N
Negotiation: the process of negotiating a business deal: The success of the negotiations will depend on the financial terms of the deal.
O
Objective: a goal that has been fixed for people to achieve: I have a meeting with my line manager to fix my objectives every six months.
Offshoring: transferring work to an outside supplier based in another country: Offshoring is only suitable for tasks that have been clearly defined and can be managed at a distance.
Opportunity: a situation with future potential: Japan represents a great opportunity for our new brand.
Our trademark is now well-known in most countries in the region.
Outsource: transferring work to an outside supplier: We are planning to outsource all of our IT operations to an Indian supplier.
Overhead: a cost that does not vary with output (e.g. rent, salaries): The pressure on corporate management to reduce overheads is increasing.
Overload: an excessive quantity of something: You may be overwhelmed by the overload of information that is available on the net.
P
Patent: a special right given to the inventor of a machine or process: Some governments do not recognize patents on software.
Pay 1: money earned by an employee as a salary or wage: Some employees are complaining that their pay has not increased in line with inflation.
Pay 2: to give money to someone in exchange for items or services: We’re paying more than the market rate.
Payroll 1: a list of the employees in an organisation.
Payroll 2: the administration of employee pay:
Pension: a regular payment made to a person after they have retired from active work: Some businesses have decided to ask their staff to contribute another one per cent towards their pensions.
Petition: a document signed by many people asking someone in authority to change something: So far, five thousand people have signed the petition.
Pilot project: a trial project to test performance: The pilot project will start operating in June.
Pilot: to test a new idea or product: We are piloting new ways to improve our supply chain management.
Piracy: infringement of copyrights: The association has launched a campaign to fight software piracy.
Point of sale abbreviation POS: the place where a consumer can buy a product or service: New electronic systems can approve credit for customers at the point of sale.
Premium: a price that is higher than the standard price, usually due to higher quality: Organically grown foods are sold at a premium.
Pressure group: a group that tries to influence the opinions of other people: The pressure group is coordinating the protests.
Price setting: fixing the prices at which goods and services will be sold: In price setting, you try to estimate how much customers will be prepared to pay for an item.
Priorities: to put things in the order of importance so that you can deal with the most important things first: Prioritizing your work will help you to avoid backlogs.
Process: to deal with information or documents: All the data is processed on the server.
Product recall: a situation where a defective product is withdrawn from the market and returned to the manufacturer: Product recalls of children’s toys are now very rare.
Productivity: The relationship between the output of goods and the resources needed to produce them: Productivity has continued to grow strongly.
Profit and loss account: a financial statement showing revenue, expenditure and profit from operations during a given period: A hold’s profit and loss account did not show all its losses.
Profitability: the ability of a business to earn profits: Increased labor costs have reduced our profitability.
Promotion: a method of communicating and publicizing a product: America Online plans to launch a promotion on Thursday that will let its members download full-feature films.
Prosperity: a state of being rich, having economic success: The nation’s future prosperity will depend on developing a highly-skilled workforce.
Protectionism: protecting a country’s trade by taxing foreign goods: Protectionism usually increases the prices of basic goods to the consumer.
Prototype: the first form that a new design takes: The prototype has revealed areas where the design can be improved.
Q
Qualification: an examination passed at school or university: Candidates must have qualifications in accounting.
Quota: an official limit on the amount of something: Quotas have been imposed on 25 categories of imported clothing.
R
Raw materials: materials such as minerals and hydrocarbons which are used in a production process: Securing long term supplies of raw materials is critical.
Real estate: property in the form of land or houses: Investing in real estate is not as risk free as some people think.
Regulator: a government agency responsible for overseeing a profession or an activity: Stock market regulators are in charge of protecting investors.
Reserve 1: the amount of something kept for future use: Shell has revised its estimate of available oil reserves.
Reserve 2: an amount of money set aside from profits: Ten per cent of earnings have been transferred to reserves.
Resources: this includes the capital, personnel and knowledge that an organisation has at its disposal: A key element of the new strategy is the more effective use of our resources
Resume: a document that gives details of a candidate’s experience and qualifications: Preparing a good resume should be the starting point for all job seekers.
Revenue: money received especially from selling goods and services: Revenues have increased by six per cent to £183m.
Reward: to give a payment for services performed or for excellent work or behavior: We like to reward our staff when they reach the objectives.