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Business Management
Chapters 6-10
| Question | Answer |
|---|---|
| management | the process of coordinating people and other resources to achieve the goals of an organization |
| planning | establishing organizational goals and deciding how to accomplish them |
| mission | a statement of the basic purpose that makes an organization different from others |
| strategic planning | the process of establishing an organization's major goals and objectives and allocating the resources to achieve them |
| goal | an end result that an organization is expected to achieve over a one to ten year period |
| objective | a specific statement detailing what an organization intends to accomplish over a shorter period of time |
| plan | an outline of the actions by which an organization intends to accomplish its goals and objectives |
| strategic plan | an organization's broadest plan, developed as a guide for major policy setting and decision making |
| tactical plan | a smaller scale plan developed to implement a strategy |
| operational plan | a type of plan designed to implement tactical plans |
| contingency plan | a plan that outlines alternative courses of action that may be taken if an organization's other plans are disrupted or become ineffective |
| organizing | the grouping of resources and activities to accomplish some end result in an efficient and effective manner |
| leading | the process of influencing people to work toward a common goal |
| motivating | the process of providing reasons for people to work in the best interests of an organization |
| directing | the combined processes of leading and motivating |
| controlling | the process of evaluating and regulating ongoing activities to ensure that goals are achieved |
| top manager | an upper level executive who guides and controls the overall fortunes of an organization |
| middle manager | a manager who implements the strategy and major policies developed by top management |
| first-line manager | a manager who coordinates and supervises the activities of operating employees |
| financial manager | a manager who is primarily responsible for an organization's financial resources |
| operation's manager | a manager who manages the systems that convert resources into goods and services |
| marketing manager | a manager who is responsible for facilitating the exchange of products between an organization and its customers or clients |
| human resources manager | a person charged with managing an organization's human resources program |
| administrative manager | a manager who is not associated with any specific functional area but who provides overall administrative guidance and leadership |
| technical skill | a specific skill needed to accomplish a specialized activity |
| conceptual skill | the ability to think in abstract terms |
| interpersonal skill | the ability to deal effectively with other people |
| interpersonal role | a role in which the manager deals with people |
| informational role | a role in which the manager either gathers or provides information |
| leadership | the ability to influence others |
| authoritarian leader | one who holds all authority and responsibility, with communication usually moving from top to bottom |
| laissez-faire leader | one who gives authority to employees and allows subordinates to work as they choose with a minimum of interference; communicatio flows horizontally among group members |
| democratic leader | one who holds final responsibility but also delegates authority to others, who help to determine work assignments; communication is active upward and downward |
| decision making | the act of choosing one alternative from a set of alternatives |
| problem | the discrepancy between an actual condition and a desired condition |
| total quality management (TQM) | the coordination of efforts directed at improving customer satisfaction, increasing employee participation, strengthening supplier partnerships, and facilitating an organizational atmosphere of continuous quality |
| organization | a group of 2 or more people working together to achieve a common set of goals |
| organization chart | a diagram that represents the positions and relationships within an organization |
| chain of command | the line of authority that extends from the highest to the lowest levels of an organization |
| job specialization | the separation of all organizational activities into distinct tasks and the assignment of different tasks to different people |
| job rotation | the systematic shifting of employees from one job to another |
| departmentalization | the process of grouping jobs into manageable units |
| departmentalization by function | grouping jobs that relate to the same organizational function |
| departmentalization by product | grouping activities related to a particular product or service |
| departmentalization by location | grouping activities according to the defined geographic area in which they are performed |
| departmentalization by customer | grouping activities according to the needs of various customer populations |
| delegation | assigning part of a manager's work and power to other workers |
| responsibility | the duty to do a job or perform a task |
| authority | the power, within an organization, to accomplish an assigned job or task |
| accountability | the obligation of a worker to accomplish an assigned job or task |
| decentralized organization | an organization in which management consciously attempts to spread authority widely in the lower levels of the organization |
| centralized organization | an organization that systematically works to concentrate authority at the upper levels of the organization |
| span of management (control) | the number of workers who report directly to one manager |
| organizational height | the number of layers, or levels, of management in a firm |
| line management position | a part of the chain of command, it is a position in which a person makes decisions and gives orders to subordinates to achieve the goals of the organization |
| staff management position | a position created to provide support, advice, and expertise within an organization |
| bereaucratic structure | a mangagement system based on a formal framework of authority that is outlined carefully and followed precisely |
| matrix structure | an organizational structure that combines vertical and horizontal lines of authority, usually by superimposing product departmentalization on a functionally departmentalized organization |
| cross functional team | a team of individuals with varying specialties, expertise, and skills that are brought together to achieve a common goal |
| cluster structure | an organization that consists primarily of teams with no or very few underlying departments |
| network structure | an organization in which administration is the primary function, and most other functions are contracted out to other firms |
| corporate culture | the inner rites, rituals, heroes, and values within a firm |
| intrapreneur | an employee who pushes an innovative idea, product, or process through an organization |
| ad hoc committee | a committee created for a specific short term purpose |
| standing committee | a relatively permanent committee charged with performing some recurring task |
| task force | a committee established to investigate a major problem or pending decision |
| managerial hierarchy | the arrangement that provides increasing authority at higher levels of management |
| informal organization | the pattern of behavior and interaction that stems from personal rather than official relationships |
| informal group | a group created by the members themselves to accomplish goals that may or may not be relevant to an organization |
| grapevine | the informal communications network within an organization |
| operations management | all activities managers engage in to produce goods and services |
| mass production | a manufacturing process that lowers the cost required to produce a large number of identical or similar products over a long period of time |
| analytical process | a process in operations management in which raw materials are broken into different component parts |
| synthetic process | a process in operations management in which raw materials or components are combined to create a finished product |
| utility | the ability of a good or service to satisfy a human need |
| form utility | utility created by people converting raw materials, finances, and information into finished products |
| service economy | an economy in which more effort is devoted to the production of services that to the production of goods |
| research and development (R&D) | a set of activities intended to identify new ideas that have the potential to result in new goods and services |
| design planning | the development of a plan for converting a product idea into an actual product or service |
| product line | a group of similar products that differ only in relatively minor characteristics |
| product design | the process of creating a set of specifications from which a product can be produces |
| capacity | the amount of products or services that an organization can produce in a given time |
| labor-intensive technology | a process in which people must do most of the work |
| capital-intensive technology | a process in which machines and equipment do most of the work |
| plant layout | the arrangement of machinery, equipment, and personnel within a production facility |
| planning horizon | the period during which an operational plan will be in effect |
| purchasing | all the activities involved in obtaining required materials, supplies, components, and parts from other firms |
| inventory control | the process of managing inventories in such a way as to minimize inventory costs, including both holding costs and potential stock outcasts |
| materials requirements planning (MRP) | a computerized system that integrates production planning and inventory control |
| just in time inventory system | a system designed to ensure that materials of supplies arrive at a facility just when they are needed so that storage and holding costs are minimized |
| scheduling | the process of ensuring that materials and other resources are at the right place at the right time |
| Gantt chart | a graphic scheduling device that displays the tasks to be performed on the vertical axis and the time required for each task on the horizonal axis |
| PERT (Program Evaluation & Review Techniques) | a scheduling technique that identifies the major activities necessary to complete a project and sequences them based on the time required to perform each one |
| critical path | the sequence of production activities that takes the longest time from start to finish |
| Malcolm Baldrige National Quality Award | an award given by the President of the US to organizations that apply and are judged to be outstanding in specific managerial tasks that lead to improved quality for both products and services |
| quality control | that process of ensuring that goods and services are produced in accordance with design specifications |
| statistical process control (SPC) | a system that uses sampling to obtain data that are plotted on control charts and graphs to see if the production process is operating as it should and to pinpoint problem areas |
| statistical quality control (SQC) | a set of specific statistical techniques used to monitor all aspects of the production process to ensure tht both work in progress and finished products meet the firm's quality standards |
| inspection | the examination of the quality of work in process |
| Six Sigma | a disciplined approach that relies on statistical data and improved methods to eliminate defects for a firm's products and services |
| quality circle | a team of employees who meet on company time to solve problems of product quality |
| International Organization of Standardization | a nongovernmental organization in Geneva,Switzerland, with a membership of 157 countries tha develops standards for products to facilitate trade across national borders |
| productivity | the average level of output per worker per hour |
| automation | the total or near total use of machines to do work |
| robotics | the use of programmable machines to perform a variety of tasks by manipulating materials and tools |
| computer aided design | the use of computers to aid in the development of products |
| computer aided manufacturing | the use of computers to plan and control manufacturing processes |
| computer integrated manufacturing (CIM) | a computer system that not only helps to design products but also controls the machinery needed to produce the finished product |
| continuous process | a manufacturing process in which a firm produces the same products over a long period of time |
| flexible manufacturing system (FMS) | a single productions system that combines robotics and computer integrated manufacturing |
| intermittent process | a manufacturing process in which a firm's manufacturing machines and equipment are changed to produce different products |
| human resources management (HRM) | sll the activities involved in acquiring, maintaining, and developing an organization's human resources |
| human resources planning (HRP) | the development of strategies to melt a firm's future human resource needs |
| replacement chart | a list of key personnel and their possible replacements within a firm |
| skills inventory | a computerized data bank containing information on the skills and experience of all present employees |
| cultural (workplace) diversity | differences among people in a workforce owing to race, ethnicity, and gender |
| job analysis | a systematic procedure for studying jobs to determine their various elements and requirements |
| job description | a list of the elements that makes up a particular job |
| job specification | a list of the qualifications required to perform a particular job |
| recruiting | the process of attracting qualified job applicants |
| eternal recruiting | the attempt to attract job applicants from outside an organization |
| internal recruiting | considering present employees as applicants for available positions |
| selection | the process of gathering information about applicants for a position and then using that information to choose the most appropriate applicant |
| orientation | the process of acquainting new employees with an organization |
| compensation | the payment employees receive in return for their labor |
| compensation system | the policies and strategies that determine employee compensation |
| wage survey | a collection of data on prevailing wage rates within an industry or a geographic area |
| job evaluation | the process of determining the relative worth of the various jobs within a firm |
| comparable worth | a concept that seeks equal compensation for jobs requiring a out the same level of educaiton, training, and skills |
| hourly wage | a specific amount of money paid for each hour of work |
| salary | a specific amount of money paid for an employee's work during a set calendar period, regardless of the actual number of hours worked |
| commission | a payment that is a percentage of sales revenue |
| incentive pay | a payment, in addition to wages, salary, or commissions |
| lump sum salary increase | an entire pay raise taken in one lump sum |
| profit sharing | the distribution of a percentage of a firm's profit among its employees |
| employee benefit | a reward in addition to regular compensation that is provided indirectly to employees |
| flexible benefit plan | compensation plan whereby an employee receives a predetermined amount of benefit dollars to spend on a package of benefits he or she has selected to meet individual needs |
| employee training | the process of teaching operations and technical employees how to do their present jobs more effectively and efficiently |
| management development | the process of preparing managers and other professionals to assume increased responsibility in both present and future positions |
| performance appraisal | the evaluation of employees' current and potential levels of performance to allow managers to make objective human resources decisions |
| motivation | the individual internal process that energizes, directs, and sustains behavior; the personal "force" that causes you or me to behave in a particular way |
| morale | an employee's feelings about his or her job and superiors and about the firm itself |
| scientific management | the application of scientific principles to management of work and workers |
| piece-rate system | a compentation system under which employees are paid a certain amount for each unit of output they produce |
| need | a personal requirement |
| Maslow's hierarchy of needs | a sequence of human needs in the order of their importance |
| physiological needs | the things we require for survival |
| safety needs | the things we require for physical and emotional security |
| social needs | the human requirements for love and affection and a sense of belonging |
| esteem needs | our need for respect, recognition, and a sense of our own accomplishment and worth |
| self actualization needs | the need to grow and develop and to become all that we are capable of being |
| motivation hygiene theory | that idea that satisfation and dissatisfaction are separate and distinct dimensions |
| motivation factors | job factors that increase motivation but whose absense does not necessarily result in dissatisfaction |
| hygiene factors | job factors that reduce dissatisfaction when present to an acceptable degree but that do not necessarily result in high levels of motivation |
| Theory X | a concept of employee motivation generally consistent with Taylor's scientific management; assumes that employees dislike work and will function only in a highly controlled work environment |
| Theory Y | a concept of employee motivation generally consistent with the ideas of the human relations movement; assumes that employees accept responsibility and work toward organizational goals, if so by doing they also achieve personal rewards |
| Theory Z | the belief that some middle ground between this type A and type J practices is best for American business |
| reinforcement theory | a theory of motivation based on the premise that behavior that is rewarded is likely to be repeated, whereas behavior that is punished is less likely to recur |
| equity theory | a theory of motivation based on the premise that people are motivated to obtain and preserve equitable treatment for themselves |
| expectancy theory | a model of motivation based on the assumption that motivation depends on how much we want something and on how likely we think we are to get it |
| goal-setting theory | a theory of motivation suggesting that employees are motivated to achieve goals that they and their managers establish together |
| management by objective (MBO) | a motivation technique in which managers and employees collaborate in setting goals |
| job enrichment | a motivation technique that provides employees with more variety and responsibility in their jobs |
| job enlargement | expanding a worker's assignments to include additional but similar tasks |
| job redesign | a type of job enrichment in which work is restructured to cultivate the worker-job match |
| behavior modification | a systematic program of reinforcement to encourage desirable behavior |
| flextime | a system in which employees set their own work hours within employer-determined limits |
| part-time work | permanent employment in which individuals work less than a standard work week |
| job sharing | an arrangement whereby two people share one full time position |
| telecommuting | working at home all the time or for a portion of the work week |
| empowerment | making employees more involved in their jobs by increasing their participation in decision making |
| employee ownership | a situation in which employees own the company they work for by virtue of being stockholders |
| team | a group of workers functioning together as a unit to complete a common goal or purpose |
| problem-solving team | a team of knowledgeable employees brought together to tackle a specific problem |
| virtuoso team | a team of exceptionally highly skilled and talented individuals brought together to produce significant change |
| self-managed teams | groups of employees with the authority and skills to manage themselves |
| cross-functional teams | a team of individuals with varying specialities, expertise, and skills that are brought together to achieve a common task |
| virtual team | a team consisting of members who are geographically dispersed but communicate electronically |
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