Centralized -Decentralized

concentrates decision-making authority at the top management level, / distributes authority across departments, teams, or locations.

formal hierarchy that defines reporting relationships, authority, and communication flow within an organization.

the total remuneration—monetary pay, benefits, and incentives—provided to employees in exchange for their labor and services.

the management function of monitoring performance, comparing it against established goals, and taking corrective action to ensure organizational objectives are met efficiently.

any period when systems, equipment, or employees are idle and unproductive, halting normal operations.

a structured, top-down chain of command that organizes employees into distinct levels based on authority, responsibility, and rank.

the raw materials, work-in-progress goods, and finished products a company holds for production, sales, or operational use.

an economic philosophy and management style advocating for minimal intervention, translating to "let it be" or "leave it alone".

the collective outlook, attitude, satisfaction, and confidence employees feel toward their workplace, influencing their motivation, productivity, and loyalty.

Organizational Structure

the formal framework defining how roles, power, and responsibilities are delegated, controlled, and coordinated within a company.

the efficiency of production, measuring the ratio of outputs (goods/services) created against inputs used.

the structured process of defining an organization’s long-term direction, setting priorities, and allocating resources to achieve specific goals.

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Chapter 7: Business

Term	Definition
Aptitude	a natural ability to do something
Business Life Cycle	the progression of a business through distinct stages
Centralized -Decentralized	concentrates decision-making authority at the top management level, / distributes authority across departments, teams, or locations.
Chain of Command	formal hierarchy that defines reporting relationships, authority, and communication flow within an organization.
Compensation	the total remuneration—monetary pay, benefits, and incentives—provided to employees in exchange for their labor and services.
Control	the management function of monitoring performance, comparing it against established goals, and taking corrective action to ensure organizational objectives are met efficiently.
Downtime	any period when systems, equipment, or employees are idle and unproductive, halting normal operations.
Hierarchy	a structured, top-down chain of command that organizes employees into distinct levels based on authority, responsibility, and rank.
Inventory	the raw materials, work-in-progress goods, and finished products a company holds for production, sales, or operational use.
Laissez-Faire	an economic philosophy and management style advocating for minimal intervention, translating to "let it be" or "leave it alone".
Morale	the collective outlook, attitude, satisfaction, and confidence employees feel toward their workplace, influencing their motivation, productivity, and loyalty.
Organizational Structure	the formal framework defining how roles, power, and responsibilities are delegated, controlled, and coordinated within a company.
Productivity	the efficiency of production, measuring the ratio of outputs (goods/services) created against inputs used.
Strategic Planning	the structured process of defining an organization’s long-term direction, setting priorities, and allocating resources to achieve specific goals.

Created by: Sbowers26

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