Intro To Business Exam Two

Front 1

Company Vision

Back 1

an encompassing explanation of why the organization exists and where it's trying to head.

Front 2

Mission Statement

Back 2

an outline of the fundamental purposes of an organization.

Front 3

management

Back 3

the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.

Front 4

organizing

Back 4

a management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives.

Front 5

planning

Back 5

a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

Front 6

controlling

Back 6

a management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.

Front 7

leading (?)

Back 7

creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives.

Front 8

decision-making

Back 8

choosing among two or more alternatives.

Front 9

directing

Back 9

historically, many leaders gave explicit instructions to workers, telling them what to do to meet the goals and objectives of the organization. the term for such a process is directing. (pg. 196)

Front 10

division of labor

Back 10

determining what work needs to be done and then dividing up the tasks among different people. (pg. 206)

Front 11

job specialization

Back 11

dividing tasks into smaller jobs. (pg. 206)

Front 12

job enrichment

Back 12

a motivational strategy that emphasizes motivating the worker through the job itself. (the motivational effect of job enrichment can come from the opportunities for personal achievement, challenge, and recognition.)- pg. 267

Front 13

departmentalization

Back 13

the dividing of organizational functions into separate units.

Front 14

one large management function is managing change

Back 14

introducing change into an organization is one of the hardest challenges facing any manage.

Front 15

mass production

Back 15

efficiently producing large quantities of goods (pg. 208)

Front 16

Economics of Scale

Back 16

the situation in which companies can reduce their production costs if they can purchase raw materials in bulk; the average cost of goods goes down as production levels increase.

Front 17

Operations Management

Back 17

a specialized area in management that converts or transforms resources (including human resources) into goods and services.

Front 18

Production Management

Back 18

the term used to describe all the activities managers do to help their firms create goods.

Front 19

which has recently grown faster? manufacturing or service sector of business?

Back 19

service sector of business

Front 20

facility location

Back 20

the process of selecting a geographic location for a company's operations.

Front 21

facility layout

Back 21

the physical arrangement of resources (including people) in the production process.

Front 22

benefit of proper facility location

Back 22

makes it easy for consumers to access the company's services; labor costs and availability of resources could be better; transportation access, quality of life, cost of living, inexpensive labor.

Front 23

Intrinsic Reward

Back 23

the personal satisfaction you feel when you perform well and complete goals.

Front 24

Extrinsic Reward

Back 24

something given to you by someone else as recognition for good work; extrinsic rewards include pay increase, praise, and promotions.

Front 25

Fredrick Taylor

Back 25

wrote The Principles of Scientific Management (he is known as the father of scientific management). Taylor thought the way to improve productivity was to study the most efficient ways to do things, determine the one best way, and teach the people this method. Also did time-motion studies.

Front 26

Frank and Lillian Gilbreth

Back 26

they used Taylor's ideas in a three-year study of bricklaying. They developed the principle of motion economy, which showed that every job could be broken down into a series of elementary motions called a therblig. They then analyzed each motion to make it more efficient.

Front 27

Maslow

Back 27

Maslow's hierarchy of needs: physiological needs, safety needs, social needs, esteem needs, self-actualization needs. When one need is satisfied, another higher-level need emerges and motivates the person to do something to satisfy it.

Front 28

Hawthorne effect

Back 28

the tendency for people to behave differently when they know they are being studied.

Front 29

Human Resource Management

Back 29

the process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals.

Front 30

What is the ultimate resource of the firm?

Back 30

people (employees). they develop ideas that eventually become the products that satisfy consumers' wants and needs.

Front 31

Key Functions of Human Resource Management

Back 31

it is responsible for dealing with all aspects of a business's most critical resource-people.

Front 32

Job Analysis

Back 32

a study of what is done by employees who hold various job titles

Front 33

Labor Union

Back 33

an employee organization that has the main goal of representing members in employee-management bargaining over job-related issues.

Front 34

When did formal labor organizations begin?

Back 34

- 1792

the presence of formal labor organizations in the US dates back close to the time of the American Revolution. (pg.323)

Front 35

What two things are labor unions usually given credit for helping to make standard in the US?

Back 35

- minimum wage laws
- overtime rules
- worker's compensation
- severance pay
- child-labor laws
- job safety regulations

Front 36

First national labor organization?

Back 36

the Knights of Labor, which was formed in 1869, was the first national labor organization.

Front 37

Decertification

Back 37

the process by which workers take away a union's right to represent them.

Front 38

Certification

Back 38

Formal process whereby a union is recognized by the National Labor Relations Board (NLRB) as the bargaining agent for a group of employees.

Front 39

ESOP

Back 39

Employee Stock Ownership Plan- receiving stock options, buying stock options, getting stock as a bonus, etc.