Basic Operational Management Glossary from POME by Gautam Koppala 0
Basic Operational Management Glossary
24/7 – Twenty four hours a day, seven days a week.
24-Carat/Karat – The purest form of gold (karat is US-English spelling, too soft for jewellery, hence gold jewellery is made of 22-carat, 18-carat, or 9-carat gold, etc., in which other metals such as copper are mixed. Carat is a measure of purity in which 24 parts equate (virtually) to 100% gold. 18-carat is therefore 75% gold. Less than 10-carat gold is generally not sold as gold. The carat measure of diamonds is different, for which carat is a measure of weight (1 carat = 200mg).
24-hour Society – Refers to a way of life available to many in the modern world in which people can work socialize, shop, bank, etc., 24 hours a day. The phenomenon has caused significant new thinking in business, management, marketing, etc., and continues to do so.
360 Degree Feedback – An appraisal method typically entailing feedback about a manager given by fellow workers.
360 Degree Thinking – A term used for considering all options in business, etc., as opposed to having narrow field vision.
38 Ways of Persuasion – The classic semi-serious guide to winning arguments featuring in The Art of Always Being Right, by German philosopher Arthur Schopenhauer (1788-1860).
72 Rule – More commonly known as the Rule of 72, with variations 69 and 70, these are standard figures used by financial folk in calculating quickly the years required for an investment to double (or to halve) at a given interest rate. Typically 72 is divided by the compound interest rate to give the approximate years. 72 is more popular than 69 or 70 because it is quite reliable and easily divisible quickly by lots of different numbers.
80/20 Rule – The theory that 20% of effort produces 80% of results, and very many similar effects;
