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Intro to Business
Exam #2
| Term | Definition |
|---|---|
| Management functions | Planning, organizing, staffing, directing, controlling. |
| Management | A process designed to achieve an organization´s objective by using its resources effectively and efficiently in a changing environment. |
| Mission | The statement of an organization´s fundamental purpose and basic philosophy. |
| Downsizing | The elimination of a significant number of employees from an organization. |
| Levels of management | Top management, Middle management, First-Line management. |
| Leadership | The ability to influence employees to work toward organizational goals. |
| Technical expertise | The specialized knowledge and training needed to perform jobs that are related to particular areas of management. |
| Conceptual skills | The ability to think in abstract terms and to see how parts fits together to form the whole. |
| Analytical skills | The ability to identify relevant issues, recognize their importance,understand the relationships between them, and perceive the underlying causes of a situation. |
| Human relations skills | The ability to deal with people, both inside and outside the organization. |
| Organizational culture | A firm´s shared values, beliefs, traditions, philosophies, rules, and role models for behavior. |
| Organizational chart | A visual display of the organizational structure, lines of authority (chain of command), staff relationships, permanent committee arrangements, and lines of communication. |
| Departmentalization | The grouping of jobs into working units usually called departments, units, groups, or divisions. |
| Responsibility | The obligation, placed on employees through delegation, to perform assigned tasks satisfactorily and be held accountable for proper execution of work. |
| Accountability | The principle that employees who accept an assignment and the authority to carry it out are answerable to a superior for the outcome. |
| Centralized organizations | A structure in which authority is concentrated at the top, and very little decision-making authority is delegated to lower levels. |
| Decentralized organizations | An organization in which decision-making authority is delegated as far down the chain of command as possible. |
| Span of management | The number of subordinates who report to a particular manager. |
| Self-directed work team (SDWT | A group of employees responsible for an entire work process or segment that delivers a product to an internal or external customer. |
| Grapevine | An informal channel of communication, separate from management´s formal, official communication channels. |
| Capacity | The maximum load that an organizational unit can carry or operate. |
| Supply chain management | Connecting and integrating all parties or members of the distribution system in order to satisfy customer. |
| Economic order quantity (EOQ | a model that identifies the optimum number of items to order to minimize the costs of managing(ordering, storing, and using) them. |
| Just in time inventory (JIT) | A technique using smaller quantities of materials that arrive “just in time” for use in the transformation process and therefore require less storage space and other inventory management expense. |
| Total quality management (TQM) | A philosophy that uniform commitment to quality in all areas of an organization will promote a culture that meets customers´ perceptions of quality. |
| Human relations | The study of the behavior of individuals and groups in organizational settings. |
| Motivation | An inner drive that directs a person´s behavior toward goals. |
| Morale | An employee´s attitude toward his or her job, employer, and colleagues. |
| Maslow´s hierarchy | A theory that arranges the five basic needs of people – physiological, security, social, esteem, and self-actualization – into the order in which people strive to satisfy them. |
| Theory X | McGregor´s traditional view of management whereby it is assumed that workers generally dislike work and must be forced to do their jobs. |
| Theory Y | McGregor´s humanistic view of management whereby it is assumed that workers like to work and that under proper conditions employees will seek out responsibility in an attempt to satisfy their social, esteem, and self-actualization needs. |
| Equity theory | An assumption that how much people are willing to contribute to an organization depends on their assessment of fairness, or equity, of the rewards they will receive in exchange. |
| Expectancy theory | The assumption that motivation depends not only on how much a person wants something but also on how likely he or she is to get it. |
| Job enlargement | The addition of more tasks to a job instead of treating each task as separate. |
| Job enrichment | The incorporation of motivational factors, such as opportunity for achievement, recognition, responsibility, and advancement, into a job. |
| Human resources management (HRM) | All the activities involved in determining an organization´s human resources needs, as well as acquiring, training, and compensating people to fill those needs. |
| Job analysis | The determination, through observation and study, of pertinent information about a job - including specific tasks and necessary abilities, knowledge, and skills. |
| Job description | A formal, written explanation of a specific job, usually including job title, tasks, relationship with other jobs, physical and mental skills required duties, responsibilities, and working conditions. |
| Job specification | A description of the qualifications necessary for a job, in terms of education, experience, and personal and physical characteristics. |
| Recruiting | Forming a pool of qualified applicants from which management can select employees. |
| Selection | The process of collecting information about applicants and using that information to make hiring decisions. |
| Orientation | newly hired employees with fellow workers, company procedures, and the physical properties of the company. |
| Title VII of the Civil Rights Act | Prohibits discrimination in employment and created the Equal Employment Opportunity Commission. |
| Wage/salary survey | A study that tells a company how much compensation comparable firms are paying for specific jobs that the firm have in common. |
| Profit sharing | A form of compensation whereby a percentage of company profits is distributed to the employees whose work helped to generate them. |
| Benefits | Nonfinancial forms of compensation provided to employees, such as pension plans, health insurance, paid vacation and holidays, and the like. |
| Collective bargaining | The negotiation process through which management and unions reach an agreement about compensation, working hours, and working conditions for the bargaining unit. |
| Lockout | Management´s vision of a strike, wherein a work site is closed so that employees cannot go to work. |
| Mediation | A method of outside resolution of labor and management differences in which the third party´s role is to suggest or propose a solution to the problem. |
| Arbitration | Settlement of a labor/management dispute by a third party whose solution is legally binding and enforceable. |
| Diversity | The participation of different ages, genders, races, ethnicities, nationalities, and abilities in the workplace. |
| Affirmative action | legally mandated plans that try to increase job opport. for minority groups by analyzing workers,identifying areas where woman and underrepresented, and est. specific hiring and promotion goals, with target dates, for addressing the discrepancy. |
Created by:
Josefine Hippi
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