Nature and Concept of Management – Vocabulary Flashcards

These vocabulary flashcards cover essential terms, theories, roles, functions, skills, and managerial styles discussed in the lecture on the nature and concept of management.

Management

The process of planning, organizing, leading, and controlling an organization’s activities to achieve goals efficiently and effectively.

Efficiency

“Doing things right” – maximizing output while minimizing input, time, and cost.

Effectiveness

“Doing the right things” – achieving intended goals or results regardless of resources used.

Planning

Management function of setting goals and deciding on strategies and actions to reach them.

Organizing

Structuring resources and activities so employees can work together to accomplish objectives.

Leading

Influencing and motivating people to work toward organizational goals.

Controlling

Monitoring performance, comparing it with goals, and correcting deviations.

Globalization

Increasing interconnectivity and interdependence among nations in trade, finance, and communication.

Technology (in business)

Tools and systems that improve productivity, communication, and information flow within and between organizations.

Outsourcing

Transfer of an organizational function to an external supplier or third party.

Offshoring

Outsourcing a business function to a third party located in another country.

Sustainability

Conducting long-term business operations with minimal negative social, cultural, economic, or environmental impact.

Corporate Social Responsibility (CSR)

A company’s voluntary commitment to operate ethically and contribute to economic development while improving quality of life for employees, the community, and society at large.

Business Ecosystem

A network of firms that provide related products and services and influence one another’s performance and direction.

Scientific Management Theory

Approach that applies scientific methods to redesign work processes for maximum efficiency (Frederick W. Taylor).

Time and Motion Study

Technique that breaks a job into tasks and measures the time each task requires to find the most efficient method.

Administrative Management Theory

Perspective focusing on managers’ functions and principles for running the entire organization (Henri Fayol).

Division of Work

Fayol’s principle that tasks should be specialized to increase efficiency and expertise.

Unity of Command

Fayol’s principle that each employee should receive orders from only one supervisor.

Bureaucracy

Formal organizational structure characterized by rules, hierarchy, and specialization (Max Weber).

Human Relations Theory

Emphasizes the impact of social relations, employee well-being, and group norms on productivity.

Hawthorne Studies

Elton Mayo’s workplace experiments showing that attention to workers’ needs increases productivity.

Maslow’s Hierarchy of Needs

Theory that human behavior is driven by a series of needs, progressing from physiological to self-actualization.

Quantitative Management

Use of mathematical models, statistics, and computer simulations to aid managerial decision making.

Management Science

Branch of quantitative management focusing on building mathematical models to solve problems.

Operations Management

Application of management-science techniques to improve actual production and service processes.

Management Information Systems (MIS)

Systems that collect, process, and present data to help managers make decisions.

Systems Theory

View of an organization as interrelated parts (inputs, transformation, outputs, feedback) working toward a common purpose.

Open System

Organization that actively interacts with and adapts to its environment.

Closed System

Organization that pays little attention to external environmental changes.

Contingency Theory

Idea that no single management style fits all situations; best practices depend on internal and external factors.

Quality Management

Approach stressing consistency and minimal defects to ensure high customer satisfaction and revenue.

Kaizen

Japanese philosophy of continuous, incremental improvement involving everyone in the organization.

Economies of Scale

Cost advantages achieved when production becomes efficient due to increased output.

Top-level Management

Senior executives (e.g., CEO, COO) who make strategic, long-term decisions for the organization.

Middle-level Management

Managers who oversee departments or divisions and implement top management’s strategies.

Lower-level Management

Frontline supervisors who oversee daily operations and directly manage employees.

Interpersonal Roles

Mintzberg’s category of managerial roles that involve interaction with people (figurehead, leader, liaison).

Informational Roles

Managerial roles related to collecting, processing, and disseminating information (monitor, disseminator, spokesperson).

Decisional Roles

Managerial roles requiring choice making (entrepreneur, disturbance handler, resource allocator, negotiator).

Conceptual Skills

Ability to analyze complex situations and develop strategies.

Human Skills

Ability to communicate, motivate, and work effectively with people.

Technical Skills

Specialized knowledge and proficiency required for specific tasks or fields.

Stakeholders

Individuals or groups affected by an organization’s actions (e.g., customers, suppliers, employees, community).

Subordinates

Employees who work under the authority of a manager or supervisor.

Figurehead

Interpersonal role in which a manager performs ceremonial and symbolic duties.

Leader (managerial role)

Interpersonal role focused on directing and motivating subordinates.

Liaison

Interpersonal role that builds and maintains information networks inside and outside the organization.

Monitor

Informational role involving seeking and evaluating information about the organization and environment.

Disseminator

Informational role of sharing relevant information with subordinates and colleagues.

Spokesperson

Informational role of communicating information about the organization to outsiders.

Entrepreneur (managerial role)

Decisional role of initiating change and innovations to improve performance.

Disturbance Handler

Decisional role of addressing unexpected problems and crises.

Resource Allocator

Decisional role of distributing resources such as time, money, and personnel.

Negotiator

Decisional role of representing the organization in negotiations with other parties.

Problem-solving Manager

Managerial style focused on finding solutions but may over-emphasize problem fixing.

Pitchfork Manager

Manager who uses fear and threats to push employees toward goals.

Pontificating Manager

Manager who is friendly and listens but lacks strategy and consistency, leading to poor performance.

Presumptuous Manager

Self-centered manager who fosters competition rather than teamwork, often harming morale.

Perfect Manager

Fact-focused manager open to improvement but may lack interpersonal skills.

Passive Manager

Conflict-averse manager who aims to please everyone, often lacking drive and assertiveness.

Proactive Manager

Manager who combines the positive traits of other styles: solution-oriented, persistent, enthusiastic, confident, growth-focused, and service-minded.