Common Business Terminologies

Source: THEIIO

A business is an entity with the capability of performing various functions that add value by transforming incoming things into outgoing results to deliver products and services. A business function comprises one or more processes, which can be broken down into minor activities and tasks. Activities can be assigned to the role level and tasks at the individual level.

Source: ptc

An individual takes actions, step by step, per the standard operating procedure (SOP) to complete a task. The term operations means that a business exercises its capabilities to perform a combination of business functions to deliver products and services continuously.

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