# Glossary B

## Backup and recovery procedures

Procedures put in place to ensure that data can be recovered in the event of a system failure or disaster.

## Bayesian statistics

A statistical method used to update probabilities based on new data.

## Bayes’ theorem

A mathematical formula used to calculate conditional probabilities.

## Benchmarking

The process of comparing a business’s performance to that of its competitors.

## Beneficiary

The person or entity designated to receive the benefits of a life insurance policy or retirement plan.

## Beneficiary designation

The process of designating who will receive the benefits of a life insurance policy or retirement plan.

## Benefits

Non-wage compensation provided to employees, such as health insurance or retirement plans.

## Big data analysis

The process of analyzing large amounts of data to gain insights and make informed decisions.

## Big data analytics

The process of analyzing large amounts of data to gain insights and make informed decisions.

## Big data processing

The process of analyzing and making sense of large amounts of data.

## Big data processing techniques

Techniques used to process and analyze large amounts of data.

## Big data utilization

The process of using large amounts of data to gain insights and make informed decisions.

## Black-Scholes model

A mathematical model used to calculate the value of financial options.

## Bodily injury liability coverage

Insurance coverage that pays for damages resulting from bodily injury to others.

## Break-even point

The point at which a business’s revenue equals its expenses.

## Budget constraints

Limitations on the amount of money that can be spent within a budget.

A plan created to ensure that a business can continue to operate in the event of a disruption.

The process of creating a plan to ensure that a business can continue to operate in the event of a disruption.

Tools used to aid in the process of making informed business decisions.

The process of collecting, analyzing, and presenting data to aid in business decision-making.

Insurance coverage that compensates a business for lost income due to a covered event.

Measures of a business’s financial and operational performance.

The process of creating a plan and making decisions to achieve business goals and objectives.

The scale and financial performance of a business.

The plan and actions taken to achieve business goals and objectives.