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Jargon Buster

Funding acquisition

PPPs and PFIs – Public private partnerships (PPPs) are arrangements typified by joint working between the public and private sector. In the broadest sense, PPPs can cover all types of collaboration across the interface between the public and private sectors to deliver policies, services and infrastructure. Where delivery of public services involves private sector investment in infrastructure, the most common form of PPP is the Private finance initiative.

ESF (European Social Fund) – The European Social Fund (ESF) was set up to improve employment opportunities in the European Union and so help raise standards of living. It aims to help people fulfill their potential by giving them better skills and better job prospects.

Economic development – the development of economic wealth of countries or regions for the well-being of their inhabitants. From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base.

Inward investment – the injection of money from an external source into a region, in order to purchase capital goods for a branch of a corporation to locate or develop its presence in the region.

Not for profit – an incorporated organisation created by statute, government or judicial authority and registered at the Registry of Commerce, that is not intended to provide a profit to the owners or members. It differs from a for-profit corporation substantially as this is organized to provide profits to its owners or members.

Third sector – The third sector is a diverse, active and passionate sector. Organisations in the sector share common characteristics:

  • non–governmental
  • value–driven
  • principally reinvest their surpluses to further social, environmental or cultural objectives.

The term encompasses voluntary and community organisations, charities, social enterprises, cooperatives and mutuals both large and small.

NEET – not in education, employment or training

Project Management

Lean – Lean manufacturing or lean production, which is often known simply as “Lean”, is the optimal way of producing goods through the removal of waste and implementing flow, as opposed to batch and queue. Lean manufacturing is a generic process management philosophy derived mostly from the Toyota Production System

Process – A business process is a collection of contributions from each micro operation to fulfil customer’s (internal or external) needs. Micro operations (for example departments) reach inputs from and give outputs to other micro operations.

A business process or business method is a collection of interrelated tasks, which solve a particular issue.

Project – A project, as defined in the field of project management, consists of a temporary endeavour undertaken to create a product or service. More generically, the Oxford English Dictionary suggests that business and science projects involve “a collaborative enterprise that is carefully planned to achieve a particular aim”.

Programme Management – Programme Management is the process of managing multiple ongoing inter-dependent projects. An example would be that of designing, manufacturing and providing support infrastructure for an automobile manufacturer. This requires hundreds, or even thousands, of separate projects. In an organization or enterprise, Program Management also reflects the emphasis on coordinating and prioritizing resources across projects, departments, and entities to ensure that resource contention is managed from a global focus.

Kaizen/Continuous Improvement – Kaizen is Japanese for improvement. It is a Japanese philosophy that focuses on continuous improvement throughout all aspects of life. When applied to the workplace, Kaizen activities continually improve all functions of a business from manufacturing to management and from the CEO to the assembly line workers. By improving the standardized activities and processes, Kaizen aims to eliminate waste.

Change Management – Change Management is a structured approach to transitioning individuals, teams, and organizations from a current state to a desired future state and business purpose.

Business Process Re engineering – Business process reengineering (BPR) is a management approach aiming at improvements by means of elevating efficiency and effectiveness of the processes that exist within and across organizations. The key to BPR is for organizations to look at their business processes from a “clean slate” perspective and determine how they can best construct these processes to improve how they conduct business.