A central concept of Western economics which assumes that people have more wants than they have resources to satisfy them. There are only a limited number of resources such as workers, machines, factories, raw materials etc. Yet there are a number of different ways in which they could be used.
Semi fixed cost
A cost composed of a mixture of fixed and variable components. Costs are fixed for a set level of production or consumption, becoming variable after the level is exceeded. Also known as a “semi-variable cost.”
Semi variable cost
A cost composed of a mixture of fixed and variable components. Costs are fixed for a set level of production or consumption, becoming variable after the level is exceeded. Also known as a “semi-fixed cost.”
Scenario analysis is a process of analyzing possible future events by considering alternative possible outcomes (scenarios). The analysis is designed to allow improved decision-making by allowing more complete consideration of outcomes and their implications.
A unit representing a measure of ownership in a corporation.
Single Version of the Truth
Synthetic information for the management needs to have an unambiguous definition to get to a general accepted meaning throughout the organization. This “Single Version of the Truth” will facilitate communication between decision makers and is best supported company wide by widely available BI products.
The formal reporting of results as required by legislation.
Stepped fixed costs
The increase in fixed costs that occurs in specific levels of output.
The stock exchange is an organized marketplace where stocks are bought and sold by qualified members. Members may act either as agents for customers, or as principals for their own accounts.
Strategic alliance is a collaborative agreement between two or more enterprises to mutually commit resources in order to achieve common goals or objectives, such as reducing costs, inhibiting competitors, gaining entry to new markets, supplementing critical skills or expertise, sharing the risks and costs of major projects, or acquiring access to new technology. Such an alliance may be between companies, or between a company and its customers, its suppliers, or its competitors.
Strategic business unit is an enterprise or segment of an enterprise whose product line, Market environment, sales force, competitors, and customers are sufficiently different from the remainder of the company’s activities that it requires its own unique marketing strategy.
The tasks involved in setting organisational objectives, the associated high level targets to be achieved, and the means for achieving them.
Broad statements that describe the way in which the organisation will achieve its objectives. For example, an organisation might plan to achieve its ‘have satisfied customers’ objective by ‘building strong customer relationships’ or by ‘expanding into new markets’. Each strategy should be accompanied by associated measures of success. If the strategy is to ‘build stronger customer relationships’, for example, then the associated success measure might be ‘customer retention percentage’.
Structural capital is the hardware, software, Databases, organizational structure, copyright, patents, trademarks, trade secrets, and other items of that nature, that support the productivity of the Human capital.
SWOT analysis is the evaluation of available Information concerning the Business environment in order to identify internal strengths and weaknesses, and external Threats and Opportunities. Also known as Situational analysis and, when applied to competitors, as Competitor profiling.
Symposium is a meeting convened for the discussion of some particular subject. It also refers to a collection of opinions expressed, or articles contributed, by several persons on a given subject or topic.
Synectics is a body of Knowledge and a series of techniques designed to induce imaginative problem-solving or creative activities. Techniques include deliberate efforts at right-brain thinking; and positive, supportive behavior.