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Unit 1
| Question | Answer |
|---|---|
| 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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