Person’s well-defined employment or profession which are identifiable by their nature or characteristics and the demands on the person’s ability, aptitude skill, physical and mental qualities.

Stands for ‘Operating Characteristics Curve’. This shows the probability of clearance of a ‘batch’ or ‘lot’ of products, the specification standards set and the degree and spread of possible ‘defectives’.

Observed Characteristics; The health (or lack of it) or climate perceived in the ambience of an organization. This is the product of SWOT analysis of an organization in a dynamic and spread of possible ‘defectives’.

A common word of which the lexicon meaning is out dated. In a business sense, a product process or technology turns ‘obsolete’ when it is superseded by a preferred and value-added alternative which serves demand better and more economically and so captures the market.

The condition of a product or process which turns, with a degree of suddenness, out of date or obsolete with resulting loss of profitability. In a competitive post-reforms economy it is a common event and shows a sudden snapping of the product-life-cycle.

It is a method of market survey or status investigation of a desired event or situation. Observation method is the procedure through which the investigation collects information by personal observation. An example is a study of traffic density by observing traffic flow at selected points or functions.

A highly impressive income statement and balance sheet presented by a big company especially at a time when the market it serves feels imposed upon by a high monopolistic pricing of the products of the company.

A basic accounting principle that demands that only verifiable facts be recorded for accounting treatment. It precludes inclusion of subjective element or estimates from the accounting statements.

Objectives and goals are the ends or aims toward which all managerial policies and activities are directed. They, thus, provide the foundation of all managerial activity. They serve various functions provide insight into the nature and direction of the corporate body to all concerned stake-holders and to the wider society.

Specific purpose and aim of a firm or business, spelt out in concrete term consistent with its mission. Corporate policies are framed consistent with and aimed at fulfillment of such corporate objectives, also called corporate goals.

The aim of costing is to determine costs under selected centres of cost. The purpose is to report costs for information and control and also for motivation for better performance. Costing or cost accounting supplements financial accounting by accurate computations of casts of unit operation or activity.

A term in linear programming. The objective function of a lineal programming problem is a linear function of the decision variables showing the objective of the decision maker. The objective function has to be maximized subject to given constrains.

A statement given by an expected customer or client opposing any presentation made by a sales person. It is a format recording of dissent which is accepted.

Solemn declaration signed before a notary public asserting that all declarations made in a document are correct. A legal term binding the maker of the ‘oath’ or signatory to a document to the statements made in the document or deposition.