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Business Management and Strategy > Set One > Flashcards

Set One Flashcards

1
Q

Accounts payable

A

money an organization owes its vendors and suppliers

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2
Q

Accounts receivable

A

money an organization’s customers owe the organization

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3
Q

Action plans

A

detailed steps a unit, department, or team will take in order to achieve short term objectives

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4
Q

Amendment

A

modification of the constitution or law; modification may be either formal (written) or informal (unwritten)

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5
Q

Assets

A

Financial, physical, and sometimes intangible properties an organization owns

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6
Q

Balance sheet

A

statement of a firm’s financial position at a particular time

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7
Q

Balance scorecard

A

measurement approach that provides and overall picture of an organizations performance as measured against goals in finance, customers, internal business processes, and learning and growth

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8
Q

Bill

A

proposal presented to a legislative body for possible enactment as a law

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9
Q

Break-even analysis

A

analysis that shows point in time at which total revenue associated with a program is equal to the total cost of the program

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10
Q

Business case

A

description of an organizational challenge and possible alternative solutions, arguing for a specific solution

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11
Q

Capacity

A

to an operations department, the ability to yield output

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12
Q

Cash flow statement

A

record of how much cash is flowing into and out of an organization, including its sources or destination

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13
Q

Code of ethics

A

principles of conduct within an organization that guide decision making and behavior

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14
Q

Consumer price index (CPI)

A

measure of the average change over time in the prices paid by consumers for goods and services

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15
Q

Control

A

to an operations department, an after the fact evaluation of a company’s ability to meet its own specifications and its customers needs

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16
Q

Consumer price index

A

measure of the the average change over time in the prices paid by consumer for goods and services

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17
Q

Correlation

A

measure that indicates the relationship between two variables

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18
Q

Cost-benefit analysis

A

ration of value created to cost of creating that value; allows management to determine the financial impact particular activities and programs have on an organization profitability.

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19
Q

Decentralization

A

degree to which decision making authority is given to lower levels in an organizations hiearchy

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20
Q

Return on investment (ROI)

A

Ratio of incremental value (value received minus cost to create value) of an investment to its cost multiplied by 100%; measures the economic return on a project or investment.

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21
Q

Project

A

Series of tasks and activities that has a stated goal and objectives, a schedule with defined start and end dates, and a budget that sets limits on the use of monetary and human resources.

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22
Q

Validity

A

Ability of an instrument to measure what it is intended to measure.

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23
Q

Research and development (R&D)

A

That part of an organization charged with designing and developing products, processes, and services to meet market needs

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24
Q

Median

A

Middle point above and below which 50% of scores in a set of data lie

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25
Q

Resolution

A

Legislative measure limited in effect to either the Congress or one of its chambers.

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26
Q

Human resource information system (HRIS)

A

Systematic tool for gathering, storing, maintaining, retrieving, and revising HR data

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27
Q

Population

A

Group of persons or objects or a complete set of observations or measurements about which one wishes to draw conclusions

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28
Q

Marketing

A

Process of planning, pricing, promoting, and distributing goods and services to satisfy organizational objectives

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29
Q

Human capital

A

Combined knowledge, skills, and experience of a company’s employees

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30
Q

Decentralization

A

Degree to which decision-making authority is given to lower levels in an organization’s hierarchy.

For more information, refer to Module .

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31
Q

Divisional structure

A

Organizational structure in which segments are separated by product, customer or market, or region.

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32
Q

Enterprise management

A

Integrated processes and tools to allow information sharing and process management across functions, sometimes even with external partners, such as suppliers

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33
Q

SWOT analysis

A

Process for evaluating an organization’s current strengths, weaknesses, opportunities, and threats

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34
Q

Sample

A

Portion of a population used to draw conclusions regarding an entire population.

For more information, refer to Module .

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35
Q

Mergers and acquisitions (M&A)

A

Combination of two separate firms either by their joining together as relative equals (merger) or by one acquiring the other (acquisition).

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36
Q

Gross domestic product (GDP)

A

Estimate of the total value of goods and services produced in a country in a given year

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37
Q

Foreign Corrupt Practices Act (FCPA)

A

Prohibits American companies from making corrupt payments to foreign officials for the purpose of obtaining or keeping business

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38
Q

HR audit

A

Process to measure the effectiveness and efficiency of HR programs and positions

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39
Q

Functional structure

A

Organizational structure that defines departments by what services they contribute to the organization’s overall mission.

For more information, refer to Module .

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40
Q

Human resource management (HRM)

A

Design of formal systems in an organization that ensure the effective and efficient use of human capital to accomplish organizational goals

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41
Q

Balanced scorecard

A

Measurement approach that provides an overall picture of an organization’s performance as measured against goals in finance, customers, internal business processes, and learning and growth

42
Q

Vision statement

A

Vivid, guiding image of an organization’s desired future.

For more information, refer to Module .

43
Q

Centralization

A

Degree to which decision-making authority is restricted to higher levels of management in an organization

44
Q

Zero-based budgeting

A

Form of budgeting that requires that expenditures be justified for each new period

45
Q

Mission statement

A

Specifies what the organization does, who its customers are, and the priorities it has set in pursuing its work.

46
Q

Veto

A

Action of canceling or postponing a decision or bill

47
Q

Extended organization

A

Alliance between organizations to create processes and information channels that allow communication and collaboration

48
Q

Primary research

A

Involves data that is gathered firsthand for a specific evaluation.

49
Q

Incremental budgeting

A

Form of budgeting in which the prior budget is the basis for allocation of funds.

50
Q

Mean

A

Average score or value in a set of data.

51
Q

Control

A

To an operations department, an after-the-fact evaluation of a company’s ability to meet its own specifications and its customers’ needs.

For more information, refer to Module .

52
Q

Divestiture

A

Sale by a company of an asset that is not performing well, that is not core to the company’s business, or that is worth more as a separate entity

53
Q

Range

A

Distance between highest and lowest scores in a set of data

54
Q

Qualitative analysis

A

Based on research that supplies non-numeric data, for example, through the use of interviews, open-ended survey questions, and other methods that gather attitudes, opinions, and feelings.

55
Q

Net profit margin

A

Ratio of net income (gross sales minus expenses and taxes) to net sales

56
Q

Cost-benefit analysis

A

Ratio of value created to cost of creating that value; allows management to determine the financial impact particular activities and programs have on an organization’s profitability

57
Q

Liabilities

A

Organization’s debts and other financial obligations.

58
Q

Values

A

Describe what is important to an organization, dictate employee behavior, and create the organization’s culture

59
Q

Key performance indicators (KPIs)

A

Quantifiable measures of performance used to gauge progress toward strategic objectives or agreed standards of performance

60
Q

Electronic Communications Privacy Act (ECPA)

A

Act that makes it unlawful to intercept messages in transmission, access stored information on electronic communication services, or disclose this information

61
Q

Percentile

A

Specific point in a distribution of data that has a given percentage of cases below it.

For more information, refer to Module .

62
Q

Scheduling

A

To an operations department, the act of detailed planning; based upon incoming orders, order history, and forecasts of future demand

63
Q

Public comment period

A

Time allowed for the public to express its views and concerns regarding an action of a regulatory agency.

64
Q

Request for proposal (RFP)

A

Written request asking vendors to propose solutions and prices that fit a customer’s requirements

65
Q

Sales

A

Business function responsible for selling an organization’s product to the marketplace.

66
Q

Staff units

A

Work groups that assist line units by providing specialized services, such as HR.

67
Q

Due diligence

A

Process of conducting an intensive investigation of an organization as one of the first steps in a pending merger or acquisition

68
Q

Gantt chart

A

Project planning tool that graphically displays activities of a project in sequential order and plots them against time

69
Q

Standard deviation

A

Measure that indicates how much scores in a set of data are spread out around a mean or average

70
Q

Financial ratios

A

Calculations designed to describe an organization’s financial health and performance from various perspectives

71
Q

Reliability

A

Ability of an instrument to measure consistently

72
Q

Sarbanes-Oxley Act (SOX)

A

Act that changed corporate governance and reporting standards and underscored board of director’s responsibility to help ensure financial accountability, accuracy, and compliance.

73
Q

Quantitative analysis

A

Seeks to obtain easily quantifiable data on a limited number of measurement points.

74
Q

Mode

A

Value that occurs most frequently in a set of data

75
Q

Promotion

A

Techniques for communicating information about products to consumers.

For more information, refer to Module .

76
Q

Normal distribution

A

Expected distribution given a random sampling across a large population

77
Q

Equity

A

Amount of owners’ or shareholders’ portion of a business.

For more information, refer to Module .

78
Q

Quorum

A

Number of members of an organization that have to be present before official business may be conducted

79
Q

Strategies

A

Provide the direction that enables an organization to achieve its long-term objectives

80
Q

Regulation

A

Rule or order issued by a government agency; often has the force of law.

81
Q

Environmental scanning

A

Process that involves a systematic survey and interpretation of relevant data to identify external opportunities and threats

82
Q

Generation Y

A

Group of people born after 1980

83
Q

Secondary research

A

Uses data already gathered by others and reported in various sources

84
Q

Line units

A

Work groups that conduct the major business of an organization.

For more information, refer to Module .

85
Q

Standards

A

For an operations department, provide the yardstick by which the amount and quality of output are measured

86
Q

Program evaluation and review technique (PERT) chart

A

Project management tool used to schedule, organize, and coordinate tasks within a project

87
Q

Supply chain

A

Network that delivers products and services from raw materials to end customers through an engineered flow of information, physical distribution, and cash

88
Q

Formula budgeting

A

Form of budgeting in which an average cost is applied to comparable expenses and general funding is changed by a specific amount

89
Q

Matrix structure

A

Organizational structure that combines departmentalization by division and function to gain the benefits of both

90
Q

Income statement

A

Statement comparing revenues, expenses, and profits over a specified period of time, usually a year or a quarter.

91
Q

Offshoring

A

Relocation of processes or functions from a “home” country to another country

92
Q

Strategic planning

A

Process that helps an organization focus on how to succeed in the future by evaluating the organization’s current status, where it would like to be, and how to get there

93
Q

Strategic business management

A

Processes and activities used to formulate HR objectives, practices, and policies.

For more information, refer to Module .

94
Q

Ethics

A

System of moral principles and values that establish appropriate conduct

95
Q

Long-term objectives

A

Specific results, to be accomplished in three to five years, that an organization seeks to achieve in pursuing its mission

96
Q

Inventory

A

To an operations department, an organization’s major asset after physical buildings and equipment.

97
Q

Product

A

What an organization sells to make a profit.

98
Q

Span of control

A

Refers to the number of individuals who report to a supervisor.

For more information, refer to Module .

99
Q

Gross profit margin

A

Ratio of gross profit to gross sales.

100
Q

Generation X

A

Group of people born roughly between the years of 1965 and 1980.

101
Q

Mid-term objectives

A

Serve a purpose similar to short-term objectives but are completed in one to three years.

For more information, refer to Module .

Business Management and Strategy (1 decks)

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