Experience curve - shows the relationship between unit total cost and the cumulative volume of enterprise output that may result from the application of the experience effect. Unit total cost may typically decrease significantly (but at a proportionately declining or diminishing rate of decrease) each time the total cumulative volume is doubled. Experience effect - which is based on the learning curve concept. The accumulation, retention, and application over time of an increasing level of individual and organizational experience may be used by the enterprise to achieve significant productivity gains or cost reductions as the volume of its output increases. Explicit knowledge - is the formalized and systematic collective knowledge or intellectual capital of the enterprise. It can be communicated and shared, whether in product specifications, scientific formulae, technical data, organization policies and procedures, or programmes of socialization and training. Familism - a philosophy in which processes and practices of leadership and management in the enterprise are conceptualized, shaped, or dominated by family (or familistic) relationships, values, and priorities. Finance - which is a basic resource and constraint upon which the process of strategic management ultimately depends. The availability of finance usually constitutes a key limiting factor in the strategic decision making of the enterprise. Financial appraisal - is that component of the process of strategic analysis which comprises the appraisal and analysis of the financial state and capacity of the organization. Financial appraisal is described in this book as the “financial health check”. Where the published accounts of a business are available, the process of financial appraisal may be based on the analysis of accounting ratios. It may also be based on the analysis of internal margin of safety calculations, or on the technique of zero based budgeting. Financial strategy and management -the paradigms of financial strategy and management upon which enterprise mission, objectives, strategy, and performance evaluation are based are crucial determinants of the nature and outcomes of the strategy process. And the philosophy, character, direction, and quality of financial strategy and management are usually critical success factors within the strategic management process. Fit - decisions on the choice of current and future strategies will have to be based on judgements as to whether the objectives and strategy to be implemented are congruent with, or “fit” the resource base of the enterprise as represented by its leadership; its financial, human, and physical assets; its knowledge and competence; its capability; its willpower; and its

DOI link for Experience curve - shows the relationship between unit total cost and the cumulative volume of enterprise output that may result from the application of the experience effect. Unit total cost may typically decrease significantly (but at a proportionately declining or diminishing rate of decrease) each time the total cumulative volume is doubled. Experience effect - which is based on the learning curve concept. The accumulation, retention, and application over time of an increasing level of individual and organizational experience may be used by the enterprise to achieve significant productivity gains or cost reductions as the volume of its output increases. Explicit knowledge - is the formalized and systematic collective knowledge or intellectual capital of the enterprise. It can be communicated and shared, whether in product specifications, scientific formulae, technical data, organization policies and procedures, or programmes of socialization and training. Familism - a philosophy in which processes and practices of leadership and management in the enterprise are conceptualized, shaped, or dominated by family (or familistic) relationships, values, and priorities. Finance - which is a basic resource and constraint upon which the process of strategic management ultimately depends. The availability of finance usually constitutes a key limiting factor in the strategic decision making of the enterprise. Financial appraisal - is that component of the process of strategic analysis which comprises the appraisal and analysis of the financial state and capacity of the organization. Financial appraisal is described in this book as the “financial health check”. Where the published accounts of a business are available, the process of financial appraisal may be based on the analysis of accounting ratios. It may also be based on the analysis of internal margin of safety calculations, or on the technique of zero based budgeting. Financial strategy and management -the paradigms of financial strategy and management upon which enterprise mission, objectives, strategy, and performance evaluation are based are crucial determinants of the nature and outcomes of the strategy process. And the philosophy, character, direction, and quality of financial strategy and management are usually critical success factors within the strategic management process. Fit - decisions on the choice of current and future strategies will have to be based on judgements as to whether the objectives and strategy to be implemented are congruent with, or “fit” the resource base of the enterprise as represented by its leadership; its financial, human, and physical assets; its knowledge and competence; its capability; its willpower; and its

Experience curve - shows the relationship between unit total cost and the cumulative volume of enterprise output that may result from the application of the experience effect. Unit total cost may typically decrease significantly (but at a proportionately declining or diminishing rate of decrease) each time the total cumulative volume is doubled. Experience effect - which is based on the learning curve concept. The accumulation, retention, and application over time of an increasing level of individual and organizational experience may be used by the enterprise to achieve significant productivity gains or cost reductions as the volume of its output increases. Explicit knowledge - is the formalized and systematic collective knowledge or intellectual capital of the enterprise. It can be communicated and shared, whether in product specifications, scientific formulae, technical data, organization policies and procedures, or programmes of socialization and training. Familism - a philosophy in which processes and practices of leadership and management in the enterprise are conceptualized, shaped, or dominated by family (or familistic) relationships, values, and priorities. Finance - which is a basic resource and constraint upon which the process of strategic management ultimately depends. The availability of finance usually constitutes a key limiting factor in the strategic decision making of the enterprise. Financial appraisal - is that component of the process of strategic analysis which comprises the appraisal and analysis of the financial state and capacity of the organization. Financial appraisal is described in this book as the “financial health check”. Where the published accounts of a business are available, the process of financial appraisal may be based on the analysis of accounting ratios. It may also be based on the analysis of internal margin of safety calculations, or on the technique of zero based budgeting. Financial strategy and management -the paradigms of financial strategy and management upon which enterprise mission, objectives, strategy, and performance evaluation are based are crucial determinants of the nature and outcomes of the strategy process. And the philosophy, character, direction, and quality of financial strategy and management are usually critical success factors within the strategic management process. Fit - decisions on the choice of current and future strategies will have to be based on judgements as to whether the objectives and strategy to be implemented are congruent with, or “fit” the resource base of the enterprise as represented by its leadership; its financial, human, and physical assets; its knowledge and competence; its capability; its willpower; and its book