Review Flashcards for Business Management Lectures

Flashcards to help review key concepts from business management lectures, covering finance, operations management, IT, leadership, HR, organizational culture, strategy, and future trends.

Finance

How businesses raise capital, invest in assets, and manage financial risk.

Present Value

The amount you need to invest today to achieve a specific future value.

Future Value

The amount in the future if invested today.

Simple Interest

Price paid for use of borrowed money, calculated only on the principal.

Rule of 72

The approximate number of years it takes to double your money given an interest rate.

Operations Management

Designing, planning, managing, and improving the processes that convert materials and labor into goods and services as efficiently as possible.

Productivity

Outputs divided by inputs.

Efficiency

Optimize resource utilization; Actual Output/Standard Output.

Supply Chain Management

All activities for producing and delivering goods and services.

Just in Case (JIC)

Building things 'just in case' our customers want them, trading up-front cost for availability.

Just in Time (JIT)

Material arrives when needed, trading savings for risk.

Information Technology

Design, implementation, support, and management of information systems.

Information System

The data warehouse.

Power

The extent to which A can get B to do something he/she/it would not otherwise do.

Reward Power

A type of power where one can give rewards.

Coercive Power

A type of power where one can take things away.

Legitimate Power

A type of power that is legitimized by a position.

Expert Power

A type of power based on knowledge.

Referent Power

A type of power based on charisma.

Control

Managing member self-interests such that they align with the organization’s interests.

Conflict

The clash between goal-directed behaviors.

Programmed Decision-Making

Repetitive and routine decision making.

Non-programmed Decision-Making

Novel and unstructured decision making.

Motivation

The psychological force that directs and maintains an individual’s goal-directed efforts.

Human Resources

Policies, practices, and systems organizations use to acquire, select, train, appraise, reward, develop, and terminate while complying with legal and cultural requirements.

Discrimination

Employment decisions based on something other than job qualifications.

Disparate Impact

Something about you or the group you represent tat disproportionately effects your chances of getting hired.

Job Analysis

The systematic process for collecting information about the important work-related aspects of a job.

Diversity

Differences among people within an organization.

Equity

Equal opportunity, not equal achievement.

Inclusion

Individuals feeling welcomed and valued.

Organizational Culture

Shared meanings, beliefs, norms, values, and assumptions that guide and are reinforced by organizational behavior.

Espoused Values

Beliefs about what should happen (philosophy, mission statements, etc.).

Artifacts

Tangible and observable elements (documents, dress, physical space).

Strategy

How a business plans to translate its core competencies into competitive advantage.

Core Competencies

Skills in essential areas that add value.

Distinctive Competencies

Core competencies that are better than your competitors.

Differentiation

Superior quality or features.

Low-Price

Same product, lower price.