Untitled Flashcards Set

Industrial Revolution

A period of transition from hand production methods to machines, leading to new management practices.

Fourth Industrial Revolution

An era beginning around 2011, characterized by digitalization, automation, and the merging of physical, digital, and biological worlds.

Artificial Intelligence (AI)

Technology with the potential to change how people live and work by automating tasks.

Internet of Things (IoT)

A system connecting physical objects to the internet, allowing control and management through digital means.

Hawthorne Effect

The phenomenon where individuals modify an aspect of their behavior in response to their awareness of being observed.

Bureaucracy

A system of administration characterized by official rules and procedures; viewed as a means to achieving efficiency.

Decision Making

The process of selecting a course of action from among multiple alternatives.

Bounded Rationality

A limited form of rationality that recognizes the constraints on decision-making capabilities.

Programmed Decisions

Repetitive decisions that can be handled using a routine approach.

Nonprogrammed Decisions

Unique, non-recurring decisions that require a custom solution.

Management by Objectives (MBO)

A management practice where goals are jointly set and measured, aiming for employee engagement.

Change Agent

A person who acts as a catalyst for change within an organization, managing the change process.

Disruptive Innovation

Innovations that radically change an industry’s established norms or rules.

Entrepreneurship

The process of starting and managing a business with the goal of making a profit.

Feasibility Study

An analysis to determine the viability of a proposed entrepreneurial venture.

Strategic Management

The process by which managers develop an organization's strategies to meet its objectives.

Key Performance Indicator (KPI)

A measurable value that demonstrates how effectively a company is achieving key business objectives.

Organizational Culture

The set of shared assumptions, values, and practices that shape how members of an organization interact.

Cultural Dimensions

Frameworks for understanding how cultures can differ based on various factors such as individualism vs collectivism.

Sustainability

The ability of a company to meet its goals while also addressing economic, environmental, and social challenges.