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.