Business Unit 3 Flashcards
Word Bank Practice
Leadership
Action of leading a group of people/organization.
Leadership Integrity
“Leadership Integrity” is considered the most important characteristic because it builds trust and credibility.
Mission Statement
Defines what a company does, it’s objective, and how to achieve those objectives.
Vision Statement
What a company wants to achieve.
Organizational Culture
Beliefs, values, norms, and practices that shape how members interact with each other.
Qualitative Measurement
Focuses on non-numerical data that provides insights into the quantity and characteristics of business processes, and outcomes.
Qualitative Measurement
Collecting and analyzing numerical data to assess performance, efficiency, and outcomes.
Types of Management Teams (3)
DEI (Diversity, Equality & Inclusion)
D: Diversity: The presence of differences within a given setting, encompassing various dimensions such as race, ethnicity, age, etc.
E: Equity: Involves ensuring fair treatment, opportunities, and advancement for all individuals while striving to identify and eliminate barriers that prevent participation.
I: Inclusion: When participation of creating environments where any individual or group can feel welcomed, respected, supported and valued.
Logistics
Detailed coordination of a complex operation involving many people, facilities or supplies.
Accounting
Recording, summarizing, and analyzing financial transactions to help people and businesses understand their financial health.
Assets
What a company owns that has value.
Liabilities
What a company owes others, that is of value.
Equity
The value of something that is owned by the title holder once all debt has been paid off.
Cash Flow Statement
The changes in a balance sheet and income statement accounts, that affect how much money is available.
Balance Sheet
Assets: Resources owned by the company with economic value.
Liability: Obligations the company owes to others.
Equity: Owners claim on the companies assets after all the liabilities have been paid off.
Income Statement
Revenue: Money earned.
COGS: Cost of producing.
Operation Expense: Cost required to run the business.
Gross Profit: Rev - GOGS = GP
Operating income (EBIT): GP - Operating expenses = OI
Leadership Styles (7)
Autocratic: Establish a clear goal and how to achieve it.
Pacesetting: Expect consistent excellence, and self-direction.
Transformational: Firmly committed to organizational purpose, and big-picture goals.
Coaching: View there teams as a reservoir of talents to be developed.
Democratic: Look for employee input before making decisions.
Affiliative: Aim to put employees first.
Delegative: Provide minimum guidance.
Motivational Theories (3)
Maslow’s Hierarchy of Needs: People are motivated to grow once their current level of needs are consistently met.
McClelland’s Needs Theory: For achievements, power and affiliation are learned or acquired by the kinds of events people experience.
McGregor’s Participation Theory: If you believe that your people take pride in their work and see it as a challenge , then you’ll more likely adopt a participative management style.
Types of Production (6)
Craft: Creating products by hand, often with tools.
Mass: Large quantity production.
Job: Creating custom products for individual customers often 1 at a time.
Service: Delivering intangible services to customers like healthcare.
Batch: Creating products in batches.
4 General Tasks of Management
Planning: Selecting goals, and ways to achieve them.
Controlling: Monitoring performance and making corrections.
Organizing: Assigning resources for tasks.
Leading: Motivating the staff to achieve goals.
4 steps in the Production Process
Design: Conceptualizing and planning the product.
Purchasing: Buying the materials, components and resources.
Processing: The actual production takes place.
Quality control: Inspecting and testing the products to ensure they meet standards.
