Glossary
Business management glossary
Plain-language definitions for strategy, finance, and operations terms.
Glossary
Business management
5 terms
AI & automation
1 terms
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Large language model; an AI model trained on vast amounts of text to understand and generate human-like language. LLMs power chat assistants, document drafting and natural-language search in modern business software.
HR tech
2 terms
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Learning Management System; platform to deliver, track, and certify training programs. An LMS supports onboarding, compliance training, and professional development while giving managers visibility into team skill gaps.
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Software to request, approve, and track paid time off and leaves of absence. A leave management system enforces accrual policies, prevents scheduling conflicts, and gives managers real-time visibility into team availability.
L
2 terms
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The time between starting a process and completing it, often tracked in production or procurement. Reducing lead time improves responsiveness to customer demand and lowers the working capital tied up in unfinished goods.
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A management philosophy, originating from the Toyota Production System, focused on maximizing customer value while systematically eliminating waste in processes. Lean principles include just-in-time production, continuous flow, and empowering frontline workers to identify improvements.
