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Business Principles

Chapter 7 Management Vocabulary

Directing is the management function of guiding and motivating employees to accomplish the organization’s objectives
Vision is the perception of marketplace needs and methods by which an organization can satisfy them.
Management is the achievement of organizational objectives through people and other resources.
mission statement. The written statement of an organization’s overall intentions and aims is called a
organizing. The blending of human and material resources into a formal structure of tasks and authority is achieved by the management function of
planning The management function concerned with anticipating the future and determining the best courses of action to achieve organizational objectives is
Controlling is the management function of evaluating an organization’s performance to determine if it is meeting its objectives.
A SWOT analysis is an organized method of assessing an organization’s internal strengths and weaknesses and external opportunities and threats.
Objectives specify end goals for an organization and serve as standards for evaluation of performance in such areas as profitability, customer service, employee satisfaction, and social responsibility
contingency planning. When organizations try to anticipate and meet emergencies, enabling them to resume operations as quickly and smoothly as possible, they are engaged in
tactical planning. Planning and allocating resources for current and near-term activities required to implement overall strategies is achieved through
Operational plans use standards or schedules for implementing tactical plans.
Leadership is the ability to direct and inspire people to attain organizational goals.
Strategic planning is the most far-reaching level of planning and is the process of determining the primary objectives of the organization, adopting courses of action, and allocating the resources necessary to achieve those objectives
Departmentalization occurs when work activities are subdivided into units within the organization on the basis of product, process, geography, function, or customer.
programmed decision uses policies, procedures, and rules to implement a previously determined response in a frequently occurring situation.
Delegation is the act of assigning work activities to subordinates.
decision making process involves recognizing and identifying a problem, developing and evaluating alternatives, selecting and implementing an alternative, and doing a follow up.
competitive differentiation is the unique combination of a company’s abilities and approaches that makes it more successful than its competitors.
nonprogrammed decision When a manager must develop a response to a new or unique situation with important consequences for the organization, that manager is making
Empowerment means that managers lead employees by sharing power, responsibility, and decision-making authority with them.
democratic leadership Managers who involve subordinates in decision making are using the _____________ style of leadership.
free-rein leadership style of leadership means that managers allow subordinates to make most decisions
autocratic leadership When a manager makes decisions without consulting others, the style in use is the
span of management is the number of employees one manager supervises.
organization chart is a graphic outline of authority and responsibility
centralization Retaining decision making at top management levels is known
decentralization When decision-making authority is pushed down to lower organization levels, ________ is in use.
organization is a structured grouping of people working together to achieve common objectives.
Top management is the highest level of the management hierarchy, made up of executives who develop long-range plans and interact with the public and outside entities.
line organization The oldest and simplest organization form, in which there is a clear flow of authority from the chief executive to the subordinates, is the
Middle management is the level of management responsible for developing the plans and procedures to implement the general plans of top management.
chain of command is the set of relationships in an organization that indicates who gives direction to whom and who reports to whom
Supervisory management is the level of management responsible for the details of assigning workers to specific jobs and evaluating performance.
line-and-staff organization. The most common modern organization form, which combines a line organization with staff departments, is the
corporate culture. The value system of an organization is called its
matrix organization specialists from different functional areas of the organization are brought together to work on specific projects
committee organization. An organization structure in which authority and responsibility are jointly held by a group of individuals is
Created by: tiffanie1719



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