BCOC-132: BUSINESS ORGANISATION AND MANAGEMENT

Vocabulary flashcards covering the core concepts of Business Organisation and Management, including planning, organizational structures, motivation theories, cooperatives, CSR, product pricing, and technical management tools.

Planning

The primary function of management that precedes all other functions by bridging the gap between where an organization stands today and where it intends to reach through clear objectives.

Futuristic (Forward-Looking)

A characteristic of planning that involves looking ahead, scanning opportunities and threats, and forecasting future market conditions.

Defining and Identifying the Problem

The first step in the scientific decision-making process which involves diagnosing the root operational issue rather than addressing superficial external symptoms.

Evaluating Alternatives

A stage in decision-making where potential solutions are tested against critical constraints like financial cost, available time, resource availability, and operational risk factors.

Line Structure

The oldest and simplest organizational framework where authority flows strictly vertically downward from superior to subordinate with absolute and direct command.

Functional Structure

An organizational structure grouped strictly by operational specialized skills or functions such as Marketing, Finance, HR, and Production departments.

Line and Staff Structure

A hybrid structure where line managers hold absolute executive command but are supplemented by specialized staff assistants or advisors who provide counsel and technical guidance.

Informal Organisation

The natural network of social and personal relationships that emerge spontaneously within a formal work layout when employees interact freely outside of official protocols.

Grapevine

The informal social networks within an organization that managers can utilize to rapidly pass messages across levels and gauge employee sentiment.

Physiological Needs

Fundamental survival requirements in Maslow's hierarchy, including food, water, basic shelter, and a baseline functional minimum wage.

Self-Actualization Needs

The pinnacle of Maslow's hierarchy representing the desire for personal growth, reaching full human potential, exercising creative freedom, and achieving complete autonomy.

Financial Incentives

Direct or indirect monetary payments measurable in financial units, such as performance bonuses, profit sharing, and retirement funds, targeted at lower-level needs.

Non-Financial Incentives

Psychological or social rewards not tied to cash, such as job enrichment, task autonomy, and employee recognition awards, aimed at higher-level cognitive needs.

Cooperative Organisation

A voluntary association with a separate legal identity and limited liability, focused primarily on providing economic benefits and services to its members.

Democratic Governance (Cooperative)

A management system in cooperatives governed by an elected committee under the strict rule of One Member, One Vote, regardless of capital size.

e-Commerce

A global and borderless form of commerce unconfined by physical coordinates that operates $24/7/365$ through digital channels with low initial setup costs.

Trustee Theory

A CSR theory popularized by Mahatma Gandhi asserting that businesses hold social and material wealth in moral trust for the betterment of the community.

Stakeholder Theory

A theory of CSR arguing that a corporation is structurally accountable to all systemic stakeholders, including employees, suppliers, and the local community.

Product Life Cycle (PLC)

A concept that traces the historical revenue path and market behavior of a product through $4$ sequential shifts: Introduction, Growth, Maturity, and Decline.

Cost-Oriented Pricing

A pricing method where a firm computes the total base cost of manufacturing and distribution and adds a fixed percentage markup to determine the selling price.

Demand-Oriented Pricing

A method where pricing is set based on perceived consumer value and buyer demand strength, such as Price Skimming, independent of production costs.

PERT

Programme Evaluation and Review Technique; a statistical project management tool using $3$ probabilistic time estimates to compute the Critical Path for complex projects.

Unity of Command

A structural principle dictating that a subordinate worker must receive operational orders from and report directly to only $1$ single superior manager.

Span of Control

The exact numerical count of subordinates that a single supervisor can effectively oversee, guide, and control without decreasing managerial quality.

Business Ethics

The structured framework of moral principles, systemic codes of conduct, and social values that govern the operational behaviors of a corporate organization.

Delegation of Authority

The process where a superior manager assigns operational task execution and decision-making rights downward to a subordinate worker.