Intro To Business

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Management

Back 1

Management is the process of coordinating people and other resources to archive the goals of organizations.

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Material Resources

Back 2

Tangible, physical resources and organization uses.

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Human Resources

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People.

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Financial Resources

Back 4

The funds an organization uses to meet its obligations to investors and creditors.

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Planning

Back 5

Establishing organizational goals and deciding how to accomplish them.

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Mission

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Statement of the basic purpose the makes an organization different from others.

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Strategic Planning Process

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Establishment of an organization's major goals and objectives and the allocation of resources to achieve them.

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Goal

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

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Objective

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Specific statement detailing what an organization intends to accomplish over a shorter period of time.

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SWOT Analysis

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Identification and evaluation of a firms strengths, weaknesses, opportunities, and threats.

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Core Competencies

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Approaches and processes that a company performs well that may give it an advantage over its competitors.

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Plan

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An outline of the actions by which an organization intends to accomplish its goals and objectives.

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Strategic Plan

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An organization's broadest plan, developed as a guide for major policy setting and decision making.

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Tactical Plan

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Smaller scale plan developed to implement a strategy.

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Operational Plan

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Type of plan designed to implement tactical plans.

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Contingency Plan

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A plan that outlines alternative courses of action that may be taken if an organization's other plans are disruptive or become ineffective.

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Organizing

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The grouping of resources and activities to accomplish some end result in an efficient and effective matter.

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Leading

Back 18

The process of influencing people to work toward a common goal.

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Motivating

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The process of providing reasons for people to work in the best interests of an organization.

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Directing

Back 20

The combined processes of leading and motivating.

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Controlling

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The process of evaluating and regulating ongoing activities to ensure that goals are achieved.

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Top Manager

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An upper-level executive who guides and controls the overall fortunes of an organization.

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Middle Manager

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A manager who implements the strategy and major policies developed by top management.

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First-Line Management

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A manager who coordinates and supervises the activities of operating employees.

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Financial Manager

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A manager who is primarily responsible for an organizations financial resources.

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Operations Manager

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A manager who manages the system that convert resources into goods and services.

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Marketing Manager

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Who is responsible for facilitating the exchange of products between an organization and its customers or clients.

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Human Resources Manager

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A person charged with managing an organization's human resources program.

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Administrative Manager

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

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Conceptual Skills

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The ability to think in abstract terms.

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Analytic Skills

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The ability to identify problems correctly, generate reasonable alternatives, and select the "best" alternatives to solve problems.

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Interpersonal Skills

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The ability to deal effectively with other people.

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Technical Skills

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Specific skills needed to accomplish a specialized activity.

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Communication Skills

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The ability to write, speak, and listen efficiently.

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Leadership

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The ability to influence others.

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Autocratic Leadership

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Task-oriented leadership style in which workers are told what to do and how to accomplish it; workers have no say in the decision making process.

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Participative Leadership

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Leadership style in which all members of a team are involved with identifying essential goals and developing strategies to reach those goals.

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Entrepreneurial Leadership

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Personality-based leadership style in which the manager seeks to inspire workers with a vision of what can be accomplished to benefit all stakeholders.

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Decision Making

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The act of choosing one alternative from a set of alternatives.

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Problem

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The discrepancy between an actual condition and a desired condition.

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Total Quality Management (TQM)

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The coordination of efforts directed as improving customer satisfaction, increasing employee participation, strengthening supplier partnerships, and facilitating an organizational atmosphere of continuous quality improvement.

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Benchmarking

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A process used to evaluate the products, processes, or management practices of another organization that is superior in some way in order to improve quality.

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Organization

Back 43

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

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Organization Chart

Back 44

A diagram that represents the positions and relationships within an organization.

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Chain of Command

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The line of authority that extends from the highest to the lowest levels of an organization.

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Job Specialization

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The separation of all organizational activities into distinct tasks and the assignment of different tasks to different people.

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Job Rotation

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The systematic shifting of employees from one job to another.

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Departmentalization

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The process of grouping jobs into manageable units.

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Departmentalization by Function

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Grouping jobs that relate to the same organizational activity.

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Departmentalization by Product

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Grouping activities related to a particular product or service.

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Departmentalization by Location

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Grouping activities accordance to the defined geographic area in which they are performed.

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Departmentalization by Customer

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Grouping activities according to the needs of various customer populations.

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Delegation

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Assigning part of a managers work and power to other worker's.

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Responsibility

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The duty to do a job or perform a task.

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Authority

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The power, within an organization, to accomplish an assigned job or task.

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Accountabilty

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The obligation of a worker to accomplish an assigned job or task.

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Decentralized Organization

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An organization in which management consciously attempts to spread authority widely in the lower levels of the organization.

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Centralized Organization

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An organization that systematically works to concentrate authority at the upper levels of the organization.

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Span of Management (Span of Control)

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The number of workers who report directly to one manager.

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Organizational Height

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The number of layers, or levels, of a management firm.

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Line Structure

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An organizational structure in which the chain of command goes directly from person to person throughout the organization.

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Line Manager

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A position in which a person makes decisions and gives orders to subordinates to achieve the organization's goals.

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Line-and-Staff Structure

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An organizational structure that utilizes the chain of command from a line structure in combination with the assistance of staff managers.

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Staff Manager

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A position created to provide support, advice, and expertise within an organization.

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Martix Structure

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An organziational structure that combines vertical and horizontal lines of authority, usually by superimposing product departmentalization on a functionally departmentalized organization.

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Cross-Functional Team

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A team of individuals with varying specialties, expertise, and skills that are brought together to achieve common task.

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Network Structure

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

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Corporate Culture

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The inner rites, rituals, heroes and values of a firm.

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Ad Hoc Committee

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A committee created for a specific short-term purpose.

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Standing Committee

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A relatively permanent committee charged with performing some recurring task.

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Task Force

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A committee established to investigate major problem or pending decision.

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Informal Organization

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The pattern of behavior and interaction that stems from personal rather than official relationships.

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Informal Group

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A group created by the members themselves to accomplish goals that may or may not be relevant to an organization.`

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Grapevine

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The informal communications network within an organization.

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Operations Management

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All the activities required to produce goods and services.

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Reshoring

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

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Mass Production

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

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Analytical Process

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A process in operations management in which raw materials are broken into different component parts

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Synthetic Process

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

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Utility

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The ability of a good or service to satisfy a human need.

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Form Utility

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Utility created by people converting raw materials, finances, and information into finished products.

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Service Economy

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

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Research and Development (R&D)

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A set of activities intended to identify new ideas that have the potential to result in new goods and services.

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Design Planning

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The development of a plan for converting an idea into an actual product or service.

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Product Line

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A group of similar products that differ only in relatively minor characteristics.

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Product Design

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The process of creating a set of specifications from which a product can be produced.

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Capacity

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The amount of products or services that an organization can produce in a given time.

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Labor-Intensive Technology

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A process in which people must do most of the work.

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Capital-Intensive Technology

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A process in which machines and equipment do most of the work.

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Plant Layout

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The arrangement of machinery, equipment, and personnel within a production facility.

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Planning Horizon

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The period during which an operational plan will be in effect.

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Purchasing

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

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Inventory Control

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The process of managing inventories in such a way as to minimize inventory costs, including both holding costs and potential stock-out costs.

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Materials Requirements Planning (MRP)

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A computerized system that integrates production planning and inventory control.

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Just-in-Time Inventory System

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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.

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Scheduling

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

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Gantt Chart

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A graphic scheduling device that displays the tasks to be performed on the vertical axis and the time required for each task on the horizontal axis.

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PERT (Program Evaluation and Review Technique)

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A scheduling technique that identifies the major activities necessary to complete a project and sequences them based on the time required to perform each one.

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Malcolm Baldrige National Quality Award

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An award given by the president of the United States to organizations judged to be outstanding in specific managerial tasks that lead to improved quality for both products and services.

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Quality Control

Back 100

The process of ensuring that goods and services are produced in accordance with design specifications.

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Quality Circle

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A team of employees who meet on company time to solve problems of product quality.

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Inspection

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The examination of the quality of work-in-process.

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Six Sigma

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A discipline approach that relies on a statistical data and improved methods to eliminate defects for a firms products and services.

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International Organization for Standardization (ISO)

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A network of national standards institutes and similar organizations from over 160 different countries that is charged with developing standards for quality products and services that are traded throughout the globe.

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Less Manufacturing

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A concept built on the idea of eliminating waste from all of the activities required to produce a product or service.

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Automation

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The total or near total use of machines to do work.

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Robotics

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The use of programmable machines to perform a variety of tasks by manipulating materials and tools

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Computer Aided Design (CAD)

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The use of computers to aid in the development of products.

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Computer Aided Manufacturing (CAM)

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The use of computers to plan and control manufacturing processes.

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Computer-Integrated Manufacturing (CIM)

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A computer system that not only helps to design products but also controls the machinery needed to produce the finished product.

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Continuous Process

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

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Flexible Manufacturing System (FMS)

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A single production system that combines electronic machines and computer-integrated manufacturing.

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Intermittent Process

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