B216 words · Upper-intermediate

Business Management vocabulary — B2

Business management vocabulary for running a team through change, including overheads, contingency planning, headcount and the bottlenecks a restructuring exposes.

16 questions

Words in this set

overhead
/ˈoʊvərˈhɛd/
The regular costs of running a business that are not tied to making a specific product, such as rent.
Example: Cutting overhead was the only way to stay profitable.
contingency
/kənˈtɪndʒənsi/
A plan or amount of money kept ready in case something unexpected happens.
Example: We built a contingency into the budget for delays.
restructuring
/riˈstrʌktʃərɪŋ/
The process of reorganising a company's structure, often to cut costs or improve performance.
Example: Hundreds of jobs were lost during the restructuring.
synergy
/ˈsɪnərdʒi/
The extra benefit gained when two people, teams or companies combine their efforts effectively.
Example: The merger was expected to create synergy between the two brands.
turnkey
/ˈtɜrnˌki/
Describes a product or service that is ready to use immediately, with nothing left to set up.
Example: The company sells a turnkey solution that needs no extra installation.
scalability
/ˈskeɪləˈbɪlɪti/
The ability of a business or system to grow or handle more work without major problems.
Example: Investors were impressed by the app's scalability.
headcount
/ˈhɛdˌkaʊnt/
The total number of people employed by a company or department.
Example: The department froze headcount until next year.
streamline
/ˈstrimˌlaɪn/
To make a process simpler and more efficient by removing unneeded steps.
Example: New software helped streamline the company's ordering process.
outsource
/ˌaʊtˈsɔrs/
To pay another company to do work instead of doing it in-house.
Example: They decided to outsource their customer support to another firm.
leverage
/ˈlɛvərɪdʒ/
To use something you already have to gain the greatest possible advantage.
Example: The startup used its brand name to leverage better funding deals.
escalate
/ˈɛskəˌleɪt/
To pass a problem up to a more senior person.
Example: Anything unresolved after a week you escalate to the director.
remit
/riˈmɪt/
The area of responsibility given to a person or group.
Example: Staffing was never part of that committee's remit.
bottleneck
/ˈbɑtəlˌnɛk/
The stage in a process that slows everything else down.
Example: Approval is the bottleneck and everyone works around it.
action point
A specific task agreed at a meeting.
Example: Every action point had a name and a date beside it.
key performance indicator
A measure used to judge how well something is working.
Example: One key performance indicator was rewritten to make the year look better.
stand-up
/ˈstænˌdʌp/
A short daily meeting held to share progress.
Example: The stand-up was fifteen minutes and often forty.