Maintain Business Resources

Glossary

Budgeting limits The maximum amount of money allocated to the purchase of stock & supplies

Contracted supplier Businesses will enter an agreement with a supplier that meets their requirements. The agreement will contain details of cost, method of supply and a time period (eg goods supplied on site at a fixed cost for next 12 months). A large office might have an agreement with a photocopier company for the supply of equipment & service for the next 2 years for a specified cost.

Decision-making delegations This occurs mostly in teamwork where team members agree to take on various tasks. It is a process of allocating tasks to these team members.

Defined resource parameters Clearly set out limits to what resources will be used, their purpose, how much will be used and by whom.

Ethical standards A socially acceptable level of behaviour in the workplace and business environment that is honest, legal & fair

Human resources involves the staffing issues of a business eg- recruitment, selection, induction & training of staff

Inventory The stock & supplies of a business

Lead time The time it takes for the order to be filled

Management & accountability channels Involves the structure of the business as seen in an organisational chart. It shows the chain of command and areas of responsibility within an organisation

Ordering procedures This is the procedure an organisation uses to obtain/order new supplies and stock. The procedure will be set out in the policy & procedures manual.

Periodic forecasts A regular prediction of what resources will be needed in the future based upon current and past usage. This will influence what is included in the next order

Purchasing authorities Organisations will usually one staff member responsible for purchasing stock & supplies. They will either order the materials on behalf of a staff member or authorise the purchase, in accordance with the organisation’s guidelines.

Quality Assurance The steps taken by an organisation to ensure the quality of the product is achieved & maintained

Raw materials the basic things used to produce a product

recruitment The process of finding a new staff member eg- using an employment agency, classified ads

Tendered processes This is a method of finding the most suitable person or business to conduct a job/task for an organisation. It involves issuing a tender (the details of the job) then asking for applications (including the cost of the job) from interested parties, BY A SPECIFIED DEADLINE. The organisation will study the applications and select a “winner” who will then be offered the job.

Time management The ability to organise tasks within timeframes using a range of skills like scheduling, delegating, negotiating & planning

Budgeting limits	The maximum amount of money allocated to the purchase of stock & supplies
Contracted supplier	Businesses will enter an agreement with a supplier that meets their requirements. The agreement will contain details of cost, method of supply and a time period (eg goods supplied on site at a fixed cost for next 12 months). A large office might have an agreement with a photocopier company for the supply of equipment & service for the next 2 years for a specified cost.
Decision-making delegations	This occurs mostly in teamwork where team members agree to take on various tasks. It is a process of allocating tasks to these team members.
Defined resource parameters	Clearly set out limits to what resources will be used, their purpose, how much will be used and by whom.
Ethical standards	A socially acceptable level of behaviour in the workplace and business environment that is honest, legal & fair
Human resources	involves the staffing issues of a business eg- recruitment, selection, induction & training of staff
Inventory	The stock & supplies of a business
Lead time	The time it takes for the order to be filled
Management & accountability channels	Involves the structure of the business as seen in an organisational chart. It shows the chain of command and areas of responsibility within an organisation
Ordering procedures	This is the procedure an organisation uses to obtain/order new supplies and stock. The procedure will be set out in the policy & procedures manual.
Periodic forecasts	A regular prediction of what resources will be needed in the future based upon current and past usage. This will influence what is included in the next order
Purchasing authorities	Organisations will usually one staff member responsible for purchasing stock & supplies. They will either order the materials on behalf of a staff member or authorise the purchase, in accordance with the organisation’s guidelines.
Quality Assurance	The steps taken by an organisation to ensure the quality of the product is achieved & maintained
Raw materials	the basic things used to produce a product
recruitment	The process of finding a new staff member eg- using an employment agency, classified ads
Tendered processes	This is a method of finding the most suitable person or business to conduct a job/task for an organisation. It involves issuing a tender (the details of the job) then asking for applications (including the cost of the job) from interested parties, BY A SPECIFIED DEADLINE. The organisation will study the applications and select a “winner” who will then be offered the job.
Time management	The ability to organise tasks within timeframes using a range of skills like scheduling, delegating, negotiating & planning