Introduction to Business Chapter 7 – Flashcards
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controlling
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a management function that involves establishing clear standards to determine whether or not an organization is progressing towards its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not
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vision
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an encompassing explanation of why the organization exists and where it is trying to head
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mission statement
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an outline of the fundamental purposes of an organization (self-concept, philosophy, long-term survival needs, customer needs, social responsibility, nature of the product/service)
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goals
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the broad, long-term accomplishments an organization wishes to attain
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objectives
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specific, short-term statements detailing how to achieve the organization's goals
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SWOT analysis
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a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats
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strategic planning
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the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve these goals
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tactical planning
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the process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done
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operational planning
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the process of setting work standards and schedules necessary to implement the company's tactical objectives
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contingency planning
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the process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives
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decision making
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choosing among two or more alternatives
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problem solving
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the process of solving the everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action
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brainstorming
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coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas
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PMI
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pluses, minuses, and implications
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organization chart
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a visual device that shows relationships among people and divides the organization;s work; it shows who reports to whom
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top management
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highest level of management, consisting of the president and other key company executives who develop strategic plans
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middle management
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the level of management that includes general managers, division managers, and branch managers who are responsible for tactical planing and controlling
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supervisory management
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managers who are directly responsible for supervising workers and evaluating their daily performance
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technical skills
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skills that involve the ability to perform tasks in a specific discipline or department
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human relations skills
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skills that involve communication and motivation; they enable managers to work through and with people
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conceptual skills
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skills that involve the ability to picture the organization as a whole and the relationship among its various parts
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staffing
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a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives
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transparency
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the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders
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autocratic leadership
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leadership style that involves making managerial decisions without consulting others
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participative (democratic) leadership
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leadership style that consists of managers and employees working together to make decisions
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free-reign leadership
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leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives
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enabling
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giving workers the education and tools they need to make decisions
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knowledge management
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finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm
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external customers
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dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use
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internal customers
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individuals and units within the firm that receive services from other individuals or units
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