Glossary - Agribusiness Management - page 430

inventory turnover ratio A fi nancial ratio measuring effi ciency; shows the relationship
between inventory and sales volume; cost of goods sold / ending inventory.
inverse price ratio The ratio of two prices; used extensively in economic analysis as it
refl ects the relative prices of two items.
ISO 9000 A series of international standards and guidelines on quality management and
quality assurance; standardized defi nition of quality focuses on conformance to cus-
tomer requirements.
ISO 14000 A worldwide standard for quality applied to the environment; provides the
framework and systems for managing legislative and regulatory orders for environmen-
tal compliance.
job description A list and description of a job's activities and duties.
job orientation Process used to introduce a new employee to a job; involves four major
steps: introducing the company to the employee, establishing job relationships and
encouraging familiarity with the facilities, helping the employee to begin the job, and
following up and evaluating the employee's adjustment.
job relationships The network of individuals an employee interacts with on the job;
includes the supervisor, fellow workers, the union steward, payroll, and benefi ts person-
nel, among others.
job specifi cations A written set of qualifi cations of an employee that are needed to per-
form a specifi c job satisfactorily.
joint venture A type of collaboration between two or more fi rms; involves sharing
resources in research, production, marketing, and / or fi nancing, as well as costs and
risks.
j unior partner A partner who is typically younger and not involved in the business as
long as a senior partner; receives a smaller portion of the business profi ts; rarely takes
an active role in managing the business affairs of the partnership.
just-in-time (JIT) An operating philosophy and production system with the goal of produc-
ing and / or delivering goods just as they are needed, in effect, eliminating inventories.
k ey i ndicators (KI) See key performance areas .
k ey infl uencers Individuals or organizations that have some infl uence on the purchase
decision, but don't actually make the decision.
key performance areas (KPA) Important points of focus in management control sys-
tems; also called key indicators.
labor unions Groups organized to protect and promote the interests of their worker /
members.
laggards The fi nal group of buyers (last 16 percent) to try a new idea, product, or service;
tend to be tradition-bound people who take so long to adopt new ideas that by the time
the ideas are adopted, they no longer are new.
laissez faire leadership See free-reign leadership .
land lease A contract that conveys control over the use rights of real property from the
lessor to the lessee without transferring title.
late majority The fourth group of buyers (next 34 percent after the early majority) to try
a new idea, product, or service; tend to be skeptical people who adopt new ideas only
after considerable evidence has been accumulated.
layout planning The specifi c design of the physical arrangement within a facility
leadership The process of helping individuals or groups to accomplish organizational
goals by unleashing each person's individual potential as a contribution to organiza-
tional success.