Explain the following terms
Competence development
Competence development is the practice of developing one or several competencies in a specific way and in a particular direction. Competence is more like an asset, while competence development is a more practical or at least action-oriented approach that aims to develop these assets or competencies. Competence development has set out to expand organizational measurement from command and control purposes towards enabling learning and self-renewal.
Collective bargaining
Collective bargaining, the ongoing process of negotiation between representatives of workers and employers to establish the conditions of employment.
Balance Sheet
A Balance Sheet is the financial statement of a company that includes assets, liabilities, equity capital, total debt, etc. at a point in time.
Theory of production
In economics, production theory explains the principles in which the business has to take decisions on how much of each commodity it sells and how much it produces and also how much of raw material i.e., fixed capital and labour it employs and how much it will use.
Acceptance sampling
Acceptance sampling is a statistical measure used in quality control. It allows a company to determine the quality of a batch of products by selecting a specified number for testing.
Product design and development
Product development refers to the complete life cycle. This starts from market analysis to goes up to the final product launch.
Product design is only a part of the cycle where the design of the product is created.
Bill of material
A bill of materials (BOM) is an extensive list of raw materials, components, and instructions required to construct, manufacture, or repair a product or service.
Quality control and assurance
Quality control can be defined as "part of quality management focused on fulfilling quality requirements." While quality assurance relates to how a process is performed or how a product is made, quality control is more the inspection aspect of quality management.
QA is process-oriented, and it focuses on preventing quality issues. QC is product-oriented and focused on identifying quality issues in manufactured products.
Consumer behaviour
Consumer behaviour is the actions and the decision processes of people who purchase goods and services for personal consumption. Studying consumer behaviour is important because it helps marketers understand what influences consumers’ buying decisions.
By understanding how consumers decide on a product, they can fill in the gap in the market and identify the products that are needed and the products that are obsolete.
Trade Unions
Labour unions or trade unions are organizations formed by workers from related fields that work for the common interest of their members. They help workers in issues like the fairness of pay, good working environment, hours of work and benefits.
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