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BO Chapter 7

TermDefinition
Aptitude Ability to read, adapt and apply to a business situation, the knowledge one already possesses
Business Life Cycle The progression of a business in phases over time
Centralized Decentralized Strategic planning, goal setting, budgeting, and talent deployment are typically conducted by a single, senior leader or leadership team
Chain of Command An organizational structure that documents how each member of a company reports to one another
Compensation Monetary payment given to an individual in exchange for their services
Control Involves the processes and procedures that regulate, guide, and protect an organization
Downtime Period during which an equipment or machine is not functional or cannot work
Hierarchy The arrangement and organization of individuals within a corporation according to power, status, and job function
Inventory All the items, goods, merchandise, and materials held by a business for selling in the market to earn a profit
Laissez-Faire A type of business style in which the government is hands-off and allow business owners to make the decisions
Morale The attitude, satisfaction, and overall outlook of employees during their association with an organization or a business
Organizational Structure A system that outlines how certain activities are directed in order to achieve the goals of an organization
Productivity A measure of economic performance that compares the amount of goods and services produced (output) with the amount of inputs used to produce those goods and services
Strategic Planning A process in which an organization's leaders define their vision for the future and identify their organization's goals and objectives
Created by: pwood24
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