INITIATIVE is a key action program developed to achieve objectives or close gap between measures performance and targets. Initiatives are often known as projects, actions, or activities. They differ from objectives in that they are more specific, have stated boundaries (beginning and end), have a person/team assigned to accomplish them, and have a budget. Several initiatives taken together may support a specific objective or theme. It is important for an organization to define the boundaries for Initiatives, such as “all strategic projects over $500k in size”. It is also important that Initiatives be strategic in nature, and not “operations as usual” projects, such as “Recruit a new Sales Rep." Example: “Develop Quality Management Program”, “Install ERP System”, “Revamp Supply Chain Process”, “Develop Competencies Model."
DEBT COVENANT is one of many terms used to describe rules governing the loans that a company has outstanding. Other related phrases would be "loan terms" "credit agreement," "loan agreement."
ESCHEAT is the reversion of property to the state (government) in the absence of legal heirs or claimants.
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