Business Management Midterm

Management
The process of accomplishing the goals of an organization through the effective use of people and resources
Staffing
The selection and training of individuals for specific job functions and charging them with the associated responsibilities
Ethics
refers to standards of moral conduct that individuals and groups set for themselves, defining what behavior they value as right or wrong
Social Responsibility
refers to the duty of a business to contribute to the well being of society
Operational Planning
is short term and identifies specific activities for each area of the business
Decision Making
the process of choosing which course of action to follow after considering all options
Organizational Chart
an illustration that shows the structure of an organization, major job classifications and the reporting relationship between the organizations personnel
Promotion
the advancement of an employee within a company to a position with more authority and responsibility
Layoff
a temporary or permanent reduction in the number of employees due to changes in work conditions
Wage
pay on an hourly basis
Profit- Sharing Plans
employee is payed a portion of company’s profit
Programming
developing procedures to accomplish planned procedures
Corrective Action Implementation
making adjustments to objectives or programming to more efficiently operate business
Matrix Structure Organization
people with similar skills are pooled for work assignments, one project manager is in charge, but meets with all people assigned to project on a daily basis
Activation
the decision to initiate a behavior
Extrinsic Motivation
outside the individual and often involves rewards
Internal Analysis
managers study factors inside the business that can affect success: operations, finances, personnel, and other resources
Planning
analyzing information and making decisions about what needs to be done
Controlling
evaluating results to determine if the company’s objectives have been met
Business Ethics
collection of principles and rules that define right and wrong conduct for an organization
Stakeholder
individuals or groups that are affected by a firm’s actions
Mission Statement
a short specific statement of the business’s purpose and direction
Problem
Directing
a process in which managers instruct, guide and oversee the performance of workers to achieve predetermined goals
Transfer
assigning an employee to another position within the company
Employee Turnover
the rate at which people enter and leave employment in a business during a year
Commission
employees are paid a percentage of the volume of sales generated
Pension Plan
a company sponsored retirement plan that makes regular payments to employees after retirement
Results Checking
measuring if company objectives are being achieved
Line Org. Structure
authority flows vertically from the top most executive the lowest subordinate throughout the entire structure
Delegation
the granting of authority from one person to another
Persistence
the continued effort toward a goal even though obstacles may exist
Intrinsic Motivation
Motivation from within an individual
External Analysis
managers study factors outside of the firm that can affect effective operations: customers, competitors, the economy and gov.
Organizing
the coordinated effort to reach a company’s planning goals
Quality Control
checking inventory to inspect the workmanship and general characteristics of merchandise
Code of Conduct
a formal, published collection of values and rules that reflect the firm’s philosophy and goals
Strategic Planning
is long term and provides broad goals and direction for the entire business
Vision
a broad, lasting and often inspirational view of a company’s reason for existing
Symptom
a sign or indication of something that appears to be the problem
Human Resources Management
consists of all activities involved with acquiring, developing and compensating the people who do the company’s work
Discharge
release of an employee from the company due to inappropriate work behavior
Salary
pay based on a time frame, weekly, monthly or annually
Bonus
pay for performance that exceeds expectations
Management Control
is the process oriented to verify the advancement status of planned objectives and the efficiency of the organization through the analysis of resources, costs and procedures
Shifting Analysis
possibly shifting between objectives and programming is analyzed
Line and Staff Org. Structure
line managers are responsible for achieving the organization’s main objectives by executing the key business functions and staff managers are responsible for activities that support line functions
Motivation
is what causes us to act/ an internal or external force that drives an individual to do something
Intensity
the concentration and vigor that goes into pursuing a goal
Productivity
how efficiently and effectively work is done
Business Confidentiality
Keeping sensitive company information secret