Management Glossary

  Terms beginning with m
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mean time between failures

The average amount of time that a piece of equipment will continue to function normally before failing. Usually abbreviated as MTBF. MTBF is usually calculated looking at failures for many units of the same equipment model and then averaging out the times that they continued to function before failing.

Contributed by: Managerwise Staff

merit increase
An increase in an employee's base salary or wages that is given based on the employee's performance rather than some other factor such as seniority.
Contributed by: Managerwise Staff
See: merit pay

merit pay
The practice of setting an employee's salary and bonuses and future salary increases based on the employee's performance rather than on a factor that is not performanced-based such as seniority. The term merit pay may also refer to not the practice of basing pay on merit, but rather to one component of of a pay package. For example, an employee's earnings may include a component that is common to all employees who share his or her job classification, another component recognizing seniority and a third component representing merit pay that is determined based on job performance.
Contributed by: ManagerWise Staff
See: merit increase

micromanagement

Closely managing the minute details of the organization or a particular segment of the organization, in particular those details that could conceivably be managed by subordinates.

Contributed by: Managerwise Staff

monopoly
A product or service market in which there is only one supplier of that product or service and there are no close substitutes for that product or service.
Contributed by: Managerwise Staff

MRP
Material Requirements Planning.
Contributed by: ManagerWise Staff
See: material requirements planning

multidisciplinary team
A group of people with a wide variety of skills and experience that is brought together, typically from a variety of departments and possibly from outside the company, to achieve an objective or set of objectives of the organization.
Contributed by: Managerwise Staff

Myers-Briggs Type Indicator

Commonly abbreviated as MBTI, it is probably the personality evaluation tool that human resources personnel use most widely. The MBTI is used to attempt to identify candidate employees' personality and lifestyle traits and to assess psychological differences among candidates.

Contributed by: Managerwise Staff



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