LFT (Latest Finish Time) |
Is the date by which an activity on a network much be completed by |
LST (Latest Start Time) |
This is the latest any activity can be allowed to start on a network so that its completion will not delay the whole project. |
Labour |
The workers needed to make the product or provide the service. |
Labour Turnover |
A measurement of the rate at which employees are leaving an organisation. The formula being: |
Laissez Faire |
This is a leadership style where the leader has the minimal input, leaving the running of the business to the staff. |
Leadership Style |
The manner and approach to the head of an organisation or department towards the staff. |
Lean Production |
The term used to describe the range of waste saving measures in operation within the organisation. This term has been inspired by many Japanese manufacturing organisations. |
Lease |
A way of obtaining property for a restricted period of time; after the lease has ended the item returns to the owner. |
Limited Company |
A firm that enjoys the benefits that limited liability brings. Meaning that the shareholders only risk the amount that they have invested in the company |
Limited Liability |
If the business goes bankrupt (bust) then the owners will only lose the money they have invested in that firm. |
Liquidation |
Where the assets of a firm are sold to pay off debtors. This usually happens when the business is closing down. |
Loan |
Allows individuals and businesses to borrow a fixed sum of money. The money has to be repaid at a fixed time (monthly) and a fixed rate of interest over a given period of time. |
Logo |
A visual symbol that belongs to an organisation or brand. |
Long Term Liabilities |
These are debts that fall due after more than one year. |
Loss leader |
A product which is sold at, or below, cost price to attract consumers into the shop. |