Introduction to Management Functions MGM 101 - Vocabulary Flashcards

Vocabulary flashcards covering MGM 101 topics, future-of-work concepts, business modeling tools, disruptive technologies, and AI fundamentals drawn from the lecture notes.

GenAI

Generative AI that can produce content, ideas, and structured outputs to assist with tasks.

Business Model Canvas

A nine-block framework describing Key Partners, Key Activities, Key Resources, Value Propositions, Customer Segments, Channels, Customer Relationships, Cost Structure, and Revenue Streams.

Eleven Industries/Sectors

The 11 sectors: Communication Services, Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Real Estate, Utilities.

World Economic Forum – The Future of Jobs Report

WEF report highlighting accelerating tech adoption, persistent skills gaps, need for augmentation, in-demand roles, and the importance of reskilling and upskilling.

Augmentation Strategy

Strategy to use automation and AI to complement human work, freeing people from routine tasks and enabling higher-value activities; requires agile learning.

Disruptive Technology

Technologies likely to be widely adopted by 2025, including Robotics/AI, Internet of Things, Data Science, FinTech, Social Media, AR/VR, Lithium/Battery Tech, Autonomous/Electric Vehicles, Cloud Computing, Cybersecurity, AI, Blockchain, Cryptoassets.

NFTs (Non-Fungible Tokens)

Unique digital assets stored on a blockchain (often Ethereum); ownership is recorded on the token, not interchangeable like fungible currencies.

Blockchain

Distributed ledger technology that provides secure, transparent, tamper-evident record-keeping across a network.

Cryptoassets

Digital financial assets built on blockchain infrastructure, including cryptocurrencies and tokenized assets.

Expert Systems

AI systems that encode expert knowledge as IF-THEN rules to support decision making (e.g., credit decisions, diagnostics).

Machine Learning

A subset of AI where systems learn patterns from large data sets without explicit programming for each rule.

Neural Networks & Deep Learning

Artificial networks of interconnected units (neurons) that learn hierarchical representations; deep learning uses many layers for pattern recognition.

Genetic Algorithms

Optimization algorithms inspired by evolution (inheritance, mutation, selection, crossover) to search large solution spaces for best outcomes.

Natural Language Processing (NLP)

AI techniques enabling computers to understand, interpret, and generate human language.

Computer Vision Systems

AI systems that interpret and analyze visual data from the world, enabling recognition and understanding of images and videos.

Robotics

Engineering and use of robots to perform tasks, often in place of humans, typically in automation and manufacturing.

Intelligent Agents

Software that autonomously performs tasks for users, often learning from experience (e.g., Siri, Cortana, Alexa; chatbots).

First Mover Advantage

The potential competitive edge of being first into a market, often requiring cheaper, faster, or better offerings and sometimes achieving 10x impact; not guaranteed.

Top in-Demand Roles (Future of Jobs context)

Roles frequently highlighted as growing in demand, such as Data Analysts/Scientists, AI Specialists, Big Data Specialists, Digital Marketing Strategists, Process Automation Specialists, and related analytics and tech positions.

Lean Startup/Business Plan Elements

Key components for planning a new venture: Problem/Solution, Customer Segments, Value Proposition, Channels, Revenue Streams, Cost Structure, Key Metrics, and Risk/Opportunity assessment.

Executive Summary & Eight Main Plan Areas

High-level overview of a business plan outlining eight sections: Executive Summary, Industry/Competitor Analysis, Operations, Marketing, Development Plan, Team, Financial Plan, and Appendix.