Untitled Flashcards Set

Benefits:Advantages or payments employees receive in addition to their wages (e.g., sick time, holiday pay, health insurance)

Compliance:Fulfilling the requirements of the law

Conceptual skills:The ability to see the “big picture” and think about how things will work together

Controlling:The management function that monitors the work effort

Data processing:Converting facts and figures into useful information

Directing:The management function of providing guidance to workers and work projects

First-line management:Supervisors who work directly with the employees who carry out the business’s routine work

Human resources:People who work to produce goods or services

Information management:The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business decision making

Information:Knowledge, facts, or data presented in a useful form

Interpersonal skills:The ability to communicate, interact, and build relationships with others

Management function:Groups of activities related to management (i.e., planning, organizing, staffing, directing, and controlling)

Management information system (MIS):An integrated technology that assists with an organization’s information management needs

Material resources:Equipment and supplies used by businesses in their operation

Mid-level management:Managers who report to top-level management and who have supervisors who report to them

Organizing:The management function of setting up the way the business’s work will be done

Planning:The management function of deciding what will be done and how it will be accomplished

Professional development:Steps that an individual takes to enhance or improve skills or traits that are needed to excel in her/his career/profession

Proprietary information:Private information that belongs to an organization and cannot be released to the public

Staffing:A human resources management activity that involves recruiting, interviewing, hiring, orienting, and dealing with job changes for a company’s employees

Strategic planning:Long-range planning (three to five years) for the company as a whole

Tactical planning:Short-range planning (one year) of specific actions the business will take

Technical skills:Ability to understand the specialized aspects of jobs

Top-level management:All managers who are responsible for the operation of the company or a business unit.

Trade secret:Undisclosed information within a particular business or industry

Financial analysis: The process of planning, maintaining, monitoring, controlling, and reporting the use of financial resources 

Human resources management: The process of planning, staffing, leading, and organizing the employees of the business

Information management: The process of accessing, processing, maintaining, evaluating, and disseminating business knowledge, facts, or data

Marketing: The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Operations: The day-to-day activities required for continued business functioning

Outsourcing: involves using outside organizations or consultants to perform one or more of the primary business activities.

Production: The process or activity of producing goods and services

Strategic management: The process of planning, controlling, and organizing an organization or department