a natural ability to do something

refers to the progression of a business through various stages from its inception to its eventual decline.

Centralized -Decentralized:

one person makes all decisions vs decision making being distributed

the formal hierarchy that defines authority

total monetary and non-monetary rewards given to employees in exchange for their work and contributions to an organization.

the processes and mechanisms used to monitor, regulate, and guide an organization’s activities to ensure goals are achieved efficiently

refers to any period when systems, equipment, or employees are unable to perform their intended work, either due to planned maintenance or unexpected disruptions.

the structured arrangement of authority, roles, and responsibilities within a company, typically organized in levels

all items a company holds for sale, production, or operational use, including raw materials, work-in-progress, and finished goods.

the policy of leaving things to take their own course, without interfering

overall attitude, satisfaction, and emotional well-being of employees within an organization, significantly impacting productivity and workplace culture.

Organizational Structure:

he framework that defines roles, responsibilities, authority, and communication within a business to achieve its objectives efficiently.

measures how efficiently a company converts resources into valuable output, such as goods or services, to drive growth, profitability, and competitiveness.

structured, forward-looking process that defines a business’s long-term direction, goals, and the actions needed to achieve them.

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chapter 7

Term	Definition
Aptitude	a natural ability to do something
Business Life Cycle:	refers to the progression of a business through various stages from its inception to its eventual decline.
Centralized -Decentralized:	one person makes all decisions vs decision making being distributed
Chain of Command:	the formal hierarchy that defines authority
Compensation:	total monetary and non-monetary rewards given to employees in exchange for their work and contributions to an organization.
Control:	the processes and mechanisms used to monitor, regulate, and guide an organization’s activities to ensure goals are achieved efficiently
Downtime:	refers to any period when systems, equipment, or employees are unable to perform their intended work, either due to planned maintenance or unexpected disruptions.
Hierarchy:	the structured arrangement of authority, roles, and responsibilities within a company, typically organized in levels
Inventory:	all items a company holds for sale, production, or operational use, including raw materials, work-in-progress, and finished goods.
Laissez-Faire:	the policy of leaving things to take their own course, without interfering
Morale	overall attitude, satisfaction, and emotional well-being of employees within an organization, significantly impacting productivity and workplace culture.
Organizational Structure:	he framework that defines roles, responsibilities, authority, and communication within a business to achieve its objectives efficiently.
Productivity:	measures how efficiently a company converts resources into valuable output, such as goods or services, to drive growth, profitability, and competitiveness.
Strategic Planning:	structured, forward-looking process that defines a business’s long-term direction, goals, and the actions needed to achieve them.

Created by: Kmyers27

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