The trial run. A term used by techie types to describe the test that makes sure that your equipment, software, and systems actually work as expected.
Usage: The installer ran a beta test before teaching the customer how to use their new home theater.
A logical subdivision of the company that is responsible for controlling only costs. Opposite of a revenue center.
Usage: The production department is a cost center.
Employees who work directly with customers.
Usage: The sales clerks are the front line staff in a retail store.
The data, statistics, and quantitative information used in the analysis of business activities. Historical data.
Usage: The analytics indicated that there were fewer customers in the first half of 2010 than during the same period in 2009.
The legal document that describes the terms and conditions of a partnership.
Usage: According to the partnership agreement, each of the four partners would get 25% of the profits.
Master of Business Administration. A graduate degree that teaches and trains students to understand the basic elements and vocabulary of business.
Usage: Some MBA students are preparing for a career in a corporation, while others want to start their own businesses.
Documents and materials prepared by a company that are private and not for public dissemination. Information that would be covered by a non-disclosure agreement (NDA).
Usage: The consultant was asked to sign an NDA before the company would allow access to its proprietary information.
Practices to keep inventory fresh.
Usage: Stock rotation in a supermarket keeps food with a shorter expiry at the front of a shelf. Stock rotation at a car dealership keeps current model parts available for customers.
A person who grew up with digital technology.
Usage: Students born in the 1990s are considered digital natives, since they never knew a time without cellular telephones.
Description of people with money, property, and other assets that greatly exceed their level of debt.
Usage: The exact amount of money that makes someone a high net worth individual may vary by bank or investment adviser.