Decode common business terms with our A-Z guide for EAs.
We've all been there - sitting in a meeting and your boss or a colleague uses an acronym or abbreviation that's impossible to decipher, and you spend the rest of the meeting time trying to work out what it is, instead of focussing on what's actually being said. Perhaps these are industry terms that you'll get to know over time, but why wait? Here is a breakdown of some of the most common terms that will prop up in your daily work life, so you can arm yourself for the next time someone says "FIFO" and expects you to know what it means.
Business and Consulting ServicesB2B - Business to Business SLA - Service Level Agreement SMART - Specific, Measurable, Achievable, Relevant, Time-boundSOP - Standard Operating Procedure SOW - Statement of Work SWOT - Strengths, Weaknesses, Opportunities, Threats T&M - Time and Materials TQM - Total Quality Management UI - User Interface UAT - User Acceptance Testing USP - Unique Selling Proposition UX - User Experience VC - Venture Capital WIP - Work in Progress |
Technology Products and ServicesAI - Artificial Intelligence |
Production and Manufacturing5S - Sort, Set in order, Shine, Standardize, Sustain
BOM - Bill of Materials BPR - Business Process Reengineering CAD - Computer-Aided Design CAM - Computer-Aided Manufacturing CEO - Chief Executive Officer CFO - Chief Financial Officer CIO - Chief Information Officer CNC - Computer Numerical Control COO - Chief Operating Officer CPK - Process Capability Index CRM - Customer Relationship Management ISO - International Organization for Standardization IT - Information Technology JIT - Just In Time Kaizen - Continuous Improvement KPI - Key Performance Indicator LEAN - Efficient production methodology LIFO - Last In, First Out MES - Manufacturing Execution System MRP - Material Requirements Planning MRP II - Manufacturing Resource Planning MOQ - Minimum Order Quantity MTO - Make to Order MTS - Make to Stock MUDA - Waste OEE - Overall Equipment Effectiveness P&L - Profit and Loss PPAP - Production Part Approval Process QA - Quality Assurance QC - Quality Control RFQ - Request for Quotation ROI - Return on Investment R&D - Research and Development SMED - Single Minute Exchange of Die SOP - Standard Operating Procedure TAKT - Rate of customer demand TQM - Total Quality Management TPM - Total Productive Maintenance UI - User Interface VSM - Value Stream Mapping VPN - Virtual Private Network WIP - Work in Progress
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