Best Practices in Management: Projects, Staffing, Scheduling, and Budgeting – D073 Flashcards
“Great Man”
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
360 evaluation
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
accounts receivable
Money owed to a company by its debtors
acquisitiveness
Excessive interest in acquiring money or material objects
Affiliation
The need to form social or emotional bonds with others
affiliative
The need to form social or emotional bonds with others
allocation
To distribute or to give each person a portion of something.
assets
Properties owned by an organization or individual
assumptions
Anything that is accepted as true or certain to happen, without proof
attributes
Qualities or features of something
attrition
It is not to replace employees when they leave
authoritarian
To act in a dictatorial manner; enforcing strict obedience.
balance sheet
A statement of assets, liabilities, and capital for an organization at a particular point in time
behavioral theory
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.
bias
A prejudice in favor or against one thing, person, or group compared to another, usually in a way that is considered unfair or unjust
bottom-up approach
Starts with the employees, who are surveyed as the main users of a system to gather information on how to implement a change
business indicators
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.
business units
A logical segment of a business representing a specific business function and which has its own vision, strategy, and direction
capital assets
Capital assets are significant pieces of property such as buildings, cars, investment properties, stocks, and bonds
cash disbursements
The money paid out by an organization to settle an obligation
cash receipts
The money received by an organization as payment for a good or service
central tendency
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.
central-tendency
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.
Change management
Includes all of the processes involved to prepare, support, and lead individuals, groups, or organizations in making a change
Channel richness
The ability of the channel to handle multiple cues at the same time, to provide rapid feedback, and to facilitate a more personal conversation
cloud technologies
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)
commodity
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
contingency theory
A contingency is a future event or circumstance that cannot be predicted with absolute certainty.
contract employee
An individual retained by a company for a particular purpose, price, and time period; since a contract worker is not an employee, the company does not provide traditional employee benefits
costs
Financial measure of the resources used or given up to achieve a stated purpose
Cultural change
The behavior of humans interacting in a group or organization and the meaning they assign to that behavior. It may include the company vision, values, norms, systems, symbols, language, beliefs, and habits.
culture change
The behavior of humans interacting in a group or organization and the meaning they assign to that behavior. It may include the company vision, values, norms, systems, symbols, language, beliefs, and habits. Culture is ingrained and therefore very difficult to change
currency exchange rate
The value of two currencies in relation to each other; the rate of which usually depends on supply and demand
database management
The system of software that is used to create, retrieve, update, and manage large amounts of data
decentralize operations
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.
depreciation
A reduction in the value of an asset over the passage of time
differentiated
A specialized product that is created to attain a competitive advantage in a specific segment of the market
dividends
A sum of money paid regularly by a company to its shareholders out of its profits
durable goods
Goods not for immediate consumption that are able to be kept for a long period of time
economies of scale
A savings in costs to produce a product due to the ability to produce it in large amounts or numbers
effectively
To do something in a manner to achieve the best possible result
efficiently
To do something in a way that achieves the maximum level of productivity with a minimum level of wasted expense or effort
emergent
Change that is not planned; this change comes about in response to a need to change processes
encoding
The process of converting information into a particular form
enterprise resource planning
A suite of software that allows an organization to automate many of the traditional office functions especially technology, services, and human resources
entrepreneur
One who owns and operates one’s own business.
equity
Value of a property after debt is deducted or the value of shares of stock issued by a company
Financial accounting
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
focus groups
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
forecast
The act of predicting business activity for a future period of time
functional
An organizational structure where workers are grouped by skills or knowledge
furloughs
A temporary leave of absence; it can be used by organizations as a temporary laying off without pay to decrease expenses
gross national product
The total value of goods and services produced by a country in a given year
halo effect
The tendency for an impression in one area to influence opinions in another area
halo-effect
The tendency for an impression in one area to influence opinions in another area
heuristics
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
human capital
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.
income statement
A summary of all of an organization’s revenues and expenses during a predefined period of time
innate
Inborn; something you are born with
interaction model of communication
The interaction model is like two transmission models stacked on top of each other with feedback. The feedback is not simultaneous
inventory
A complete list of items such as property, goods in stock, and the contents of a building
inventory financing
Using inventory as a collateral for a loan if the business does not sell its products and cannot repay its loans
irrationality
Acting, thinking, or talking in a way that is illogical or unreasonable
job costing
Total cost and revenue estimation by job or project.
just-in-time inventory system
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
key performance indicators
A measurement of how effectively a company is achieving its key business objectives
laissez-faire
A policy of letting things happen as they would. Not interfering.
Lean
An organization focused on customer value; the organization focuses its processes on incrementally increasing customer by value
learning organization
The business term given to a company that facilitates the learning of its members and continually transforms itself
liabilities
State of responsibility for something; that an organization or individual owes
Managerial accounting
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.
market capitalization
The total value of a company based on the company’s outstanding shares of stock multiplied by the current share price
market position
The customer’s perception of a brand or product in relation to its competition
market segmentation
The process of dividing a market of potential customers into groups or segments
master budget
Budget composed of all the lower level budgets, financial statements, cash flow, and financial plans
matrix
An organizational structure in which the reporting relationships are set up in a grid instead of the more traditional hierarchy
mechanistic
A hierarchal organizational structure with central authority
mission
A mission statement describes the purpose of a company, its goals, and how it will achieve its vision.
mission statement
A mission statement describes the purpose of a company, its goals, and how it will achieve its vision.
needs assessment
A systematic process for determining and addressing needs or gaps between the current condition and the desired future condition
net income
Commonly called the “bottom line,” it is an individual’s income after taking taxes and other deductions into account.
objectives
A specific measurable action that must be taken to reach a goal
opportunity cost
The inability to pursue another alternative that offers a potential gain after making a choice
Organizational Capacity for Change
The capability of an organization to either effectively prepare for or respond to an unpredictable competitive environment
organizational hierarchy
The organizational hierarchy can be made up of top managers, middle managers, first-line managers, and team leaders.
outsource
To obtain goods or services from an outside or foreign source
overhead
The necessary expenses of running a business that cannot be directly linked to a product or service
people management
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
performance metric
The data and figures that are obtained to measure how well an organization and its employees are performing
Personality
The combination of characteristics or qualities that form an individual’s distinctive character
portfolio
A range of investments or businesses held by an organization or person
pro forma
A financial report based on hypothetical scenarios
production budget
The number of units of products that must be produced based on the sales budget and the requirements for inventory on hand
project management
The process of leading the work of a team to achieve goals and meet success criteria within a defined time frame, scope, and constraints
quality assurance
Maintaining the desired level of quality in a product or service, using data or feedback to check each step in the process
raw materials
The basic materials from which a product is made
return on investment
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
revenues
The income generated from the sale of goods or services.
scope of change
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
sensory route
The five senses include visual or sight, auditory or hearing, touch, taste or gustation, and olfaction or smell
Six Sigma
A method that organizations use to increase their performance and decrease any variation in processes
sole proprietorship
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
Speculative measures
A measure that results in an uncertain degree of gain or loss
strategic
The act of developing long-term goals and determining the best way to go about achieving them.
strategic goals
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
strategy
A plan of action or policy that will be followed to achieve your goal
tactical plans
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.
tone of voice
How your message comes though, in both written and spoken form, based on the way you say it and the impression it makes
Top-down change
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.
transaction model of communication
The transactional model of communication has each participant acting as a combination sender–receiver
Transactional theories
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.
transmission model of communication
The transmission model of communication, developed by Shannon and Weaver, models a telephone with the sender directly sending a message to the receiver
triple bottom line
How a decision might affect an organization economically, socially, and environmentally
typology
A classification system.
value-added ratios
The time spent adding value to a good or service divided by the total time from the receipt of the order until its delivery
variable cost
A cost that changes in relation to another variable such as production output
vendors
A person or company offering something for sale
vision
A vision describes where a company wants to be in the future.
