the ability of an individual to learn material sufficiently so that he or she can properly perform the business task required

trade profession or occupation any activity that is engaged for money

Centralized -Decentralized:

oragnization along a strictly hierarchical model no delegation of authority is permitted

structure of decision-making responisbilities from the higher levels of authority to the lower levels

Direct and indirect monetary and nonmonetary rewards given to employees on the basis of the value of the job, their personal contributions, and their performance

Measure assuring conformity with an organization's policies, procedures, or standards, as in quality control.

Period during which a worker is idled because of a machine malfunction or because the flow of materials is interrupted; also called downtime. Dead time is a direct cost to the company

Ordering by importance of roles, responsibilities, or objectives in an organization. The chief executive officer is at the pinnacle of the management hierarchy

Value of a firm's raw materials, work in process, supplies used in operations, and finished goods.

Doctrine that interference of government in business and economic affairs should be minimal

Collective feeling or attitude in a work group. A good manager tries to keep the morale high in an organization. High morale tends to motivate workers in a group toward the achievement of a goal.

Organizational Structure:

Apportionment of responsibility and authority among the members of an organization

Measured relationship of the quantity and quality of units produced and the labor per unit of time.

n a business firm, deciding what principal products and services to produce for what major markets.

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ch 7

Term	Definition
Aptitude:	the ability of an individual to learn material sufficiently so that he or she can properly perform the business task required
Business Life Cycle:	trade profession or occupation any activity that is engaged for money
Centralized -Decentralized:	oragnization along a strictly hierarchical model no delegation of authority is permitted
Chain of Command:	structure of decision-making responisbilities from the higher levels of authority to the lower levels
Compensation:	Direct and indirect monetary and nonmonetary rewards given to employees on the basis of the value of the job, their personal contributions, and their performance
Control:	Measure assuring conformity with an organization's policies, procedures, or standards, as in quality control.
Downtime:	Period during which a worker is idled because of a machine malfunction or because the flow of materials is interrupted; also called downtime. Dead time is a direct cost to the company
Hierarchy:	Ordering by importance of roles, responsibilities, or objectives in an organization. The chief executive officer is at the pinnacle of the management hierarchy
Inventory:	Value of a firm's raw materials, work in process, supplies used in operations, and finished goods.
Laissez-Faire:	Doctrine that interference of government in business and economic affairs should be minimal
Morale	Collective feeling or attitude in a work group. A good manager tries to keep the morale high in an organization. High morale tends to motivate workers in a group toward the achievement of a goal.
Organizational Structure:	Apportionment of responsibility and authority among the members of an organization
Productivity:	Measured relationship of the quantity and quality of units produced and the labor per unit of time.
Strategic Planning:	n a business firm, deciding what principal products and services to produce for what major markets.

Created by: gavin213

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