Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Best Practices in Management > Best Practices in Management > Flashcards

Best Practices in Management Flashcards

1
Q

Accounts Receivable

A

Money owed to a company by its debtors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Acquisitiveness

A

Excessive interest in acquiring money or material objects

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Affiliation/Affiliative

A

The need to form social or emotional bonds with others

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Allocation

A

To distribute or to give each person a portion of something

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Assets

A

Properties owned by an organization or individual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Assumptions

A

Anything that is accepted as true or certain to happen, without proof

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Attributes

A

Qualities or features of something

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is Bolins favorite thing?

A

Friends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Authoritarian

A

To act in a dictatorial manner; enforcing strict obedience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Balance Sheet

A

A statement of assets, liabilities, and capital for an organization at a particular point in time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Behavioral Theory

A

Based on the premise that behaviors are conditional as a result of experiences with the environment; anyone can be trained to behave in a preferred way.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Bias

A

A prejudice in favor or against one thing, person, or group compared to another, usually in a way that is considered unfair or unjust.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Bottom-up approach

A

Starts with the employees, who are surveyed as the main users of a system to gather information on how to implement a change.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Business indicators

A

Numbers that may indicate a positive or negative trend. Examples include demand for product, profit margin, revenue, professional development levels of workforce, market share, amount of debt, and deals finalized by the sales team.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Business Units

A

A logical segment of a business representing a specific business function and which has its own vision, strategy, and direction.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Capital Assets

A

Capital assets are significant pieces of property such as buildings, cars, investment properties, stocks, and bonds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Cash Disbursements

A

The money paid out by an organization to settle an obligation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Cash Receipts

A

The money received by an organization as payment for a good or service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Central Tendency

A

This is the tendency for data to move toward the mean value over time. Central tendency is also a measure of a single value that describes how data cluster around a central value. This value can be used to represent a sample.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Change Management

A

Includes all of the processes involved to prepare, support, and lead individuals, groups, or organizations in making a change.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Channel Richness

A

The ability of the channel to handle multiple cues at the same time, to provide rapid feedback, and to facilitate a more personal conversation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Cloud Technologies

A

Any hosted services delivered over the internet. There are three broad groups of services: Infrastructure as a Service (laaS), Platform as a Service (PaaS), and Software as a Service (SaaS)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Commodity

A

A raw material or primary agricultural product that can be bought or sold; a commodity is a basic good used in commerce that is interchangeable with other basic goods.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Contingency Theory

A

A contingency is a future event of circumstance that cannot be predicted with absolute certainty.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Database Management

A

The system of software that is used to create, retrieve, update, and manage large amounts of data.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Decentralize Operations

A

The daily operations decision-making responsibility are delegated by top managers to middle - or lower - level managers. Top-level managers can then focus more on strategical planning.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Depreciation

A

A reduction in the value of an asset over the passage of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Differentiated

A

A specialized product that is created to attain a competitive advantage in a specific segment of the market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Dividends

A

A sum of money paid regularly by a company to its shareholders out of it profits.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Durable Goods

A

Goods not for immediate consumption that are able to be kept for a long period of time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Economies of Scale

A

A savings in costs to produce a product due to the ability to produce it in large amounts or numbers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Effectively

A

To do something in a manner to achieve the best possible result.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Efficiently

A

To do something in a way that achieves the maximum level of productivity with a minimum level of wasted expense or effort.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Emergent

A

Change that is not planned; this change comes about in response to a need to change processes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Encoding

A

The process of converting information into a particular form (in conversation)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Enterprise Resource Planning

A

A suite of software that allows an organization to automate many of the traditional office functions especially technology, services, and human resources.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Entrepreneur

A

One who owns and operate one’s own business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Equity

A

Value of a property after debt is deducted or the value of shares of stock issued by a company.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Financial Accounting

A

A branch of accounting that uses standardized processes to prepare financial documents, such as an income statement and balance sheet, for external review and use.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Focus Groups

A

A diverse group of people who are brought together to have a guided discussion and provide feedback regarding a plan for a new initiative or product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Forecast

A

The act of predicting business activity for a future period of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Functional

A

An organizational structure where workers are grouped by skills of knowledge

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Furloughs

A

A temporary leave of absence; it can be used by organizations as a temporary laying off without pay to decrease expenses.

44
Q

Gross National Product

A

The total value of goods and services produced by a country in a given year.

45
Q

Halo Effect

A

The tendency for an impression in one area to influence opinion in another area

46
Q

Heuristics

A

An approach to problem-solving that uses a more practical method, usually used as an aid to learning or discovery; these cognitive shortcuts can lead to biases.

47
Q

Human Capital

A

An intangible asset or quality not listed on a company’s balance sheet; it can be classified as the economic value of a worker’s experience and skills.

48
Q

Income Statement

A

A summary of all of an organization’s revenues and expenses during a predefined period of time.

49
Q

Innate

A

Inborn; something you are born with

50
Q

Interaction Model of Communication

A

The interaction model is like two transmission models stacked on top of each other with feedback. The feedback is not simultaneous.

51
Q

Inventory

A

A complete list of items such as property, goods in stock, and the contents of a building.

52
Q

Inventory Financing

A

Using inventory as a collateral for a loan if the business does not sell its products and cannot repay its loans.

53
Q

Irrationality

A

Acting, thinking, or talking in a way that is illogical or unreasonable

54
Q

Job Costing

A

Total cost and revenue estimation by job or project.

55
Q

Just-in-Time Inventory System

A

An inventory method designed to increase efficiency, decrease wastes, and cut costs by only having the inventory on hand that is currently needed to fill orders.

56
Q

Key Performance Indicators

A

A measurement of how effectively a company is achieving its key business objectives.

57
Q

Laissez-faire

A

A policy of letting things happen as they would. Not interfering.

58
Q

Lean

A

An organization focused on customer value; the organization focuses its processes on incrementally increasing customer by value

59
Q

Learning Organization

A

The business term given to a company that facilitates the learning of its members and continually transforms itself

60
Q

Liabilities

A

State of responsibility for something; that an organization or individual owes.

61
Q

Managerial Accounting

A

Also called cost accounting, managerial accounting is a means of using accounting to align processes with the organizations goals. It is intended for internal use and used to provide management with important information to assist in decision-making and running the business

62
Q

Market Capitalization

A

The total value of a company based on the company’s outstanding shares of stock multiplied by the current share price

63
Q

Market Position

A

The customer’s perception of a brand or product in relation to its competition.

64
Q

Market Segmentation

A

The process of dividing a market of potential customers into groups or segments

65
Q

Master Budget

A

Budget composed of all the lower level budgets, financial statements, cash flow, and financial plans.

66
Q

Matrix

A

An organizational structure in which the reporting relationships are set up in a grid instead of the more traditional hierarchy

67
Q

Mechanistic

A

A hierarchal organizational structure with central authority

68
Q

Mission Statement

A

Describes the purpose of a company, its goals, and how it will achieve its vision.

69
Q

Needs Assessment

A

A systematic process for determining and addressing needs or gaps between the current condition and the desired future condition.

70
Q

Net Income

A

Commonly called the “bottom line”; it is an individual’s income after taking taxes and other deductions into account.

71
Q

Objectives

A

A specific measurable action that must be taken to reach a goal

72
Q

Opportunity Cost

A

The inability to pursue another alternative that offers a potential gain after making a choice

73
Q

Organizational Capacity for Change

A

The capability of an organization to either effectively prepare for or respond to an unpredictable competitive environment.

74
Q

Organizational Hierarchy

A

The organizational hierarchy can be made up of top managers, middle managers, first-line managers, and team leaders.

75
Q

Outsource

A

To obtain goods or services from an outside or foreign source

76
Q

Overhead

A

the necessary expenses of running a business that cannot be directly linked to a product or service.

77
Q

People Management

A

A branch of business that involves leading people, understanding employment law, motivating employees, and providing constructive feedback. People management can also be human resource management which includes recruiting new employees, management, and providing support and direction for employees after they are hired.

78
Q

Performance Metric

A

The data and figures that are obtained to measure how well an organization and its employees are performing.

79
Q

Personality

A

The combination of characteristics or qualities that form an individual’s distinctive character.

80
Q

Portfolio

A

A range of investments of businesses held by an organization or person

81
Q

Pro-forma

A

A financial report based on hypothetical scenarios

82
Q

Production Budget

A

The number of units of products that must be produced based on the sales budget and the requirements for inventory on hand.

83
Q

Project Management

A

The process of leading the work of a team to achieve goals and meet success criteria within a defined time frame, scope, and constraints.

84
Q

Quality Assurance

A

Maintaining the desired level of quality in a product or service, using data or feedback to check each step in the process.

85
Q

Raw Materials

A

The basic materials from which a product is made

86
Q

Return on Investment

A

The profit you receive for investing, which is calculated by dividing the amount of money gained by the cost of the investment, expressed as a percentage.

87
Q

Revenues

A

The income generated from the sale of goods or services

88
Q

Scope of Change

A

Managing, controlling, and documenting all changes to a projects size and depth; the scope of change may range from minor local adjustments to a full corporate transformation.

89
Q

Sensory Route

A

The five senses include visual or sight, auditory or hearing, touch, taste or gustation, and olfaction or smell.

90
Q

Six Sigma

A

A method that organizations use to increase their performance and decrease any variation in processes

91
Q

Sole Proprietorship

A

It is the simplest business form under which one can operate a business. A single person owns the business and is responsible for its debts

92
Q

Speculative Measures

A

A measure that results in an uncertain degree of gain or loss.

93
Q

Strategic

A

The act of developing long-term goals and determining the best way to go about achieving them.

94
Q

Strategic Goals

A

The specific financial and nonfinancial objectives and results a company aims to achieve over a specific period of time, usually the next three to five years.

95
Q

Strategy

A

A plan of action or policy that will be followed to achieve your goal

96
Q

Tactical Plans

A

Outline actions to achieve short-term goals, generally within a year or less. They are much narrower in focus and can be broken down into the departmental or unit level. Tactical plans outline what each department needs to achieve, how it must do so, and who has the responsibility for implementation.

97
Q

Tone of Voice

A

How your message comes through, in both written and spoken form, based on the way you say it and the impression it makes.

98
Q

Top-down change

A

The highest levels of the administration will drive the change. They will map out the process and deliver it to the staff. It is fast and clear, which makes it easy to make a decision.

99
Q

Transaction Model of Communication

A

The transactional model of communication has each participant acting as a combination of sender-receiver. Back and forth

100
Q

Transactional Theories

A

Transactional leadership focuses on supervision, organization, and performance. Rewards and punishments are used. It works best in organizations where there are linear processes and employees know their jobs well.

101
Q

Transmission Model of Communication

A

Models a telephone with the sender directly sending a message to the receiver.

102
Q

Triple Bottom Line

A

How a decision might affect an organization economically, socially, and environmentally.

103
Q

Typology

A

A Classification System

104
Q

Value-added ratios

A

The time spent adding value to a good or service divided by the total time from the receipt of the order until its delivery.

105
Q

Variable Cost

A

A cost that changes in relation to another variable such as product output.

106
Q

Vendors

A

A person or company offering something for sale

107
Q

Vision

A

Describes where a company wants to be in the future.

Best Practices in Management (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions