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What is a competency?

What is a competency? Here are some definitions.

Noun
  1. (obsolete) A sufficient supply (of).
  2. (obsolete) A sustainable income.
  3. The ability to perform some task; competence.
  4. (law) Meeting specified qualifications to perform.
  5. (linguistics) Implicit knowledge of a languageā€™s structure.
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Examples
This means identifying the one thing you really do best and letting this core competency guide your decision making.
Managers know that building a talent pool is as much a core competency as is creating strategic advantage or championing change.
This process provided a key link for ensuring that any required education or competency changes were made and disseminated.
The victim held a certificate of competency to perform the duties of a ship's greaser.
Flexibility has to be a core competency, both culturally and skill-wise, and it has to be written into the agreement.
What was uppermost on his agenda was having me sign off on his competency to return to work.

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