Business Management: Roles, Supervision, Decision Making, and Problem Solving

Comprehensive vocabulary flashcards covering management effectiveness, supervisory roles, management principles, executive summaries, management information systems, and the decision-making and problem-solving processes.

Management Role

A common set of activities that makes up an important part of a manager's job.

Three Important Management Roles

The three key roles played by successful managers in an organization: Communicators, Relationship Builders, and Decision Makers.

Management Principles

The fundamental guidelines for the decisions and actions of managers.

Six Principles of Management

Core effective practices where managers: 1) demonstrate commitment to organizational success, 2) take responsibility for developing and implementing plans, 3) identify and ensure availability of resources, 4) organize and coordinate work efficiently, 5) recognize employee importance and balance employee needs with organizational goals, and 6) monitor activities and results to identify improvements.

Subordinate

Any individual who is subject to the authority and control of another person.

Performance Review

A procedure used to evaluate the work and accomplishment of an employee and provide feedback on performance.

Work Schedules

Documents that identify the tasks to be done, employees assigned to the work, and the time frame for completion of each task.

Time Management

Managing work schedules to achieve maximum productivity.

Quality Control

The process of making sure work meets acceptable standards.

Work Coach

An experienced manager who meets regularly with a new manager to provide feedback and advice.

Executive Summary

A concise overview placed at the beginning of a full report that highlights each major section and summarizes key information to help managers read quicker and revisit key concepts.

Decision Making

The process of choosing from among various alternatives.

Problem Solving

The process of determining the appropriate response or actions necessary to alleviate a problem.

Management Information Systems (MIS)

A computer-based system that stores, organizes, and provides information about a business.

What-If-Analysis

A systematic way to explore the consequences of specific choices using computer software.

Problem

A difficult situation requiring a solution.

Symptom

A sign or indication of something that appears to be the problem.

Contingency Plan

An alternative course of action to be followed if a specific problem arises.

Management Information Records

Key business records—including production, sales, personnel, expenses, and profit (or loss)—that are collected, organized, and made available to help managers make decisions quickly and efficiently.

Five Steps in the Decision Making Process

The sequential steps used to make a decision: 1) Identify the problem, 2) Gather information and list possible alternatives, 3) Consider consequences of each alternative, 4) Select the best course of action, and 5) Evaluate the results.