Business Vocabulary (part 2)

12. person specification----The skills that a job candidate must have in order to complete the tasks of a position offered by a company.

13.Induction----Alternative term for inductive reasoning.

14.Employee empowerment----Employee empowerment is a strategy and philosophy that enables employees to make decisions about their jobs

15. Job enrichment----Job design technique that is a variation on job enlargement concept

16.Job enlargement----Job design technique in which the number of tasks associated with a job is increased (and appropriate training provided) to add greater variety to activities, thus reducing monotony.

17.Capacity utilisation----Capacity utilisation is the percentage of the firm’s total possible production capacity that is actually being used.
Capacity utilisation is calculated as follows:

Capacity utilisation (%) =
actual output per month (or per annum) x 100%
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maximum possible output per month (or per annum)

18.Rationalisation----the organization of a business according to scientific principles of management in order to increase efficiency.

19.Quality control----Steps taken to make sure that a company's products or services are of sufficiently high quality. also called quality assurance.

20.Quality assurance----the same as quality control.

21.Productivity---The amount of output per unit of input (labor, equipment, and capital).

22.Product portfolio analysis----



23.price taker----An individual or company which is not influential enough to affect the price of an item.