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Unit 1

QuestionAnswer
Policy " is a predetermined course of action which is established to provide a guide toward accepted business strategies and objectives.
Procedure is to provide the reader with a clear and easily understood plan of action required to carry out or implement a policy
Management the process of accomplishing the goals of an organization through the effective use of people and other resources
Planning determine objectives in advance and the methods to achieve them
Organizing establish a structure of authority for all work
Staffing recruit, hire and train workers; maintain favorable working conditions
Directing make decisions, issue orders and directives
Controlling Comparing performance and taking action
Coordinating interrelate all sectors of the organization
Interpersonal skills a person uses to properly interact with others
Informational knowledge from experience or study
Decisional a choice being made for alternative courses
Natural resources raw materials produced by nature
Human resources are the people who contribute physical and mental energy to the production process.
Capital resources are the tools, equipment, and buildings that are used to produce goods and services
Top Level of Management The top management is the ultimate source of authority and it manages goals and policies for an enterprise. It devotes more time on planning and coordinating functions.
Middle Level of Management responsible to the top management for the functioning of their department. They devote more time to organizational and directional functions
Lower Level of Management as supervisory / operative level of management. It consists of supervisors, foreman, section officers, superintendent
Plan blueprint for goal achievement that specifies the necessary resource allocations, schedules, tasks, and other actions.
Goal a desired future state that the organization attempts to realize
Planning It means determining the organization's goals and defining the means for achieving them
Planning Process all the goals, strategies and actions that you vision taking to ensure your business’s survival and growth.
Strategic Planning goals or objectives in steps for the business future
Tactical Planning scheduling short term activities for objective o strategic planning process
Managerial Planning when a manager plans all the things a business is trying to do
Ethics standards of moral conduct that individuals and groups set for themselves, defining what behavior they value as right or wrong.
Respect esteem for or a sense of the worth or excellence of a person, a personal quality or ability, or something considered as a manifestation of a personal quality or ability
Code of Conduct set of rules or a protocol that explains how people should conduct themselves
Business Letter form of communication used to convey a formal message to one or more parties.
Personal Business Letter correspondence between an individual and another individual or a corporate entity.
Letter of Application example of a Personal Business Letter.
Organizing arranging order and structure of a business
New Employee Orientation its when new employees come for the orientation of the new job to get a review of it.
Division of Labor completion of a tasks that involves breaking down into symplier tasks
Business Letter Components components of a business letter
Retention the process of holding something
Performance Standard when actual performance is measured
Organizational Goal desired states of affairs or preferred results that organizations attempt to realize and achieve
Official/strategic Goal aims for the organization as expressed in the corporate charter, annual reports, public statements, what organization wants to be in the future.
Tactical/Operative Goal define outcome that departments must achieve in order for business to reach goals.
Operational Goal define performance objectives and desired behaviors within organization
Economic Goal 5 basic conditions of mixed economy that are generally desired by society.
Cultural Goal a goal that is based on a countries culture to meet its needs and wants
Order Goal a goal that is order or put into a specific order to be completed
Product Goal consist of characteristics of goals or services, such as quality, styling, uniqueness, variety and price.
Consumer Goal suppling products that a consumer wants.
Mission brief description of a company's fundamental purpose
Objective measurable targets of how to achieve business goals
Interdependent jobs 2 or more people working on jobs
Knowledge information an intangible combination of human experiences, values, and understandings that provide structure for interpreting and reacting to new experiences
Information organized facts or data that can be easily identified, distributed, and managed
Tacit knowledge knowledge that is known by an individual but is difficult to transfer to others either verbally or in writing
Explicit knowledge knowledge that can be easily communicated to others an/or captured and stored in some type of document or database
Knowledge management the process of creating, identifying, organizing, sharing, and using knowledge sources for the benefit of the organization
Information management the process of accessing, processing, maintaining, evaluating, and disseminating facts or data for the purpose of assisting business decision-making.
Intellectual capital collective knowledge of an organization, knowledge to produce or enhance capital
Trade secrets any confidential business information which provides an enterprise a competitive edge
Inevitable disclosure legal doctrine through which an employer can use trade secret law to enjoin a former employee from working in a job that would inevitably result in the disclosure and use of the employer's trade secrets.
Non-compete agreement an employee promises not to work for a direct competitor for a specified period of time after he leaves the company
Knowledge harvesting gathering knowledge and storing it
Communities of practice people who share same interest and similar goals.
Knowledge codification changing tacit knowledge to explicit knowledge
Internship to train or to serve as an intern for a job.
Peer team people thats around your age all working together
Job shadow when someone spends time with a person on the job and observe the workplace.
Mentor to advise or train someone, someone who share their knowledge.
Knowledge Mapping data gathering, survey, exploring, discovery, conversation, disagreement, gap analysis, education and synthesis
Relational Databases collection of data items organized as a set of formally-described tables from which data can be accessed or reassembled in many different ways without having to reorganize the database tables.
Accountability Matrix Table used in project management to ensure that every project element is properly assigned. It identifies each task and matches it with the name of the persons responsible for its completion. Also called responsibility matrix
Intranet a collection of private computer networks within an organization
Inquiry Routine communication between business Often written to request information
Purchasing Business attempting for acquired goods or services to accomplish the goals of enterprise
Inventory Control supervision of supply, storage and accessibility of items in order to ensure an adequate supply without excessive oversupply
Quality Control process employed to ensure a certain level of quality in a product or service
Logistics management of the flow of goods between the point of origin and the point of destination in order to meet the requirements of customers or corporations
Operations management concerned with overseeing, designing, and redesigning business operations in the production of goods and/or services
Electronic Data Interchange data transmitted between organizations electronically
Flexible Manufacturing System identifying and planning for demand, materials, product production in business
Computer-Aided Manufacturing using computer technology to assist manufacturing business
Material Requirements Planning scheduling system for manufacturing processes.
Enterprise Resource Planning the broad set of activities that helps a business manage the important parts of its business
Product planning creating a product idea untill the product is in th market and decisions about price, distribution and promotion.
Procurement obtaining goods and processing requisition through invoice of payment and sourcing and purchasing of goods and services for business use
Technical Data Management Systems tools to track and control data related to a particular product and data tracked usually involves the technical specifications
Purchase Order a document that allows a purchase transaction
Sealed Bid all bidders send in sealed enveloped bids
Dutch auctions price of the offering is set after taking in all bids and determining the highest price at which the total offering can be sold
Reverse auctions when sellers bid for prices at which they are willing to sell their goods and services
Vendor people who supply goods and services available to consumers
Commitment something plegded to, or commited to
Overcommitment to commit excessively, resources in excess of the capacity for replenishment
Compartmentalization to seperate into different compartments
Employee benefits non cash compensation, such as health insurance, life insurance, medical plan, and paid vacation
Employee relations communication between management and employees about workplace and different decisions
Compensation something recieved in return for something else or financial benefits earned in labor
Staffing training of people for specific job functions and charging them with responsibilities.
Created by: Mclovin101
 

 



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