Principles of Management: Chapter 1 Key Terms

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organization
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a group of people who work together to achieve some specific purpose
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management
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the pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization’s resources
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efficient
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to use resources wisely and cost-effectively such as people, money, raw materials, etc.
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effective
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to achieve results, to make the right decisions, and to successfully carry them out so that they achieve the organization’s goals
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competitive advantage
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the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them
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innovation
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finding ways to deliver new or better goods or services
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Internet
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the global network of independently operating but interconnected computers, linking hundreds of thousands of smaller networks around the world
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e-commerce
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the buying and selling of goods or services over computer networks
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e-business
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using the Internet to facilitate every aspect
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e-mail
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text messages and documents transmitted over a computer network
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project management software
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program for planning and scheduling the people, costs, and resources to complete a project on time
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databases
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computerized collections of interrelated files
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telecommute
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working from home or remote locations using a variety of information technologies
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videoconferencing
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using video and audio links along with computers to let people in different locations see, hear, and talk with one another
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collaborative computing
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using state-of-the art computer software and hardware
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knowledge management
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the implementing of systems and practices to increase the sharing of knowledge and information throughout an organization
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sustainability
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economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs
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management process (the four management functions)
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planning, organizing, leading, and controlling
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planning
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setting goals and deciding how to achieve them
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organizing
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arranging tasks, people, and other resources to accomplish the work
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leading
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motivating, directing, and otherwise influencing people to work hard to achieve the organization’s goals
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controlling
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monitoring performance, comparing it with goals, and taking corrective action as needed
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top managers
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make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it
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middle managers
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implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them
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first-line managers
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make short-term operating decisions, directing the daily tasks of nonmanagerial personnel
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functional manager
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responsible for just one organizational activitiy
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general manager
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responsible for several organizational activities
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interpersonal roles
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managers interact with people inside and outside their work units (includes: figurehead, leader, and liaison activities
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informational roles
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as monitor, disseminator, and spokesperson–managers receive and communicate information
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decisional roles
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managers use information to make decisions to solve problems or take advantage of opportunities. The four decision-making roles are entrepreneur, disturbance handler, resource allocator, and negotiator
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entrepreneurship
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the process of taking risks to try to create a new enterprise
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entrepreneur
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someone who sees a new opportunity for a product or service and launches a business to try and realize it
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intrapreneur
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someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organization’s resources to try to realize it
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internal locus of control
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the belief that you control your own destiny
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technical skills
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consist of the job-specific knowledge needed to perform well in a specialized field
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conceptual skills
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the ability to think analytically, to visualize an organization as a whole and understand how the parts work together
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human skills
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consist of the ability to work well in cooperation with other people to get things done

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