StandardizationStandardization or standardisation is the process of implementing and developing technical standards based on the consensus of different parties that include firms, users, interest groups, standards organizations and governments. Standardization can help maximize compatibility, interoperability, safety, repeatability, or quality. It can also facilitate a normalization of formerly custom processes.
International Organization for StandardizationThe International Organization for Standardization (ISO, ) is an international standard development organization composed of representatives from the national standards organizations of member countries. Membership requirements are given in Article 3 of the ISO Statutes. ISO was founded on 23 February 1947, and () it has published over 24,500 international standards covering almost all aspects of technology and manufacturing. It has 811 Technical committees and sub committees to take care of standards development.
Open standardAn open standard is a standard that is openly accessible and usable by anyone. It is also a common prerequisite that open standards use an open license that provides for extensibility. Typically, anybody can participate in their development due to their inherently open nature. There is no single definition, and interpretations vary with usage. The terms open and standard have a wide range of meanings associated with their usage.
European Committee for Electrotechnical StandardizationCENELEC (Comité Européen de Normalisation Électrotechnique; European Committee for Electrotechnical Standardization) is responsible for European standardization in the area of electrical engineering. Together with ETSI (telecommunications) and CEN (other technical areas), it forms the European system for technical standardization. Standards harmonised by these agencies are regularly adopted in many countries outside Europe which follow European technical standards. Although CENELEC works closely with the European Union, it is not an EU institution.
Standards organizationA standards organization, standards body, standards developing organization (SDO), or standards setting organization (SSO) is an organization whose primary function is developing, coordinating, promulgating, revising, amending, reissuing, interpreting, or otherwise contributing to the usefulness of technical standards to those who employ them. Such an organization works to create uniformity across producers, consumers, government agencies, and other relevant parties regarding terminology, product specifications (e.
European Committee for StandardizationThe European Committee for Standardization (CEN, Comité Européen de Normalisation) is a public standards organization whose mission is to foster the economy of the European Single Market and the wider European continent in global trading, the welfare of European citizens and the environment by providing an efficient infrastructure to interested parties for the development, maintenance and distribution of coherent sets of standards and specifications. The CEN was founded in 1961.
Technical standardA technical standard is an established norm or requirement for a repeatable technical task which is applied to a common and repeated use of rules, conditions, guidelines or characteristics for products or related processes and production methods, and related management systems practices. A technical standard includes definition of terms; classification of components; delineation of procedures; specification of dimensions, materials, performance, designs, or operations; measurement of quality and quantity in describing materials, processes, products, systems, services, or practices; test methods and sampling procedures; or descriptions of fit and measurements of size or strength.
International standardAn international standard is a technical standard developed by one or more international standards organizations. International standards are available for consideration and use worldwide. The most prominent such organization is the International Organization for Standardization (ISO). Other prominent international standards organizations including the International Telecommunication Union (ITU) and the International Electrotechnical Commission (IEC). Together, these three organizations have formed the World Standards Cooperation alliance.
InteroperabilityInteroperability is a characteristic of a product or system to work with other products or systems. While the term was initially defined for information technology or systems engineering services to allow for information exchange, a broader definition takes into account social, political, and organizational factors that impact system-to-system performance. Types of interoperability include syntactic interoperability, where two systems can communicate with each other, and cross-domain interoperability, where multiple organizations work together and exchange information.
GSMThe Global System for Mobile Communications (GSM) is a standard developed by the European Telecommunications Standards Institute (ETSI) to describe the protocols for second-generation (2G) digital cellular networks used by mobile devices such as mobile phones and tablets. GSM is also a trade mark owned by the GSM Association. GSM may also refer to the Full Rate voice codec. It was first implemented in Finland in December 1991. By the mid-2010s, it became a global standard for mobile communications achieving over 90% market share, and operating in over 193 countries and territories.
Interchangeable partsInterchangeable parts are parts (components) that are identical for practical purposes. They are made to specifications that ensure that they are so nearly identical that they will fit into any assembly of the same type. One such part can freely replace another, without any custom fitting, such as . This interchangeability allows easy assembly of new devices, and easier repair of existing devices, while minimizing both the time and skill required of the person doing the assembly or repair.
Strategic managementIn the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans.
Stock marketA stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include securities listed on a public stock exchange, as well as stock that is only traded privately, such as shares of private companies which are sold to investors through equity crowdfunding platforms. Investment is usually made with an investment strategy in mind. The total market capitalization of all publicly traded securities worldwide rose from US$2.
De facto standardA de facto standard is a custom or convention that has achieved a dominant position by public acceptance or market forces (for example, by early entrance to the market). De facto is a Latin phrase (literally "in fact"), here meaning "in practice but not necessarily ordained by law" or "in practice or actuality, but not officially established".
RadioRadio is the technology of signaling and communicating using radio waves. Radio waves are electromagnetic waves of frequency between 3 hertz (Hz) and 3,000 gigahertz (GHz). They are generated by an electronic device called a transmitter connected to an antenna which radiates the waves, and received by another antenna connected to a radio receiver. Radio is widely used in modern technology, in radio communication, radar, radio navigation, remote control, remote sensing, and other applications.
Strategic thinkingStrategic thinking is a mental or thinking process applied by an individual in the context of achieving a goal or set of goals. As a cognitive activity, it produces thought. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization. It can be done individually, as well as collaboratively among key people who can positively alter an organization's future.
MarketplaceA marketplace or market place is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a marketplace may be described as a souk (from the Arabic), bazaar (from the Persian), a fixed mercado (Spanish), or itinerant tianguis (Mexico), or palengke (Philippines). Some markets operate daily and are said to be permanent markets while others are held once a week or on less frequent specified days such as festival days and are said to be periodic markets.
TelecommunicationsTelecommunication, often used in its plural form, is the transmission of information by various types of technologies over wire, radio, optical, or other electromagnetic systems. It has its origin in the desire of humans for communication over a distance greater than that feasible with the human voice, but with a similar scale of expediency; thus, slow systems (such as postal mail) are excluded from the field.
Financial marketA financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial markets as commodities. The term "market" is sometimes used for what are more strictly exchanges, organizations that facilitate the trade in financial securities, e.g., a stock exchange or commodity exchange.
Initial public offeringAn initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company.
