IB Business HL - Midterm Exam

Aging population

The phenomenon where the average age of a population is increasing

Demography

The statistical study of population trends

Flexitime

A flexible work practice that allows employees to have control over their work hours within a set core period

Gig economy

Labor markets characterized by short-term contracts and freelance work

Homeworking

The practice of working from home as part of a flexible work arrangement

Human resource management

The overall management of an organization's workforce

Human resource planning

The process of anticipating and identifying the current and future human resource needs of an organization

Mobility of labor

The extent to which workers are able to move between different locations or occupations

Migrant workers

People who move to other countries or regions in search of job opportunities

Net migration

The difference between the number of people immigrating to a country or region and the number of people emigrating from it

Portfolio workers

Individuals who engage in multiple temporary jobs or projects for different employers or clients

Teleworking

A flexible work practice that allows employees to work remotely using telecommunications technologies

Workforce

The total number of employees or workers in a business organization

Accountability

The extent of an individual's or group's responsibility for the success or failure of a task or objective

Bureaucracy

Administrative systems and formal policies and procedures that govern the operations of an organization

Centralization

A decision-making approach where a small group of senior managers retain the authority to make key decisions

Chain of command

The formal lines of authority and communication within an organization

Communication

The transfer of information

Decentralization

A decision-making approach where authority and decision-making responsibility are delegated throughout the organization

Delayering

The process of removing layers or levels in a hierarchical organizational structure

Delegation

The act of line managers entrusting authority and responsibility to employees

Flat organization

An organizational structure with few layers of management between top-level executives and front-line employees

Hierarchical

Referring to a tall or vertical organizational structure with multiple levels of authority

Levels of hierarchy

The number of layers or levels of formal authority within an organization

Line manager

A person directly above an employee in the organizational structure

Managers

Individuals who are responsible for the day-to-day running of a business or department

Matrix structure

A flexible organizational structure that utilizes teams from different departments or functional areas to work on specific projects or initiatives

Organization by function

Structuring the workforce and organizing tasks based on specific business functions or departments

Organization by product

Structuring the workforce and organizing tasks based on the goods or services offered by the organization

Organization by region

Structuring the workforce and organizing tasks based on geographical areas or regions

Organizational chart

A diagrammatic representation of an organization's structure

Organizational structure

The formal interrelationships and hierarchical arrangements within a firm

Outsourced workers

Individuals or organizations hired on a contract basis to perform non-core roles or functions

Peripheral workers

Contingent workers who are employed on a part-time or temporary basis

Professional core

Full-time specialists who are vital for the operations and success of an organization

Project-based organization

An organizational structure that is based on short-term projects or initiatives

Responsibility

The line manager's level of concern and obligation towards the people they are in charge of

Shamrock organization

A flexible organizational structure that incorporates a core workforce

Span of control

The number of workers directly accountable to a line manager

Tall organization

A vertical organizational structure with multiple layers of management between top-level executives and front-line employees

Autocratic management

A management style characterized by centralized decision-making and limited input from others

Democratic management

A management style that involves employee participation in decision-making processes

Functions of management

The roles and responsibilities of managers in coordinating

Intuitive thinking

A managerial approach based on values

Laissez-faire leadership

A leadership style characterized by a hands-off approach

Leadership

The act of inspiring and motivating others towards a common aim or vision

Leadership style

The way in which managers provide direction

Management

The process of getting things done through others by setting objectives

Manager

A person with decision-making authority and responsibility in an organization

Paternalistic management

A management approach that treats workers as family members

Scientific thinking

A long-established approach to management based on objectivity

Situational leadership

A leadership style that requires adaptation to different situations and the ability to adjust leadership behaviors and approaches based on the needs and capabilities of individuals or teams.

SMART objectives

A framework for setting objectives that are Specific