KPI – What does it stand for?

As usual, there are several meanings for the abbreviation PKI. Probably the most common is “Key Performance Indicator”, used in business.

A Key Performance Indicator is a value to measure the effectiveness of a company to achieve its main business objectives. Businesses and organizations are using KPIs at different levels to measure and evaluate how successful they are in reaching set targets.

High-level Key Performance Indicators generally center on a business’ overall performance whereas low-level Key Performance Indicators usually center on processes and effectiveness in departments like production, marketing, support, HR, and others.

It happens often that organizations and businesses adopt industry-standard KPIs blindly and later wonder why it is that the KPI is not reflecting their business and doesn’t bring some positive change.

Well, an important yet frequently overlooked aspect of a KPI is that it is a type of communication. KPIs abide by the same best practices and rules as any other type of communication and relevant and clear information and communication are more likely to be acted upon and absorbed.


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NAALC – What does it stand for?

The Acronym NAALC stands for North American Agreement on Labour Cooperation and is part of NAFTA (North American Free Trade Agreement).

The NAALC is providing guidance for labor principles instead of minimum standards regarding domestic laws and so the agreement is not requiring the U.S. Mexico, or Canada to amend existing legislation or enact new legislation to comply with all NAALC principles.

NAALC is an agreement to connect and enhance the spheres of gender and trade and gender and aims to create a gender-conscious and equal World Trade Organization. The following CNN video explains what NAFTA is and how it works.

The NAALC Agreement came into effect in January 1994 as a side-letter agreement of the NAFTA (North American Free Trade Agreement) by the governments of Mexico, Canada, and the U.S.

Its key objective was and is the improvement of living standards and working conditions in the three countries while NAFTA is continuing to promote and enhance closer and better economic ties and trade among the countries.


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JIT – What does it stand for?

There are quite a few definitions associated with the acronym JIT. The abbreviation is generally meaning “Job Instruction Training” or “Just In Time”, the financial Definition.

Just in time (JIT) in the financial and business world refers to an inventory management system or method where goods, materials, and labor are applied and scheduled to come to a production facility or are replenished at exactly the time when they are needed in any production process.

“Just In Time” or JIT works optimally for companies that use repetitive manufacturing methods and functions. Examples are small production facilities and hospitals, but other businesses and facilities might find JIT not feasible.

Let’s give you an example where Company X is a relatively small automobile manufacturer. On Wednesday, the plant assembles the chassis for the cars and on Friday, the workers assemble the windshield. In the Just In Time philosophy, Company X will have the chassis parts delivered exactly on Tuesday while the windshield will arrive on Thursday.


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PPP – What does PPP stand for?

Just like with practically all acronyms, PPP comes with lots of different meanings and applications, depending on the social and/or professional playing field. Let’s take a look at a few common meanings of PPP:

In Economics, PPP generally stands for “Purchasing Power Parity”. This is a popular economic theory in which the currencies of different countries are compared via a specific “basket of products/goods”. In the “Purchasing Power Parity” concept, two different currencies are at par or in equilibrium when that basket of specific goods is priced identical in the two countries when the exchange rate is taken into account.

PPP in the meaning of “Public-Private Partnership”. In our modern-day world, PPP is a model to fund public infrastructure projects like airports, power plants, or telecommunications systems. The government is the public partner at the national, state, or local level whereas private partners may be privately-owned businesses, public corporations, or business consortiums with specific expertise. (more…)

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ACH – What is the meaning of the acronym ACH?

As always, there are so many meanings for abbreviations. Let’s take a look here at what ACH stands for. In the financial world, ACH is standing for “Automated Clearing House”. This is the network that’s coordinating automated money transfers and electronic payments in America.

ACH is an automated system that allows for moving money between different banks without using cash, paper checks, credit card networks, or wire transfers. In the world of Biochemistry, ACH stands for Acetylcholine and “Ach” is also an exclamation, in British/Scottish, to express a feeling of surprise, disgust, impatience, and so on. The main explanation, however, is Automated Clearing House so let’s dig a little deeper into that meaning.

The ACH Network, a highly sophisticated system for transferring electronic funds, is operated since 1974 by NACHA (formerly named “National Automated Clearing House Ass.”). This NACHA payment system handles payroll, tax refunds and payments, direct deposit, consumer bills, and a host of other payment services in the U.S.


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C – What does “C” stand for?

The most usual meanings of the abbreviation “C” are probably: Celsius/Centigrade to indicate the temperature. We say “Degree(s) Centigrade, or Degree(s) Celsius, where “C” (noun) is a degree on the so-called centigrade scale of temperature. “C” is also frequently used as the symbol to indicate the speed of light in a vacuum (299,792,458 meters/second).

Furthermore, “C” is a general-purpose and high-level computer programming language. This language is perfect to develop firmware and portable applications. The computer language C was initially developed in the 1970s by Dennis Ritchie at Bell Laboratories for the company’s Unix Operating System and was initially developed for writing software systems.

C is one of the world’s most widely applied computer languages and is compatible with the most-used computer systems. C has had a great influence on many contemporary computer languages, notably C++.

The language C is part of the procedural, structured paradigms of computer languages. It is flexible, powerful, and proven and can be used for a host of different applications. C is relatively high-level but it shares many attributes with assembly languages.


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LOC – What does LOC stand for?

One of the most found explanations of the acronym or abbreviation LOC is “Line of Credit” while in the medical environment it usually is an abbreviation of “Loss of Consciousness” or “Level of Consciousness”. But, as usual, there are numerous other meanings to be found, just check out the list below.

“Line of Credit” is the financial definition of LOC.  This is a standing amount of credit that the customer of a bank may have available at any given time. A financial LOC (Line of Credit) may be called a revolving credit as well. So a line of credit (LOC) is a set amount of money, like a loan, that the bank is extending to the customer. The following video explains a lot:

The bank’s customer may draw upon the line of credit, provided the amount doesn’t exceed the LOC’s limit. The customer needs to pay back the borrowed amount on the LOC within a specific timeframe and at a specific interest rate. Unlike loans, only the actual money drawn on the LOC is charged with interest. To give you an example, if a customer has a $30k LOC but draws just $10k, he is charged interest only on the $10k.


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DA&E – What does it stand for?

It seems like the most common meaning of the acronym DAE or D.A.E. is “Dictionary of American English” though, as always, not everyone will agree. It can also stand for “Digital Audio Extraction”, the process of ripping or copying audio files from a DVD or CD. The following video shows you how to copy any DVD to your computer:

Like with so many abbreviations, there are numerous explanations of what the acronym DAE or DA&E can stand for. One of the common meanings is the following: “Does Anybody Else” like when you’d use it to say don’t thank us. YW! Another good example is: “DAE usually sit down if they pee?”
It is also a locally used Scottish word used in place of “DO”, like in “You’ve got to dae it right away and in Brazilian, dae is an expression used to say “how are you” or “hello”.

In Pakistan, DAE stands for a “Diploma of Associate Engineer”. This a 3-year post-secondary degree in a number of engineering disciplines such as civil engineering, electronics engineering, electrical engineering, chemical engineering, mechanical engineering, petroleum engineering, biomedical engineering and so on.


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MPC – What does MPC stand for?

There are numerous ways in which the acronym or abbreviation MPC is used, just check out the long list below. First, I’ll give you the (probably) most relevant though this will always be open to discussion.

In the world of Economics, MPC (Marginal Propensity to Consume) is used for describing and quantifying induced consumption. This relates to the idea that increased consumer consumption (more spending) happens ) occurs when there is increased income (after transfers and taxes, the so-called “disposable income”). The following Khan Academy Video explains it all:

So we refer to this disposable income proportion that people are spending on consumption as “Propensity to Consume”. Marginal Propensity to Consume (MPC) is that proportion of people’s additional income that’s available for consumption.

I’ll give you an example: suppose a household will be earning two extra dollars of disposable income while the MPC (the marginal propensity to consume) is 0.60, of those two dollars, this household will be spending 2 x 60 cents ($1.20) and save 2 x 40 cents ($.80). It may be obvious that our household in the example, without borrowing money, will not be able to give out more than the two extra dollars.


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WSCA – Western States Contracting Alliance

Western States Contracting Alliance (WSCA)

The Western States Contracting Alliance (WSCA) is a branch of NASPO (the National Association of State Procurement Officials) and consists of NASPO purchasing directors of 15 Western states. WSCA was founded in 1993 to create the means and procedures by which representatives of participating states can be joining together in multi-State cooperative contracting.

This approach of WSCA helps the participating states to achieve efficient and cost-effective acquisition of quality services and products. Generally, individual member states will develop cooperative purchases and WSCA does not maintain lists of vendors.

The members of WSCA are the states’ central procurement officials that are heading the states’ central procurement organizations or an appointed designee for the states. The 15 Western states are Arizona, Alaska, California, Colorado, Idaho, Hawaii, Minnesota, Montana, New Mexico, Nevada, Oregon, Utah, South Dakota, Wyoming, and Washington.


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