Business Studies: Chapter 5 Key Terms

communication

the exchange of information between people; the sending and receiving of messages

controlling

the process of evaluating performance and taking corrective action to ensure that the set objectives are being achieved

decision making

the process of identifying the options available and then choosing a specific course of action to solve a specific problem

effectiveness

measures the degree to which a goal has been achieved

efficiency

compares the resources needed to achieve a goal (the costs) against what was actually achieved (the benefits)

flexible

being responsive to change and able to adjust to changing circumstances

interpersonal skills

those skills needed to work and communicate with other people and to understand their needs

leadership

the ability to influence people to set and achieve specific goals

leading

the process of influencing or motivating people to work towards the achievement of the organisation's objectives

management

the process of working with and through other people to achieve business goals in a changing environment. Crucial to this process is the effective and efficient use of limited resources.

manager

someone who coordinates the business's limited resources in order to achieve specific goals

nonverbal communication

any message that is not written or spoken

organising

the structuring of the organisation to translate plans and goals into action

proactive

refers to a management style that incorporates dynamic action and forward planning to achieve particular objectives

problem solving

a broad set of activities involved in searching for, identifying and then implementing a course of action to correct an unworkable situation

skill

the ability that comes from the knowledge, practice and talent to do something well

stakeholder engagement

refers to businesses sharing information with and seeking input from stakeholders, and involving them in decision making

strategic thinking

allows a manager to see the business as a whole and to take the broad, long-term view

traditional definition of management

the process of coordinating a business's resources to achieve its goals

triple bottom line

the economic, social and environmental performance of a business

vision

the clear, shared sense of direction that allows people to attain a common goal