Management

Situational Analysis Definition: Situational analysis is a strategic planning tool used by businesses and organizations to assess their current internal and external environment. Also known as SWOT analysis (Strengths, Weaknesses, Opportunities, Threats), it provides a comprehensive overview of the factors that may impact an entity’s performance. This analysis aids in making informed decisions and formulating […]

Slack Time Definition: Slack time refers to the amount of time within a project or task that can be extended without causing a delay in the overall completion. It represents the flexibility or cushion available in a schedule, allowing for unforeseen issues, delays, or variations in task completion times. In simple terms, it’s the extra

Sleeping Partner Definition: A sleeping partner is a term used in business and finance to describe an individual who invests capital in a partnership but plays a passive or dormant role in the day-to-day operations of the business. Also known as a silent partner, this individual provides financial support to the partnership but typically does

Small Company Definition: A small company refers to a business entity that is characterized by its relatively modest size in terms of revenue, assets, and number of employees. The classification of a company as “small” can vary by industry and country, but in general, small companies are enterprises that operate on a more limited scale

Small-Group Definition: A small group refers to a gathering of a limited number of individuals, often ranging from three to fifteen people, who come together for a specific purpose or task. These groups are intentionally kept small to facilitate effective communication, collaboration, and interaction among members. Small groups are commonly found in various settings, including

Smoke-Stack Industries Definition: Smoke-stack industries refer to traditional, heavy manufacturing sectors characterized by large, visible factories with towering smokestacks. These industries are often associated with the early phases of industrialization, featuring processes that involve significant emissions and environmental impact. While the term originally described the visible smoke emanating from industrial chimneys, it has evolved to

Social Accounting Issues Definition: Social Accounting Issues refer to challenges and considerations faced by businesses when accounting for their social and environmental impacts. These issues involve measuring, reporting, and managing the broader effects of business activities on society, going beyond traditional financial accounting. As businesses increasingly recognize their role in sustainable development, addressing social accounting

Social Cost Definition: Social Cost refers to the total expense incurred by society as a whole due to the production of a particular good or service. It extends beyond the direct costs borne by businesses and includes additional expenses such as environmental damage, health impacts, and other externalities that affect the broader community. Calculating social

Social Overhead Capital Definition: Social Overhead Capital (SOC) refers to the essential infrastructure and facilities that contribute to the overall development and well-being of a society. These are long-term investments made by governments or entities to provide fundamental services and amenities necessary for economic activities and the quality of life. Social overhead capital includes critical

Socio-Technical System Definition: A socio-technical system refers to an organizational framework that acknowledges the interconnectedness of social and technical elements in the workplace. It emphasizes the integration of people, technology, and processes to create a harmonious and effective working environment. In a socio-technical system, both the social aspects (such as human interactions and relationships) and