The following glossary is composed of definitions that have either been developed by the Center on KT4TT or excerpted from the website businessdictionary.com. The glossary is intended to provide clear explanations of jargon found within the NtK models. If you are seeking the definition of a term not included in this glossary, please contact the Center so that it may be added.
Alpha Prototype — First iteration of a device under development.
Beta Prototype — Second iteration of a device under development. Typically incorporates consumer input into the product's design.
Bill of Materials — List of all raw materials, parts, intermediates, sub-assemblies, etc., (with their quantities and description) required to construct, overhaul, or repair something.*
Bottlenecks — Department, facility, machine, or resource already working at its full capacity and which, therefore, cannot handle any additional demand placed on it. Also called a critical resource, a bottleneck limits the throughput of associated resources.*
Business Case — A type of decision-making tool used to determine the effects a particular decision will have on profitability. A business case should show how the decision will alter cash flows over a period of time, and how costs and revenue will change. Specific attention is paid to internal rate of return (IRR), cash flow and payback period. Analyzing the financial outcomes stemming from choosing a different vendor to sell a company's product is an example of a business case.*
Disruptive Technologies — New ways of doing things that disrupt or overturn the traditional business methods and practices. For example, steam engine in the age of sail, and Internet in the age of post office mail.*
Knowledge Gaps — Data or information that is needed and non-existent.
Knowledge User Groups — Six distinct categories of entities who (may) have an interest in the work of NIDRR technology grantees. The six groups are consumers/end users, clinicians, policy makers, brokers, manufacturers, and other researchers.
Lead Time — Number of minutes, hours, or days that must be allowed for the completion of an operation or process, or must elapse before a desired action takes place. *
Positioning Strategy — Marketing strategy that aims to make a brand occupy a distinct 'position,' relative to the competing brands, in the mind of the customer. Firms apply this strategy either by emphasizing the distinguishing features of their brand (what it is, what it does and how, etc.) or try to create a suitable image (inexpensive or premium, utilitarian or luxurious, entry-level or high-end, etc.) through advertising. Once a brand is positioned, it is very difficult to reposition it without destroying its credibility.*
Product — Good, idea, method, information, object, service, etc., that is the end result of a process and serves as a need or want satisfier. It is usually a bundle of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers to a buyer for purchase.*
SWOT Analysis — Situation analysis in which internal strengths and weaknesses of an organization, and external opportunities and threats faced by it are closely examined to chart a strategy.*
Stakeholders — Person, group, or organization that has a direct or indirect stake in an organization because it can affect or be affected by the organization's actions, objectives, and policies.*
Universal Design (UD) — Universal Design involves planning and constructing all the necessary functions, features, forms or structures of a product, service or environment to meet the needs of as many people as possible.
Value Proposition — Mix of goods and services, and price and payment terms offered by a firm to its customers.*
Definitions have been developed by the Center on KT4TT unless otherwise noted.
* BusinessDictionary.com. (2009). Definitions retrieved June 17, 2009, from http://www.businessdictionary.com