Management Test 2 Review

Front 1

Mission Statement

Back 1

the overall purpose of a business

Front 2

Strategic goals are ran by.....

Back 2

top level

Front 3

Tactical goals are ran by.....

Back 3

middle management

Front 4

Operational goals are ran by.....

Back 4

first level management

Front 5

Short Term Goal

Back 5

less than a year

Front 6

Intermediate Goals

Back 6

1-5 years

Front 7

Long Term Goals

Back 7

5+ years

Front 8

ContingencyPlan

Back 8

courseof action in result to something happening (in case of an emergency)

Front 9

Operational Plan

Back 9

waysto achieve the operational goal

Front 10

Distinctive Competence

Back 10

doingsomething better than everyone else

Front 11

Focus Strategy

Back 11

to concentrate on one thing

Front 12

Miles & Snow Typology

Back 12

strategies to better your company

Front 13

Prospector Strategy

Back 13

seek new markets and new customers

Front 14

Defend Strategy

Back 14

keeping current customers

Front 15

Analyzer Strateg

Back 15

combination of prospector and defend

Front 16

Reactor Strategy

Back 16

reaction to competitors

Front 17

Product Life Cycle

Back 17

1. introduction: promo

2. growth: high profits + sales

3. Maturity: modify the product

4. decline

Front 18

SingleProduct Strategy

Back 18

concentratingon one product within a company

Front 19

DifferentiationStrategy

Back 19

doing something that differs your product from other businesses

Front 20

RelatedDiversification

Back 20

when products are related to one another

Front 21

ProgrammedDecision

Back 21

routine actions within a business

Front 22

Satisficing

Back 22

meeting the minimum

Front 23

DecisionMaking Conditions

Back 23

1. Under Certainty

2. Under Risk (Probability)

Under Uncertainty

Front 24

Classical Management

Back 24

traditional; to improve the performance of workers

Front 25

Behavioral Management

Back 25

1. incomplete alternatives

2. imperfect information

3. bounded rationality

Front 26

Bounded Rationality

Back 26

decisionis made without complete information

Front 27

Escalationof Commitment

Back 27

makingthe same decision regardless if its wrong

Front 28

InteractingGroup

Back 28

most common form of a group

Front 29

Entrepreneur

Back 29

someone who takes risks

*first step to starting a business is self analysis*

Front 30

Cash Budget

Back 30

knowing how to spend your money

Front 31

SBA

Back 31

small business administration

SCORE: retired

ACE: active workers

SBI: institute

SBDC: development center

Front 32

Franchising

Back 32

givingpermission to other people to use your name and brand

Front 33

Job Rotation

Back 33

switching workers so they dont get bored

Front 34

Job Enlargement

Back 34

giving employees more thing to do

Front 35

Job Enrichment

Back 35

giving employees more responbility

Front 36

Deparmentalization

Back 36

breakingdown the company into sub categories

Front 37

Chain of Command

Back 37

who reports to who

Front 38

Span of Management

Back 38

how many employees report to each manager

1. Tall / Narrow: straight up and down

2. Wide / Flat: expands

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Front 39

Centralized

Back 39

authority is concentrated at the top level

Front 40

Decentralized

Back 40

authority is spread throughout the organization

Front 41

Line Position

Back 41

how advice travels

Solid: direct

Dotted: indirect

Front 42

Unit Batch

Back 42

smaller amount of product

Front 43

Mass Production

Back 43

larger amount of production (division of labor)

Front 44

MechanisticStructure

Back 44

easy to maintain and rarely needs to bechanged

Front 45

FunctionalU-Form Design

Back 45

deparmentalizatoin

Front 46

Conglomerate H-Form Design

Back 46

unrelated diversification

Front 47

Virtual Organization

Back 47

no formal structure

Front 48

Learning Organization

Back 48

interns work with professionals (learning environment)

Front 49

Lewin Mondel

Back 49

convince to make change

1. Implementing: make the change

2. Re-freezing: people involved in the change

Front 50

Planned Change

Back 50

the company is aware before hand

Front 51

Reactive Change

Back 51

impromptu

Front 52

Participation

Back 52

mosteffective technique to overcoming the resistance to change

Front 53

Reengineering

Back 53

used to overcome entropy

Front 54

First step to reengineering

Back 54

developing goals and strategy

Front 55

Product

Back 55

physical

Front 56

Process

Back 56

making of

Front 57

EPA (Equal Pay Act)

Back 57

employers cant pay female employees less than male employees

Front 58

Skills Inventory Chart

Back 58

lists employees and their skills

Front 59

Forecasting Supply

Back 59

predicting the supply of workers

Front 60

Replacement Chart

Back 60

list employees that can replace others

Front 61

Performance Appraisal

Back 61

assessment of employees

Front 62

Workers Compensation

Back 62

getting paid while not being able to work because of on-the-job injuries

Front 63

Benefits

Back 63

1. insurance

2. retirement plan

3. vacation

4. payment

5. stock shares

Front 64

Grievance

Back 64

complaintmade by workers against management

Front 65

Cost

Back 65

1. better productivity

2. less absenteeism: people are at work often

3. less turnover: not leaving the company

Front 66

Forms of Payment

Back 66

1. weekly

2. bi-weekly

3. monthly

4. commission (% of sales)

5. salary + commission