Principles of Business, Marketing, and Finance – Chapter 7 – Flashcards
Unlock all answers in this set
Unlock answersquestion
goal
answer
something to be achieved in a specific period of time; in business, may relate to finances, sales, production, staffing, service, etc.
question
policy
answer
outlines how company decisions are made; may include hiring practices, schedule of management meetings, and employee code of conduct
question
procedure
answer
describes how tasks should be completed; ex. operation guides for equipment, workflow charts, employee training manuals
question
chain of command
answer
the authority structure in a company from the highest to the lowest levels; helps define decision-making responsibilities for team members
question
organization chart
answer
a diagram that shows the structure of an organization; identifies departments, shows how business operations tasks are divided, and indicates levels of authority
question
organizational chart
answer
a diagram showing how each employee position within a company interacts with others in the chain of command; identifies who answers to whom
question
management
answer
the process of controlling and making decisions about a business
question
top management
answer
consists of a company's board of directors, president, and other high ranking managers
question
middle management
answer
consists of a company's division managers and department heads
question
first-line management
answer
coordinates and supervises the activities and duties of employees; this level includes supervisors, foreman, and shift managers
question
plan
answer
an outline of actions needed to accomplish a goal
question
strategic plans
answer
created for the long-term goals of an organization; involve the major goals of a business
question
tactical plans
answer
developed for the short-term goals of the company
question
operational plans
answer
designed to reach the day-to-day goals of a business; give precise details on how to accomplish specific goals
question
contingency plans
answer
back-up plans; outline alternative actions that can be taken if the organization's other plans are unsuccessful
question
organizing
answer
the coordination of activities and resources needed to reach company goals; ex. making schedules, assigning tasks, coordinating department efforts
question
staffing
answer
the process of recruiting, hiring, training, evaluating, and compensating employees
question
leading
answer
the process of influencing others to work toward common goals
question
controlling
answer
a continuous process of evaluating the progress in reaching goals and making corrections to plans when necessary
question
SMART goals
answer
are Specific, Measurable, Attainable, Realistic, and Timely
question
time management
answer
the practice of organizing time and work tasks to increase personal efficiency
question
personal information management (PIM)
answer
a system used to acquire, organize, maintain, retrieve, and use information; ex. Microsoft Outlook
question
interpersonal skills
answer
help people communicate and work well with each other
question
critical-thinking skills
answer
the ability to analyze a situation, interpret information, and make reasonable decisions
question
verbal skills
answer
the ability to communicate effectively using spoken or written words
question
nonverbal skills
answer
the ability to communicate effectively using body language, eye contact, personal space, behavior, and attitude
question
listening skills
answer
the ability to hear what a person says and understand what is being said
question
collaboration skills
answer
enable individuals to work with others to achieve a common goal
question
compromise
answer
to give up an individual idea, or part of an idea, so that the group can come to a solution
question
team
answer
a group of two or more people working together to achieve a common goal
question
teamwork
answer
the cooperative efforts by individual team members to achieve a goal
question
conflict management
answer
the process of recognizing and resolving team disputes in a balanced and effective way
question
conflict-resolution skills
answer
skills required to resolve a situation that could lead to hostile behavior, such as shouting or fighting;
question
negotiation
answer
when individuals involved in a conflict come together to discuss a compromise; both parties enter the process willing to give up something to solve the conflict
question
mediation
answer
a process in which a neutral person (a mediator) meets with each side of a negotiation in an attempt to find a solution that both sides will accept
question
short-term goal
answer
to be accomplished in a short period of time; generally less than one year
question
long-term goal
answer
to be accomplished in a longer period of time; generally more than one year
question
policies and procedures
answer
help create consistency in business operations; can be adjusted over time to take advantage of experience, changing market, society, etc.
question
centralized organization
answer
all the authority within a business rests with top management
question
decentralized organization
answer
authority within a business is given to various managers that run their own departments
question
departmentalization
answer
responsibilities and authority are divided among certain areas or departments within the business
question
5 functions of management
answer
planning, organizing, staffing, leading, controlling
question
human resource department (HR)
answer
hires employees and handles compensation, benefits, code of conduct, following employee regulations
