Management A Practical Introduction CHAPTER 1 Terms

Competitive Advantage
Is the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them.
Innovation
Finding ways to deliver new or better goods or services
Internet
The global network of independently operating but interconnected computers, linking hundreds of thousands of smaller networks around the world.
e-commerce
The buying and selling of goods or services over computer networks.
e-business
using the internet to facilitate every aspect of running a business.
email
text message and documents transmitted over a computer network
Project management Software
Programs for planning and scheduling the people, costs, and resources to complete a project on time.
database
Computerized collections of interrelated files.
telecommute
Working from home or remote locations using a variety of information technologies.
video conferencing
using video and audio links along with computers to let people in different locations see, hear, and talk with one another.
Collaborative Computing
Using state of the art computer software and hardware, will help people work better together.
knowledge Management
The implementing of systems and practices to increase the sharing of knowledge and information throughout and organization
Sustainability
Economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs
Management Process
Also called the four management functions: Planning, Organizing, Leading, and Controlling.
Planning
Setting goals and deciding how to achieve them.
Organizing
arranging tasks, people, and other resources to accomplish the work.
Leading
Motivating, directing and otherwise influencing people to work hard to achieve the organizations goals.
Controlling
Monitoring performance, comparing it with goals, and taking corrective action as needed.
Top Managers
make long term decisions about the overall direction of the organizations and establish the objectives, policies, and strategies for it.
Middle Managers
implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first line managers below them.