buisness managment

Planning:

involves setting goals and making decisions about what needs to be done.

Organizing:

determining how plans can be accomplished most effectively and arranging resources to complete the work.

Implementing/Directing/Leading:

requires working with employees to ensure they are motivated and guided and get the work done.

Controlling:

involves evaluating results to determine if the company’s objectives have been accomplished as planned.

Managers:

people who complete all four functions of management.

Behavioral Management:

Directed at organizational improvement through understanding employee motivation and behavior.

Quality Management:

a total commitment by everyone in an organization to improve the quality of procedures and products.

Administrative Management:

identifies the most effective practices for organizing and managing a business.

Just-in-time Inventory:

a method of inventory control whereby the company maintains very small inventories and receives materials just in time for production.

Exporting:

the selling of products and services to buyers in other countries.

Importing:

the buying of products and services from sellers in other countries.

International Licensing:

Occurs when one company allows a company in another country to use its name, products, or processes.

Accounts Payable:

amounts a company owes to suppliers for items or services purchased on credit.

Management

the process of accomplishing the goals of an organization through the effective use of people and other resources.

Classical Management

studies the way work is organized, and the procedures used to complete a job in order to increase worker productivity.

Work Schedules

documents that identify the tasks to be done, employees assigned to the work, and The time frame for completion of each task

What-if analysis

systematic way to Explore the consequences of specific choices using computer software

team trust

psychologically safe, trust each other to speak up, take risks, and be vulnerable without fear.

Better Ways to Manage and Motivate Employees

Simplify performance reviews, more frequent conversations, Train managers, employees≠numbers, Reward teamwork

Simplify performance reviews so they’re easier and more flexible.

Have more frequent conversations about expectations and progress to boost engagement.

Train managers to lead meaningful check-ins with their teams.

Know employees beyond the numbers—good coaching means understanding them as people.

Reward teamwork, not just individual success, to encourage collaboration.

Only 22% of employees strongly agree their pay motivates them to act in the company’s best interest.

SWOT analysis

Examination of the organizations internal strengths and weaknesses as well as the external opportunities and threats

Decentralized Organization

dividing a large business into smaller operating units, and giving managers who head the units almost total responsibility and authority for operations.

Quantity Standards

establish the expected Amount of work to be accomplished.

Quality Standards

describe expected consistency in production and performance.

Time Standards

the established amount of time needed to complete an activity.

Glass ceiling

is an invisible barrier to job advancement.

Ethics

Moral conduct standards individually set defining what behavior is considered right or wrong

Business ethics

is a collection of principles and rules that define right and wrong conduct for an organization.

Culture

refers to the customs, beliefs, values, and patterns of behavior of the people of a country or group.

Low-context culture

a culture In which people communicate directly and explicitly

High-context culture

a culture in which communication occurs through nonverbal signs and indirect suggestions

monopoly

Monopoly exists when only one company provides a product without competition from other companies

Federal Trade Commission-

Works to prevent fraudulent deceptive and unfair business practices. They also provide information to help consumers spot, stop, and avoid scams and fraud.

Intellectual property

consists of creations of the mind.

Patent

is an agreement in which the federal government gives an inventor the sole right for 20 years to make use and sell an invention or a process

Copyright

is similar to a patent in that the federal government gives an author the sole right to reproduce, publish, and to sell a literary - artistic work for the life of the author plus 70 years

Trademark

is a distinguishing name, symbol, or special mark placed on a good - service that is legally reserved for the sole use of the owner

Accounts receivable

Shows what each customer purchases pays and owes

Balance sheet

A financial statement that reports a business's assets liabilities and capital on a specific date

Liabilities

are claims against assets–what a company owes

Capital

Is the value of the owners investment in the business after subtracting liabilities from assets

Cost of goods sold

includes all of the costs and expenses directly related to the production of goods.

Production scheduling

identifying the steps required in a manufacturing process, the time required to complete each step, and the sequence of the steps.