3.02 business essentials

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 managment

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

human reasorces

People who work to produce goods or services

Information Management

The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of 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

managment function

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

managment information systyem (MIS)

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

material reasources

Equipment and supplies used by businesses in their operation

mid-level managment

Managers who report to top-level management and who have supervisors who report 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 that are needed to excel in her/his career/profession

propietary 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 dealing with 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

All managers who are responsible for the operation of the company or a business unit.

trade secret

Undisclosed information within a particular business or industry