Problem Solving

Algorithm
An algorithm is a precise sequence of instructions designed to solve a specific problem. It must be explicitly defined and consist of a finite number of steps. Algorithms are the foundation of computer programs, which are algorithms written in a language that computers can execute.
Analysis
Analysis refers to the examination and division of a business-related situation or problem into major elements in order to understand the item in question and make appropriate recommendations.
Band-Aid Treatment
A Band-Aid treatment refers to addressing only the symptoms of a problem rather than focusing on the underlying cause. This approach often provides a temporary fix but not a long-term solution.
Coding
Coding is the process of writing an algorithm or other problem-solving procedures in a computer programming language. It forms the backbone of software development, bridging the gap between theoretical algorithms and practical applications.
Communications Network
A well-defined pattern of communications that emerges when a small number of people link themselves together to exchange information, whether to solve a problem or to spread rumors.
Computer Conferencing
Computer conferencing allows participants at different locations to exchange information and discuss problem solutions using computers or terminals, providing flexibility to engage in discussions anytime.
Conceptual Skills
Conceptual skills refer to the ability to understand the interrelationship of ideas or elements in relation to the totality. These skills are crucial for strategic thinking, problem-solving, and decision-making in various fields such as management, business, and education.
Customer Service Representative
An employee responsible for maintaining goodwill between a business and its customers by answering questions, solving problems, and providing advice or assistance on the organization’s goods or services.
Failure Analysis
Failure analysis is the systematic examination of a function, project, or relationship that did not meet its objectives to identify the reasons for the failure and implement corrective measures for future success.
Flowchart
A flowchart is a diagram representing the sequence of logical steps required to solve a problem. It uses conventional symbols to indicate processes and decisions.
Heuristic
A heuristic is a strategy or method employed to solve problems more quickly when classic methods are too slow or fail to find an exact solution. It utilizes intelligent trial and error tactics and is often contrasted with algorithmic solutions, which are clearly defined, step-by-step procedures that guarantee a correct outcome.
Judgment
Judgment refers to the determination or decision of a court, or a monetary decision for property taken for public use. It also encompasses the use of understanding and intuition to resolve problems.
Murphy's Law
Murphy's Law is an administrative aphorism that asserts 'Anything that can go wrong, will go wrong.' It originated with developmental engineer Ed Murphy in 1949, following a laboratory technician's error.
No-Brainer
In slang, a no-brainer refers to a decision-making scenario where the correct choice is so obvious it requires no thought.
Proactive
Proactively engaging in future-oriented strategies to anticipate and address potential issues before they arise.
Street Smarts
Intuitive intelligence or reasoning power not gained by formal education. Street smarts refer to the practical knowledge and capability to handle challenges and navigate complex situations often derived from real-life experiences and interactions.
Tactic
A tactic is a short-term method or plan employed to achieve a specific objective or resolve a particular problem, often within a larger strategic framework.
Thinking Outside the Box
Thinking outside the box refers to creatively thinking that is not restrained by conventional or traditional boundaries. It encourages innovative problem-solving approaches.
Thinking Outside the Box
Thinking outside the box refers to breaking away from traditional or conventional thought processes to develop unique and superior solutions to difficult problems.
Troubleshooter
A troubleshooter is a person with specialized skills in identifying and solving issues within an organization. They are often employed to resolve technical or operational problems efficiently.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.