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Fundamentals for success in business > Best Practices in Management: Projects, Staffing, Scheduling, and Budgeting > Flashcards

Best Practices in Management: Projects, Staffing, Scheduling, and Budgeting Flashcards

1
Q

“Great Man”

A

A nineteenth-century theory that states that history is largely explained by the effect of great men or heroes and their superior intellect and other attribute

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2
Q

360 evaluation

A

A process through which feedback from an employee’s subordinates, colleagues, and supervisors as well as a self-evaluation by the employee themselves is gathered

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3
Q

accounts receivable

A

Money owed to a company by its debtors

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4
Q

acquisitiveness

A

Excessive interest in acquiring money or material objects

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5
Q

Affiliation

A

The need to form social or emotional bonds with others

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6
Q

affiliative

A

The need to form social or emotional bonds with others

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7
Q

allocation

A

To distribute or to give each person a portion of something.

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8
Q

assets

A

Properties owned by an organization or individual

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9
Q

assumptions

A

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

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10
Q

attributes

A

Qualities or features of something

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11
Q

balance sheet

A

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

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12
Q

behavioral theory

A

Behavioral theory is based on the premise that behaviors are conditioned as a result of experiences with the environment; anyone can be trained to behave in a preferred way.

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13
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

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14
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

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15
Q

business indicators

A

Business indicators are 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.

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16
Q

business units

A

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

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17
Q

capital assets

A

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

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18
Q

cash disbursements

A

The money paid out by an organization to settle an obligation

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19
Q

cash receipts

A

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

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20
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.

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21
Q

Change management

A

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

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22
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

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23
Q

cloud technologies

A

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

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24
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

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25
Q

contingency theory

A

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

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26
Q

database management

A

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

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27
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.

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28
Q

depreciation

A

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

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29
Q

differentiated

A

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

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30
Q

dividends

A

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

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31
Q

durable goods

A

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

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32
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

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33
Q

effectively

A

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

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34
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

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35
Q

emergent

A

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

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36
Q

encoding

A

The process of converting information into a particular form

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37
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

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38
Q

entrepreneur

A

One who owns and operates one’s own business.

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39
Q

equity

A

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

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40
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

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41
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

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42
Q

forecast

A

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

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43
Q

functional

A

An organizational structure where workers are grouped by skills or knowledge

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44
Q

furloughs

A

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

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45
Q

gross national product

A

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

46
Q

halo effect

A

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

47
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

48
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.

49
Q

income statement

A

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

50
Q

innate

A

Inborn; something you are born with

51
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

52
Q

inventory

A

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

53
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

54
Q

irrationality

A

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

55
Q

job costing

A

Total cost and revenue estimation by job or project

56
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

57
Q

key performance indicators

A

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

58
Q

laissez-faire

A

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

59
Q

Lean

A

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

60
Q

learning organization

A

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

61
Q

liabilities

A

State of responsibility for something; hat an organization or individual owes

62
Q

Managerial accounting

A

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

63
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

64
Q

market position

A

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

65
Q

market segmentation

A

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

66
Q

master budget

A

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

67
Q

matrix

A

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

68
Q

mechanistic

A

A hierarchal organizational structure with central authority

69
Q

mission

A

A mission statement describes the purpose of a company, its goals, and how it will achieve its vision.

70
Q

needs assessment

A

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

71
Q

net income

A

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

72
Q

objectives

A

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

73
Q

opportunity cost

A

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

74
Q

Organizational Capacity for Change

A

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

75
Q

organizational hierarchy

A

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

76
Q

outsource

A

To obtain goods or services from an outside or foreign source

77
Q

overhead

A

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

78
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

79
Q

performance metric

A

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

80
Q

Personality

A

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

81
Q

portfolio

A

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

82
Q

pro-forma

A

A financial report based on hypothetical scenarios

83
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

84
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

85
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

86
Q

raw materials

A

The basic materials from which a product is made

87
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

88
Q

revenues

A

The income generated from the sale of goods or services.

89
Q

scope of change

A

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

90
Q

sensory route

A

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

91
Q

Six Sigma

A

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

92
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

93
Q

Speculative measures

A

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

94
Q

strategic

A

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

95
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

96
Q

strategy

A

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

97
Q

tactical plans

A

Tactical plans 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.

98
Q

tone of voice

A

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

99
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. This method of change is fast and clear, which makes it easy to make a decision.

100
Q

transaction model of communication

A

The transactional model of communication has each participant acting as a combination sender–receiver

101
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.

102
Q

transmission model of communication

A

The transmission model of communication, developed by Shannon and Weaver, models a telephone with the sender directly sending a message to the receiver

103
Q

triple bottom line

A

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

104
Q

typology

A

A classification system.

105
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

106
Q

variable cost

A

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

107
Q

vendors

A

A person or company offering something for sale

108
Q

vision

A

A vision describes where a company wants to be in the future.

109
Q

Enacts the direction

A

Enacting the direction and working with others to complete activities are attributes associated with a manager

110
Q

Creating vision

A

Managers focus on how to execute or fulfill the vision, not create it.

111
Q

Controlling existing circumstances

A

This is a task that is taken on by a manager

112
Q

Manages the process

A

Managing processes is an attribute associated with a manager

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