1-8 Flashcards
- is the process of coordinating and overseeing the work performance of individuals working together in organizations so that they could efficiently accomplish their chosen aims or goals.
Management
is considered the most important productive resources of management
men
created the first bar charts to show a project schedule
henry gantt
considered as the father of the classical school
Henry Fayol
- is known as the Father of Scientific Management
Frederick W. Taylor
segregating work in the workforce
diviosion of work
the right to issue orders and the power to compel obedience
Authority and responsibility
- Proper application of penalties, good superiors across all levels in an organisation and agreements between two parties that are always clear and fair.
Discipline
This means an employee should have only one boss and follow his command.
Unity of command
This means all the person working in a company should have one goal.
Unity of direction
- company should work unitedly towards the interest of a company
Subordination of individual interest
can be monetary or non-monetary. However, it should be according to an individual’s efforts they have made.
Remuneration
refers to the concentration of management and decision-making power at the top of the organizational hierarchy.
centralization
a hierarchal approach to decision making from top to bottom.
Scalar chain
A company should maintain a well-defined work order to have a favourable work culture.
Order
All employees should be treated equally and respectfully
equity
It is the duty of the management to offer job security to their employees
Stability
encourage the employees to take initiatives in an organization. It will help them to increase their interest and make then worth.
initiative
- Developing trust and mutual understanding will lead to a positive outcome and work environment.
espirit de corps
- It helps to calculate the duration of rest intervals given to employees
fatigue study
An allocated funds indicating their sources and corresponding expenditures.
budget
Every subordinate should have a single supervisor from whom he gets the authority and to whom he is solely accountable.
absoluteness of responsibility
- gives importance to supervision, managers should allow workers greater latitude, and create an organization to stimulate the workers
employees are lazy
theory x
finding the best way for doing a job
scientific management theory
stresses on rewards and recognition. employees are self motivated
theory y
is a summary measure of average achievement in key dimensions of human development: life expectancy, school enrolment and literacy, and income.
Human Development index
rate reflected during a period of above normal general price increases
inflation rate
- total domestic and foreign output claimed by the residents of a country.
gross national product
total final output of goods and services produced by the country’s economy, within the country’s territory.
gross domestic product
- the reductions in applied restrictions of the government on international trade and capital which means more foreign goods and services are allowed in the country.
libralizations and deregulation
refers to the organized activities and efforts of individuals to produce eventually sell goods or services for profit.
business
Simplest to form , Owned by one person , Sole owner can manage the business but can hire somebody
sole or single proprietorsip
- Two or more person owned the business, The business owners are called “partners
Partnership
At least 5 persons can form the business
The business owners are called “stockholders or shareholders”
corporations
- refers to a business organization owned by a group of individuals and is operated for their mutual benefit. 15 or more persons can form the business, Cooperative Development Authority (CDA) regulated the business
- The business owners are called “members
cooperatives
is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components
Development
is a total process which includes not only economic growth or the increase in the given amount of goods and services produced by the country’s economy, but also considers the social, political, cultural and spiritual aspects of the country’s growth.
economic development
– increase in the given amount of goods and services produced by the country’s earning.
economic growth
- is applicable to big organizations and giant business enterprises like the multinational corporations
geographic approach
is a process that involves the setting of the organization’s goals, establishing strategies for accomplishing those goals, and developing plans of action or means that managers intend to use to achieve organizational goals.
planning
an attempt to predict what may happen in the future
forecasting
planning technique that involves comparison of company’s practices/technologies with those of other companies.
benchmarking
is when higher-up management and owners review their current strategy to determine their long-time goals.
top/corporate level
- has to do with staying competitive by creating useful products and staying competitive with other goods or services.
middle/business level
plans that establish the organization’s overall goals and apply to the entire firm.
low/functional level
the identification of targets or desired ends
goal
the starting point of strategic intent, a mental image of what the organization will be in thefuture,
vision
basic purpose of an organization and range of their operation
mission
steps needed in order to attain desired ends, Objectives must be specific.
objectives
-focused on the specific procedures and processes that occur within the lowest levels of the organization.
Operational plans
plans that establish the organization’s overall goals and apply to the entire firm
Strategic plans
plans that apply to a particular unit area only
organizational plans
plans that go beyond three years.
long term plans
plans that cover one year or less
short term plans
-plans that are flexible or give general guidelines only.
directional plans
plans that are clearly stated and which have no room for interpretation
specific plans
plans used or stated once only as this applies to the entire organization.
single use plans
- plans that are ongoing; provide guidance for different activities done repeatedly.
standing plans/ongoing plans
is a choice among possible alternative actions.
decision making
a decision that is repetitive and can be handled using a routine approach
structured or programmed decisions
– applied to the resolution of problems that are new or unusual, and for which information is incomplete.
unstructure or non programmed decisions
- refers to a diagram of the organization’s official positions and formal lines of authority
organizationals chart
involves assigning different tasks to different people in the organization’s different work units
division of labor
the collaboration and coordination of its different work units or work divisions.
integrations
refers to the procedures that connect the work activities of the different work divisions/units of the firm in order to achieve its overall goal.
coordination
-usually used by companies that start out as entrepreneurial ventures
simple
flexible and clear accountability.
strength
no longer appropriate as the company grows.
weakness
organizational design that groups together similar or related activities.
functional
organizational design structures that gives a larger company the ability to create separate, semi-autonomous groups
divisional
show when an authority in a company follows a defined hierarchy, and top managers make most decisions.
matrix
– refer to organizations formed by the company owner or manager to help the firm accomplish its goas;
formal organizations
refer to organizations that exist because of friendship or common interest
informal organization
refers to the division of labor and decision-making responsibility to an individual that reports to a leader or manager.
principle of delegation and authority
is used to schedule and control projects whose completion cannot be precisely determined.
program evaluation review technique (PERT)`
This type of business buys products at wholesale price and sells the same at retail price.
merchandising
- rely on numerical or measurable data.
quantitative approach
rely on personal accounts or documents that illustrate in detail how people think or respond within society.
qualitative approach
