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32 Terms

1
Benefits
Advantages or payments employees receive in addition to their wages (e.g., sick time, holiday pay, health insurance).
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2
Compliance
Fulfilling the requirements of the law.
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3
Conceptual skills
The ability to see the 'big picture' and think about how things will work together.
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4
Controlling
The management function that monitors the work effort.
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5
Data processing
Converting facts and figures into useful information.
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6
Directing
The management function of providing guidance to workers and work projects.
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7
First-line management
Supervisors who work directly with the employees who carry out the business’s routine work.
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8
Human resources
People who work to produce goods or services.
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9
Information management
The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for assisting business decision making.
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10
Information
Knowledge, facts, or data presented in a useful form.
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11
Interpersonal skills
The ability to communicate, interact, and build relationships with others.
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12
Management function
Groups of activities related to management (i.e., planning, organizing, staffing, directing, and controlling).
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13
Management information system (MIS)
An integrated technology that assists with an organization’s information management needs.
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14
Material resources
Equipment and supplies used by businesses in their operation.
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15
Mid-level management
Managers who report to top-level management and who have supervisors reporting to them.
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16
Organizing
The management function of setting up the way the business’s work will be done.
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17
Planning
The management function of deciding what will be done and how it will be accomplished.
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18
Professional development
Steps that an individual takes to enhance or improve skills or traits needed to excel in their career.
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19
Proprietary information
Private information that belongs to an organization and cannot be released to the public.
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20
Staffing
A human resources management activity that involves recruiting, interviewing, hiring, orienting, and managing job changes for a company’s employees.
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21
Strategic planning
Long-range planning (three to five years) for the company as a whole.
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22
Tactical planning
Short-range planning (one year) of specific actions the business will take.
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23
Technical skills
Ability to understand the specialized aspects of jobs.
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24
Top-level management
Managers responsible for the operation of the company or a business unit.
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25
Trade secret
Undisclosed information within a particular business or industry.
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26
Financial analysis
The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources.
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27
Human resources management
The process of planning, staffing, leading, and organizing the employees of the business.
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28
Marketing
The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.
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29
Operations
The day-to-day activities required for continued business functioning.
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30
Outsourcing
Using outside organizations or consultants to perform one or more of the primary business activities.
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31
Production
The process or activity of producing goods and services.
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32
Strategic management
The process of planning, controlling, and organizing an organization or department.
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