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Common Terms of Business
Opportunity Costs
Common Terms of Business
Opportunity costs are an economic concept to quantify benefits of alternatives that were ignored while making a decision. Precisely, opportunity(...)
Opportunity costs are an economic concept to quantify benefits of alternatives that were ignored while making a decision. Precisely, opportunity costs are the value(...)
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Economy of Scale and Economy of Scope
Common Terms of Business
Economies of scale are cost advantages of a company due to its large size. Most companies and businesses can realize advantages of scale that are(...)
Economies of scale are cost advantages of a company due to its large size. Most companies and businesses can realize advantages of scale that are a result of two eff(...)
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The Tuckman Model
Common Terms of Business
At the core of comprehending team dynamics is the ingenious creation of Bruce Tuckman, the Tuckman Model. Bruce Tuckman, an eminent psychologist(...)
At the core of comprehending team dynamics is the ingenious creation of Bruce Tuckman, the Tuckman Model. Bruce Tuckman, an eminent psychologist and researcher, intr(...)
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Servant Leadership
Common Terms of Business
The concept of Servant Leadership assumes that a leader is first and foremost a servant or sidekick. Sounds strange, doesn't it? People usually t(...)
The concept of Servant Leadership assumes that a leader is first and foremost a servant or sidekick. Sounds strange, doesn't it? People usually think that the boss o(...)
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Net Present Value - NPV
Common Terms of Business
The net present value (NPV) allows you to evaluate future cash flows based on the present value of money. It is the sum of present values of mone(...)
The net present value (NPV) allows you to evaluate future cash flows based on the present value of money. It is the sum of present values of money in different futur(...)
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Balance Sheet
Common Terms of Business
A balance sheet, also known as the financial position statement, depicts a company's financial balance in terms of assets and liabilities/equity.(...)
A balance sheet, also known as the financial position statement, depicts a company's financial balance in terms of assets and liabilities/equity. As opposed to an in(...)
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Design Thinking
Common Terms of Business
Design Thinking is more than just an approach or a method – it's a non-linear, iterative process that places creativity and problem-solving at it(...)
Design Thinking is more than just an approach or a method – it's a non-linear, iterative process that places creativity and problem-solving at its core. To understan(...)
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Income Statement
Common Terms of Business
The income statement or profit and loss statement (P&L) is a summary of the annual revenues, costs, and profits/loss, and is one of the three(...)
The income statement or profit and loss statement (P&L) is a summary of the annual revenues, costs, and profits/loss, and is one of the three financial indicator(...)
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Cash Flow Statement
Common Terms of Business
The cash flow statement belongs to one of the three financial statements in addition to the balance sheet and income statement. Cash flow stateme(...)
The cash flow statement belongs to one of the three financial statements in addition to the balance sheet and income statement. Cash flow statements show the inflow/(...)
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Supply and Demand
Common Terms of Business
The supply and demand of products is a key concept in economics. Briefly, the law of supply and demand states that the availability of a product(...)
The supply and demand of products is a key concept in economics. Briefly, the law of supply and demand states that the availability of a product (supply) and its des(...)
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Fixed & Variable Costs
Common Terms of Business
Fixed and variable costs are a crucial part of a financial analysis. You should be aware by now of the profitability framework in which we calcul(...)
Fixed and variable costs are a crucial part of a financial analysis. You should be aware by now of the profitability framework in which we calculate profits by subtr(...)
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CAGR - Compound Annual Growth Rate
Common Terms of Business
The Compound Annual Growth Rate (CAGR) is a really important tool for a consultant to compare long-term growth scenarios. It is the average rate(...)
The Compound Annual Growth Rate (CAGR) is a really important tool for a consultant to compare long-term growth scenarios. It is the average rate at which a value (e.(...)
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The Scrum Framework: A Guide for Aspiring Consultants
Common Terms of Business
Scrum is a popular agile development framework that has found widespread acceptance in various industries due to its ability to foster collaborat(...)
Scrum is a popular agile development framework that has found widespread acceptance in various industries due to its ability to foster collaboration and deliver high(...)
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The Kanban Framework
Common Terms of Business
In your journey to becoming an efficient consultant, understanding various work management systems is crucial. One such system that has made a pr(...)
In your journey to becoming an efficient consultant, understanding various work management systems is crucial. One such system that has made a profound impact, parti(...)
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The Blue Ocean Strategy
Common Terms of Business
The concept of the Blue Ocean Strategy (sometimes referred to as Value Innovation, Differentiation Strategy, Uncontested Market Space) was introd(...)
The concept of the Blue Ocean Strategy (sometimes referred to as Value Innovation, Differentiation Strategy, Uncontested Market Space) was introduced to the world by(...)
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Lean Management
Common Terms of Business
Lean Management is a business methodology derived from the Toyota Production System (TPS) that focuses on reducing waste (non-value-adding activi(...)
Lean Management is a business methodology derived from the Toyota Production System (TPS) that focuses on reducing waste (non-value-adding activities) in order to im(...)
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Peter Principle
Common Terms of Business
In today's business world, competition is tougher than ever. Companies are looking for ways to differentiate themselves from the competition and(...)
In today's business world, competition is tougher than ever. Companies are looking for ways to differentiate themselves from the competition and succeed. In this que(...)
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Emotional Intelligence
Common Terms of Business
Emotional intelligence refers to a person's ability to recognize, understand, and regulate their own emotions, as well as perceive, interpret, an(...)
Emotional intelligence refers to a person's ability to recognize, understand, and regulate their own emotions, as well as perceive, interpret, and respond appropriat(...)
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Information Technology Infrastructure Library (ITIL)
Common Terms of Business
The Information Technology Infrastructure Library (ITIL) is a globally recognized set of best practices designed to support the delivery of high-(...)
The Information Technology Infrastructure Library (ITIL) is a globally recognized set of best practices designed to support the delivery of high-quality information(...)
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DevOps
Common Terms of Business
DevOps is an innovative software development strategy conceived around 2008. This paradigm arose from the need for more effective collaboration b(...)
DevOps is an innovative software development strategy conceived around 2008. This paradigm arose from the need for more effective collaboration between project manag(...)
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Five Dysfunctions of a Team
Common Terms of Business
The ‘Five Dysfunctions of a Team’ is a model developed by Patrick Lencioni in his business novel of the same name. Patrick Lencioni is a renowned(...)
The ‘Five Dysfunctions of a Team’ is a model developed by Patrick Lencioni in his business novel of the same name. Patrick Lencioni is a renowned author and consulta(...)
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Kolb's Learning Circle
Common Terms of Business
In the 1970s, educator and psychologist David A. Kolb developed a model of experiential learning called the learning circle. This cycle describes(...)
In the 1970s, educator and psychologist David A. Kolb developed a model of experiential learning called the learning circle. This cycle describes the process of how(...)
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Interpersonal Communication
Common Terms of Business
Interpersonal communication refers to the exchange of information, thoughts, feelings, and ideas between individuals. It includes both verbal and(...)
Interpersonal communication refers to the exchange of information, thoughts, feelings, and ideas between individuals. It includes both verbal and non-verbal communic(...)
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Six Sigma
Common Terms of Business
In today's highly competitive business landscape, the pursuit of excellence extends beyond mere product delivery and service provision. Companies(...)
In today's highly competitive business landscape, the pursuit of excellence extends beyond mere product delivery and service provision. Companies are increasingly de(...)
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The Role of the Hypothesis in Consulting
Common Terms of Business
In the field of consulting, the hypothesis plays a central role in the analysis of problems, the development of solutions and the derivation of s(...)
In the field of consulting, the hypothesis plays a central role in the analysis of problems, the development of solutions and the derivation of strategic recommendat(...)
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The Roots and Effects of Inflation
Common Terms of Business
Inflation is an economic phenomenon in which there is a sustained increase in the general level of prices for goods and services. This leads to a(...)
Inflation is an economic phenomenon in which there is a sustained increase in the general level of prices for goods and services. This leads to a decrease in the pur(...)
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Learning Organization
Common Terms of Business
Learning OrganizationIn an VUCA era marked by relentless technological advancements, shifting market dynamics, and unpredictable global challenge(...)
Learning OrganizationIn an VUCA era marked by relentless technological advancements, shifting market dynamics, and unpredictable global challenges, the concept of a(...)
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Theory of Planned Behavior
Common Terms of Business
Why do people make the choices they do? What drives individuals to engage in specific behaviors, whether it's adopting a healthy lifestyle, conse(...)
Why do people make the choices they do? What drives individuals to engage in specific behaviors, whether it's adopting a healthy lifestyle, conserving the environmen(...)
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Situational Leadership
Common Terms of Business
In the dynamic world of leadership and management, one concept has consistently proven its effectiveness - Situational Leadership. This adaptable(...)
In the dynamic world of leadership and management, one concept has consistently proven its effectiveness - Situational Leadership. This adaptable approach has gained(...)
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Theory of Constraints
Common Terms of Business
Theory of Constraints (TOC), also known as Bottleneck theory, was developed by Israeli physicist and entrepreneur Eliyahu M. Goldratt. This theor(...)
Theory of Constraints (TOC), also known as Bottleneck theory, was developed by Israeli physicist and entrepreneur Eliyahu M. Goldratt. This theory is a management ap(...)
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Herzbergs 2-Factor Theory
Common Terms of Business
The Herzberg 2-factor-theory, also known as the two-factor theory or motivation-hygiene theory, was developed in the 1950s by Frederick Herzberg.(...)
The Herzberg 2-factor-theory, also known as the two-factor theory or motivation-hygiene theory, was developed in the 1950s by Frederick Herzberg. Herzberg was an Ame(...)
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Capability-Based Planning
Common Terms of Business
Capability-Based Planning (CBP) is a strategic planning method designed to help organizations achieve their business objectives through the effec(...)
Capability-Based Planning (CBP) is a strategic planning method designed to help organizations achieve their business objectives through the effective use of their ca(...)
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Unique Value Proposition (UVP)
Common Terms of Business
As an aspiring consultant, you will quickly realize that a company's success is closely linked to its ability to differentiate itself from the co(...)
As an aspiring consultant, you will quickly realize that a company's success is closely linked to its ability to differentiate itself from the competition. Here, jus(...)
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