Leadership & management terms Flashcards
Accounting
the systematic process of recording and reporting the financial position in business
production
the process of using materials to create or make an end production
management
the process of deciding how to use a business resources to produce goods or services
planning
the act or process of making steps in order to accomplish an objective
organizing
arranging activities and people into a structured order to preform them
directing
function of management which involves communicating and providing leadership to individuals and motivating them to contribute to organizational objectives
controlling
management function involving setting standards, measuring actual performances, and taking corrective actions
vision
a clear, comprehensive picture of an organization at some point in the future (states the organization’s purpose in terms and it’s value)
mission statement
answer to 3 questions: 1. what do we do? 2. how do we do it? 3. for whom are we doing it? (for an official statement that sets out the goal, purpose, and work of the organization)
goal setting
establishing specific, measurable, achievable, realistic and time targeting goals (smart)
strategic planning
an organization’s process of defining its long range strategy, or direction, and making decisions on allocating its resources to pursue this
growth
the process of development of gradual increase in one or more areas of the organization
profit
the difference between the amount earned and the amount of expenses involved
goals
expected or desired outcome of the planning process (the result of aim towards which effort is directed)
Integrity
strict adherence to a moral code, reflected in transparent honesty and complete harmony in what one thinks, says, and does (doing the right thing no matter what)
