Balance

Sheet: A financial statement that provides a snapshot of a company's financial position at a

specific point in time, usually at the end of a fiscal period. It lists the company's assets,
liabilities, and shareholders' equity, showing how resources are allocated and how they are
financed.

Business Culture: The set of values, beliefs, norms, and practices that characterize how a
company operates and interacts internally and externally. It encompasses the shared
attitudes and behaviors that influence the work environment, decision-making processes,
and relationships among employees and with stakeholders.

Business Ethics: The moral principles and standards that guide the behavior and conduct of
individuals and organizations in business contexts. It involves making decisions and actions
that are morally right and socially responsible, considering the impact on various
stakeholders such as customers, employees, shareholders, communities, and the
environment.

External Environment: The factors and conditions outside of a business organization that can
influence its operations, performance, and success. This includes economic, technological,
social, political, legal, and environmental factors, as well as competitive forces and market
dynamics.

Finance: The management of money, assets, investments, and liabilities within a business
organization. It involves activities such as financial planning, budgeting, raising capital,
investing funds, managing risks, and assessing financial performance to achieve the
company's goals and objectives.

Human Resources: The department within an organization responsible for managing its
workforce and employee-related functions. This includes activities such as recruitment,
hiring, training, development, compensation, performance management, and employee
relations to ensure that the organization's human capital contributes effectively to its
success.

Internal Environment: The factors and conditions within a business organization that affect
its operations, strategies, and performance. This includes its organizational structure,
culture, resources, capabilities, processes, systems, and management practices.

Internal Influences: The factors and forces originating within a business organization that
shape its decisions, actions, and outcomes. These may include its mission, goals, policies,
leadership style, organizational culture, resources, capabilities, and performance metrics.

Key Business Functions: The primary activities and processes that are essential for the
operation and success of a business organization. These typically include functions such as
marketing, operations, finance, human resources, and sometimes additional areas such as
research and development, procurement, and customer service. Each function plays a
critical role in achieving the company's objectives and delivering value to its stakeholders.
Management: The process of planning, organizing, leading, and controlling resources (such
as human, financial, physical, and informational) within an organization to achieve its goals
effectively and efficiently. Management involves coordinating the efforts of individuals and
teams to accomplish the objectives of the organization.

Management Approaches: Different methods or philosophies used by managers to guide

their decision-making and actions in running an organization. Examples include classical
management approaches (like scientific management and administrative management),
behavioral approaches (such as human relations theory and behavioral science approach),
systems approach, contingency approach, and modern management approaches (like total
quality management and strategic management).

Marketing: The process of identifying, anticipating, and satisfying customer needs and wants
through the creation, promotion, distribution, and pricing of goods and services. Marketing
activities involve market research, product development, branding, advertising, sales, and
customer relationship management to generate revenue and achieve organizational
objectives.

Operations: The function within an organization responsible for designing, producing, and
delivering goods and services to meet customer demands efficiently and effectively.
Operations management involves activities such as production planning, inventory
management, quality control, supply chain management, and process optimization to
ensure that operations run smoothly and contribute to the company's overall success.

Organizing: The process of arranging resources, tasks, and activities within an organization to
achieve its goals efficiently. Organizing involves defining roles and responsibilities,
establishing reporting relationships, creating structures and systems, and allocating
resources to coordinate efforts and facilitate collaboration among employees.

Planning: The process of setting objectives, determining strategies, and developing action
plans to guide an organization's activities and achieve desired outcomes. Planning involves
assessing the current situation, identifying opportunities and threats, formulating goals and
objectives, and outlining the steps needed to accomplish them within a specified timeframe.

Stakeholders: Individuals, groups, or entities that have a vested interest or stake in the
activities, decisions, and outcomes of an organization. Stakeholders can include
shareholders, employees, customers, suppliers, government agencies, communities, and
other parties affected by the organization's operations and performance.

Technological Change: The process of innovation, advancement, and adoption of new

technologies within an organization or industry that can significantly impact business
operations, products, services, and market dynamics. Technological change includes the
development of new technologies, improvements to existing technologies, and the
integration of technology into business processes and strategies.

Vision: A statement that articulates the long-term goals, aspirations, and desired future state
of an organization. A vision statement describes what the organization hopes to achieve or
become in the future and provides a sense of direction and purpose to guide decision-
making and actions.