance
Entry Barriers	Obstacles such as scale economies, capital needs, brand loyalty and regulation that deter new firms from entering an industry.	veda-verse unit-6 external-analysis-pestel-five-forces-and-industry-life-cycle
Environmental Scanning	The first step of the strategic management process: gathering and analysing information on internal and external factors.	veda-verse unit-6 strategy-and-strategic-management-concept-and-process
Equity Shares	Ownership shares with voting rights and a dividend that varies with profit.	veda-verse unit-4 sources-of-finance
Esprit de Corps	Fayol's principle of promoting team spirit and unity to strengthen organisational cohesion.	veda-verse unit-1 management-concept-principles-roles-and-skills
Estimated Cost	A forecast of what a cost will be, usually from past data; unlike a standard, it is not a yardstick of efficiency.	veda-verse unit-4 standard-costing-and-variance-analysis
Ethical Dilemma	A situation requiring a choice between two or more conflicting moral values or obligations.	veda-verse unit-1 business-ethics-and-csr
Ethnocentric Approach	Key posts at head office and in subsidiaries go to PCNs, and head office takes the main decisions; subsidiaries have little autonomy.	veda-verse unit-2 international-human-resource-management
Evidence-Based HRM	An HR approach that utilises hard data and analytics to drive scientific decision-making.	veda-verse unit-2 human-resource-management
Evoked Set	The brands a buyer actively considers when evaluating alternatives.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Excess Capacity	Under monopolistic competition, the shortfall between a firm's long-run output and the output at which its average cost would be lowest.	veda-verse unit-1 market-structures
Exchange Theory	In social marketing, the idea that a behaviour change must offer benefits that outweigh its perceived costs.	veda-verse unit-7 emerging-trends-in-marketing
Exclusive Distribution	Distribution through one or very few dealers in each area; typical of luxury and specialty goods.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Expansion Strategy	A grand strategy of growth through greater market presence, sales or scope.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Expatriate	An employee sent by the firm to work in a country that is not their own, on a long-term or short-term assignment.	veda-verse unit-2 international-human-resource-management
Expected Standard	A standard that reflects what is expected to be reached in the period ahead.	veda-verse unit-4 standard-costing-and-variance-analysis
Explicit Cost	The out-of-pocket cost of raising funds, such as interest or dividends.	veda-verse unit-4 cost-of-capital
Exporting	Entering a foreign market by selling home-produced goods there, directly or through intermediaries.	veda-verse unit-7 international-marketing
External Recruitment	Sourcing candidates from outside the organisation to inject fresh skills and perspectives.	veda-verse unit-2 recruitment-and-selection
External Whistleblowing	Reporting organisational wrongdoing outside the company, such as to media or regulators, typically when internal channels fail.	veda-verse unit-2 organisational-justice-and-whistleblowing
Extra-Mural Facilities	Welfare facilities outside the workplace, such as housing, recreation and sports, and education for workers and their children.	veda-verse unit-2 labour-welfare-and-social-security
Factor Comparison	A quantitative job evaluation method that compares jobs, factor by factor, with benchmark jobs whose pay rates are agreed.	veda-verse unit-2 job-analysis-evaluation-and-design
Factoring	Selling receivables to a financial institution for immediate cash.	veda-verse unit-4 sources-of-finance
Fair Wage	A wage above the minimum wage but below the living wage; its upper limit is the industry's capacity to pay.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Fayol's 14 Principles	Henri Fayol's foundational set of administrative principles covering organisational structure, direction, and personnel management.	veda-verse unit-1 management-concept-principles-roles-and-skills
FDI (Foreign Direct Investment)	Entering a foreign market by building or buying production facilities there: the highest risk and full control.	veda-verse unit-7 international-marketing
Financial Distress	The trouble a firm faces when it cannot meet its debts, with costs such as lost customers and forced sales.	veda-verse unit-4 capital-structure-theories
Financial Leverage	Using borrowed money to magnify returns to owners, and the risk with them.	veda-verse unit-4 capital-structure-theories
Financial Management	Planning, raising, using and controlling a firm’s funds.	veda-verse unit-4 financial-management
Financing Activities	Activities that change the size and make-up of owners’ capital and borrowings.	veda-verse unit-4 cash-flow-statement
Fiscal Policy	A government's use of taxation and public spending to influence economic conditions such as inflation.	veda-verse unit-1 national-income-and-inflation
Five Dimensions of Green HRM	A teaching framework of five areas: green products and services, workforce, workplace, function or process model, and management and governance. Its author is rarely named.	veda-verse unit-2 green-human-resource-management
Five-Phase Talent Cycle	Planning, attracting, developing, retaining and transitioning; the last phase passes on knowledge and readiness, feeding the next round of planning.	veda-verse unit-2 talent-management-and-skill-development
Fixed Assets Turnover Ratio	Net sales divided by net fixed assets; sales produced by each rupee of fixed assets.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Fixed Budget	A budget that does not change whatever the level of activity.	veda-verse unit-4 budgeting-and-budgetary-control
Fixed Cost	A cost that stays the same whatever the output, such as rent.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Fixed Overhead Variance	The difference between standard and actual fixed overhead, split into expenditure and volume.	veda-verse unit-4 standard-costing-and-variance-analysis
Flanker Brand	A lower-priced ‘fighter’ brand launched to protect a flagship brand from competitors.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Flexible Budget	A budget recalculated for the actual level of activity.	veda-verse unit-4 budgeting-and-budgetary-control
Flow of Funds	A change in working capital, arising only when a current and a non-current account are both affected.	veda-verse unit-4 fund-flow-statement
Focus Strategy	Porter's generic strategy of competing in a narrow segment, through cost focus or differentiation focus.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Force-Field Analysis	Lewin's picture of any present level as a balance between driving forces for change and restraining forces against it; change happens when the balance tips.	veda-verse unit-2 organisation-development-and-change
Forced Distribution	The rater must spread employees across the scale in fixed shares, assuming a bell curve; it stops all-high ratings but is unfair to a strong team.	veda-verse unit-2 performance-management-and-appraisal
Formal Communication	Communication that follows official organisational channels and hierarchy, ensuring consistency and accountability.	veda-verse unit-1 communication
Formal Groups	Groups structured by the organisation with assigned tasks and specific objectives.	veda-verse unit-2 group-behaviour-teams-and-leadership
Forming	Tuckman's first stage of team development, marked by cautious, polite behaviour and unclear roles.	veda-verse unit-2 group-behaviour-teams-and-leadership
Forward Integration	A vertical integration strategy in which a firm gains control over distribution and direct access to customers.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Franchise Organisation	A contractual system of outlets run under a franchisor's brand and system, for a fee.	veda-verse unit-7 retail-marketing
Functional Competency	A technical competency needed by one job or job family, such as data analysis or software development; it gives task proficiency and specialisation.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Functional Foremanship	Taylor's concept of supervision by multiple task-specialist foremen rather than a single generalist supervisor.	veda-verse unit-1 management-concept-principles-roles-and-skills
Functional Job Analysis (FJA)	Sidney Fine's job analysis method, rating what a worker does in relation to data, people and things; a method, not a form.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Functional Skills	Technical knowledge needed to run operations and solve problems, such as budgeting or spreadsheet modelling; one of three skill pillars, also called hard skills.	veda-verse unit-2 talent-management-and-skill-development
Functional Strategy	Departmental strategy (production, marketing, finance, HR) that supports the business strategy and maximises resource productivity.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Functional Theory	Welfare as an investment in output: a healthy, contented worker is more productive.	veda-verse unit-2 labour-welfare-and-social-security
Fund Flow Statement	A statement of the sources and applications of funds, where funds means working capital.	veda-verse unit-4 fund-flow-statement
Funds from Operations	Profit adjusted for non-fund items such as depreciation; the main internal source of funds.	veda-verse unit-4 fund-flow-statement
GAAP	Generally accepted accounting principles: the rules and conventions a set of accounts is expected to follow.	veda-verse unit-4 indian-accounting-standards-and-ifrs
Gallup Engagement Groups	Gallup's three groups: engaged, not engaged (time but no energy or passion) and actively disengaged (unhappy and working against colleagues' efforts).	veda-verse unit-2 employee-engagement-and-work-life-balance
Gandhian Approach	Peace through trusteeship, non-violence and moral persuasion; a strike is allowed only as a last resort, for a just cause and without violence.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Gang Plank	Fayol's exception to the scalar chain: two people at the same level may deal with each other directly, with their superiors' knowledge, when the chain is too slow.	veda-verse unit-1 management-concept-principles-roles-and-skills
Gatekeeper	A buying-centre member who controls the flow of information to the others.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
GDP Deflator	A comprehensive measure of price change, calculated as the ratio of nominal GDP to real GDP, multiplied by 100.	veda-verse unit-1 national-income-and-inflation
GE–McKinsey Matrix	A 3 × 3 portfolio grid plotting industry attractiveness against business unit strength, with invest, hold and harvest zones.	veda-verse unit-6 business-portfolio-analysis-bcg-and-ge-mckinsey-matrices
Generic Strategies	Porter's three broad routes to competitive advantage: cost leadership, differentiation and focus.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Geocentric Approach	Key posts anywhere, head office included, go to the best person whether PCN, HCN or TCN; the firm works as one global network.	veda-verse unit-2 international-human-resource-management
Gherao	Workers surround managers and stop them leaving; confining people against their will can break criminal law.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Giffen Good	A strongly inferior staple taking a large share of a poor household's budget, whose demand rises when its price rises; named by Marshall after Sir Robert Giffen.	veda-verse unit-1 business-economics-and-demand
Global Strategy	An international strategy of standardised products worldwide for maximum efficiency.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Going Concern Concept	The business is assumed to continue, which is why assets are depreciated rather than valued for sale.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Grading/Classification	A non-quantitative job evaluation method grouping jobs into predefined salary grades.	veda-verse unit-2 job-analysis-evaluation-and-design
Graicunas's Formula	V. A. Graicunas's (1933) count of a manager's possible relationships with n subordinates: n[2^(n−1) + n − 1].	veda-verse unit-1 organisation-structure
Grapevine Communication	An unofficial, informal communication network that spreads information — often rumour-based — rapidly through an organisation.	veda-verse unit-1 communication
Graphic Rating Scale	The rater scores traits such as punctuality and teamwork on a scale from poor to excellent and the scores are added; cheap, but vague.	veda-verse unit-2 performance-management-and-appraisal
Gratuity	A lump sum the employer alone pays in recognition of long service.	veda-verse unit-2 labour-welfare-and-social-security
Green Commuting	Carpools, public transport for business travel, cycling or walking to work, and loans for low-emission vehicles, to burn less fuel on journeys.	veda-verse unit-2 green-human-resource-management
Green HRM	HR policies, practices and systems that encourage green behaviour among employees, to create an environmentally sensitive, resource-efficient and socially responsible organisation.	veda-verse unit-2 green-human-resource-management
Green KPI	A measurable number showing whether people are making the firm greener, such as electricity used per employee.	veda-verse unit-2 green-human-resource-management
Green Marketing	Marketing environmentally sustainable products and practices.	veda-verse unit-7 emerging-trends-in-marketing
Green Policy	The stated rule or aim, such as interviews online wherever possible; unlike a green practice, it need not be what people actually do.	veda-verse unit-2 green-human-resource-management
Green Practice	What managers and staff actually do; the gap between policy and practice is where green claims go wrong.	veda-verse unit-2 green-human-resource-management
Green Product	A product whose making, purchase and use allow economic development without polluting or depleting natural resources.	veda-verse unit-7 emerging-trends-in-marketing
Green Rewards	Recognition, awards, bonuses linked to green goals, and free bicycles or transport benefits that motivate green behaviour.	veda-verse unit-2 green-human-resource-management
Greenwashing	Making false or exaggerated environmental claims about a product.	veda-verse unit-7 emerging-trends-in-marketing
Grievance	An employee's sense of dissatisfaction or injustice about something connected with the job; it may or may not be justified.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Gross Domestic Product (GDP)	The market value of all final goods and services produced within a country's borders, equal to Consumption + Investment + Government Expenditure + Net Exports.	veda-verse unit-1 national-income-and-inflation
Gross National Product (GNP)	Total income earned by a country's residents, both domestically and abroad, equal to GDP plus net factor income from abroad.	veda-verse unit-1 national-income-and-inflation
Gross Profit Ratio	Gross profit as a percentage of net sales.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Group Cohesiveness	The psychological bond between group members; high cohesion generally improves performance but can suppress dissent if excessive.	veda-verse unit-2 group-behaviour-teams-and-leadership
Groupthink	A phenomenon where the desire for group harmony overrides critical thinking, leading to poor high-stakes decisions.	veda-verse unit-2 group-behaviour-teams-and-leadership
Guerrilla Marketing	Unconventional, low-cost tactics designed to surprise audiences and create buzz.	veda-verse unit-7 emerging-trends-in-marketing
Habitual Buying	Low-involvement buying where brands differ little, needing minimal decision-making; salt is the usual example.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Halo/Horn Effect	A perceptual error of evaluating a person entirely based on one positive (halo) or negative (horn) trait.	veda-verse unit-2 personality-perception-and-attitude
Harvest Strategy	Deliberately reducing investment in a business unit to maximise short-term cash flow before exit.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Hawthorne Effect	The tendency for productivity to rise when workers feel observed and valued, discovered in Elton Mayo's studies.	veda-verse unit-2 organisational-behaviour-significance-and-theories
Hawthorne Studies	Elton Mayo's research proving that productivity is driven by social and psychological factors, not merely physical working conditions.	veda-verse unit-1 theories-of-management
Herzberg's Two-Factor Theory	A motivation theory distinguishing Motivators, which cause satisfaction, from Hygiene Factors, which prevent dissatisfaction.	veda-verse unit-2 values-learning-and-motivation
Heterogeneity (Service)	The variability of service quality depending on who provides it, when, where and how.	veda-verse unit-7 services-marketing
Hierarchy of Needs	Maslow's model of five sequential need levels — Physiological, Safety, Social, Esteem and Self-Actualisation.	veda-verse unit-2 values-learning-and-motivation
High-Performance Work System (HPWS)	An HR approach integrating strategy with teamwork, empowerment and performance-linked rewards.	veda-verse unit-2 human-resource-management
Hire Purchase	Buying an asset by instalments, with ownership passing after the last one.	veda-verse unit-4 sources-of-finance
Holacracy	An informal organisational structure built on self-managed teams rather than traditional hierarchy.	veda-verse unit-1 organisation-structure
Holistic Marketing	Kotler and Keller's view of marketing as one connected system: relationship, integrated, internal and performance marketing.	veda-verse unit-7 marketing-core-concepts-philosophies-and-the-marketing-mix
Homemade Leverage	Investors borrowing for themselves to copy the effect of a firm’s debt.	veda-verse unit-4 capital-structure-theories
Horizontal Integration	Merging with or acquiring competitors at the same stage of the value chain.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Horizontal Marketing System	Cooperation between unrelated firms at the same level of a channel to exploit an opportunity.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Host Country National (HCN)	A citizen of the country where a subsidiary operates.	veda-verse unit-2 international-human-resource-management
HR Scorecard	Becker, Huselid and Ulrich's (2001) adaptation of the balanced scorecard to the HR function, showing how HR practices support strategy.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Human Resource Accounting	An appraisal method that sets the cost of recruiting, training and keeping an employee against the value they generate, in money.	veda-verse unit-2 performance-management-and-appraisal
Human Resource Management (HRM)	The systematic process of acquiring, developing, motivating and retaining employees to achieve organisational goals.	veda-verse unit-2 human-resource-management
Human Resource Planning (HRP)	The systematic process of forecasting and managing the demand and supply of human resources.	veda-verse unit-2 human-resource-planning
Human Skills	Robert Katz's managerial skill category involving the ability to lead, motivate and resolve conflict among people.	veda-verse unit-1 management-concept-principles-roles-and-skills
Humanistic Theory (Personality)	A theory (Rogers, Maslow) focused on inherent goodness, self-growth and self-actualisation.	veda-verse unit-2 personality-perception-and-attitude
Hygiene Factors	Herzberg's category of factors, such as base pay, that prevent job dissatisfaction but do not motivate.	veda-verse unit-2 values-learning-and-motivation
Hyperinflation	An extreme, uncontrollable rise in prices exceeding 50% per month, typically leading to currency collapse.	veda-verse unit-1 national-income-and-inflation
IASB	The International Accounting Standards Board, which issues IFRS.	veda-verse unit-4 indian-accounting-standards-and-ifrs
Ideal Standard	A standard set for the best possible conditions, with no waste or idle time.	veda-verse unit-4 standard-costing-and-variance-analysis
IDIC Model	Peppers and Rogers' one-to-one marketing steps: identify, differentiate, interact, customise.	veda-verse unit-7 customer-relationship-marketing
IFRS (International Financial Reporting Standards)	Global accounting standards issued by the IASB to make financial statements comparable across countries.	veda-verse unit-4 indian-accounting-standards-and-ifrs
Impairment of Assets	Writing an asset down when it is carried at more than it can recover; covered by Ind AS 36 and AS 28.	veda-verse unit-4 indian-accounting-standards-and-ifrs
Implicit Cost	The opportunity cost of using funds, such as earnings kept back.	veda-verse unit-4 cost-of-capital
Income Elasticity of Demand (YED)	The responsiveness of demand to a change in consumer income, distinguishing normal, inferior, necessity and luxury goods.	veda-verse unit-1 elasticity-of-demand
Ind AS (Indian Accounting Standards)	India’s accounting standards, converged with IFRS; they apply to companies in notified classes.	veda-verse unit-4 indian-accounting-standards-and-ifrs
Indifference Curve	A graphical representation of all combinations of two goods that provide a consumer with the same level of satisfaction.	veda-verse unit-1 indifference-curve-analysis
Indirect Cost	A cost that cannot be traced to one product and is shared among products.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Indirect Method	Starts with profit and adjusts for non-cash items and changes in working capital.	veda-verse unit-4 cash-flow-statement
Industrial Buying Behaviour	The process by which organisations establish needs and choose among products and suppliers for production, operations or resale.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Industrial Dispute	Under the 1947 Act, a dispute between employers and employers, employers and workmen, or workmen and workmen, connected with employment, terms of employment or conditions of labour.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Industrial Relations (IR)	The management of relationships among employers, employees, trade unions and government, aiming at industrial harmony and productivity.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Industrial Union	A union of workers of one industry, whatever their craft.	veda-verse unit-2 trade-unions-and-collective-bargaining
Industry Life Cycle	The stages an industry passes through: embryonic, growth, shakeout, maturity and decline (or, simply, introduction, growth, maturity, decline).	veda-verse unit-6 external-analysis-pestel-five-forces-and-industry-life-cycle
Inflation	A persistent rise in the general price level of goods and services, resulting in a decline in purchasing power.	veda-verse unit-1 national-income-and-inflation
Informal Communication	Unstructured, spontaneous communication such as the grapevine or face-to-face interaction that builds relationships and speeds up decisions.	veda-verse unit-1 communication
Informal Groups	Naturally formed groups based on shared interests and social connections rather than organisational structure.	veda-verse unit-2 group-behaviour-teams-and-leadership
Informal Organisation	The network of personal and social relationships that grows on its own alongside the formal structure.	veda-verse unit-1 organisation-structure
Informational Roles	Mintzberg's monitor, disseminator and spokesperson roles, in which a manager gathers and passes on information.	veda-verse unit-1 management-concept-principles-roles-and-skills
Inseparability	The service characteristic that production and consumption happen together.	veda-verse unit-7 services-marketing
Intangibility	The service characteristic that it cannot be seen, touched or tried before purchase.	veda-verse unit-7 services-marketing
Integrated Marketing Communications	Coordinating all promotion tools to deliver one clear, consistent message.	veda-verse unit-7 promotion-decisions-the-communication-mix-and-budget
Integration Strategy	Combining activities along the value chain, backward, forward or horizontally, to reduce cost and increase control.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Integrative Bargaining	Win-win negotiation in which both sides work on shared interests to make the gain bigger.	veda-verse unit-2 trade-unions-and-collective-bargaining
Intensity Driver	A cost driver that charges directly for the resources used each time an activity is done.	veda-verse unit-4 activity-based-and-life-cycle-costing
Intensive Distribution	Placing a product in as many outlets as possible; typical of convenience goods.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Interactional Justice	The fairness of interpersonal treatment and communication during decision-making, covering both dignity and honest explanation.	veda-verse unit-2 organisational-justice-and-whistleblowing
Interactive Marketing	The employee-customer side of the service triangle, where the service is delivered.	veda-verse unit-7 services-marketing
Interest Coverage Ratio	Earnings before interest and tax divided by interest; how many times interest is covered.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Interest Tax Shield	The tax saved because interest is deductible.	veda-verse unit-4 cost-of-capital
Internal Gig Platform	A system listing short projects that any employee can take on.	veda-verse unit-2 talent-management-and-skill-development
Internal Marketing	Hiring, training and motivating employees to serve customers well.	veda-verse unit-7 services-marketing
Internal Rate of Return (IRR)	The discount rate at which a project’s NPV is zero.	veda-verse unit-4 financial-management
Internal Recruitment	Filling vacancies from within the organisation's existing network, chiefly through job posting, promotions and transfers, and also by rehiring former employees or reconsidering previous applicants.	veda-verse unit-2 recruitment-and-selection
Internal Whistleblowing	Reporting wrongdoing within the company, such as to HR or an ethics committee.	veda-verse unit-2 organisational-justice-and-whistleblowing
International HRM (IHRM)	The set of HR activities a firm carries out at the international level to meet its objectives and gain an advantage over competitors at home and abroad.	veda-verse unit-2 international-human-resource-management
Internationalisation	Expanding operations beyond the home market, typically from exporting through joint ventures to local production.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Interpersonal Roles	Mintzberg's category of managerial roles — figurehead, leader, liaison — focused on relationships and status.	veda-verse unit-1 management-concept-principles-roles-and-skills
Interpretation	The perceptual stage of assigning meaning to organised sensory data based on prior experience and beliefs.	veda-verse unit-2 personality-perception-and-attitude
Intra-Mural Facilities	Welfare facilities inside the workplace, such as drinking water, washing facilities, canteen, rest rooms, crèche and first-aid room.	veda-verse unit-2 labour-welfare-and-social-security
Inventory Carrying Costs	The costs of holding stock: storage, capital, taxes and insurance, depreciation and obsolescence.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Inventory Turnover Ratio	Cost of goods sold divided by average inventory; how many times stock is sold and replaced.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Investing Activities	Buying and selling long-term assets and investments that are not cash equivalents.	veda-verse unit-4 cash-flow-statement
Job Analysis	A systematic diagnostic process of studying the tasks, methods, skills and attitudes required for a specific job.	veda-verse unit-2 job-analysis-evaluation-and-design
Job Costing	A costing method for customised, one-off orders.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Job Crafting	Employees reshaping parts of their own tasks or working relationships.	veda-verse unit-2 talent-management-and-skill-development
Job Demands–Resources Model	High demands with few resources wear people down towards burnout; resources such as support, control and feedback lead towards engagement.	veda-verse unit-2 employee-engagement-and-work-life-balance
Job Description	A document detailing a job's title, duties and working conditions to reduce ambiguity for applicants.	veda-verse unit-2 job-analysis-evaluation-and-design
Job Enlargement	Increasing the variety and number of tasks at the same responsibility level — horizontal expansion.	veda-verse unit-2 job-analysis-evaluation-and-design
Job Enrichment	Adding greater autonomy and decision-making power to a job to boost intrinsic motivation — vertical expansion.	veda-verse unit-2 job-analysis-evaluation-and-design
Job Evaluation	A systematic process assessing the relative value of one job compared to all others in an organisation.	veda-verse unit-2 job-analysis-evaluation-and-design
Job Involvement	The degree of psychological identification an employee has with their job as part of their self-worth.	veda-verse unit-2 personality-perception-and-attitude
Job Rotation	Periodically moving employees across different tasks to reduce boredom and build cross-functional skills.	veda-verse unit-2 job-analysis-evaluation-and-design
Job Satisfaction	Positive or negative feelings toward one's job roles that influence performance.	veda-verse unit-2 personality-perception-and-attitude
Job Simplification	Creating highly repetitive, specialised tasks to maximise efficiency, which can cause monotony.	veda-verse unit-2 job-analysis-evaluation-and-design
Job Specification	A document defining the ideal candidate profile — education, experience and traits — required for a job.	veda-verse unit-2 job-analysis-evaluation-and-design
Joint Venture	A cooperative strategy in which two or more firms create a new, jointly owned entity, sharing investment, risk and profit.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Joint Venture (Market Entry)	Entering a foreign market in partnership with a local firm, sharing ownership, control and risk.	veda-verse unit-7 international-marketing
Journal Entry	The first record of a transaction, written in date order with its debit and credit.	veda-verse unit-4 preparation-of-financial-statements
Just-in-Time (JIT)	Bringing materials and making goods exactly when needed, on the view that inventory is waste.	veda-verse unit-4 target-costing-kaizen-costing-and-just-in-time
Kahn's Dimensions of Engagement	William Kahn's (1990) three ways people bring themselves to work roles: physically, cognitively and emotionally.	veda-verse unit-2 employee-engagement-and-work-life-balance
Kahn's Psychological Conditions	Kahn's three conditions for engagement: meaningfulness (a return on effort), safety (showing oneself without fear) and availability (resources to invest).	veda-verse unit-2 employee-engagement-and-work-life-balance
Kaizen	The Japanese word for continuous improvement, in small steps by everyone.	veda-verse unit-4 target-costing-kaizen-costing-and-just-in-time
Kaizen Costing	Setting regular cost-reduction targets for existing products and reviewing the variances each period.	veda-verse unit-4 target-costing-kaizen-costing-and-just-in-time
Key Budget Factor	The limiting factor, often sales, that decides which budget is prepared first.	veda-verse unit-4 budgeting-and-budgetary-control
Key Performance Indicator (KPI)	A specific, measurable figure used to track performance, such as the percentage of parts rejected.	veda-verse unit-2 performance-management-and-appraisal
Key Result Area (KRA)	An outcome a job is judged on; in competency mapping each one is broken down into key activities.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Key Success Factors	The few factors in an industry that most determine a firm's ability to compete successfully.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Kinked Demand Curve	A model of oligopoly pricing where the demand curve has a kink at the prevailing price, reflecting rivals' asymmetric reactions to price changes.	veda-verse unit-1 market-structures
Kirana Store	A traditional Indian neighbourhood store, now modernising with self-service, credit, home delivery and digital ordering.	veda-verse unit-7 retail-marketing
Knowledge Management	Capturing and sharing what people know so that it stays in the organisation when they move on; the aim of the transitioning phase.	veda-verse unit-2 talent-management-and-skill-development
Labour Cost Variance (LCV)	Standard labour cost for the actual output less the actual cost; rate, efficiency and idle-time parts.	veda-verse unit-4 standard-costing-and-variance-analysis
Labour Efficiency Variance (LEV)	Standard rate times the difference between standard hours and hours actually worked.	veda-verse unit-4 standard-costing-and-variance-analysis
Labour Idle Time Variance (LITV)	Idle hours times the standard rate; always adverse.	veda-verse unit-4 standard-costing-and-variance-analysis
Labour Rate Variance (LRV)	Hours paid times the difference between standard and actual wage rate.	veda-verse unit-4 standard-costing-and-variance-analysis
Labour Welfare	Services, facilities and amenities provided for workers, at or near the workplace, by employers, unions, government and others, over and above wages.	veda-verse unit-2 labour-welfare-and-social-security
Laissez-Faire Leadership	A leadership style granting high team autonomy with minimal guidance, effective for highly skilled, self-motivated professionals.	veda-verse unit-2 group-behaviour-teams-and-leadership
Leadership	The art of motivating and guiding a group toward a shared vision by setting direction and managing conflict.	veda-verse unit-2 group-behaviour-teams-and-leadership
Learning	A relatively permanent change in behaviour or knowledge acquired through experience, observation or practice.	veda-verse unit-2 values-learning-and-motivation
Learning and Growth Perspective	The balanced scorecard view of the organisation's own capability: employee skills and training, information systems and culture. Customer retention is not part of it.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Learning Experience Platform	An online system that recommends learning content to each person; one example of a development method, not a requirement.	veda-verse unit-2 talent-management-and-skill-development
Lease Financing	Using an asset for rent without owning it.	veda-verse unit-4 sources-of-finance
Ledger Account	A running account to which journal entries are posted, grouped by head such as cash or sales.	veda-verse unit-4 preparation-of-financial-statements
Levels of Management	Top management sets objectives and policy, middle management turns policy into plans and coordinates, and first-line management directs day-to-day work.	veda-verse unit-1 management-concept-principles-roles-and-skills
Leverage Irrelevance Theory	Financing mix does not affect value in a perfect market, because investors can lever or unlever themselves.	veda-verse unit-4 capital-structure-theories
Lewin's Three-Stage Model	Kurt Lewin's 1947 model of planned change: unfreezing, changing (moving) and refreezing.	veda-verse unit-2 organisation-development-and-change
Lexicographic Rule	A decision rule that compares brands on the most important attribute first.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Licensing	Entering a foreign market by letting a local firm use a process, trademark or patent for a royalty.	veda-verse unit-7 international-marketing
Life-Cycle Costing	Adding all the costs of a product or asset from its first idea to its disposal, usually discounted.	veda-verse unit-4 activity-based-and-life-cycle-costing
Line and Staff Organisation	A form in which line managers hold authority to command and staff specialists advise and serve them.	veda-verse unit-1 organisation-structure
Line Extension	A new item in an existing product category under the same brand name, such as a new flavour or size.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Line Organisation	The simplest form of organisation, in which authority runs straight down a single chain of command.	veda-verse unit-1 organisation-structure
Liquidation	A retrenchment strategy of shutting a business down and selling its assets when recovery is impossible.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Living Wage	A wage covering essentials plus frugal comfort, such as children's education and insurance against misfortunes; an aim, not a legal floor.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Lockout	The employer shuts the workplace, or refuses to employ workers, until they accept its terms.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Logical Incrementalism	Quinn's mode of strategy-making: a clear mission, with strategy emerging through experiment and partial commitments.	veda-verse unit-6 strategy-and-strategic-management-concept-and-process
Long-Run Profitability	The sustainable profit level a firm can earn in a given market structure — normal profit under perfect/monopolistic competition, potentially supernormal under oligopoly/monopoly.	veda-verse unit-1 market-structures
Loyalty Pyramid	Aaker's levels of brand loyalty: switchers, habitual buyers, satisfied buyers with switching costs, brand likers, committed buyers.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Management	The process of getting things done through and with people, using an organisation's resources to reach its goals effectively and efficiently.	veda-verse unit-1 management-concept-principles-roles-and-skills
Management by Exception	Attending only to significant deviations from the standard, leaving routine results to run.	veda-verse unit-1 functions-of-management
Management by Objectives (MBO)	Peter Drucker's 1954 method: manager and employee set goals jointly, then compare actual results with them and set new goals.	veda-verse unit-2 performance-management-and-appraisal
Managerial Economics	The integration of economic theory with business practice to help managers make decisions and plan ahead (Spencer and Siegelman); also called business economics.	veda-verse unit-1 business-economics-and-demand
Margin of Safety	Actual sales less break-even sales; how far sales can fall before a loss.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Marginal Cost	The extra cost of one more unit of output, which is its variable cost.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Marginal Cost Equation	Sales − Variable cost = Fixed cost + Profit.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Marginal Cost of Capital (MCC)	The cost of raising the next increment of capital.	veda-verse unit-4 cost-of-capital
Marginal Costing	Treats only variable costs as product costs; fixed costs are charged to the period.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Marginal Productivity Theory	Clark and Wicksteed: a firm hires workers until the value of the last worker's extra output equals the wage.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Marginal Revenue	The change in total revenue from selling one more unit; below price whenever the firm must cut price to sell more.	veda-verse unit-1 market-structures
Market	In economics, the whole set of buyers and sellers of a commodity in contact with each other, not a particular place.	veda-verse unit-1 market-structures
Market Development	An Ansoff strategy of taking existing products into new markets.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Market Logistics	Planning, implementing and controlling the physical flow of goods and information from origin to point of use, to meet customer needs at a profit; also called physical distribution.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Market Penetration	An Ansoff strategy of selling more existing products in existing markets; the lowest-risk option.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Market Segmentation	Dividing a market into distinct groups of buyers with similar needs, characteristics or behaviour.	veda-verse unit-7 segmentation-targeting-and-positioning
Market Timing Theory	Firms issue equity when they think it is overvalued and avoid it when undervalued.	veda-verse unit-4 capital-structure-theories
Marketing Automation	Software that automates routine marketing tasks such as scheduling posts, nurturing leads and tracking campaigns.	veda-verse unit-7 emerging-trends-in-marketing
Marketing Concept	The philosophy that success comes from knowing target customers' needs and satisfying them better than competitors.	veda-verse unit-7 marketing-core-concepts-philosophies-and-the-marketing-mix
Marketing Funnel	The stages from awareness to loyalty, with conversion rates between them that reveal where customers drop out.	veda-verse unit-7 customer-relationship-marketing
Marketing Mix	The controllable tools, product, price, place and promotion, that a firm blends to get the response it wants.	veda-verse unit-7 marketing-core-concepts-philosophies-and-the-marketing-mix
Marketing Myopia	Levitt's term for defining a business by its product rather than by the need it serves.	veda-verse unit-7 marketing-core-concepts-philosophies-and-the-marketing-mix
Master Budget	A consolidation of all functional budgets, with a projected profit and loss account and balance sheet.	veda-verse unit-4 budgeting-and-budgetary-control
Matching Concept	Expenses are set against the revenue they helped earn in the same period.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Material Cost Variance (MCV)	Standard cost of material for the actual output less the actual cost; the sum of price and usage variances.	veda-verse unit-4 standard-costing-and-variance-analysis
Material Mix Variance (MMV)	The part of usage variance due to using materials in a different proportion from the standard.	veda-verse unit-4 standard-costing-and-variance-analysis
Material Price Variance (MPV)	Actual quantity times the difference between standard and actual price.	veda-verse unit-4 standard-costing-and-variance-analysis
Material Usage Variance (MUV)	Standard price times the difference between standard and actual quantity.	veda-verse unit-4 standard-costing-and-variance-analysis
Material Yield Variance (MYV)	The part of usage variance due to actual output differing from the output the input should give.	veda-verse unit-4 standard-costing-and-variance-analysis
Materiality Convention	Only items large enough to affect users’ decisions need detailed treatment.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Matrix Structure	An organisational design with dual reporting lines, combining functional and project-based authority.	veda-verse unit-1 organisation-structure
MBTI (Myers-Briggs Type Indicator)	A personality framework based on four dichotomies: Extraversion/Introversion, Sensing/Intuition, Thinking/Feeling, and Judging/Perceiving.	veda-verse unit-2 personality-perception-and-attitude
McClelland's Needs Theory	A motivation theory proposing that behaviour is driven by three needs — Achievement, Affiliation and Power.	veda-verse unit-2 values-learning-and-motivation
McKinsey 7-S Framework	A model of seven interdependent elements to be aligned: strategy, structure, systems, shared values, style, staff and skills.	veda-verse unit-6 internal-analysis-resources-capabilities-and-swot
Mechanistic and Organic Structures	Burns and Stalker's (1961) contrast between rigid, centralised structures suited to stable conditions and flexible, decentralised ones suited to change.	veda-verse unit-1 organisation-structure
Mentoring	A development method pairing an employee with an experienced guide to support long-term career growth.	veda-verse unit-2 training-and-development
Merchandising Conglomerate	A corporation owning several diversified retail brands and formats.	veda-verse unit-7 retail-marketing
Merger	A cooperative strategy in which two firms combine into one entity.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Merrick's Multiple Piece Rate	Three piece rates: basic rate below 83% of standard output, 110% of it from 83% to 100%, and 120% above 100%; no guaranteed wage.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Minimum Wage	The lowest rung of the wage ladder: it covers the worker's family needs and efficiency, and is owed regardless of the industry's capacity to pay.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Mission Statement	A statement of the organisation's purpose: what it does, whom it serves and what makes it distinctive.	veda-verse unit-6 strategic-intent-vision-mission-goals-and-objectives
Modified Rebuy	A business buying situation in which products, prices or suppliers are re-evaluated because needs have changed.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Modigliani–Miller Proposition I	In a perfect market with no taxes, a firm’s value does not depend on its capital structure.	veda-verse unit-4 capital-structure-theories
Modigliani–Miller Proposition II	The cost of equity rises with leverage: Ke = Ko + (Ko − Kd) × D/E.	veda-verse unit-4 capital-structure-theories
Monetary Policy	Central bank actions such as adjusting interest rates or reserve ratios to control money supply and inflation.	veda-verse unit-1 national-income-and-inflation
Money Measurement Concept	Only events that can be expressed in money are recorded in the books.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Monopolistic Competition	A market structure with many sellers offering differentiated products and relatively easy entry/exit.	veda-verse unit-1 market-structures
Monopoly	A market structure with a single seller, a unique product, and blocked entry, giving full control over price.	veda-verse unit-1 market-structures
Monopsony	A market with a single buyer facing many sellers.	veda-verse unit-1 market-structures
Morgan's Model	P. V. Morgan's (1986) three-dimensional model of IHRM: three HR activities (procurement, allocation, utilisation), three country categories and three types of employee.	veda-verse unit-2 international-human-resource-management
Motion Study	Taylor's technique of analysing worker movements to eliminate wasteful actions and set efficiency standards.	veda-verse unit-1 management-concept-principles-roles-and-skills
Motivation	The internal or external push that energises, sustains and directs behaviour toward goals.	veda-verse unit-2 values-learning-and-motivation
Motivators	Herzberg's category of factors, such as recognition, that actively cause job satisfaction.	veda-verse unit-2 values-learning-and-motivation
Multi-Domestic Strategy	An international strategy that tailors products and marketing to each local market.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Multi-Source Feedback (360-Degree)	Ratings from supervisor, peers, subordinates, customers and the person themself, put together and fed back; many firms use it for development, not pay.	veda-verse unit-2 performance-management-and-appraisal
Multibrand Strategy	Launching new brands in an existing category to capture different segments.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Multinational Company (MNC)	A firm that owns and runs operations in more than one country; the main setting for international HRM.	veda-verse unit-2 international-human-resource-management
Mutual Welfare Facilities	Facilities organised by the workers themselves, such as a credit society or a consumer store run by workers or their union.	veda-verse unit-2 labour-welfare-and-social-security
National Income	The total money value of all final goods and services produced by a country's normal residents over a year, including net factor income from abroad, measured at factor cost (NNP at factor cost).	veda-verse unit-1 national-income-and-inflation
Native Advertising	Paid content that blends into its surrounding medium and should be labelled as sponsored.	veda-verse unit-7 emerging-trends-in-marketing
Natural Monopoly	A monopoly arising because economies of scale let one firm supply the whole market more cheaply than several could.	veda-verse unit-1 market-structures
Neoclassical Theory	A management theory (1920s-30s) emphasising human relations, motivation and teamwork over purely mechanical efficiency.	veda-verse unit-1 theories-of-management
Net Income (NI) Theory	Holds that more debt lowers the overall cost of capital and raises value.	veda-verse unit-4 capital-structure-theories
Net Operating Income (NOI) Theory	Holds that the overall cost of capital and value do not change with the debt-equity mix.	veda-verse unit-4 capital-structure-theories
Net Present Value (NPV)	Discounted future cash inflows less the initial outlay; accept a project if positive.	veda-verse unit-4 financial-management
Net Profit Ratio	Net profit as a percentage of net sales.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
New Product Development (NPD)	The process of taking a product from idea generation to commercialisation, in eight steps.	veda-verse unit-7 product-decisions-levels-new-products-and-the-life-cycle
New Task Buying	A first-time organisational purchase needing extensive research and many decision-makers.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
NFRA	The National Financial Reporting Authority, which advises the Government on accounting and auditing standards under the Companies Act, 2013.	veda-verse unit-4 indian-accounting-standards-and-ifrs
Niche Marketing	Focusing on a narrow, well-defined and often underserved group.	veda-verse unit-7 segmentation-targeting-and-positioning
Nine-Box Grid	A grid plotting performance against potential for each candidate; a high performer with limited potential is not necessarily a successor.	veda-verse unit-2 career-planning-and-development
Noise (Communication)	Any physical, psychological or semantic interference that disrupts the transmission or understanding of a message.	veda-verse unit-1 communication
Non-Cash Transaction	A transaction that uses no cash, such as buying a machine by issuing shares; left out of the statement.	veda-verse unit-4 cash-flow-statement
Non-Current Account	A long-term account, such as share capital, reserves, long-term loans or fixed assets.	veda-verse unit-4 fund-flow-statement
Non-Store Retailing	Selling to consumers outside fixed stores: direct selling, direct marketing, vending and buying services.	veda-verse unit-7 retail-marketing
Normal Profit	The minimum profit level required to keep a firm operating in an industry — the typical long-run outcome under perfect and monopolistic competition.	veda-verse unit-1 market-structures
Normal Standard	A standard based on the average of past results.	veda-verse unit-4 standard-costing-and-variance-analysis
Norming	Tuckman's third stage of team development, where trust increases and roles are accepted.	veda-verse unit-2 group-behaviour-teams-and-leadership
Notes to Accounts	Explanatory disclosures with the statements, covering accounting policies, contingent liabilities and the detail behind figures.	veda-verse unit-4 preparation-of-financial-statements
Objective-and-Task Method	Setting the promotion budget by costing the tasks needed to reach defined objectives; the most logical method.	veda-verse unit-7 promotion-decisions-the-communication-mix-and-budget
Objectives (Strategic)	Specific, measurable, time-bound targets that put broader goals into operation.	veda-verse unit-6 strategic-intent-vision-mission-goals-and-objectives
OCAT	Organisational Capacity Assessment Tool: a diagnostic that rates internal performance on specific dimensions to find gaps and capacity.	veda-verse unit-6 internal-analysis-resources-capabilities-and-swot
OECD Principles	International corporate governance guidelines covering shareholder rights, equitable treatment, transparency and stakeholder roles.	veda-verse unit-1 corporate-governance-and-value-based-organisations
Off-Price Retailer	A store selling leftover, surplus or irregular branded goods below regular prices.	veda-verse unit-7 retail-marketing
Off-the-Job Training	Training conducted outside the normal work environment, focused on theoretical or simulated learning.	veda-verse unit-2 training-and-development
Oligopoly	A market structure dominated by a few large sellers with interdependent pricing decisions.	veda-verse unit-1 market-structures
On-the-Job Training (OJT)	Learning through hands-on experience while performing actual duties under supervision.	veda-verse unit-2 training-and-development
Onboarding	The process of introducing new hires to company culture and policies after a job offer.	veda-verse unit-2 recruitment-and-selection
One-to-One Marketing	Treating each customer as a segment of one.	veda-verse unit-7 customer-relationship-marketing
Open System	The Modern/Systems Approach view of an organisation as an interdependent set of subsystems interacting with its external environment.	veda-verse unit-1 theories-of-management
Operant Conditioning	Skinner's learning theory in which behaviour is shaped through rewards and punishments.	veda-verse unit-2 values-learning-and-motivation
Operating Activities	The firm’s principal revenue-producing activities and other activities that are not investing or financing.	veda-verse unit-4 cash-flow-statement
Operating Profit Ratio	Operating profit as a percentage of sales; the operating ratio’s complement.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Operating Ratio	Cost of goods sold plus operating expenses, as a percentage of sales.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Operational Strategy	The lowest level of strategy, for a plant, territory or section to meet immediate targets, made by operating managers.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Order (Fayol's Principle)	Fayol's principle that resources — materials and people — should be systematically arranged in their proper place.	veda-verse unit-1 management-concept-principles-roles-and-skills
Order Point	The stock level at which a new order is placed, balancing the risk of stockout against the cost of overstock.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Organisation Development (OD)	A planned, long-term, data-driven effort to improve an organisation's effectiveness, adaptability and health, using behavioural-science knowledge and the involvement of the people concerned.	veda-verse unit-2 organisation-development-and-change
Organisational Change	Any modification in an organisation's structure, processes, culture or strategy, planned or unplanned.	veda-verse unit-2 organisation-development-and-change
Organisational Chart	A visual map showing an organisation's hierarchy, roles, and reporting relationships.	veda-verse unit-1 organisation-structure
Organisational Commitment	An employee's emotional loyalty to the organisation, which reduces turnover.	veda-verse unit-2 personality-perception-and-attitude
Organisational Justice	Employees' perceptions of fairness in the workplace, covering outcomes, the processes used to reach them, and how people are treated.	veda-verse unit-2 organisational-justice-and-whistleblowing
Organising	Identifying and grouping the work, assigning responsibility and authority, and setting reporting relationships so people can work together toward goals.	veda-verse unit-1 functions-of-management
Orientation (Induction)	Introducing a newly placed employee to colleagues, rules, policies and facilities.	veda-verse unit-1 functions-of-management
Outstanding Expense	A cost already incurred but not yet paid, added to the year’s expenses and shown as a liability.	veda-verse unit-4 preparation-of-financial-statements
Overhead Cost Variance	Recovered overhead less actual overhead; the sum of the variable and fixed overhead variances.	veda-verse unit-4 standard-costing-and-variance-analysis
Overheads	Indirect costs of production, administration and selling that cannot be traced to a unit.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Owned Capital	Funds provided by the owners; permanent, with no obligation to repay.	veda-verse unit-4 sources-of-finance
Oxford Approach	Allan Flanders's view of IR as the study of the institutions, above all collective bargaining, that regulate jobs and make the rules.	veda-verse unit-2 industrial-relations-disputes-and-grievances
P/V Ratio	Contribution as a percentage of sales; also called the profit-volume ratio.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Paired Comparison	Each employee is compared with every other, one pair at a time; the one with most wins ranks first. Pairs number N × (N − 1) ÷ 2.	veda-verse unit-2 performance-management-and-appraisal
Paperless HR	Online applications, e-offer letters, digital appraisal forms and payslips, giving less paper and printing.	veda-verse unit-2 green-human-resource-management
Parent Country National (PCN)	A citizen of the country where the firm's head office stands; also called a home country employee.	veda-verse unit-2 international-human-resource-management
Parity of Authority and Responsibility	The principle that the authority given to a person should match the responsibility placed on them.	veda-verse unit-1 organisation-structure
Passive Candidate	Someone who has a job and is not searching, but might move for a good offer.	veda-verse unit-2 talent-management-and-skill-development
Paternalistic Theory	Also called trusteeship: the employer holds the business in trust and looks after workers as a guardian looks after wards.	veda-verse unit-2 labour-welfare-and-social-security
Payback Period	The time taken for a project’s cash inflows to recover its initial outlay.	veda-verse unit-4 financial-management
Pecking Order Theory	Firms prefer internal funds, then debt, and new equity last.	veda-verse unit-4 capital-structure-theories
Penetration Pricing	Launching at a low price to win market share quickly.	veda-verse unit-7 pricing-decisions-objectives-factors-and-strategies
Per Capita Income (PCI)	Average income per person in an economy, calculated as national income divided by total population, used as a standard-of-living indicator.	veda-verse unit-1 national-income-and-inflation
Perception	The subjective process of selecting, organising and interpreting sensory information to give it meaning.	veda-verse unit-2 personality-perception-and-attitude
Perfect Competition	A market structure with an infinite number of sellers, homogeneous products and free entry/exit.	veda-verse unit-1 market-structures
Performance Appraisal	A formal, periodic evaluation of how well a person did in the period just ended; one step within performance management.	veda-verse unit-2 performance-management-and-appraisal
Performance Improvement Plan (PIP)	A structured, time-limited plan, for example coaching with regular checks, to bring an underperformer up to the standard.	veda-verse unit-2 performance-management-and-appraisal
Performance Management	A continuous, strategic yearly routine of agreeing goals, monitoring, giving feedback, reviewing and rewarding, aligning employees' work with organisational goals.	veda-verse unit-2 performance-management-and-appraisal
Performance Marketing	Marketing in which the advertiser pays only when a measurable action, such as a click, lead or sale, occurs.	veda-verse unit-7 emerging-trends-in-marketing
Periodicity Concept	The business’s continuing life is divided into periods, usually a year, for reporting.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Perishability	The service characteristic that it cannot be stored; unused capacity is lost.	veda-verse unit-7 services-marketing
Permission Marketing	Seeking customers' consent before sending them marketing messages.	veda-verse unit-7 customer-relationship-marketing
Personal Development Plan (PDP)	A written plan of the skills and experience a person will build, with dates, so progress can be tracked.	veda-verse unit-2 career-planning-and-development
Personal Income (PI)	Income actually received by individuals before direct taxes, including transfer payments but excluding retained corporate profits.	veda-verse unit-1 national-income-and-inflation
Personal Selling	Face-to-face presentation by a salesperson to make sales and build relationships.	veda-verse unit-7 promotion-decisions-the-communication-mix-and-budget
Personality	A unique, consistent pattern of thoughts, emotions and behaviours shaped by genetics, environment and experience.	veda-verse unit-2 personality-perception-and-attitude
PESTEL Analysis	A framework for the macro-environment: political, economic, social, technological, environmental and legal factors.	veda-verse unit-6 external-analysis-pestel-five-forces-and-industry-life-cycle
Picketing	Workers stand at the gate to persuade others not to work and to draw public attention; peaceful picketing is usually treated as lawful, violence is not.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Placating Theory	Welfare as a peace offering: timely gestures to calm organised, demanding workers before they press further.	veda-verse unit-2 labour-welfare-and-social-security
Planning	Deciding in advance what to do, how to do it, when to do it and who is to do it; the primary function of management.	veda-verse unit-1 functions-of-management
Planning Premises	The assumptions about the future, external and internal, on which a plan is built.	veda-verse unit-1 functions-of-management
Pluralist Approach	The view that the organisation holds several groups with different aims, so conflict between management and workers is normal and is managed through bargaining.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Point Elasticity	Elasticity at a single point on a demand curve; on a straight line it equals the lower segment divided by the upper segment.	veda-verse unit-1 elasticity-of-demand
Points of Difference (PODs)	Attributes or benefits customers strongly associate with a brand and believe they could not find to the same extent in competitors.	veda-verse unit-7 segmentation-targeting-and-positioning
Points of Parity (POPs)	Associations, not unique to the brand, that it needs to be credible in its category or to neutralise a rival's advantages.	veda-verse unit-7 segmentation-targeting-and-positioning
Points System	A quantitative job evaluation method assigning weighted points to compensable factors that convert into salary bands.	veda-verse unit-2 job-analysis-evaluation-and-design
Policing Theory	Welfare as a legal minimum: employers will not act unless forced and can exploit workers, so the state fixes a minimum standard.	veda-verse unit-2 labour-welfare-and-social-security
Polycentric Approach	Each subsidiary is run by HCNs as a distinct national unit, with more local autonomy; PCNs hold the key posts at head office.	veda-verse unit-2 international-human-resource-management
Porter's Five Forces	A model of industry competition: threat of new entrants, supplier power, buyer power, threat of substitutes and rivalry.	veda-verse unit-6 external-analysis-pestel-five-forces-and-industry-life-cycle
POSDCORB	Luther Gulick's 1937 list of executive functions: planning, organising, staffing, directing, co-ordinating, reporting and budgeting.	veda-verse unit-1 functions-of-management
Position Analysis Questionnaire (PAQ)	A standard job analysis questionnaire linking job characteristics to human characteristics; mapping borrows it, but it does not assess a person.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Positioning	Designing an offering and image to occupy a distinct, valued place in the target customer's mind.	veda-verse unit-7 segmentation-targeting-and-positioning
Preference Shares	Shares with a fixed dividend and priority over equity, usually without voting rights.	veda-verse unit-4 sources-of-finance
Prepaid Expense	A cost paid in advance for a later period, taken out of this year’s expenses and shown as an asset.	veda-verse unit-4 preparation-of-financial-statements
Price Discrimination	The practice of charging different prices to different consumers or markets for the same product, without a cost-based justification.	veda-verse unit-1 market-structures
Price Elasticity of Demand (PED)	A measure of how responsive quantity demanded is to a change in a product's own price.	veda-verse unit-1 elasticity-of-demand
Price Leadership	Tacit collusion in which firms follow the prices set by a low-cost, dominant or barometric firm.	veda-verse unit-1 market-structures
Price-Earnings (P/E) Ratio	Share price divided by earnings per share; the rupees investors pay for each rupee of earnings.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Priestman's Plan	A group plan in which bonus as a percentage of wages equals the percentage increase in the group's output over the standard; no bonus below standard.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Prime Cost	Direct material plus direct labour plus direct expenses.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Private Label	A brand created and owned by a retailer or wholesaler; a store brand.	veda-verse unit-7 retail-marketing
Procedural Justice	The fairness of the methods and processes used to reach a decision, regardless of outcome.	veda-verse unit-2 organisational-justice-and-whistleblowing
Process Consultation	Edgar Schein's 1969 intervention: a consultant watches how a group communicates and decides, and helps members see and fix it themselves.	veda-verse unit-2 organisation-development-and-change
Process Costing	A costing method for continuous, uniform production such as cement.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Product Development	An Ansoff strategy of offering new products to existing markets.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Product Life Cycle	The stages a product's sales and profits pass through: introduction, growth, maturity and decline.	veda-verse unit-7 product-decisions-levels-new-products-and-the-life-cycle
Product Life-Cycle Costing	Tracing the costs and revenues of a product from research and design to withdrawal from the market.	veda-verse unit-4 activity-based-and-life-cycle-costing
Product Line	A group of closely related products made or sold by the same firm.	veda-verse unit-7 product-decisions-levels-new-products-and-the-life-cycle
Product Mix	All the product lines and items a firm offers, measured by width, length, depth and consistency.	veda-verse unit-7 product-decisions-levels-new-products-and-the-life-cycle
Production Budget	Units to be made: sales plus closing stock less opening stock.	veda-verse unit-4 budgeting-and-budgetary-control
Profit Maximisation	The aim of increasing profit, usually over a short period.	veda-verse unit-4 financial-management
Profit Sharing	An agreement by which employees receive a share of profit, fixed in advance, on top of regular wages; paid as cash, company shares or deferred.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Project Life-Cycle Costing	Estimating the cost of owning a physical asset from purchase to disposal; also called whole-life costing.	veda-verse unit-4 activity-based-and-life-cycle-costing
Project Organisation	A temporary structure drawing specialists from several departments for one time-bound goal, disbanded when it is met.	veda-verse unit-1 organisation-structure
Projection	A perceptual error of attributing one's own motives or feelings to other people.	veda-verse unit-2 personality-perception-and-attitude
Promotion Mix	The blend of advertising, sales promotion, personal selling, public relations and direct marketing.	veda-verse unit-7 promotion-decisions-the-communication-mix-and-budget
Proprietary Ratio	Shareholders’ funds divided by total assets; the share of assets paid for by owners.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Provident Fund	Retirement savings built from contributions by both employee and employer during working life, protecting against old age.	veda-verse unit-2 labour-welfare-and-social-security
Provision	An amount charged against profit for a known or likely loss or liability whose size is uncertain.	veda-verse unit-4 preparation-of-financial-statements
Psychic Proximity	A preference for entering countries with a similar language, culture and legal system.	veda-verse unit-7 international-marketing
Psychoanalytic Theory	Freud's theory that personality is driven by unconscious forces — id, ego, superego — and early childhood experiences.	veda-verse unit-2 personality-perception-and-attitude
Psychological Pricing	Pricing that works on perceptions, such as odd prices, reference prices and price as a signal of quality.	veda-verse unit-7 pricing-decisions-objectives-factors-and-strategies
Psychometric Test	A standardised test of aptitude or achievement giving a consistent, objective measure of a sample of attributes, not the whole person.	veda-verse unit-2 competency-mapping-and-the-balanced-scorecard
Public Deposits	Money accepted from the public for a fixed term at interest, often unsecured.	veda-verse unit-4 sources-of-finance
Pull Strategy	Promoting to final consumers so that they ask channel members for the product.	veda-verse unit-7 promotion-decisions-the-communication-mix-and-budget
Pulse Survey	A short questionnaire repeated often; it is wasted if nobody acts on the answers.	veda-verse unit-2 talent-management-and-skill-development
Purchase Budget	The materials to be bought: material needed plus closing stock less opening stock.	veda-verse unit-4 budgeting-and-budgetary-control
Push Strategy	Promoting to channel members, who then promote to final buyers.	veda-verse unit-7 promotion-decisions-the-communication-mix-and-budget
Question Mark	A BCG cell: low market share in a high-growth market; needs heavy investment to build, or else is phased out.	veda-verse unit-6 business-portfolio-analysis-bcg-and-ge-mckinsey-matrices
Quick Ratio (Acid-Test Ratio)	Current assets less inventory, divided by current liabilities; benchmark about 1:1.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Radial Movement	In Schein's cone, a move towards the centre, bringing more trust, influence and access to decisions, without any promotion.	veda-verse unit-2 career-planning-and-development
Ranking System	A simple, non-quantitative job evaluation method that compares and ranks whole jobs by their overall worth.	veda-verse unit-2 job-analysis-evaluation-and-design
Ratio Analysis	Studying relationships between items in the financial statements to judge performance and position.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Reach and Frequency	In media planning, how many people see an ad at least once, and how often the average person sees it.	veda-verse unit-7 promotion-decisions-the-communication-mix-and-budget
Realisation Concept	Revenue is recognised when it is earned, usually on sale, not necessarily when cash arrives.	veda-verse unit-4 accounting-principles-concepts-conventions-and-standards
Recency Effect	A rater error in which the latest events outweigh the whole period, so one recent mistake can cancel months of good work.	veda-verse unit-2 performance-management-and-appraisal
Recruitment	The process of searching for, identifying and attracting qualified candidates to fill job vacancies.	veda-verse unit-2 recruitment-and-selection
Reference & Background Check	A selection step verifying a candidate's history and credentials before an offer is made.	veda-verse unit-2 recruitment-and-selection
Refreezing	Lewin's third stage: reinforcing the new behaviour, for example through targets and appraisal, until it becomes the norm. It does not mean frozen for ever.	veda-verse unit-2 organisation-development-and-change
Regiocentric Approach	Key posts go to managers from the same geographic region as the unit; staff move within the region but seldom to head office.	veda-verse unit-2 international-human-resource-management
Related Diversification	Entering new but related businesses to exploit synergies with existing operations.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Relationship Marketing	Building long-term relationships with customers, employees and partners rather than focusing on single transactions.	veda-verse unit-7 customer-relationship-marketing
Repatriation	Bringing an expatriate home at the end of an assignment and helping them settle back in; four stages: preparation, physical relocation, transition and readjustment.	veda-verse unit-2 international-human-resource-management
Replacement Chart	A simple form of succession planning that names likely successors for each key post and shows how ready each one is.	veda-verse unit-2 career-planning-and-development
Reserve	Profit kept back in the business; unlike a provision, it is not a charge against profit.	veda-verse unit-4 preparation-of-financial-statements
Residual Claimant Theory	Francis Walker's theory: output is shared among land, labour, capital and enterprise; rent, interest and profit are settled first and wages are what remains.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Residual Theory of Dividends	Dividends are paid only from profit left after all acceptable projects are funded.	veda-verse unit-4 financial-management
Resistance to Change	Opposition to a change, open or quiet, arising from habit, fear of the unknown or fear of losing pay, status or skills.	veda-verse unit-2 organisation-development-and-change
Resource-Based View	The theory that lasting competitive advantage comes from valuable, rare, hard-to-imitate internal resources rather than industry position alone.	veda-verse unit-6 internal-analysis-resources-capabilities-and-swot
Resource-Based View (HR)	An HR approach viewing employees as valuable assets crucial to sustainable competitive advantage.	veda-verse unit-2 human-resource-management
Retailer Cooperative	Independent retailers who set up a joint buying organisation and run joint promotions.	veda-verse unit-7 retail-marketing
Retained Earnings	Profits kept in the business instead of being paid out as dividends.	veda-verse unit-4 sources-of-finance
Retrenchment	A grand strategy of reducing the scope or size of operations to stabilise the firm, through turnaround, divestment or liquidation.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Return on Assets (ROA)	Net profit as a percentage of total assets.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Return on Capital Employed (ROCE)	Profit before interest and tax as a percentage of capital employed; also called return on investment.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Return on Equity (ROE)	Net profit as a percentage of shareholders’ equity.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Reverse Culture Shock	The stress of coming home to a place that has changed, and of being a changed person; it belongs to the readjustment stage.	veda-verse unit-2 international-human-resource-management
Reverse Dumping	A form of international price discrimination where a firm sells a product at a higher price abroad than in its home market.	veda-verse unit-1 market-structures
Reverse Logistics	Managing returns, recalls, repairs, recycling and excess stock back through the supply chain.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Risk Management	Identifying financial risks and reducing them through hedging, insurance and diversification.	veda-verse unit-4 financial-management
Roadblock Marketing	Advertising on many channels at the same time so the audience meets the message wherever it turns.	veda-verse unit-7 emerging-trends-in-marketing
Robert Katz's Managerial Skills	A framework identifying Technical, Human and Conceptual skills as the components of managerial competence.	veda-verse unit-1 management-concept-principles-roles-and-skills
Running Inflation	A rapid rate of inflation, roughly 10-20%, signalling an overheating economy.	veda-verse unit-1 national-income-and-inflation
Rural Marketing	Marketing designed for rural consumers, often framed by availability, affordability, acceptability and awareness.	veda-verse unit-7 emerging-trends-in-marketing
Sales Budget	An estimate of sales in quantity and value; usually the first budget drawn up.	veda-verse unit-4 budgeting-and-budgetary-control
Sales Price Variance	Actual quantity sold times the difference between actual and standard selling price.	veda-verse unit-4 standard-costing-and-variance-analysis
Sales Promotion	Short-term incentives to encourage trial or purchase, aimed at consumers, the trade or the sales force.	veda-verse unit-7 promotion-decisions-the-communication-mix-and-budget
Sales Value Variance	Actual sales less budgeted sales; the sum of the price and volume variances.	veda-verse unit-4 standard-costing-and-variance-analysis
Sales Volume Variance	Standard price times the difference between actual and budgeted quantity sold.	veda-verse unit-4 standard-costing-and-variance-analysis
Scalar Chain	Fayol's principle establishing a clear, unbroken line of authority from top management down to the lowest levels.	veda-verse unit-1 management-concept-principles-roles-and-skills
Scanlon Plan	A group plan: when labour cost falls below a norm share of the sales value of output, the saving is split between employees and company; committees collect suggestions.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Scenario Planning	An HR supply-analysis method anticipating multiple possible workforce futures.	veda-verse unit-2 human-resource-planning
Schedule III	The layout the Companies Act prescribes for a company’s balance sheet and statement of profit and loss.	veda-verse unit-4 preparation-of-financial-statements
Schedule of Changes in Working Capital	A table of each current item over two years showing how working capital rose or fell.	veda-verse unit-4 fund-flow-statement
Scientific Management	F.W. Taylor's approach of applying scientific methods — time and motion study, standardisation — to maximise shop-floor efficiency.	veda-verse unit-1 management-concept-principles-roles-and-skills
Scientific Management	Taylor's approach of scientifically studying and standardising work to determine the most efficient method.	veda-verse unit-2 organisational-behaviour-significance-and-theories
Selection	The process of choosing the most suitable candidate from the recruitment pool to minimise turnover.	veda-verse unit-2 recruitment-and-selection
Selective Distribution	Distribution through more than one but fewer than all willing outlets; typical of shopping goods.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Selective Perception	A perceptual error of focusing only on information that confirms existing opinions.	veda-verse unit-2 personality-perception-and-attitude
Semantic Barrier	A breakdown in communication caused by words or symbols with different meanings, jargon, poor translation or unstated assumptions.	veda-verse unit-1 communication
Semi-Variable Cost	A cost with both a fixed and a variable part, such as an electricity bill.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Sensitivity Training	Unstructured group sessions (a T-group) where members give and receive frank feedback on how they come across, building self-awareness and empathy.	veda-verse unit-2 organisation-development-and-change
Service Brand	A brand built mainly on delivering a service, which depends on consistently high service delivery.	veda-verse unit-7 services-marketing
Service Triangle	The links between company, employees and customers: internal, external and interactive marketing.	veda-verse unit-7 services-marketing
SERVQUAL	A model measuring the gap between expected and perceived service on five dimensions: reliability, assurance, tangibles, empathy, responsiveness.	veda-verse unit-7 services-marketing
Seven Ps of Services	Booms and Bitner's services mix: product, price, place, promotion, people, process and physical evidence.	veda-verse unit-7 services-marketing
Seven Wastes	Over-production, inventory, waiting, defects, motion, transportation and over-processing.	veda-verse unit-4 target-costing-kaizen-costing-and-just-in-time
Seven-Step Talent Framework	A checklist for talent management: specify skills, attract, onboard, learn and develop, appraise, retain, then plan succession.	veda-verse unit-2 talent-management-and-skill-development
Shannon–Weaver Model	A 1949 model of communication from source to destination through a channel, with noise distorting the signal.	veda-verse unit-1 communication
Shopper Marketing	Influencing buyers at the point of purchase, where most purchase decisions are made.	veda-verse unit-7 retail-marketing
Shortlisting	The selection stage of filtering applicants who meet minimum criteria for further evaluation.	veda-verse unit-2 recruitment-and-selection
Skill Development	Intentional effort to build ability to perform, adapt and evolve: first identify skill gaps, then develop and hone the skills.	veda-verse unit-2 talent-management-and-skill-development
Skills Gap Analysis	Identifying the precise difference between an organisation's existing and required skills.	veda-verse unit-2 human-resource-planning
Skimming Pricing	Launching at a high price for buyers who value novelty, then lowering it over time.	veda-verse unit-7 pricing-decisions-objectives-factors-and-strategies
SMCR Model	David Berlo's 1960 model of source, message, channel and receiver, each shaped by human factors such as skills, attitudes and culture.	veda-verse unit-1 communication
Social Learning Theory	Bandura's theory that people learn through observing and imitating others.	veda-verse unit-2 values-learning-and-motivation
Social Marketing	Using marketing techniques to influence behaviour that benefits individuals and society.	veda-verse unit-7 emerging-trends-in-marketing
Social Security	Protection society provides through public arrangements against economic distress when earnings stop or fall because of sickness, maternity, injury, old age or unemployment.	veda-verse unit-2 labour-welfare-and-social-security
Societal Marketing Concept	The philosophy that a firm should serve both customers' wants and society's long-term well-being.	veda-verse unit-7 marketing-core-concepts-philosophies-and-the-marketing-mix
Soft Skills	Behavioural skills such as emotional intelligence, negotiation, empathy and communication, which matter most in client handling, leadership and influencing others.	veda-verse unit-2 talent-management-and-skill-development
Source of Funds	A long-term inflow that raises working capital, such as new shares, loans, asset sales or operating profit.	veda-verse unit-4 fund-flow-statement
Special Order	A one-off order priced below the usual price; accepted if it adds contribution and does not harm regular sales.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Sprinkler Approach	Entering many countries at the same time to gain first-mover advantage.	veda-verse unit-7 international-marketing
Staffing	Filling the positions in the organisation structure with the right people and keeping them filled, from manpower planning to career planning.	veda-verse unit-1 functions-of-management
Stagflation	An unusual economic condition combining high inflation with high unemployment and stagnant growth.	veda-verse unit-1 national-income-and-inflation
Standard Cost	The predetermined cost of a unit under efficient working conditions.	veda-verse unit-4 standard-costing-and-variance-analysis
Standard Costing	Compares predetermined costs with actual costs to find variances and act on their causes.	veda-verse unit-4 standard-costing-and-variance-analysis
Star	A BCG cell: high market share in a high-growth market; earns much but needs heavy investment.	veda-verse unit-6 business-portfolio-analysis-bcg-and-ge-mckinsey-matrices
Statement of Changes in Equity	A statement showing how owners’ funds moved over the period: profit, share issues, dividends and reserves.	veda-verse unit-4 preparation-of-financial-statements
Statement of Profit and Loss	A statement of income, expenses and the resulting profit or loss for a period.	veda-verse unit-4 preparation-of-financial-statements
Statutory Welfare Facilities	Facilities the employer must provide by law, such as the basic amenities in the Factories Act; which factories must provide which depends on the law's conditions.	veda-verse unit-2 labour-welfare-and-social-security
Stereotyping	A perceptual error of judging an individual based on the group they belong to.	veda-verse unit-2 personality-perception-and-attitude
Stewardship Theory	A corporate governance theory viewing managers as trustworthy stewards of the company rather than self-interested agents.	veda-verse unit-1 corporate-governance-and-value-based-organisations
Stock-Working Capital Ratio	Closing stock divided by working capital.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Storming	Tuckman's second stage of team development, where conflicts emerge and boundaries are tested.	veda-verse unit-2 group-behaviour-teams-and-leadership
STP	Segmentation, targeting and positioning: the sequence at the heart of marketing strategy.	veda-verse unit-7 segmentation-targeting-and-positioning
Straight Rebuy	A routine business purchase from an established supplier with little evaluation.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Straight-Line Method	Depreciation of the same amount every year: depreciable amount divided by useful life.	veda-verse unit-4 preparation-of-financial-statements
Strategic Alliance	A cooperative agreement between firms on specific goals, in which each remains independent.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Strategic Business Unit (SBU)	A division, product line or brand with its own mission and objectives that can be planned independently.	veda-verse unit-6 business-portfolio-analysis-bcg-and-ge-mckinsey-matrices
Strategic Decision	A long-term, high-risk decision made at the top in line with the mission, committing major resources and setting direction.	veda-verse unit-6 strategic-decisions-and-levels-of-strategy
Strategic HRM	An approach integrating HR practices directly with overall corporate strategy.	veda-verse unit-2 strategic-human-resource-management
Strategic Intent	An organisation's ambitious long-term aspiration to win a desired position, which focuses and stretches its resources.	veda-verse unit-6 strategic-intent-vision-mission-goals-and-objectives
Strategic Management	The art and science of formulating, implementing and evaluating cross-functional decisions that enable an organisation to achieve its objectives (Fred David).	veda-verse unit-6 strategy-and-strategic-management-concept-and-process
Strategy	The organisation's plan for using limited resources to reach its long-term objectives: the means to its ends.	veda-verse unit-6 strategy-and-strategic-management-concept-and-process
Strike	A group of workers stop work together to press their demands.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Sub-brand	A brand formed by combining a new name with an existing brand name, as in Cadbury Dairy Milk Silk.	veda-verse unit-7 brand-management-equity-strategy-and-loyalty
Subsistence Wage Theory	Associated with Ricardo: wages settle at the natural price of labour, enough to keep workers alive and numbers steady. Later called the iron law of wages.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Succession Planning	Identifying and preparing future leaders for critical roles to ensure leadership continuity.	veda-verse unit-2 human-resource-planning
Supply Chain Management	Managing the whole chain from procurement through manufacturing to delivery, across organisations.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Surplus Value Theory	Karl Marx's theory: labour power is bought at about the cost of keeping the worker going, and the employer keeps the extra value the worker adds.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Survey Feedback	A questionnaire goes to all; results return to each work group, which discusses them and plans action.	veda-verse unit-2 organisation-development-and-change
Sustainable Development Goals (SDGs)	The 17 goals adopted by UN member states in 2015, to be met by 2030; green HRM bears most on goals 12, 13 and 7.	veda-verse unit-2 green-human-resource-management
Sustainable HRM	A fuller idea than green HRM that adds fair treatment, wellbeing and steady employment for staff, families and communities.	veda-verse unit-2 green-human-resource-management
SWOT Analysis	An audit of internal strengths and weaknesses and external opportunities and threats, bridging analysis and strategy formulation.	veda-verse unit-6 internal-analysis-resources-capabilities-and-swot
Sympathy Strike	One union strikes in support of another union's strike.	veda-verse unit-2 trade-unions-and-collective-bargaining
Systems Approach	A management perspective viewing the organisation as an open system of interdependent subsystems interacting with the external environment.	veda-verse unit-1 theories-of-management
Systems Theory	A management view of organisations as open systems of interrelated parts striving toward a common goal.	veda-verse unit-2 organisational-behaviour-significance-and-theories
Talent Management	Joined-up HR processes to attract, onboard, develop, motivate and retain high-performing employees, from forecasting need to preparing replacements.	veda-verse unit-2 talent-management-and-skill-development
Talent Pool	A curated group of potential candidates built through ongoing recruitment efforts.	veda-verse unit-2 recruitment-and-selection
Target Cost	Selling price minus desired profit; the most a product may cost.	veda-verse unit-4 target-costing-kaizen-costing-and-just-in-time
Target Costing	Setting the price from the market, taking away the desired profit, and designing the product to the cost that is left.	veda-verse unit-4 target-costing-kaizen-costing-and-just-in-time
Targeting	Evaluating segments and choosing which to serve.	veda-verse unit-7 segmentation-targeting-and-positioning
Technical Skills	In Katz's model, knowledge of methods, tools and procedures for the work itself; most important for first-line managers.	veda-verse unit-1 management-concept-principles-roles-and-skills
Theory X	McGregor's assumption that employees are inherently lazy, avoid work and require coercion and control.	veda-verse unit-2 organisational-behaviour-significance-and-theories
Theory Y	McGregor's assumption that employees are naturally motivated, creative and seek responsibility.	veda-verse unit-2 organisational-behaviour-significance-and-theories
Theory Z	William Ouchi's 1981 model, drawn from Japanese management, of long-term employment, collective decision-making and concern for the whole employee.	veda-verse unit-1 theories-of-management
Third Country National (TCN)	A citizen of neither the head-office country nor the country where the unit operates.	veda-verse unit-2 international-human-resource-management
Time & Motion Study	Taylor's technique of breaking tasks into steps, analysing movements and time, and setting output standards.	veda-verse unit-1 management-concept-principles-roles-and-skills
Total Assets to Debt Ratio	Total assets divided by long-term debt; how many times assets cover the debt.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Total Outlay Method	Marshall's method of judging elasticity from total spending: if spending rises when price falls, demand is elastic; if unchanged, unitary; if it falls, inelastic.	veda-verse unit-1 elasticity-of-demand
Total Quality Management (TQM)	A contemporary management approach prioritising continuous improvement and customer satisfaction.	veda-verse unit-1 theories-of-management
TOWS Matrix	Weihrich's extension of SWOT that pairs internal and external factors to generate SO, ST, WO and WT strategies.	veda-verse unit-6 internal-analysis-resources-capabilities-and-swot
Trade Credit	Buying from suppliers now and paying later.	veda-verse unit-4 sources-of-finance
Trade Union	An organised group of workers formed to protect and promote their collective interests, such as wages, working hours, job security and safe conditions.	veda-verse unit-2 trade-unions-and-collective-bargaining
Trade-off (Logistics)	The tension between customer service level and total logistics cost: more of one usually means more of the other.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Trade-Off Theory	Firms balance the tax benefit of debt against the costs of financial distress.	veda-verse unit-4 capital-structure-theories
Training	Short-term activities that enhance an employee's practical skills for their current job.	veda-verse unit-2 training-and-development
Trait Theory	A personality theory (Allport, Big Five) defining personality through stable, measurable characteristics.	veda-verse unit-2 personality-perception-and-attitude
Transaction Driver	A cost driver that counts how many times an activity is done, such as orders or inspections.	veda-verse unit-4 activity-based-and-life-cycle-costing
Transactional Leadership	A style that relies on clear goals and on rewards and penalties for meeting them.	veda-verse unit-1 functions-of-management
Transformational Leadership	A style that inspires followers to change through a shared vision and the leader's own example.	veda-verse unit-1 functions-of-management
Transitivity	A rational-consumer assumption stating that if a consumer prefers A to B and B to C, they must also prefer A to C.	veda-verse unit-1 indifference-curve-analysis
Transnational Strategy	An international strategy that combines high global efficiency with high local responsiveness.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Trend Projection	Forecasting by fitting a trend to past sales, for example by least squares, and extending it into the future.	veda-verse unit-1 business-economics-and-demand
Trial Balance	A list of ledger balances that checks total debits equal total credits before statements are drawn.	veda-verse unit-4 preparation-of-financial-statements
Triple Bottom Line	People, planet and profit, used with the sustainability goals as a common language for reporting.	veda-verse unit-2 green-human-resource-management
Trust (VBO)	A core success factor of a Value-Based Organisation, built through consistent ethical conduct and shared values.	veda-verse unit-1 corporate-governance-and-value-based-organisations
Turnaround Strategy	A retrenchment strategy of restructuring an underperforming business to return it to profitability.	veda-verse unit-6 cooperative-international-and-retrenchment-strategies
Turnover Analysis	Examining historical employee exit patterns to predict future manpower needs.	veda-verse unit-2 human-resource-planning
Unfair Labour Practice Strike	A strike to protest illegal conduct by the employer.	veda-verse unit-2 trade-unions-and-collective-bargaining
Unfreezing	Lewin's first stage: preparing people to accept the need for change by showing why the old way no longer works and lowering fear.	veda-verse unit-2 organisation-development-and-change
Uniform Costing	Using the same cost methods across several firms or units so costs can be compared.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Unitary Approach	The view that the organisation is one team with one source of authority, management; conflict is rare and comes from poor communication or troublemakers.	veda-verse unit-2 industrial-relations-disputes-and-grievances
Unity of Command	Fayol's principle that each employee should receive orders from only one superior, to avoid confusion.	veda-verse unit-1 management-concept-principles-roles-and-skills
Unity of Direction	Fayol's principle that one plan and one leader should guide all activities sharing the same objective.	veda-verse unit-1 management-concept-principles-roles-and-skills
Unrelated Diversification	Entering industries unrelated to existing ones, mainly to spread risk.	veda-verse unit-6 corporate-strategies-growth-integration-and-diversification
Upselling	Persuading a customer to buy a higher-value version or an add-on.	veda-verse unit-7 customer-relationship-marketing
Upward Communication	Communication from subordinates to superiors, such as reports, suggestions and grievances.	veda-verse unit-1 communication
Utilitarian Approach	An ethical decision-making approach favouring the action that provides the greatest good for the greatest number of people.	veda-verse unit-1 business-ethics-and-csr
Utility (Marketing)	The value that makes a product able to satisfy a want: form, place, time, possession or information utility.	veda-verse unit-7 marketing-core-concepts-philosophies-and-the-marketing-mix
Value Added Method	A method of measuring national income by summing the value created at every stage of production.	veda-verse unit-1 national-income-and-inflation
Value Chain	Porter's division of a firm's activities into primary and support activities, to locate the sources of cost and value.	veda-verse unit-6 internal-analysis-resources-capabilities-and-swot
Value Engineering	Studying each part of a product for what it does for the customer and what it costs, to take out cost without losing value.	veda-verse unit-4 target-costing-kaizen-costing-and-just-in-time
Value Proposition	The full set of benefits on which a brand is positioned and that it promises to deliver.	veda-verse unit-7 segmentation-targeting-and-positioning
Value-Based Organisation (VBO)	An organisation where ethical values shape culture, leadership and strategy, prioritising societal contribution alongside profit.	veda-verse unit-1 corporate-governance-and-value-based-organisations
Value-Based Pricing	Setting price by the customer's perceived value rather than by cost.	veda-verse unit-7 pricing-decisions-objectives-factors-and-strategies
Variable Cost	A cost that changes in proportion to output, such as raw materials.	veda-verse unit-4 cost-accounting-and-the-cost-sheet
Variable Costing	Another name for marginal costing; only variable costs are charged to products.	veda-verse unit-4 marginal-costing-and-cost-volume-profit-analysis
Variable Overhead Variance	The difference between standard and actual variable overhead, split into expenditure and efficiency.	veda-verse unit-4 standard-costing-and-variance-analysis
Variance	The difference between standard and actual cost, favourable if actual is lower and adverse if higher.	veda-verse unit-4 standard-costing-and-variance-analysis
Variety-Seeking Buying	Low-involvement buying where buyers switch among clearly different brands for variety.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Veblen Good	A good bought partly because its high price signals status, so demand can rise with price; after Thorstein Veblen's idea of conspicuous consumption (1899).	veda-verse unit-1 business-economics-and-demand
Vertical Marketing System	A channel in which producer, wholesaler and retailer act as one unified system: corporate, contractual or administered.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Virtue Ethics	An ethical theory emphasising the moral character of the decision-maker — such as honesty and courage — rather than rules or outcomes.	veda-verse unit-1 business-ethics-and-csr
Vision Statement	The long-term aspirational direction guiding an organisation's future growth, forming the top tier of the VBO hierarchy.	veda-verse unit-1 corporate-governance-and-value-based-organisations
Vision Statement	A statement of the organisation's aspired future state: where it wants to be.	veda-verse unit-6 strategic-intent-vision-mission-goals-and-objectives
Voluntary Chain	Independent retailers organised by a wholesaler for group buying and common merchandising.	veda-verse unit-7 retail-marketing
VRIO Framework	Barney's four tests for a resource that can give sustained advantage: valuable, rare, costly to imitate, and organised to capture value.	veda-verse unit-6 internal-analysis-resources-capabilities-and-swot
Vroom's Expectancy Theory	A motivation theory proposing Motivation = Expectancy × Instrumentality × Valence, linking effort to performance and reward.	veda-verse unit-2 values-learning-and-motivation
Wage Fund Theory	J. S. Mill's (1848) theory that employers hold a fixed fund for wages, so the average wage is the fund divided by the number of workers.	veda-verse unit-2 wage-determination-profit-sharing-and-payment-by-results-plans
Walking Inflation	A moderate rate of inflation, roughly 3-10%, that gradually erodes purchasing power over time.	veda-verse unit-1 national-income-and-inflation
Waterfall Approach	Entering foreign markets one at a time, in sequence, for controlled expansion and learning.	veda-verse unit-7 international-marketing
Wealth Maximisation	The aim of increasing the value of the firm over time, allowing for the timing and risk of cash flows.	veda-verse unit-4 financial-management
Webster and Wind Model	A model of organisational buying in which environmental, organisational, interpersonal and individual factors influence the buying centre.	veda-verse unit-7 consumer-and-industrial-buying-behaviour
Weighted Average Cost of Capital (WACC)	The average cost of all sources of finance, weighted by their share of total capital.	veda-verse unit-4 cost-of-capital
Whistle Blowers Protection Act, 2014	An Indian law setting up a mechanism to receive public-interest disclosures of corruption, wilful misuse of power or criminal offences by public servants, and to protect those who make them against victimisation. Enacted, but not yet brought into force.	veda-verse unit-2 organisational-justice-and-whistleblowing
Whistleblowing	The act of exposing organisational wrongdoing to protect ethical standards, laws and public welfare.	veda-verse unit-2 organisational-justice-and-whistleblowing
Wholesale Price Index (WPI)	A measure of inflation based on bulk/producer prices, excluding services.	veda-verse unit-1 national-income-and-inflation
Wholesaler	An intermediary that buys in bulk from producers and resells to retailers or other businesses.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Wildcat Strike	A sudden strike without the union's approval, such as one that breaks out while an agreement is still running.	veda-verse unit-2 trade-unions-and-collective-bargaining
Window Dressing	Arranging year-end figures, such as paying creditors early, to make ratios look better.	veda-verse unit-4 ratio-analysis-liquidity-profitability-activity-and-solvency
Work Engagement	Schaufeli and colleagues' (2002) positive, fulfilling state of mind marked by vigour, dedication and absorption; a state of energy, not a trait.	veda-verse unit-2 employee-engagement-and-work-life-balance
Work-Life Balance	The relationship between work and other commitments in life, and how they affect each other; both get the time and energy they need.	veda-verse unit-2 employee-engagement-and-work-life-balance
Work-Life Imbalance	When work takes so much time and energy that health or the rest of life begins to suffer; often grows when the boundary is blurred.	veda-verse unit-2 employee-engagement-and-work-life-balance
Work–Family Conflict	Greenhaus and Beutell's (1985) three forms: time-based, strain-based and behaviour-based conflict between work and family roles.	veda-verse unit-2 employee-engagement-and-work-life-balance
Working Capital	Current assets less current liabilities; the money tied up in day-to-day running.	veda-verse unit-4 fund-flow-statement
Written-Down Value Method	Depreciation at a fixed percentage of the asset’s reducing book value each year.	veda-verse unit-4 preparation-of-financial-statements
Yield Management	Managing demand and capacity so the right services reach the right customers at the right places, times and prices.	veda-verse unit-7 services-marketing
Zero-Based Budgeting (ZBB)	Every item of spending must be justified afresh, with no assumption that last year’s costs continue.	veda-verse unit-4 budgeting-and-budgetary-control
Zero-Level Channel	A direct channel in which the producer sells straight to the consumer.	veda-verse unit-7 place-distribution-channels-logistics-and-supply-chains
Zone of Tolerance	The range between desired and adequate service within which variations in service go largely unnoticed.	veda-verse unit-7 services-marketing