03 Business and Management DICTIONARY

1. Stakeholder

A stakeholder is anyone affected by a project or decision, such as customers, employees, or managers. Their needs guide planning and execution.
Example: A school app considers parents, teachers, and students as stakeholders.

2. KPI (Key Performance Indicator)

KPIs are measurable goals used to track success. They help teams focus on the most important outcomes.
Example: Number of resolved tickets per day.

3. OKR (Objectives and Key Results)

OKRs define a clear objective and three to five measurable results. They create alignment and focus inside teams.
Example: Improve user retention with a target of increasing daily active users by ten percent.

4. Scope Creep

Scope creep happens when new features or tasks get added without proper planning. It delays timelines and increases workload.
Example: A client keeps requesting small changes during development.

5. ROI (Return on Investment)

ROI measures how much value you gain compared to what you spend. Higher ROI means better financial efficiency.
Example: Spending ten thousand on ads that bring fifty thousand in revenue.

6. Agile Methodology

Agile focuses on quick iterations, continuous improvements, and flexibility. It encourages adapting to changes fast.
Example: Teams release updates every two weeks instead of waiting months.

7. Scrum

Scrum is an Agile framework that uses sprints, standups, and regular reviews. It helps teams deliver work in small cycles.
Example: A developer team plans tasks for a two week sprint.

8. Leadership

Leadership means guiding people with clarity, trust, and vision. Good leaders inspire teams to perform beyond expectations.
Example: A manager supports the team during tough deadlines.

9. Delegation

Delegation means assigning tasks to others based on strengths and workload. It increases efficiency and ownership.
Example: A tech lead assigns testing to another engineer while focusing on architecture.

10. Change Management

Change management handles transitions within an organization. It reduces confusion and ensures smooth adoption.
Example: Training staff before shifting to a new CRM tool.

11. Decision Matrix

A decision matrix helps teams compare options using criteria like cost, impact, and risk. It reduces biased decision making.
Example: Choosing between AWS, Azure, and GCP using a scoring sheet.

12. Productivity

Productivity measures how efficiently work gets done. Better processes often increase output without adding extra effort.
Example: Automating manual tasks to save two hours daily.

13. Strategy

A strategy is a long term plan to achieve goals. It helps prioritize actions and resources.
Example: A startup focuses on enterprise clients instead of small customers.

14. Vision Statement

A vision statement describes where an organization wants to be in the future. It creates direction and motivation.
Example: Become the leading tool for automated workflows.

15. Mission Statement

A mission explains what the company does today and for whom. It guides current decisions.
Example: Provide simple tools that help creators manage content.

16. Risk Management

Risk management identifies potential problems and prepares responses. It reduces unexpected failures.
Example: Keeping backups before a major deployment.

17. Time Management

Time management means planning tasks to make the best use of available hours. It improves focus and reduces stress.
Example: Blocking mornings for deep work.

18. Competitive Advantage

This is the unique strength that makes a company better than rivals. It can be cost, quality, brand, or innovation.
Example: A company delivers orders faster than all competitors.

19. Workflow Optimization

Optimization removes unnecessary steps to improve speed and accuracy. It boosts team performance.
Example: Using automation to generate reports instead of doing it manually.

20. Customer Journey

The customer journey maps all interactions a user has from discovery to purchase. Understanding it helps improve experience.
Example: Tracking how a parent signs up for a school app.

21. Stakeholder Mapping

This process identifies stakeholders and ranks their influence. It helps teams plan communication better.
Example: Prioritizing updates for clients who impact project success.

22. Performance Review

A performance review evaluates an employee’s progress, strengths, and growth areas. It shapes promotions and salary decisions.
Example: A yearly meeting where achievements are discussed.

23. Resource Allocation

It means deciding how to distribute time, money, and talent across tasks. Good allocation avoids bottlenecks.
Example: Assigning extra engineers to a critical release.

24. Lean Management

Lean reduces waste and improves value delivery. It focuses on efficiency and quality.
Example: Removing unnecessary approval steps.

25. Cultural Fit

Cultural fit means how well a person aligns with the values and style of a team. Good fit improves collaboration.
Example: Hiring someone who prefers open communication in a transparent team.