Glossary Of Terms.pdf

Accession states refer to new member states joining a union or federation. Arbitrage involves earning profit from price differences in two or more markets. An Arms Length Organisation operates separately from a public body, with financial and operational independence. The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum with 21 countries. Asset Monetisation involves long-term leasing of public assets to the private sector. An Asset-backed security's payments are linked to a portfolio of assets. The Asset Based Welfare State increases the role of property and personal savings in funding welfare services. Back-office services include transactional, financial, and human resources services. A Balanced budget occurs when expenditures equal income from taxes and charges. Barriers to entry affect private firms' access to a market. The Baseline or Measurement Starting Point is the starting point for comparison purposes. Benchmarking compares criteria like quality and performance with similar organisations. Benefit-Lag refers to the time delay between an initiative's commencement and the start of benefits. Bilateral debt is money owed by one country to another. A Bond is a debt instrument with regular interest payments and a final repayment. Book Value is the net amount of an asset or liability on the books of account. The Bretton Woods agreement created the post-war international economic order. A Broker acts as an intermediary between buyers and sellers of derivatives or securities. A Business Plan sets out an organisation's operation, investment, and improvement for the future. The Capital Account measures investment of resources abroad and in the home country. Capital spending improves physical infrastructure. A Cartel is a group of firms agreeing to set prices. Cashable efficiency gains include cash savings, while non-cashable gains include increased input or output levels. Cherry picking involves treating low-cost cases or profitable tasks. Choice refers to having multiple providers of a service. Client/contractor separation involves functional and managerial separation of responsibilities. Collateral is financial or tangible assets pledged by a borrower to secure an obligation. A Collateralized Debt Obligation (CDO) is a security linked to a portfolio of debt. Commercialisation involves adopting private sector values and structures. Commissioning refers to the decision to appoint or engage services. Community benefit includes employment, training, and social benefits provided by a contractor. Competitive sourcing and tendering involve competing with the private sector through procurement. A Concession contract allows a private sector contractor to recover costs through user charges or public subventions. Contestability ensures clients receive competitively priced bids. Contract conditions govern the operation of a contract, while contract management involves monitoring and enforcing the contract. Contracting out involves transferring services or functions to a private contractor.