Values, Norms, and Management Concepts

This set of flashcards covers key concepts related to values, norms, HR management, project management, and financial culture as discussed in the lecture notes.

What is the principle of fairness that like cases should be treated alike?

Justice

What term describes the act of enforcing someone to do something undesirable, typically unethical?

Coercion

What is favoritism shown to relatives in business known as?

Nepotism

What is the term for a deception for personal profit?

Cheating

What is the act of concealing the source of illegally obtained money?

Money laundering

What does the principle of social responsibility emphasize regarding companies?

Companies should care for workers and society to be more successful.

What is in-house training?

Training that fits the company’s needs and costs less.

What does the term 'to give someone a heads-up' mean?

To inform or warn someone about something that is going to happen.

What does 'to learn the ropes' mean?

To learn the basics of how to perform a job or task.

What is meant by 'opportunity cost'?

The cost of choosing one thing over another, resulting in lost opportunity.

What is the Marginal Principle?

To look at small changes and assess if the extra benefit is worth the extra cost.

What does 'economic transaction' refer to?

The transfer of goods, services, and investments between residents of different countries.

What is a stakeholder?

Someone who has an interest in the success or failure of a project or product.

What does 'to work cross-functionally' mean?

To collaborate with people from different divisions or departments.

What is the definition of financial culture?

The set of beliefs, values, and behaviors that individuals or organizations follow in money management.

What is a deliverable in project management?

Something that a person has agreed to have ready by a specific time.

What constitutes a loan?

Money borrowed from a bank or another person that must be repaid with interest.