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Details Title: Intro to Business Management Description: Exam II Ch 5-8 Total Flash Cards: 168 Created: 03/05/2006 19:41:19	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term goal Definition objective that a business hopes and plans to archieve Term strategy Definition broad set of organizational plans for implrementing the decisions made for acheiving oranizational goals Term corporate strategy Definition strategy for determining the firm's overall attitude toward growth and the way it will manage its businesses or products lines Term business (or competitive) strtegy Definition strategy, at the business-unit or product-line level, focusing on a girm's competitive position Term functional strategy Definition strategy by which managers in specific areas decide how best to achieve corporate foals though productivity Term Purposes of goal setting Definition provide direction and guidance for all managers, help to allocate resources, help to define corporate culture, helps managers to assess perfomance Term mission statement Definition org's statement of how it will achieve it's purpose in the environment in which it conducts its business Term long term goal Definition goal set for 5 or more years Term short term goal Definition less than one year completion Term strategy formulation Definition creation of a broad program for defining and meeting an org's goals Term strategic goal Definition long term goal derived directly from the firm's mission statement Term SWOT analysis Definition ID and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation Term environmental analysis Definition process of scanning the business environment for threats and opportunities Term organizational analysis Definition process of analyzing a firm's strengths and weaknesses Term strategic plan Definition plan reflecting decisions about resource allocations, company priorities, ans teps needed to meet strategic goals Term tactical plan Definition generally short-range plan concerned with implementing specific aspects of a company's strategic plans Term operational plan Definition plan setting short term gartes for daily, weekly or monthly perfomance Term contingency planning Definition identifying aspects of business or its environment that might entail changes in strategy Term crisis management Definition organization's methods for dealing with emergencies Term management Definition process of planning, organizing, directing and controlling an organizations recources to achieve its goals Term planning Definition management process of determining what an organization needs to do and how best to get it done Term organizing Definition management process of determining how best to arrange an organizations' resources and activities into a coherent structure Term directing Definition management process of guiding and motivating employees to meet an organizations objectives Term controlling Definition management process of monitoringan organization's performance to ensure that it is meeting its goals Term top manager Definition manager responsible to the board of directors and stockholders for a firm's overall performance and effectiveness Term middle manager Definition manager responsible for implementing the strageties, policies and decisions made by top managers Term first line manager Definition manager responsible for supervising the work of employees Term technical skills Definition skills needed to perform specialized tasks Term human relations skills Definition skills in understanding and getting along with people Term conceptual skills Definition abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation Term decision making skills Definition skills in defining problems selecting the best courses of action Term time management skills Definition skills associated with the productive use of time Term basic management skills Definition technical, human relations, conceptual, deicision making and time management Term corporate culture Definition shared experiences, stories, beliefs, and norsm that characterize an org. Term organizational structure Definition specification of the jobs to be done within an org. and the ways in which they relate to one another Term organization chart Definition diagram depicting a company's structure and showing employees where they fit into its operations Term chain of command Definition reporting relationships within a company Term job specialization Definition process of identifying the specific jobs that need to be done and designating the people who will perform them Term departmentalization Definition process of grouping jobs into logical units Term profit center Definition separate company unit responsible for its own costs and profits Term customer departmentalization Definition departmentalization according to types of cutomers likely to buy a given product Term product departmentalization Definition according to specific products being created Term process departmentalization Definition according to production processes used to creat a good or service Term geographic departmentalization Definition according to areas served by a business Term types of departmentalization Definition customer, product, process, geographic and functional Term functional departmentalization Definition according to groups' functions or activities Term responsibility Definition duty to perform an assigned task Term authority Definition power to make the decisions necessary to complete a task Term delegation Definition assignment of a task, responsibility, or authority by a manager to a subordinate Term accountability Definition liability of subordinates for accomplishing tasks assigned by managers Term centralized organization Definition org. in which most decision-making authroity is held by upper level management Term decentralized organization Definition org in which a great deal of decision making authroity is delegated to levels of management at points below the top Term flat organizational structure Definition characteristic of decentralized companies with relatively few layers of management and relatively wide spans of control Term tall organizational structure Definition characteristic of centralized companies with multiple layers of management and relatively narrow spans of control Term span of control Definition number of people supervised by one manager Term line authority Definition organizational structure in which authroity flows in a direct chain of command from the top of the company to the bottom Term line department Definition department directily linked to the production and sales of a specific product Term staff authority Definition authroity based on expertise that usually involves advising line managers Term staff members Definition advisers and counselors who aid line departments in making decisions but do not have the authority to amke final decisions Term committee and team authority Definition authority granted to committees or work teams inolved in a firm's daily operations Term functional organization Definition form of business organization in which authroity is determined by the relationships between group functions and activities Term divisional organization Definition org sturcture in which corporate divisions operate as autonomous businesses under the larger corporate umbrella Term basic forms of organizational structure Definition functional organization, divisional, matrix and international Term Matrix organizaiton Definition organizational structure in which teams are formed and team members report to two or more managers Term division Definition department that resembles a separate business in prodcuing and marketing its own products Term international organizational structures Definition approaches to organizational structures developed in response to the need to manufacture, purchase, and sell in global markets Term informal organization Definition network, unrelated to the firm's formal authority structure, of everyday social interactions among company employees Term intrapreneuring Definition process of creating and maintaining the innovation and flexibility of a small-business environment within the confines of a large organization Term service operations Definition activities producing intangible and tangible products, such as entertainment, trnsportation and education Term goods production Definition activities producing tangible products, such as radios, newspapers, buses and textbooks Term utility Definition a product's ability to satisfy a human want Term operations (production) management Definition systematic direction and control of the processes that transform resources into finished products that create value and provide benefits to customers Term operations process Definition SET OF METHODS USED IN THE PRODUCTION OF A GOOD OR SERVIOUS Term operations (production) managers Definition mangers responsible for production, inventory, and quality control Term operations process Definition set of methods used in the production of a good or service Term analytic process Definition production process in which resources are broken down into components to create finished products Term synthetic process Definition production process in which resources are combined to create finished products Term high contact system Definition level of customer contact in which the costomer is part of the system during service deliver (public transportation) Term low contact system Definition level of customer contact in which the customer need not be a part of the system to receive the service (check processing) Term focus on service characteristics Definition intangibility, customization and unstorability Term capacity Definition amount of a product that a company can produce under normal working conditions. goods production: capacity should slightly exceed normal demand low contact processing: capacity at average demand high contact processing: capacity at peak demand Term operations planning Definition capacity planning, location, layout, quality, methods Term process layout Definition spacial arrangement of production activities that groups equipment and people according to function. productive, nonproduction and support facilities. Term cellular layout Definition spatial arrangement of production facilities designed to move families of products through similar flow paths Term product layout Definition spacial arrangement of production activities designed to move resources through a smooth, fixed sequence of steps Term assembly line Definition product layout in which a product moves step by step through a plant or conveyor belt or other equipment until it is completed Term master production schedule Definition schedule showing which products will be produced, when production will take place, and what resources will be used Term Gantt chart Definition production schedule diagramming the steps in a project and specifying the time required for each Term PERT chart Definition production schedule specifying the sequence and critical path for performing the steps in a project Term operations control Definition process of monitoring production performance by comparing results with plans Term follow up Definition production control activity for ensureing that production decisions are being implemented Term materials management Definition planning organizinga nd controlling the flow of materials from the design through distirbution of finished goods Term standarization Definition use of standard and uniform components in the production process Term purchasing Definition acquisition of the raw materials and services taht a firm needs to produce its products Term supplier selection Definition process of finding and selecting suppliers from whom to buy Term major areas of materials management Definition transporation, warehousing, purchasing, supplier selection and inventory control Term lean system Definition prodcution system designed for smooth production flow that avoid inefficiencies, eliminate unnecessary inventories and continuously improve production processes Term just in time production Definition method that brings together all materials and parts needed at each production stage at the precise moment they are required Term material requirements planning (MRP) Definition production method in which a bill of materials is used to ensure that the right amounts of materials are delivered to the right place at the right time Term bill of materials Definition production control tool that specifies the necessary ingredients of a product, the order in which they should be combined, and how many of each are needed to make one batch Term quality control Definition management of the production process designed to manufacture goods or supply services that meet specific quality standards Term total quality management (TQM) or quality assurance Definition the sum of all the activities involved in getting high quality products into the marketplace Term performance quality Definition the performance features offered by the product (flavor/aroma of chocolate) Term quality reliability Definition consistency of a product's quality from unit to unit Term quality reliability Definition principle of total quality management that holds that quality belongs to each person who creates it while performing a job Term competitive product analysis Definition process by which a company analyzes a competitor's products to identify desirable improvements Term statistical process control (SPC) Definition methods for gathering date to analyse variations in production activities to see when adjustments are needed Term control chart Definition process control method that plots test sample results on a diagram to determine when a process is begining to depart from normal operating conditions Term quality/cost study Definition method of improving quality by identifying current coast and areas with the greatest cost-saving potential Term internal failures Definition reducible costs incurred during production and before bad products leave a plant Term external failures Definition reducible costs incurred after defective prodcuts have left the plant Term ISO 9000 Definition program certifying that a factory, laboratory, or office has met the quality management standards of the international organization for standardization. Term business process reengineering Definition redesigning of business processes to improve quality, performance, and customer service Term supply chain Definition flow of information, materials, and sevices that starts with raw materials suppliers and continues through other stages in the operations process until the product reaches the market Term supply chain management (SCM) Definition principle of looking at the supply chain as a whole in order to improve the overall flow through the system. Term human resource management Definition set of organizational activities directed at attracting, developing, and maintaining an effective workforce Term job analysis Definition systematic analysis of jobs within an organization Term job description Definition outline of the duties of a job, working conditions, and the tools materials and equipment used to perform it Term job specification Definition description of the skills, abilities, and other credentials required by a job Term replacement chart Definition list of each management position, who occupies it, how long that person will likely stay in the job and who is qualified as a replacement Term employee information system (skills inventory) Definition computerized system containing information on each employee's education, skills, work experiences and career aspirations Term recruiting Definition process of attracting qualified persons to apply for jobs an organization is seeking to fill Term internal recruiting Definition considering present employees as candidates for openings Term esternal recruiting Definition attracting persons outside the organization to apply for jobs Term validation Definition process of determining the predictive value of a selection technique Term on the job training Definition training, sometimes informal, conducted while an emplyee is at work Term off the job training Definition training conducted in a controlled environment away from the work site Term vestibule training Definition off the job training conducted in a simulated environment Term performance appraisals Definition evaluation of an employee's job perfomance in order to determine the degree to which the emplyee is performing effectively Term compensation system Definition set of rewards that organizations provide to individuals in return for their willingness to perform various jobs and tasks within the organization Term wages Definition compensation in the form of money paid for the time worked Term salary Definition compensation in the form of money paid for discharging the responsiblities of a job Term incentive program Definition special compensation program designed to motivate high performance Term bonus Definition individual performance incentive in the form of a special payment made over and above the employee's salary Term merit salary system Definition individual incentive linking compensation to performance in nonsales jobs Term pay for performance (or variable pay) Definition individual incentive that rewards a manager for especially productive output Term profit-sharing plan Definition incentive plan for distributing bonuses to employeeswhen company profits rise above a certain level Term pay for knowledge plan Definition incentive plan to encourage employees to learn new skills or become proficient at different jobs Term benefits Definition compensation other than wages and salaries Term workers' compensation insurance Definition legally required insurance for compensating workers injured on the job Term cafeteria benefit plan Definition benefit plan that sets liits on benefits per employee, each of whom may choose from a variety of alternative benefits Term equal employment opportunity Definition legally mandated nondiscrimination in employment on the basis of race, creed, sex or national origin Term protected class Definition set of individuals who by nature of one or more common characteristics are protected under the law from discrimination on the basis of that characteristic Term equal employment opportunity commision (EEOC) Definition federal agency enfocing several discrimination-related laws Term affirmative action plan Definition practice of recruiting qualified employees belonging to racial, gender, or ethnic groups who are underrepresented in an organization Term occupational safety and health act of 1970 (OSHA) Definition federal law setting and enforcing guidelines for protecting workers from unsafe conditions and potential health hazards in the workplace Term sexual harrasment Definition practice or instance of making unwelcome sexual advances in the workplace Term quid pro quo harrasment Definition form of sexual harrasment in which sexual favors are requested in return for job-related benefits Term hostile work environment Definition form of sexual harassment deriving from off-color jokes, lewd comments, and so forth Term employment at will Definition principle, increasingly modified by legislation and judicial decision, that organizations should be able to retain or dismiss employees at thier discretion Term workforce diversity Definition range of worker's attitudes, values and behaviors that differe by gender, race and ethnicity Term knowledge workers Definition employees who are of value because of knowledge they possess Term contingent worker Definition employee hired on something other than a full-time basis to supplement an orgaization's permanent workforce Term labor union Definition group of individuals working together to achieve shared job-related goals, such as higher pay, shorter working hours, more job security, greater benefits, or better working conditions Term labor relations Definition process of dealing with employees who are represented by a union Term collective bargaining Definition process by which labor and management negotiate conditions of employment for union-represented workers Term cost of living adjustment (COLA) Definition labor contract clause tying future raises to changes in consumer purchasing power. related to consumer price indes (CPI) Term wage reopener clause Definition clause allowing wage rates to be renegotiated during the life of a labor contract Term strike Definition labor action in which employees temporarily walk off the job and refuse to work Term economic strike Definition strike usually triggered by stalemate over one or more mandatory bargaining items Term sympathy strike (or secondary strike) Definition strike in which one union strikes to support action initiated by another Term wildcat strike Definition strike that is unathorized by the strikers' union Term picketing Definition labor action in which workers publicise thier grievances at the entrance to an employer's facility Term boycott Definition labor action in which workers refuse to buy the products of a targeted employer Term slowdown Definition labor action in which workers performa jobs at a slower than normal pace Term lockout Definition management tactic whereby workers are denied access to the employer's workplace Term strikebreaker Definition worker hired as permanent or temporary replacement for a striking employee Term voluntary arbitration Definition method of resolving a labor dispute in which both parties agree to submit to the judgement of a newtral party