Business Simulation Midterm Notes

Business Management

An art that coordinates people’s efforts and uses available resources efficiently and effectively to accomplish goals.

Market Economy

An economy dominated by the choices of consumers and businesses requiring products and services.

PLANNING

The foundation of the management process, involving understanding goals and objectives and prioritizing tasks.

Directing

Instructing, guiding, and overseeing workers; a central function in management for achieving goals.

Organizing

Creating internal processes and structures, assigning tasks and resources, and delegating effectively.

Leading

The ability to motivate and inspire teams, define goals, and communicate effectively.

Controlling

The process of monitoring progress and performance to ensure goals are met on time and within budget.

Empathy

The ability to understand employees' feelings and build positive relationships.

Commitment

A dedication to work and the team, inspiring others through hard work.

Creativity

The ability to innovate and improve processes, encouraging others to think creatively.

Democratic Style

A management style emphasizing teamwork and collaboration, where employees have a voice but the manager has the final say.

Laissez-faire

A hands-off management style allowing employees to make independent decisions with minimal direction.

Autocratic Style

A style characterized by individual control over decisions with little input from team members.

Collaborative Style

A management approach that focuses on teamwork and equal participation in decision-making.

Coaching Style

A focus on developing employees' skills through guidance and feedback.

Transformational Style

A style that inspires employees to innovate and take on new projects for future growth.

Bureaucratic Style

Management that adheres strictly to rules and procedures without dependence on individual manager styles.

Transactional Style

A management style based on reward and punishment systems to influence performance.

Teamwork Skill

The ability to work collaboratively within a group to achieve common goals.

Emotional Intelligence

The ability to understand and manage one's own emotions and those of others.

Supply Chain Management

The integration of activities to procure materials, transform them, and deliver final products to customers.

Inventory Management

The process of overseeing and controlling ordered products and materials.

Human Resource Management

A systematic approach to managing people in organizations, focusing on recruitment, training, and employee performance.

Employee Recruitment

The process of attracting qualified candidates for job positions.

Performance Evaluation

A formal process for measuring and assessing the value added by employees.

Compensation

Monetary and non-monetary rewards given to employees in return for work.

Employment Separation

The end of an employee-employer relationship, which can be voluntary or involuntary.

Terminology for Employment Separation

Includes termination, layoffs, voluntary resignation, or retirement.

Data Savvy

The skill of collecting, analyzing, and utilizing data effectively for decision making.