BUSINESS CONCEPT ACRONYMS
1.SMART: A goal-setting acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. Setting SMART goals can help individuals and organizations clarify their objectives and create actionable plans to achieve them.
2.SWOT: An acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT analysis is a tool used to assess an organization's internal and external factors that can impact its success.
3.PESTEL: An acronym that stands for Political, Economic, Sociocultural, Technological, Environmental, and Legal. PESTEL analysis is a tool used to assess the external factors that can impact a business or organization.
4.KPI: An acronym that stands for Key Performance Indicator. KPIs are metrics used to measure the success of an organization or project in relation to its goals.
5.KANBAN: An acronym that stands for "visual signal." KANBAN is a method of production and inventory control that uses visual signals (such as cards or electronic displays) to indicate when a task should be started or completed.
6.MVP: An acronym that stands for Minimum Viable Product. MVP is a product development strategy that focuses on creating a basic version of a product that can be quickly tested and refined based on customer feedback.
7.Six Sigma: Six Sigma is a methodology used to improve business processes and increase efficiency. It is based on the idea of reducing defects to a level of 3.4 per million opportunities.
8.Lean: Lean is a management philosophy that focuses on maximizing value and minimizing waste in business processes. It is based on the principles of the Toyota Production System.
9.Agile: Agile is a project management approach that emphasizes flexibility and rapid iteration. It is often used in software development, but can be applied to other types of projects as well.
10.SCRUM: SCRUM is an agile framework used to manage and control complex projects. It is based on the principles of transparency, inspection, and adaptation.