Punjab PSEB Senior Secondary NSQF Management & Entrepreneurship (Secretary) key terms

The process of planning, organising, staffing, directing and controlling resources so that an organisation reaches its goals efficiently and effectively.

Deciding in advance what to do, how to do it, when to do it and who will do it, so that effort is directed towards clear objectives.

Grouping tasks into departments, assigning duties and fixing authority relationships so that work is coordinated and resources are used properly.

Measuring actual performance against standards, finding deviations and taking corrective action so that organisational objectives are achieved as planned.

The number of subordinates who report directly to one manager; a narrow span creates tall structures, while a wide span creates flat ones.

Assigning a task and the necessary authority to a subordinate while retaining accountability for the final result with the person who delegates.

The legitimate right of a manager to give orders, take decisions and use organisational resources within the limits of the position held.

The obligation of a person to carry out the assigned duty properly and answer for the results to the person who assigned it.

The answerability of a person for the outcome of a task; unlike authority, it cannot be delegated away to somebody else.

Management by Objectives: a system in which superiors and subordinates jointly set measurable goals and performance is reviewed against those agreed targets.

Choosing the best course of action from among available alternatives after defining the problem, gathering information and weighing the likely consequences.

The ability to influence and guide people willingly towards shared goals through communication, motivation and personal example rather than only through formal power.

The inner drive or external incentive that makes a person put effort into work in order to satisfy a need or reach a goal.

The process of identifying an opportunity, arranging resources and taking calculated risks to start and run a new business venture.

A person who spots a market opportunity, organises land, labour, capital and technology, bears the risk and enjoys the profit or loss of the venture.

A written document describing the business idea, market, operations, organisation, finance and projected returns, used to guide the venture and attract funding.

A structured check of whether a proposed project is technically possible, commercially viable and financially sound before money is committed.

A newly established business, often small and innovative, that is still searching for a repeatable and profitable business model.

Micro, Small and Medium Enterprises, classified in India by investment in plant and machinery or equipment and by annual turnover, enjoying various support schemes.

The sales volume at which total revenue equals total cost, so the business makes neither profit nor loss.

An expense that does not change with the level of output in the short run, such as rent, insurance or salaries of permanent staff.

A cost that rises or falls directly with the quantity produced or sold, for example raw material, packaging or piece-rate wages.

The money locked in day-to-day operations, roughly current assets minus current liabilities, needed to pay for stock, wages and short-term bills.

The actual movement of cash into and out of a business over a period, which can differ from profit shown in the accounts.

The possibility of loss or an outcome different from what was expected; entrepreneurs accept it in return for the chance of profit.

Financial help given by a government to reduce the cost of a product, input or service and encourage a particular activity or region.

A reward or benefit offered to encourage a person or firm to act in a desired way, such as a bonus, tax holiday or concession.

An officer responsible for compliance with company law, maintenance of statutory records, conduct of meetings and communication with the Registrar of Companies.

The body elected by shareholders that directs the company's affairs, appoints key officers and takes major policy decisions at board meetings.

The minimum number of members or directors who must be present for a meeting to be validly held and to transact business.

The official written record of the proceedings and decisions of a meeting, kept in a minute book and signed as evidence of what happened.

A formal written intimation sent to members or directors in advance, stating the date, time, place and business of the meeting.

The ordered list of items of business to be taken up at a meeting, prepared in advance and usually circulated with the notice.

Storing papers and records in a systematic order so that any document can be located quickly when it is needed later.

A record in which letters and documents received by an office are entered with date, sender and subject before being distributed.

A register that records outgoing letters and documents with date, addressee and subject, providing proof of what was sent and when.

The exchange of information within and outside an organisation through letters, memos, reports, emails and meetings to achieve business objectives.

Messages that travel through the official chain of command or laid-down channels, such as orders, circulars and official reports.

The informal, unofficial network through which rumours and information spread among employees outside the recognised channels of communication.

The receiver's response to a message, which tells the sender whether the message was understood as intended and allows correction.

Paying full attention to a speaker, noting both words and feelings, and responding to confirm understanding instead of merely waiting to reply.

A short written summary of a person's education, skills, experience and achievements, sent with a job application to show suitability.

A planned face-to-face or online conversation in which an employer asks questions to judge whether an applicant fits the job.

The general skills that make a person ready for work, such as communication, teamwork, punctuality, problem solving and basic digital literacy.