Data cleansing, data washing or data scrubbing as it is often referred to, is a process of correcting and eliminating inaccurate (defects) records from a particular network, server, database or data warehouse. The purpose of data cleansing is to find errors or wasteful pieces of irrelevant information and delete or correct them. This ensures that data being used is accurate according to what is needed. Data cleansing is a powerful way to improve information and can be performed by following the 5S System.
Reference: Infyzoom.com - Data Cleansing
Assets is an accounting term that is used for items and resources that a company already owns. The term is used on a balance sheet to classify these items. Assets on hand are not the same as liabilities. The APICS Dictionary defines the term Assets as:
An Accounting/Financial term (balance sheet classification of accounts) representing resources owned by a company, whether tangible (cash, inventories) or intangible (patent, goodwill). These may have short term time horizon - such as cash, accounts receivable, and inventory- or a long term value (such as equipments, land, and buildings).
Scope Creep is a common challenge in project management. Scope Creep is sometimes referred to as Scope Slip. Scope Creep is any activity that was not part of the initial plan for a project. It often can be seen in activities, services or additional features that are not covered in a project quote, out of the initial timeline or characteristics that are not within tolerance. To prevent scope creep improvements must be monitored closely often on a very granular perspective so that the outputs do not exceed to the initial agreements and do not fall outside of timelines, project costs or quality.
A fiscal year usually refers to an accounting year that does not end on December 31. (The accounting year of January 1 thrugh December 31 is usually referred to as a calendar year.) Some examples of the fiscal years used by U.S. corporations include:
Reference: Accounting Coach - Fiscal Year.
Subscribe below and receive lean, six sigma, operations, supply chain, logistics, distribution and business terms in your mailbox.