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Business Final
| Question | Answer |
|---|---|
| Management | The attainment of organizational goals in an effective and efficient manner through planning, organizing, leading, and controlling organizational resources. |
| organization | A social entity that is goal directed and deliberately structured. |
| effectiveness | The degree to which the organization achieves a stated goal. |
| efficiency | The amount of resources—raw materials, money, and people—used to produce a desired volume of output. |
| performance | An organization’s ability to attain its goals by using resources in an efficient and effective manner. |
| Time management | Using techniques that enable you to get more done in less time and with better results, be more relaxed, and have more time to enjoy your work and your life. |
| Scientific management | A subfield of the classical perspective that emphasizes scientifically determined changes in management practices as the solution to improving labor productivity. |
| classical perspective | Takes a rational, scientific approach to management and seeks to turn organizations into efficient operating machines. |
| role | A set of expectations for one’s behavior. |
| bureaucratic organizations approach | Emphasizes management on an impersonal, rational basis through elements such as clearly defined authority and responsibility, formal recordkeeping, and separation of management and ownership. |
| Management science | Uses mathematics, statistical techniques, and computer technology to facilitate management decision making, particularly for complex problems. Also called the quantitative perspective. |
| administrative principles approach | A subfield of the classical perspective that focuses on the total organization rather than the individual worker and delineates the management functions of planning, organizing, commanding, coordinating, and controlling. |
| information technology (IT) | The hardware, software, telecommunications, database management, and other technologies used to store, process, and distribute information. |
| quants | Refers to financial managers and others who make decisions based primarily on complex quantitative analysis. |
| digital organization | Digital organizations have a high-level ability to use data and digital tools to organize, manage, and reconfigure their human capital and physical resources. |
| humanistic perspective | Emphasizes understanding human behavior, needs, and attitudes in the workplace. |
| human relations movement | Stresses the satisfaction of employees’ basic needs as the key to increased productivity. |
| Hawthorne studies | A series of research efforts that was important in shaping ideas concerning how managers should treat workers. |
| behavioral sciences approach | Draws from psychology, sociology, and other social sciences to develop theories about human behavior and interaction in an organizational setting. |
| human resources perspective | Suggests that jobs should be designed to meet people’s higher-level needs by allowing employees to use their full potential. |
| Big data analytics | Technologies, skills, and processes for searching and examining massive, complex sets of data that traditional data processing applications cannot handle to uncover hidden patterns and correlations. |
| Internet of Things | Digital technology in which impersonal “things” are connected and can themselves generate and receive data by communicating with each other. |
| Artificial intelligence | Techniques used to teach computer systems to learn, reason, perceive, infer, communicate, and make decisions similar to or better than human beings can. |
| Platform-based organizations | Organizations that connect and enable users to both create and consume something of value. |
| Radical decentralization | Decentralization of authority is radical rather than incremental. |
| Employee engagement | People are emotionally involved in their jobs and are satisfied with their work conditions, contribute enthusiastically to meeting team and organizational goals, and feel a sense of belonging and commitment to the organization and its mission. |
| Nudge management | Applies insights from the behavioral sciences to design elements of the organization in a way that guides people toward behaviors that support organizational goals and values. |
| organizational environment | Includes all elements existing outside the boundary of an organization that have the potential to affect it. |
| task environment | Includes the sectors that conduct day-to-day transactions with the organization and directly influence its basic operations and performance. |
| internal environment | Includes elements within the organization’s boundaries, such as employees, management, and corporate culture. |
| organizational ecosystem | Includes organizations in all the sectors of the task and general environments that provide the resource and information transactions, flows, and linkages necessary for an organization to thrive. |
| general environment | Indirectly influences all organizations within an industry; includes five dimensions. |
| customers | People and organizations that acquire goods or services from a company. |
| competitors | Organizations within the same industry or type of business that vie for the same set of customers. |
| Suppliers | Provide the raw materials the organization uses to produce its output. |
| supply chain | A network of multiple businesses and individuals that are connected through the flow of products or services. |
| labor market | The people available for hire by the organization. |
| international dimension | In the external environment, represents events originating in foreign countries, as well as opportunities for companies in other countries. |
| technological dimension | In the general environment, includes scientific and technological advances in society. |
| sociocultural dimension | Includes demographic characteristics, norms, customs, and values of a population within which the organization operates. |
| economic dimension | Represents the general economic health of the country or region in which the organization operates. |
| legal–political dimension | Includes government regulations at the local, state, and federal levels, as well as political activities designed to influence company behavior. |
| Social media analytics | Gathering data from social media platforms such as Instagram, Facebook, Weibo, Tumblr, Pinterest, Twitter, and LinkedIn and analyzing those data to help managers address specific problems or to evaluate corporate impact or popularity. |
| natural dimension | Includes all elements that occur naturally on Earth, including plants, animals, rocks, and natural resources such as air, water, and climate. |
| Strategic issues | An event or force that alters an organization’s ability to achieve its goals. |
| Boundary spanning | Links to and coordinates the organization with key elements in the external environment. |
| culture | The set of key values, beliefs, understandings, and norms shared by members of an organization. |
| story | A narrative based on true events that is repeated frequently and shared among organizational employees. |
| symbol | An object, act, or event that conveys meaning to others. |
| hero | A figure who exemplifies the deeds, character, and attributes of a strong culture. |
| toxic culture | Culture in which persistent negative sentiments and infighting cause stress, unhappiness, and lowered productivity among subgroups of employees. |
| slogan | A phrase, such as Disney’s “The happiest place on earth,” that succinctly expresses a key corporate value. |
| adaptability culture | Characterized by values that support the company’s ability to interpret and translate signals from the environment into new behavior responses. |
| achievement culture | A results-oriented culture that values competitiveness, personal initiative, and achievement. |
| involvement culture | A culture that places high value on meeting the needs of employees and values cooperation and equality. |
| ceremony | A planned activity at a special event. |
| consistency culture | Values and rewards a methodical, rational, orderly way of doing things. |
| cultural leader | Defines and articulates important values that are tied to a clear and compelling mission. |
| high-performance culture | Emphasizes both cultural values and business results. |
| Organizational control | The systematic process through which managers regulate organizational activities to meet planned goals and standards of performance. |
| balanced scorecard | A comprehensive management control system that balances traditional financial measures with measures of customer service, internal business processes, and the organization’s capacity for learning and growth. |
| Hierarchical control | Involves monitoring and influencing employee behavior through the use of rules, policies, hierarchy of authority, written documentation, reward systems, and other formal mechanisms. |
| quality circle | A total quality management (TQM) technique that involves a group of 6–12 volunteer employees who meet regularly to discuss and solve problems affecting the quality of their work. |
| decentralized control | A situation where the organization fosters compliance with organizational goals through the use of organizational culture, group norms, and a focus on goals rather than rules and procedures. |
| total quality management (TQM) | Focuses on managing the total organization to deliver quality to customers. |
| Algorithmic control | The use of software algorithms to set targets, measure performance, provide feedback, and decide rewards for employees. |
| Benchmarking | The continuous process of measuring products, services, and practices against major competitors or industry leaders. |
| Kaizen | A Japanese term meaning “change for the better.” |
| Six Sigma | A quality control approach that emphasizes a relentless pursuit of higher quality and lower costs. |
| quality partnering | Involves assigning dedicated personnel within a particular functional area of the business to identify opportunities for quality improvements throughout the work process. |
| continuous improvement | See kaizen. |
| responsibility center | Any organizational department or unit under the supervision of a single person who is responsible for its activity. |
| expense budget | A budget that outlines the anticipated and actual expenses for a responsibility center. |
| revenue budget | A budget that lists forecasted and actual revenues of the organization. |
| Zero-based budgeting (ZBB) | An approach to planning and decision making that requires a complete justification for every line item in a budget, instead of carrying forward a prior budget and applying a percentage change. |
| cash budget | A budget that estimates receipts and expenditures of money on a daily or weekly basis to ensure that an organization has sufficient cash to meet its obligations. |
| top-down budgeting | Means that the budgeted amounts for the coming year are literally imposed on middle- and lower-level managers. |
| capital budget | A budget that plans and reports investments in major assets to be depreciated over several years. |
| bottom-up budgeting | Involves lower-level managers anticipating their department’s budget needs and passing them up to top management for approval. |
| liquidity ratio | Indicates the organization’s ability to meet its current debt obligations. |
| income statement | Summarizes a firm’s financial performance for a given time interval. |
| balance sheet | Shows the firm’s financial position with respect to assets and liabilities at a specific point in time. |
| activity ratio | Measures the organization’s internal performance with respect to key activities defined by management. |
| profitability ratios | Describes the firm’s profits relative to a source of profits, such as sales or assets. |
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