Untitled Flashcards Set

Benefits

Advantages or payments employees receive in addition to their wages (e.g., sick time, holiday pay, health insurance).

Compliance

Fulfilling the requirements of the law.

Conceptual skills

The ability to see the 'big picture' and think about how things will work together.

Controlling

The management function that monitors the work effort.

Data processing

Converting facts and figures into useful information.

Directing

The management function of providing guidance to workers and work projects.

First-line management

Supervisors who work directly with the employees who carry out the business’s routine work.

Human resources

People who work to produce goods or services.

Information management

The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for assisting business decision making.

Information

Knowledge, facts, or data presented in a useful form.

Interpersonal skills

The ability to communicate, interact, and build relationships with others.

Management function

Groups of activities related to management (i.e., planning, organizing, staffing, directing, and controlling).

Management information system (MIS)

An integrated technology that assists with an organization’s information management needs.

Material resources

Equipment and supplies used by businesses in their operation.

Mid-level management

Managers who report to top-level management and who have supervisors reporting to them.

Organizing

The management function of setting up the way the business’s work will be done.

Planning

The management function of deciding what will be done and how it will be accomplished.

Professional development

Steps that an individual takes to enhance or improve skills or traits needed to excel in their career.

Proprietary information

Private information that belongs to an organization and cannot be released to the public.

Staffing

A human resources management activity that involves recruiting, interviewing, hiring, orienting, and managing job changes for a company’s employees.

Strategic planning

Long-range planning (three to five years) for the company as a whole.

Tactical planning

Short-range planning (one year) of specific actions the business will take.

Technical skills

Ability to understand the specialized aspects of jobs.

Top-level management

Managers responsible for the operation of the company or a business unit.

Trade secret

Undisclosed information within a particular business or industry.

Financial analysis

The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources.

Human resources management

The process of planning, staffing, leading, and organizing the employees of the business.

Marketing

The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

Operations

The day-to-day activities required for continued business functioning.

Outsourcing

Using outside organizations or consultants to perform one or more of the primary business activities.

Production

The process or activity of producing goods and services.

Strategic management

The process of planning, controlling, and organizing an organization or department.