Small-business IT strategy Definitions

  • C

    change management

    Change management is a systematic approach to dealing with change both from the perspective of an organization and the individual. .

  • change request

    A change request is a formal proposal for an alteration to some product or system.

  • chief procurement officer (CPO)

    A chief procurement officer (CPO) is an executive title commonly given to the person responsible for the strategic acquisition of goods and services at an organization. In addition to establishing the policies and processes to guide acquisitions, duties of a CPO include reducing costs and ensuring excellent supplier performance.

  • G

    gap analysis

    A gap analysis assesses the differences between the current and desired performance levels of a company's systems or applications.

  • GRC (governance, risk management and compliance) software

    GRC (governance, risk management and compliance) software allows publicly-held companies to integrate and manage IT operations that are subject to regulation. (Continued...)

  • great recession (Great Recession)

    Great recession is a label used by journalists and  economists to describe a severe, prolonged economic downturn.

  • group think

    Group think (also spelled groupthink) is a phenomenon that occurs when group's need for consensus supersedes the judgment of individual group members.

  • L

    labor automation

    Labor automation refers to the use of technology to perform specific tasks or jobs traditionally done by humans. As artificial intelligence and machine learning become integral to labor automation, experts believe entire jobs, not just specific tasks, will be automated.

  • leadership

    Leadership is the ability of an individual or a group of individuals to influence and guide followers or other members of an organization.

  • O

    organizational goals

    Organizational goals are strategic objectives that a company's management establishes to outline expected outcomes and guide employees' efforts.

  • P

    PICK chart (Possible, Implement, Challenge and Kill chart)

    A PICK chart (Possible, Implement, Challenge and Kill chart) is a visual tool for organizing ideas. The purpose of a PICK chart is to identify which ideas can be implemented easily and have a high payoff.

  • product development (new product development, or NPD)

    Product development, or new product development (NPD), is the process of bringing new or updated products or services to a target market through a systematic approach to idea creation, design, marketing and commercialization.

  • project charter (PC)

    A project charter (PC) is a document that states a project exists and provides the project manager with written authority to begin work.

  • public data

    Public data is information that can be freely used, reused and redistributed by anyone with no existing local, national or international legal restrictions on access or usage.

  • S

    SIPOC diagram (suppliers, inputs, process, outputs, customers)

    SIPOC (suppliers, inputs, process, outputs, customers) is a visual tool for documenting a business process from beginning to end.

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