Definitions from Business and Management Q
Qualified Opinion – A statement written by an independent auditor which accompanies a business’s financial statements, saying that the audit has been limited, e.g., because the auditor may not have been able to collect all the information required to carry out a full audit.
Qualifying Period – The length of time an employee must serve in a job before being entitled to various benefits, or being able to make a claim against unfair dismissal.
Quality – An attribute or level of excellence. The standard of a product, service, etc., as measured against similar products, services, etc. A distinctive characteristic or attribute possessed by someone or something.
Quality Assurance – QA. A system in which the delivery of a service or the quality of a product is maintained to a high standard, especially by means of attention to every stage of the process.
Qualitative – Associated with a thing’s quality which cannot be measured, such as feel, image, taste, etc. Describes peoples qualities which cannot be measured, such as knowledge, behaviour, attitude, etc.
Quality Circle – Originating in Japan, a group of workers in a company who meet regularly to discuss ways in which to improve working conditions for employees and productivity for the company.
Quantitive/Quantitative – Related to or measured in numbers. Comparison based on quantity rather than quality.
Quantity Surveyor – In the UK, a professional who works in the construction industry, whose job is to calculate the cost of materials, labour, etc., needed to complete a project.
Quarter Day – In the UK, a fixed day of each quarter of the year on which certain payments, such as rents, are due.
Questionnaire – A form containing a list of research or survey questions for people to answer, so that information can be gathered for analysis
Quorum – The minimum number of people who must attend a meeting in order for valid business to be conducted. The term is from the 15th/16th century and the earliest use of English, specifically from the Latin phrase used at the start of commissions for committee members, “quorum vos … unum esse volumus,” loosely meaning, “of whom we specify that … be one.”
Quota – An official allocation of something, or a limited amount of people allowed. A fixed amount of something, e.g. sales, which must be reached.
Quoted Company – A company whose shares are listed on the Stock Exchange.