FBLA Management Decision Making – Flashcards
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Middle Management
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the level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling
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decision-making role
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making changes in policies or resolving conflicts in a work place; Refers to the tactical and strategic decisions made by managers. They have access to the necessary information to take such decisions and have the formal authority to do so.
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decentralization
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the spread of power or management decision making to local branches
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centralization
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the act of consolidating power under a central control
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Theory y
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Assumes that, given challenge and freedom, workers are motivated to achieve self-esteem and to demonstrate their competence and creativity
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Theory z
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management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility
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Wheeler-Lea Act of 1938
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law guards against false advertising
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Contract
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a binding agreement between two or more persons that is enforceable by law
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Profit
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Total revenue minus total cost
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foreign Intermediary
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a wholesaler or agent market products for companies wanting to do business aboard
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Lagerst Exporter in the world
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USA
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Brainwriting
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Technique in which a group is presented with a problem situation and member anonymously write down ideas, then exchange papers with others, who build on the ideas and pass them on until all members have participated.
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semi-autocratic Management
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subordinates may or may not be informed of the decision
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Retrenchment
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plan to reverse negative trends in a company
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CAD
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software used in art and architecture and engineering and manufacturing to assist in precision drawing
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Span of Control
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also known as span of management
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unity of command
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confusion will result if 2 people are reported at once
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line organization
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authority starts at the top and moves down the line
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group norms
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Expectations, established through interaction, about how members should behave
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interest work group
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informal group who's members share a purpose or concern
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management information system
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the function that plans for, develops, implements, and maintains IT hardward, software and applications that people use to support the goals of an organization; business function
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Theory Z
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assumes people are lazy and will avoid working if they can
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patent
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an official document granting a right or privilege
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trademark
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a formally registered symbol identifying the manufacturer or distributor of a product
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copyright
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a document granting exclusive right to publish and sell literary or musical or artistic work
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Clayton Act of 1914
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made it illegal to charge different prices to different wholesale customers
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quotas
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established limits by governments on the number of immigrants who can enter a country each year
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semi-autocratic
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decisions made alone with added input from subordinates
