PHR CERTIFICATION 2023 LATEST UPDATE

Accounts Payable Money an organization owes its vendors and suppliers. Accounts Receivable Money an organization's customers owe the organization. Action Plans Detailed steps a unit, department, or team ...

Accounts Payable Money an organization owes its vendors and suppliers. Accounts Receivable Money an organization's customers owe the organization. Action Plans Detailed steps a unit, department, or team will take in order to achieve short-term objectives. Amendment Modification or the Constitution or a law; modification may be either formal (written) or informal (unwritten). Assets Financial, physical, and sometiems intangible properties an organization owns. Balance Sheet Statement of a firm's financial position at a particular time. Balanced scorecard Measurement approach that provides an overall picture of an organization's performance as measured against goals in finance, customers, internal business processes, and learning and growth. Bill Proposal presented to a legislative body for possible enactment as a law. Break-even analysis Analysis that shows point in time at which total revenue associated with a program is equal to the total cost of the program. Business Case Description of an organizational challenge and possible alternative solutions, arguing for specific solution. Capacity To an operations department, the ability to yield output. Cash flow statement Record of how much cash is flowing into and out of an organization, including its sources or destinations. Centralization Degree to which decision-making authority is restricted to higher levels of management in an organization. Code of ethics Principles of conduct within an organization that guide decision making and behavior. Consumer price index Measure of the average change over time in the prices paid by consumers for goods and services. Control To an operations department, an after-the-fact evaluation of a company's ability to meet its own specifications and its customers' needs. Correlation Measure that indicates the relationship between two variables. Cost-benefit analysis Ratio of value created to cost of creating that value; allows management to determine the financial impact particular activities and programs have on an organization's profitability. Decentralization Degree to which decision-making authority is given to lower levels in an organization's hierarchy. Departmentalization Way an organization groups jobs to coordinate work. Divestiture Sale by a company of an asset that is not performing well, that is not core to the company's business, or that is worth more as a separate entity. Divisional structure Organizational structure in which segments ae separated by product, customer or market, or region. Due diligence Process of conducting an intensive investigation of an organization as one of the first steps in a pending merger or acquisition. Electronic Communications Privacy Act (ECPA) Act that makes it unlawful to intercept messages in transmission, access stored information on electronic communication services, or disclose this information. Enterprise management Integrated processes and tools to allow information sharing and process management across functions, sometimes even with external partners, such as suppliers. Environmental scanning Process that involves a systematic survey and interpretation of relevant data to identify external opportunities and threats. Equity Amount of owners' or shareholders' portion of a business. Ethics System of moral principles and values that establish appropriate conduct. Extended organization Alliance between organizations to create processes and information channels that allow communication and collaboration. Financial ratios Calculations designed to describe an organization's financial health and performance from various perspectives. Foreign Corrupt Practices Act (FCPA) Prohibits American companies from making corrupt payments to foreign officials for the purpose of obtaining or keeping business. Formula budgeting Form of budgeting in which an average cost is applied to comparable expenses and general funding is changed by a specific amount. Functional structure Organizational structure that defines departments by what services they contribute to the organization's overall mission. Gantt chart Project planning tool that graphically displays activities of a project in sequential order and plots them against time. Generation X Group of people born roughly between the years of 1965 - 1980 Generation Y Group of people born after 1980. Gross domestic product (GDP) Estimate of the total value of goods and services produced in a country in a given year. Gross profit margin Ratio of gross profit to net sales. HR audit Process to measure the effectiveness and efficiency of HR programs and positions. Human capital Combined knowledge, skills, and experience of a company's employees. Human resource information system (HRIS) Systematic tool for gathering, storing, maintaining, retrieving, and revising HR data.