Module 6 Flashcards
Vision
A mission statement describes an organization’s purpose and answers the questions “What business are we in?” and “What is our business for?” What the company wants to achieve in the future.
Transparency
Transparency operates in such a way that it is easy for others to see what actions are performed.
SWOT analysis
Strengths, weaknesses, opportunities, and threats and is a structured planning method that evaluates those four elements of a project or business venture.
Autocratic leadership
A leadership style in which the leader dictates policies and procedures, and decides what goals are to be achieved.
Planning
A management process, concerned with defining goals for company’s future direction and determining on the missions and resources to achieve those targets.
Organizing
Maintain order and structure required to complete objectives
Leading
Used to darken textblocks for dramatic impact in headlines, advertisements, etc.
Controlling
Management control can be defined as a systematic effort by business management to compare performance to predetermined standards, plans, or objectives in order to determine whether performance is in line with these standards.
Conceptual skills
Skills that allow a person to think creatively while also understanding abstract ideas and complicated processes and understand the relationship between ideas, concepts, patterns and symbols.
Contingency plan
A plan devised for an outcome other than usual plan.
PMI (Purchasing Mangers’ Index).
An indicator of the economic health of the manufacturing sector.
Goals
Describes what a company expects to accomplish over a specific period of time.
Free-rein leadership
A type of leadership style in which leaders are hands off and allow group members to make decisions.
Empowerment
Giving employees a certain degree of autonomy and responsibility for decision making regarding their specific organizational tasks.
Delegation
Occurs when someone with authority confers upon another person the power to do a particular task.
