Management Concepts and Practices

A comprehensive set of vocabulary flashcards based on key management concepts and practices.

Top Manager

A level of management responsible for the overall direction and success of an organization.

Middle Manager

A manager who coordinates activities between top management and first-line management.

First-Line Manager

A manager who is responsible for the daily operations of a specific department.

Team Leader

A person responsible for guiding a team toward its goals while managing team dynamics.

Technical Skills

The ability to apply specialized knowledge or expertise to perform specific tasks.

Conceptual Skills

The ability to grasp complex situations and connect various parts of the organization.

Human Skills

The ability to work with, motivate, and understand people.

Interpersonal Roles

Roles that involve interactions with people, such as figurehead and team leader.

Informational Roles

Roles that involve processing and sharing information, such as monitor and disseminator.

Decisional Roles

Roles involving decision-making responsibilities, such as entrepreneur and negotiator.

Sustainable Development

Economic development that meets the needs of the present without compromising future generations.

Corporate Social Responsibility (CSR)

The expectation that corporations go beyond profitability by benefiting society.

Absenteeism

The frequent absence of an employee from their place of work.

Turnover

The rate at which employees leave a company and are replaced.

Nonprofit Organization

An organization that aims to provide services without the intention of making a profit.

Learning Organization

An organization that actively creates, acquires, and transfers knowledge to adapt and evolve.

Stakeholders

Individuals or groups who have an interest in the decisions and activities of an organization.

Porter's Five Forces

A framework for analyzing the competitive forces shaping an industry.

SWOT Analysis

A strategic planning tool that identifies Strengths, Weaknesses, Opportunities, and Threats.

Bureaucracy

A formal organizational structure characterized by rules and regulations.

Resilience

The capacity to recover quickly from difficulties or adapt to change.

Ethics

Moral principles that govern a person's behavior or the conducting of an activity.

Benchmarking

The process of comparing one's business processes and performance metrics to industry bests.

Decision-Making Biases

Cognitive biases that can affect how decisions are made.

Escalation of Commitment Bias

The tendency to continue investing in a losing proposition.

Confirmation Bias

The tendency to search for or interpret information in a way that confirms one’s preconceptions.

Utilitarian Approach

The ethical decision-making approach that maximizes the overall good.

Justice Approach

The ethical decision-making approach that emphasizes fair treatment.

Moral-Rights Approach

The ethical decision-making approach that focuses on the fundamental rights of all human beings.

Individual Approach

The ethical decision-making approach that prioritizes individual self-interests.

Matrix Structure

An organizational structure that uses a grid to outline the authority and responsibilities of various members.

Strategic Planning

The process of defining an organization’s strategy and allocating resources to pursue that strategy.

Operational Planning

The process of creating specific plans for day-to-day operations.

Tactical Planning

The process of translating strategic plans into specific actions.

Core Competencies

The unique strengths and abilities that organizations perform well in comparison to others.

Change Management

The process of guiding and managing change in an organization.

Employee Engagement

The level of enthusiasm and commitment employees have towards their jobs and the organization.

Job Analysis

The process of gathering, documenting, and analyzing information about jobs.

Stakeholder Analysis

The process of identifying and assessing the influence of the stakeholders.

Job Satisfaction

The level of contentment employees feel about their work.

Cascading Goals

When organizational goals cascade down from top management to lower levels.

Value Orientation

The degree to which a person prioritizes task over people concerns.

Ethics Audit

A systematic evaluation of how an organization’s ethical standards are applied.

Performance Evaluations

The assessment of an employee’s job performance and contributions.

Workplace Diversity

The inclusion of diverse individuals in an organization, encompassing different identities.

Interpersonal Skills

Skills used for interacting and communicating with others.

Corporate Governance

The framework of rules and practices by which a company is directed and controlled.

Conflict Resolution

The methods and processes involved in facilitating the peaceful ending of conflict.

Human Resource Management (HRM)

The strategic approach to managing an organization’s most valued assets—its employees.

Organizational Culture

The informal values, beliefs, and norms shared by employees.

Foreign Direct Investment (FDI)

Investment made by a company or individual in one country in business interests in another country.

Globalization

The process of increasing economic integration and interdependence among countries.

Market Research

The process of gathering information about consumer needs and preferences.

Business Model

A plan implemented by a company to generate revenue and make a profit.

Supply Chain Management

The management of the flow of goods and services.

Market Segmentation

The process of dividing a target market into smaller, more defined categories.

Competitive Advantage

The attributes that allow an organization to outperform its competitors.

Innovation

The process of translating an idea or invention into a good or service.

Customer Relationship Management (CRM)

Practices, strategies, and technologies used to manage interactions with customers.

Operational Effectiveness

Performing similar activities better than rivals perform them.

Porter's Generic Strategies

Framework that describes how businesses can achieve competitive advantage.

Cultural Competence

The ability to interact effectively with people of different cultures.

Leadership Styles

The way in which a leader directs, motivates, and manages a group of people.

Crisis Management

The strategies used by an organization to deal with an emergency situation.

Workforce Planning

The process of analyzing and forecasting the needs of an organization.

Balanced Scorecard

A performance metric used to identify and enhance various internal functions.

Team Dynamics

The behaviors and psychological changes that occur within a group of people.

Decision Tree

A flowchart-like structure that outlines decisions and their possible consequences.

Retrenchment Strategy

A strategy that involves reducing the scale of operations or expenses.

Product Life Cycle

The progression of a product through introduction, growth, maturity, and decline.

Marketing Mix (4Ps)

The four elements of marketing: Product, Price, Place, Promotion.

Social Responsibility

The obligation of an organization's management to make decisions that will enhance the welfare of society.

Feedback Loop

A system that uses its own output as input.

Work-Life Balance

The equilibrium between personal life and career work.

Primary Market Research

Research gathered directly from the source of the information.

Secondary Market Research

The process of using existing data to examine market trends.

Networking

Building and maintaining relationships beneficial to mutual goals.

Return on Investment (ROI)

A performance measure used to evaluate the efficiency of an investment.

Sustainability

Meeting the needs of the present without compromising the ability of future generations.

Competitive Intelligence

The process of gathering and analyzing information about competitors.

Sales Forecasting

The process of estimating future sales.

Business Continuity Planning (BCP)

Developing strategies to ensure that operations can continue during a crisis.

Key Performance Indicators (KPIs)

Metrics used to evaluate the success of an organization in achieving objectives.

Business Ethics

Moral principles that guide the way a business behaves.

Entrepreneurship

The process of designing, launching, and running a new business.

Crisis Communication

The dissemination of information during a crisis to explain or manage an emergency.

Value Creation

Providing investors with goods and services that will produce economic value.

Financial Management

The planning, organizing, directing, and controlling of financial activities.

Human Capital

The economic value of a worker's experience and skills.

Customer Segmentation

Dividing customers into groups based on shared characteristics.

Profit Maximization

The process of increasing profit by optimizing revenues and reducing costs.

Scenario Planning

The process of developing and analyzing possible future scenarios.

Resource Allocation

The process of distributing available resources among various projects.

Agile Management

An iterative approach to project management and software development.

Financial Institution

An organization that provides financial services such as banks and investment companies.

Change Agent

A person or process that drives organizational change.

Operational Excellence

A philosophy of leadership that promotes continuous improvement.

Empowerment

Delegating authority to employees to make decisions and take actions.

Business Model Canvas

A strategic management template for developing new or documenting existing business models.

Service Quality

A measure of how well a service meets customer expectations.