U
Uniform Commercial Code (UCC) Collection of laws and statutes relating to business and commerce, as regards contracts, leases, negotiable instruments, and letters of credit.
Ultimate holding company Parent company or group that, through an interlocking system of directorships, controls and owns subsidiaries, each of which operates under its own name and with its own management.
Ultra vires (Latin, “beyond the powers”) Denoting the act of an official or corporation for which there is no authority in law or the memorandum of association.
Unbundling Separation of a business into its constituent parts, with the purpose of selling off some of them.
Uncontrollable costs Expenditures that are beyond the discretionary powers of management to restrict or check.
Undermanning Deliberately using fewer workers to do a job and thus overworking them.
Understandability Accounting principle that financial information presented in a report is both in language and content easily grasped by a reasonably intelligent layperson. It should not be so dense that it overwhelms the reader, and it should not be so perfunctory that it leaves out important facts.
Undifferentiated marketing Advertising and selling a product for the widest possible base of users, with the broadest range of interests, tastes, and needs.
Undue influence Applying unfair pressure on a person to sign a document or advocate for an outcome that is to the advantage of the person wielding the pressure.
Unemployment Inability to find employment, even when actively sought; usually a reflection of employers not hiring, often because of a drop in demand.
Unfreezing First of psychologist KURT LEWIN’s three-step process of change in an organization, the others being transition and refreezing. It requires management to force a revision of ideas and practices before introducing new ideas.
Ungluing Breakup of the traditional supply chains by removing the nexus of interest or the rationale for partnership.
Unique selling point (USP) The most distinctive feature of a product, advertised in its promotion.
Unit pricing Display of the price of a single unit in a multipack bundled product, useful for comparison shopping.
Unitary firm Organization without internal divisions, where all management functions are centralized or where only a single product is manufactured.
Unity of management Management expert HENRI FAYOL’S classic principle, calling for a direction by one manager, with undivided authority and single vision. Also termed unity of direction.
Unorganization Organizational design that dismantles traditional structures and processes by DELAYERING management, OUTSOURCING projects, and encouraging teleworking.
Unstructured interview Discussion with an applicant for employment that does not follow a routine and is free-flowing, emphasizing flexibility for the interviewer and scope of expression for the interviewee.
Upselling Sales technique of encouraging consumers to buy add-ons to a product, such as a warranty for an appliance or a carry-on case for a cell phone.
Upset price Minimum sale price at an auction.
Upstream Denoting a short-term loan from a subsidiary company to a parent company.
Upstream progress In marketing, advancement made against competition.
Upward communication Process of information flowing from the lower levels of a hierarchic organization to the upper levels. It is more democratic than traditional forms of communication.
Ure, Andre (1778–1857) Scottish doctor and chemist, an early pioneer of management science who published one of the earliest textbooks on manufacturing in the textile industry. Ure was a defender of the emerging factory system.
Urwick, Lyndall (1891–1983) British business management expert. He formulated a comprehensive theory of management drawing from the work of HENRI FAYOL, F. W. TAYLOR, MARY PARKER FOLLETT, and others. His best-known work is The Elements of Business Administration (1943).
Usufruct Right of enjoyment that enables a holder to derive profit or benefit from a property owned by another or is under common ownership.
Utility theory View of behavior, strategies, and processes to deal with risky choices and decisions, stressing the subjective value attached to a particular course of action or outcome.
Utilization Regarding an operating system, the proportion of output to design capacity.
Utilization management Techniques used by efficiency experts for analyzing and improving productivity.