ED

buisness key terms

  1. Management*: The process of coordinating people and other resources to
    achieve the goals of an organization

  2. Planning*: Establishing organizational goals and deciding how to accomplish them

  3. Mission*: A statement of the basic purpose that makes an organization different from others

  4. Goal*: An end result that an organization is expected to achieve over a one- to ten-year period

  5. Objective*: A specific statement detailing what an organization intends to accomplish over a
    shorter period of time

  6. SWOT analysis*: The identification and evaluation of a firm’s strengths,
    weaknesses, opportunities, and threats

  7. Plan*: An outline of the actions

  8. Strategic plan*: An organization’s broadest plan, developed as a guide for
    major policy setting and decision making

  9. Tactical plan*: A smaller-scale plan developed to implement a strategy

  10. Operational plan*: A type of plan designed to implement tactical plans

  11. Contingency plan*: A plan that outlines alternative courses of action that may

  12. Organizing*: The grouping of resources and activities to accomplish some end
    result in an efficient and effective manner

  13. Leading*: The process of influencing people to work toward a common goal

  14. Motivating*: The process of providing reasons for people to work in the best
    interests of an organization- Managers determine what factors motivate workers and try to provide those incentives to encourage effective performance.

  15. Directing*: The combined processes of leading and motivating

  16. Middle manager*: A manager who implements the strategy and major policies developed by top management

  17. First-line manager*: A manager who coordinates and supervises the activities of operating employees

  18. Financial manager*: A manager who is primarily responsible for an organization’s financial resources

  19. Operations manager*: A manager who manages the systems that convert resources into goods and services

  20. Marketing manager*: A manager who is responsible for facilitating the exchange of products between an organization and its customers or clients

  21. Human resources manager*: A person charged with managing an organization’s human resources programs

  22. Administrative manager*: A manager who is not associated with any specific functional area but who provides overall administrative guidance and leadership

  23. Financial manager*: A manager who is primarily responsible for an organization’s financial resources

  24. Operations manager*: A manager who manages the systems that convert resources into goods and services

  25. Marketing manager*: A manager who is responsible for facilitating the exchange of products between an organization and its customers or clients

  26. Human resources manager*: A person charged with managing an organization’s human resources programs

  27. Administrative manager*: A manager who is not associated with any specific functional area but who provides overall administrative guidance and leadership.

  28. Conceptual skills*: The ability to think in abstract terms− Allow a manager to see the “big picture” and understand how the various parts of an organization or idea can fit together

  29. Analytic skills*: The ability to identify problems correctly, generate reasonable alternatives, and
    select the “best” alternatives to solve problems

  30. Interpersonal skills*: The ability to deal effectively with other people

  31. Technical skills*: Specific skills needed to accomplish a specialized activity

  32. Leadership*: The ability to influence others − Different from management in that a leader strives for voluntary cooperation, whereas a manager may have to depend on coercion to change employee behavior

  33. Autocratic leadership*: Task-oriented leadership style in which workers are told what to do and how to accomplish it without having a say in the decision-making process

  34. Participative leadership*: Leadership style in which all members of a team are involved in identifying essential goals and developing strategies to reach those goals

  35. Laissez-faire leadership*: A hands-off leadership style that provides direction, tools, and resources to employees while delegating responsibility and decision-making authority to them

  36. Transformational leadership*: Leadership style that focuses on transforming organizations and industries

  37. Transactional leadership*: Leadership style that emphasizes structure, performance and productivity, and reward systems

  38. Charismatic leadership*: Personality-dependent leadership style

  39. Decision making*: The act of choosing one alternative from a set of alternatives

  40. Decision making*: The act of choosing one alternative from a set of alternatives

  41. Problem*: The discrepancy between an actual condition and a desired condition

  42. Organization*: A group of two or more people working together to achieve a common set of goals

  43. Organization chart*: A diagram that represents the positions and relationships within an organization

  44. Chain of command*: The line of authority that extends from the highest to the lowest levels of an organization

  45. Job design*: Structuring the tasks and activities required to accomplish a firm’s objectives into specific jobs so as to foster productivity and employee satisfaction

  46. Job specialization*: The separation of all organizational activities into distinct tasks and the assignment of different tasks to different people

  47. Job rotation*: The systematic shifting of employees from one job to another

  48. Departmentalization*: The process of grouping jobs into manageable units By Function

  49. Departmentalization by function*: Grouping jobs that relate to the same organizational activity − Advantages: Simplified supervision; Easy coordination − Disadvantages: Slow decision making; Emphasis on department over the organization as a whole By Product

  50. Departmentalization by product*: Grouping activities related to a particular product or service − Advantages: Easier decision making; Integration of all activities associated with a product − Disadvantages: Some duplication of specialized activities between departments; Emphasis on product over the organization as a whole

  51. Departmentalization by location*: Grouping activities according to the defined geographic area in which they are performed − Advantages: Allows a ready response to unique demands or requirements of a location − Disadvantages: Requires a large administrative staff and elaborate control system for coordination

  52. Departmentalization by customer*: Grouping activities according to the needs of various
    customer populations − Advantages: Allows the firm to deal efficiently with unique customers or customer groups − Disadvantages: Requires a larger-than-usual administrative staff Combinations of Bases

  53. Delegation*: Assigning part of a manager’s work and power to other workers

  54. Responsibility*: The duty to do a job or perform a task

  55. Authority*: The power, within an organization, to accomplish an assigned job or task

  56. Accountability*: The obligation of a worker to accomplish an assigned job or task

  57. Span of management (or span of control)*: The number of workers who report directly to one manager

  58. Organizational height*: The number of layers, or levels, of management in a firm

  59. Line structure*: An organizational structure in which the chain of command goes directly from person to person throughout the organization − A straight line could be drawn down through the levels of management, from the chief
    executive down to the lowest level in the organization.

  60. Line managers*: Managers who make decisions and gives orders to subordinates to achieve the organization’s goals − Advantage: With only one supervisor, line managers can make decisions quickly with direct accountability. − Disadvantage: With responsibility for many activities, line managers must have a wide range
    of knowledge about all of them.

  61. Line-and-staff structure*: An organizational structure that utilizes the chain of command from a line structure in combination with the assistance of staff managers

  62. Staff managers*: Managers who provide support, advice, and expertise to line managers

  63. Matrix structure*: An organizational structure that combines vertical and horizontal lines of authority, usually by superimposing product departmentalization on a functionally departmentalized organization

  64. Cross-functional team*: A team of individuals with varying specialties, expertise, and skills who are brought together to achieve a common task

  65. Virtual structure*: An organizational structure in which administration is the primary function, and most other functions are contracted out to other firms

  66. Team*: Two or more workers collaborating to achieve a shared mission, goal, or work product

  67. Problem-solving team*: A team of knowledgeable employees brought together to tackle a specific problem

  68. Self-managed teams*: Groups of employees with the authority and skills to manage themselves

  69. Cross-functional team: Teams of individuals with varying specialties, expertise, and skills that are brought together to achieve a common task

  70. Virtual team*: A team consisting of members who are geographically dispersed but communicate electronically

  71. Ad hoc committee*: A committee created for a specific short-term purpose

  72. Standing committee*: A relatively permanent committee charged with performing some recurring task

  73. Task force*: A committee established to investigate a major problem or pending decision

  74. Informal organization*: The pattern of behavior and interaction that stems from personal rather than official relationships

  75. Informal group*: A group created by the members themselves to accomplish goals that may or may not be relevant to an organization

  76. Grapevine*: The informal communications network within an organization

  77. Operations management*: All the activities required to produce goods and services

  78. Reshoring*: A situation in which U.S. manufacturers bring manufacturing jobs back to the United States

  79. Mass production*: A manufacturing process that lowers the cost required to produce a large number of identical or similar products over a long period of time

  80. Analytical process*: A process in operations management in which raw materials are broken into different component parts

  81. Synthetic process*: A process in operations management in which raw materials or components are combined to create a finished product

  82. Utility*: The ability of a good or service to satisfy a human need − The purpose of a manufacturing or a service business is to provide utility to customers. − There are four types of utilities—form, place, time, and possession.
     

  83. Form utility*: Utility created by people converting raw materials, finances, and information into finished products or services
    Operations management focuses primarily on form utility.

  84. Service economy*: An economy in which more effort is devoted to the production of services than to the production of goods

  85. Research and development (R&D)*: A set of activities intended to identify new ideas that have the potential to result in new goods and services

  86. Design planning*: The development of a plan for converting an idea into an actual product or service

  87. Product line*: A group of similar products that differ only in relatively minor characteristics

  88. Product design*: The process of creating a set of specifications from which a product can be produced

  89. Capacity*: The number of products or services that an organization can produce in a given time

  90. Labor-intensive technology*: A process in which people must do most of the work

  91. Capital-intensive technology*: A process in which machines and equipment do most of the work

  92. Planning horizon*: The time period during which an operational plan will be in effect
     

  93. Purchasing*: All the activities involved in obtaining required materials, supplies, components, and parts from other firms

  94. Material requirements planning (MRP)*: A computerized system that integrates production planning and inventory control

  95. Just-in-time inventory (JIT) system*: A system designed to ensure that materials or supplies arrive at a facility just when they are needed so that storage and holding costs are minimized

  96. Scheduling*: The process of ensuring that materials and other resources are at the right place at the right time

  97. Quality control*: The process of ensuring that goods and services are produced in accordance with design specifications

  98. Quality circle*: A team of employees who meet on company time to solve problems of product quality

  99. Inspection*: The examination of the quality of work-in-process

  100. Six Sigma*: A disciplined approach that relies on statistical data and improved methods to eliminate defects for a firm’s products and services

  101. Automation*: The total or near-total use of machines to do work ROBOTICS

  102. Robotics*: The creation and application of programmable machines to perform a variety of tasks by manipulating materials and tools

  103. Computer-aided design (CAD)*: The use of computers to aid in the development of products

  104. Computer-aided manufacturing (CAM)*: The use of software and computers to plan and control manufacturing processes

  105. Computer-integrated manufacturing (CIM)*: A computer system that not only helps to design products but also controls the machinery needed to produce the finished product

  106. Continuous process*: A manufacturing process in which a firm produces the same product(s) over a long period of time

  107. Flexible manufacturing system (FMS)*: A production system that combines electronic machines and computer-integrated manufacturing that can easily adapt to changes in the type of product being produced (sometimes referred to as an intermittent process)

  108. Intermittent process*: A manufacturing process in which a firm’s manufacturing machines and equipment are changed to produce different products