Principles of Management: Chapter 1 Key Terms

organization
a group of people who work together to achieve some specific purpose
management
the pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization’s resources
efficient
to use resources wisely and cost-effectively such as people, money, raw materials, etc.
effective
to achieve results, to make the right decisions, and to successfully carry them out so that they achieve the organization’s goals
competitive advantage
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
e-mail
text messages and documents transmitted over a computer network
project management software
program for planning and scheduling the people, costs, and resources to complete a project on time
databases
computerized collections of interrelated files
telecommute
working from home or remote locations using a variety of information technologies
videoconferencing
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
knowledge management
the implementing of systems and practices to increase the sharing of knowledge and information throughout an 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 (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 organization’s 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 organization 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
first-line managers
make short-term operating decisions, directing the daily tasks of nonmanagerial personnel
functional manager
responsible for just one organizational activitiy
general manager
responsible for several organizational activities
interpersonal roles
managers interact with people inside and outside their work units (includes: figurehead, leader, and liaison activities
informational roles
as monitor, disseminator, and spokesperson–managers receive and communicate information
decisional roles
managers use information to make decisions to solve problems or take advantage of opportunities. The four decision-making roles are entrepreneur, disturbance handler, resource allocator, and negotiator
entrepreneurship
the process of taking risks to try to create a new enterprise
entrepreneur
someone who sees a new opportunity for a product or service and launches a business to try and realize it
intrapreneur
someone who works inside an existing organization who sees an opportunity for a product or service and mobilizes the organization’s resources to try to realize it
internal locus of control
the belief that you control your own destiny
technical skills
consist of the job-specific knowledge needed to perform well in a specialized field
conceptual skills
the ability to think analytically, to visualize an organization as a whole and understand how the parts work together
human skills
consist of the ability to work well in cooperation with other people to get things done