updated: 23 August 2007


Value chain
The value chain describes each step in the process required to produce a final product or service.
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Value chain management
As value chains become longer, more complex and more geographically extended, a separate business function has emerged within large organisations, and sometimes the intermediaries they employ, in order to manage these chains.
See also logistics.
(Source: Ursula Huws)
Varieties of capitalism
The term 'varieties of capitalism' is associated with a particular school of thought which argues that capitalism does not take the same form everywhere but is subject to institutional shaping in particular geographical and historical contexts (Hall, P. and Soskice, D, (2001) Varieties of Capitalism, Oxford: Oxford University Press).
See also path dependency.
Vertical disaggregation
See Delayering
Vertical segregation
See Labour market segregation
Virtual team
A virtual team is a team of people who work together without necessarily being in the same location, using information and communications technologies for communication. Virtual teams are often brought together for a limited period of time to work on a specific project. Virtual team working may also be an aspect of global sourcing and follow-the-sun practices.
See also teamworking.
Vocational and educational training (VET)
Vocational and educational training (VET) refers to teaching or instruction directly aimed at preparation for immediate entry to a trade or occupation.
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