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Business Management

Chapters 6-10

QuestionAnswer
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
Created by: cdobbs74
 

 



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