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20 Terms
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1
Industrial Revolution
A period of transition from hand production methods to machines, leading to new management practices.
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2
Fourth Industrial Revolution
An era beginning around 2011, characterized by digitalization, automation, and the merging of physical, digital, and biological worlds.
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3
Artificial Intelligence (AI)
Technology with the potential to change how people live and work by automating tasks.
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4
Internet of Things (IoT)
A system connecting physical objects to the internet, allowing control and management through digital means.
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5
Hawthorne Effect
The phenomenon where individuals modify an aspect of their behavior in response to their awareness of being observed.
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6
Bureaucracy
A system of administration characterized by official rules and procedures; viewed as a means to achieving efficiency.
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7
Decision Making
The process of selecting a course of action from among multiple alternatives.
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8
Bounded Rationality
A limited form of rationality that recognizes the constraints on decision-making capabilities.
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9
Programmed Decisions
Repetitive decisions that can be handled using a routine approach.
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10
Nonprogrammed Decisions
Unique, non-recurring decisions that require a custom solution.
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11
Management by Objectives (MBO)
A management practice where goals are jointly set and measured, aiming for employee engagement.
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12
Change Agent
A person who acts as a catalyst for change within an organization, managing the change process.
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13
Disruptive Innovation
Innovations that radically change an industry’s established norms or rules.
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14
Entrepreneurship
The process of starting and managing a business with the goal of making a profit.
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15
Feasibility Study
An analysis to determine the viability of a proposed entrepreneurial venture.
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16
Strategic Management
The process by which managers develop an organization's strategies to meet its objectives.
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17
Key Performance Indicator (KPI)
A measurable value that demonstrates how effectively a company is achieving key business objectives.
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18
Organizational Culture
The set of shared assumptions, values, and practices that shape how members of an organization interact.
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19
Cultural Dimensions
Frameworks for understanding how cultures can differ based on various factors such as individualism vs collectivism.
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20
Sustainability
The ability of a company to meet its goals while also addressing economic, environmental, and social challenges.
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