Glossary of Human Resource Management Terms
1. SWOT Analysis
A comparison of one’s strengths, weaknesses, opportunities, and threats.
2. Organizational Culture
Refers to the shared values, beliefs, and assumptions people in an organization have.
3. Protected Class
Individuals of a minority race, women, older people, and those with disabilities who are covered by federal laws on equal employment opportunity.
4. Wage Compression
When the pay range increases but wages do not.
5. Agility
A firm’s ability to make quick changes to gain a competitive advantage.
Read MoreThe Sales Process: A Comprehensive Guide for Sales Professionals
TOPIC 8: THE BUYING PROCESS & BUYER BEHAVIOR
Today’s customers are characterized by being aggressive and empowered by the internet. 3 key tools to assert their preferences: instant access to comprehensive information online, a wide array of choices across various industries, and the ability to compare prices in real-time.
A customer strategy is a carefully conceived plan that results in understanding the customer’s perceptions and maximizing customer satisfaction and responsiveness.
Consumer
Read MoreCompany Structure, Human Resources, and Market Analysis
The Structure of the Company
The structure of the company is constituted by all the human elements, tasks, command relationships, and coordination requirements. All jobs in a business are interrelated, either through vertical relationships between managers and subordinates (which in turn can be hierarchical or functional) or horizontal relationships between those at the same level. According to vertical relationships, we can distinguish different types of structures:
Hierarchical Structure
The hierarchical
Read MoreEconomics: Development and Underdevelopment
Total Product Cost
TotalProductCost=DM+DL+MOH
Unit Cost
P*UnitCost=TPC/Nºunits Porduced
Prime Cost
PrimeCost=DM+DL
Conversion Cost
ConversionCost=DL+MOH
Absolute Poverty
A situation of being unable to meet the minimum levels of income, food, clothing, healthcare, shelter, and other essentials.
Subsistence Economy
An economy in which production is mainly for personal consumption and the standard of living yields little more than basic necessities of life (food, shelter and clothing)
Development
The process of
Read MorePolicy Context, Crisis Management, and Agenda Setting in Public Policy
Policy Context
Key Concepts
- States as actors and arenas
- State projects and social projects
- Meta-institutions
- State-society relations
- Unitary vs federal state
- Actors: executives, legislators, bureaucracies, political parties, publicity, pressure groups, think tanks, mass media
Unitary State
Policies are implemented faster in a unitary state, but they still need to take politics into consideration.
Executive
The executive branch has the power to implement policies, not the legislators. Ministers are part of
Read MoreUnderstanding National Income and Economic Cycles
Causes of Recession
An economic dip, as measured as a decline in GDP, must occur for two or more successive quarters to qualify as an official recession.
Loss of Confidence in Investment and the Economy: Loss of confidence prompts consumers to stop buying and move into defensive mode. Panic sets in when a critical mass moves toward the exit. Businesses run fewer employment ads, and the economy adds fewer jobs. Retail sales slow. Manufacturers cut back in reaction to falling orders, so the unemployment
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