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IBC FIN

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
show Different groups that can be broadly classified in two types  
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1. Command Group 2. Task Group   show
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show Types of Informal Group  
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show Basic Elements of Organizational Structure  
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show Basic Organizational Design  
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1. Classical Strategy 2. Adaptive Strategy 3. Visionary Strategy 4. Shaping Strategy 5. Renewal Srategy   show
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1. Technology 2. Outsourcing 3. Changing worker attitudes and values 4. Demographics and diversity 5. Globalization   show
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show It involves defining strategies, allocating resources, and outlining the actions required to succeed in the market or industry.  
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show NATURE OF PLANNING  
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show Functions of management largely depends upon planning. This means that planning is like the foundation of a building.  
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GOAL-ORIENTED   show
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CONTINUOUS PROCESS   show
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show Plans need to be adaptable to changing circumstances and allow for adjustments when unexpected challenges or opportunities arise.  
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TOP LEVEL MANAGEMENT   show
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MIDDLE LEVEL MANAGEMENT   show
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show Referred to as the supervisory or the operative level of managers. The lower level managers are the first line of managers. They spend most of their time addressing the functions of the business organization, as instructed by the managers above them  
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(1) Setting Objectives (2) Developing Planning Premises (3) Identifying Alternative Courses of Action (4) Evaluating Alternative Courses of Action (5) Selecting One Best Alternative (6) Implementing the Plan (7) Follow Up Action   show
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- OBJECTIVES - POLICIES - PROCEDURE - METHODS - BUDGET - PROGRAMME - STRATEGIES   show
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show Are detailed strategies outlining how specific departments or functional areas within an organization will contribute to the overall goals and objectives.  
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STRATEGY   show
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MARKETING   show
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FINANCE   show
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show A plan addressing the recruitment, training, and management of personnel, ensuring the organization has the right workforce to meet its objectives.  
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OPERATIONS   show
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show It outlines how the organization will utilize technology, encompassing software, hardware, and cybersecurity measures. Simultaneously, it addresses the acquisition, maintenance, and strategic use of physical equipment necessary for smooth operations.  
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ORGANIZING   show
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- TO ACHIEVE ORGANIZATIONAL GOALS - TO IMPROVE EFFICIENCY AND EFFECTIVENESS - TO PROMOTE COORDINATION AND COMMUNICATION - TO IMPROVE DECISION MAKING - TO FACILITATE CHANGE   show
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TO ACHIEVE ORGANIZATIONAL GOALS   show
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TO IMPROVE EFFICIENCY AND EFFECTIVENESS   show
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show Organizing helps ensure that different departments and individuals within a business work together towards common goals. This kind of practice promotes collaboration, communication, and coordination among the  
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TO IMPROVE DECISION MAKING   show
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TO FACILITATE CHANGE   show
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ORGANIZATIONAL STRUCTURE   show
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show A team structure that groups employees into different departments based on areas of expertise  
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show Suitable for smaller organizations  
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FUNCTIONAL STRUCTURE   show
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FUNCTIONAL STRUCTURE   show
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DIVITIONAL STRUCTURE   show
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show Organized into divisions based on products, regions, or customer segments  
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show Common in larger organizations with diverse product lines.  
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DIVITIONAL STRUCTURE   show
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show A company structure where teams report to multiple leader  
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MATRIX STRUCTURE   show
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show Suitable for organizations dealing with complex projects.  
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show Used when there's a need to balance functional expertise with project or product-based demands.  
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show one in which organizations group certain types of employees together based around a common specialization.  
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show Relying on a network of independent entities to accomplish organizational goals  
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show Used when an organization needs to collaborate with external  
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GROUP   show
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FORMAL GROUP   show
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COMMAND GROUP   show
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COMMAND GROUP   show
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TASK GROUP   show
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TASK GROUP   show
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show Often temporary or disband  
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COMMITTEES   show
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COMMITTEES   show
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show A group that nonmanagerial employees form to help achieve their own goals or meet their own needs.  
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show An informal group composed of employees seeking to achieve a common goal related to their membership in an organization.  
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show can give managers valuable insights into the issues and concerns that are foremost in employees’ minds. They also can signal the need for change.  
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show Friendship groups are informal groups composed of employees who enjoy one another’s company and socialize with one another.  
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FRIENDSHIP GROUP   show
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- WORK SPECIALIZATION - DEPARTAMENTALIZATION - CHAIN OF COMMAND - SPAN OF CONTROL - CENTRALIZATION - FORMALIZATION   show
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show Work specialization describes how different jobs are assigned to various operations. It boosts productivity and efficiency but also boredom, exhaustion, and stress. Low output, subpar quality, elevated absenteeism, and high turnover can result from this.  
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DEPARTAMENTALIZATION   show
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CHAIN OF COMMAND   show
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SPAN OF CONTROL   show
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show Centralization refers to decision-making concentrated in a single place in the organization.  
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FORMALIZATION   show
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show THE BASIC ORGANIZATIONAL DESIGN  
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show A _____ is characterized by few or no levels of middle management between the staff and the executives. This promotes open communication and quick decision-making.  
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HIERARCHICAL STRUCTURE   show
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show A _______ organizes employees into groups focused on specific projects or tasks. This fosters collaboration, flexibility, and allows for efficient utilization of specialized skills within the team.  
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show It’s easy to hire someone. It’s another thing to hire the right person for the job. The entire hiring process can be a frustrating, time consuming. An urgent need to fill a position could lead an employer to rush into getting someone in.  
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GETTING THE RIGHT PEOPLE   show
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THE STRATEGIC HUMAN RESOURCES   show
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THE STRATEGIC HUMAN RESOURCES   show
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- HR strategic partnership - HR compliance - HR services - HR development   show
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show An organization must have a cooperative collaboration among the workers and the company’s upper management staff.  
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HR compliance   show
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HR services   show
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HR development   show
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Created by: iivius