DECA Business Administration Career Cluster with Complete Solutions!!

Business Risk - ANSWER-The probability of loss inherent in an organization's operations and environment that may impair its ability to provide returns on investment. Quality Management Framework - ANSWER-The act of overseeing all activities and tasks needed to maintain a desired level of excellence Risk Retention - ANSWER-A strategy in which an entity sets aside a sum as a protection against a probable loss, instead of transferring the risk by purchasing an insurance policy Inventory - ANSWER-Amount of merchandise on hand at any particular time Trustworthiness - ANSWER-Amount of merchandise on hand at any particular time Total Quality Management (TQM) - ANSWER-An overall approach to long-term success that views continuous improvement in all aspects of an organization as a process and not as a short-term goal. It aims to transform an organization through changes in the attitudes, practices, structures, and systems. Planning - ANSWER-Setting goals and determining how to reach them Information - ANSWER-Facts provided or learned about something or someone Streamline - ANSWER-Implementing a process to make an organization more efficient. Information Technology Infrastructure Library (ITIL) - ANSWER-A comprehensive set of documents, which defines best practices and accepted techniques in the Information Technology community Supply Chain Management (SCM) - ANSWER-Oversees the materials, information and finances as a product moves through the channel of distribution from manufacturer to consumer Free Trade - ANSWER-Commercial trade between nations through free market principles and without regulation. Coordinate - ANSWER-To bring the different elements of an activity or an organization into a relationship that will ensure efficiency Solvency - ANSWER-Refers to the ability of an organization to meet its' financial obligations Cash Flow Statements - ANSWER-A financial statement used by organizations that shows the cash in and out for a set period of time