Refers to all aspects of operating an online business, ecommerce refers specifically to the transaction of goods and services.

Also known as electronic commerce or internet commerce, refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions.

Environmental Impact Assessments

Electronic Point Of Sale – A system at the retailer’s point of sale to capture details about the individual transactions made by customers, with the ability to extract this data to understand buying patterns, demand activity and customer behaviours

European Union. A union of countries based on the continent of Europe where agreements are made related to common currency, trade relations, border controls etc.

The concept of Early Supplier Involvement (ESI) is that organisations involve suppliers at an early stage in the product or service development/innovation process. Ideally the suppliers are involved as early as the conceptual de-sign stage although this could be a challenge. 

Economic development is a broader term, and is often defined based on what a country is trying to accomplish, and not by what is has achieved. A country’s economic development is generally the focus of local governments to improve standard of living through the creation of jobs, the support of innovation and new ideas, creation of higher wealth for all and striving towards overall better quality of life. Objectives include new schools, public safety enhancement, incentivizing new businesses to open locations in a community, infrastructure programs (roads and facilities) and small business development programs to promote job creation.

A period of sustained economic expansion.

Is the study of consumer choices and the behaviours that effect those choices. 

The ability of an economy to support a defined level of economic production indefinitely.

The way in which a society or country organizes and distributes goods and resources.

These are the cost advantages that a business can exploit by expanding their scale of production. The effect of economies of scale is to reduce the average (unit) costs of production and purchasing.

The amount the company receives after accounting for discounts, promotions, and other incentives.

In any business, one of the heaviest drains on profitability is waste, the core principle in lean methodology is the removal of waste within an operation. The 8 wastes of lean manufacturing include: Defects, Excess Processing, Overproduction, Waiting, Inventory, Transportation, Motion, and Non-Utilized Talent.

The transfer of information and data electronically between systems, usually different organisations, such as retailer and supplier or logistics provider.

Refers to the probability of an event occurring when an experiment is conducted.

To give someone authority or power to do something.

The ability of the environment to support a defined level of environmental quality, and natural resource extraction rates, indefinitely.

Where the demand for a product meets the supply for a product.

The amount the business owes to the owners and/or shareholders.

Money from a person or institution who takes a share of the company in return for capital.

Ethical behaviour in governance is defined as the way in which an organization’s stakeholders try to manage collective action from the perspective, and in the interest, of the majority, thereby avoiding damaging behaviours, and through a better control of the power and responsibilities of the organization’s managers.

A system of shared and transparent governance which seeks to establish the general frameworks and guidelines for managers of large organizations by enforcing the values of transparency, responsibility and professionalism.

Refers to the discipline that examines one’s moral standards or the moral standards of a society to evaluate their reasonableness and their implications for one’s life.

Ethnocentrism is the tendency to believe that one's ethnic or cultural group is centrally important, and that all other groups are measured in relation to one's own. The ethnocentric individual will judge other groups relative to his or her own particular ethnic group or culture, especially with concern to language, behaviour, customs, and religion

The European Council of Applied Sciences, Technologies and Engineering (Euro-CASE) is a European non-profit organization, which groups 19 to 20 European national academies of engineering, applied sciences and technology. The organization provides a European forum for exchange and consultation between European institutions, industry, research, and national governments.

The mission of the organization is to pursue, encourage and maintain excellence in the fields of engineering, applied sciences and technology, and promote their science, art and practice.

Another form of scrap is where there is excess materials and cut-offs as a result of the manufacturing process.

The cost of one currency by another.

A tax charged on specific products, such as fuel, alcohol, and tobacco.

A senior executive within the buyer organisation that has overall executive responsibility for the relational development between the organisation and nominated key suppliers.

a term used for hurrying something along. The term is used both in production and in purchasing. If a job or a purchase order is late, some-one will be assigned to expedite. Expediting requires detailed monitoring of the progress of the order and examining the delays at every step along the way. If there is a problem that can be resolved, the expeditor will address this in order to speed up the order.

Refers to the probability of an event occurring when an experiment is conducted.

Expired inventory is often a problem for companies that deal in items that may spoil. ... Unsold food items have a potential to spoil and become a cost on the company’s accounting books. Accountants often track inventory and account for all items, whether ready to sell or spoiled.

Goods and services that are produced in one country and sold to another.

Buying or selling of products and services through an online services or over the Internet.