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D073: Best Practices in Management: Projects, Staffing, Scheduline, and Budgeting > Terms > Flashcards

Terms Flashcards

1
Q

“Great Man”

A

A nineteenth-century theory that states that history is largely explained by the impact of great men or
heroes and their superior intellect and other attributes.

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2
Q

360 evaluation

A

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

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3
Q

accounts receivable

A

Money owed to a company by its debtors

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4
Q

acquisitiveness

A

Excessive interest in acquiring money or material objects

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5
Q

affiliative

A

The need to form social or emotional bonds with others

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6
Q

allocation

A

To distribute or to give each person a portion of something.

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7
Q

assets

A

Property owned by an organization or individual

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8
Q

assumptions

A

Anything that is accepted as true or certain to happen, without proof

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9
Q

attributes

A

A quality or feature of something

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10
Q

attrition

A

It is not to replace employees when they leave

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11
Q

authoritarian

A

To act in a dictatorial manner. Enforcing strict obedience.

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12
Q

balance sheet

A

A statement of assets, liabilities, and capital for an organization at a particular point in time

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13
Q

behavioral theory

A

Based on the premise that behaviors are conditioned as a result of experieneces with the evironment; anyone can be trained to behave a preferred way

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14
Q

bias

A

A prejudice in favor or against one thing, person, or group compared to another, usually in a way that is considered unfair or unjust

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15
Q

bottom-up approach

A

Starts with the emploees. They are surveyed as the main users of a system to gather information on how to implement a change

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16
Q

business indicators

A

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.

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17
Q

business units

A

A logical segment of a business representing a specific business function and which has its own vision, strategy, and direction

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18
Q

capital assets

A

Significant pieces of property such as buldings, cars, investment properties, stocks, and bonds

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19
Q

cash disbursements

A

The money paid out by an organization to settle an obligation

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20
Q

cash receipts

A

The money received by an organization as payment for a good or service

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21
Q

central-tendency

A

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.

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22
Q

change management

A

Includes all of the processes involved to prepare, support, and lead individuals, groups, or organizations
in making a change

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23
Q

channel richness

A

The ability of the channel to handle multiple cues at the same time, to provide rapid feedback, and to
facilitate a more personal conversation

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24
Q

cloud technologies

A

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)

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25
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
26
contingency
A future event or circumstance that cannot be predicted with absolute certainty
27
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
28
costs
Financial measure of the resources used or given up to achieve a stated purpose
29
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
30
currency exchange rate
The value of two currencies in relation to each other. The rate of which usually depends on supply and demand
31
database management
The system of software that is used to create, retrieve, update, and manage large amounts of data
32
decentralize operations
The daily operations decision-making responsibility are delated by top managers to middle or lower level managers. Top-level managers can then focus more on strategical planning
33
depreciation
A reductioni n the value of an asset over the passage of time
34
differentiated
A specialized product that is created to attain a competitive advantage in a specific segment of the market
35
dividends
A sum of money paid regularly by a company to its shareholders out of its profits
36
durable goods
Goods not for immediate consumption that are able to be kept for a long period of time
37
economies of scale
A sacings in cost to produce a product due to the ability to produce it in large amounts or numbers
38
effectively
To do something in a manner to achieve the best possible results
39
efficiently
To do something in a way that achieves the maximum level or productivity with a minimum level of wasted expense or effort
40
emergent
Change that is not planned. This change comes about in response to a need to change processes
41
encoding
The process of converting information into a particular form
42
enterprise resource planning
A suite of software that allows an organization to automate many of the traditional office functions especially tecnology, services, and human resources
43
entrepreneur
A person who owns and operates his or her own business
44
equity
Value of a property after debt is deducted or the value of shares of stock issues by a company
45
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 user
46
focus group
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
47
forecast
The act of predicting business ativity for a future period of time
48
forecast
The act of predicting business ativity for a future period of time
49
functional
An organization structure where workers are grouped by skills or knowledge
50
furloughs
A temporary leave of absense. It can be used by organizations as a temporary laying off without pay to decrease expenses
51
gross national product
The total value of goods and services produced by a country in a given year
52
halo-effect
The tendency for an impression in one area to influence opinions in another area
53
heuristics
An approach to problem solving that uses a more practical method. Usually used to aid to learning or discovery. THese cognitive short-cuts can lead to biases
54
income statement
A summary of all an organization's revenues and expenses during a predefined period of time
55
innate
Inborn. Something you are born with
56
interaction model of communication
Like two transmission models stacked on top of each other with feedback. The feedback is not simultaneous
57
inventory
A complete list of items such as property, goods in stock, and the contents of a building
58
inventory financing
Using inventory as a collateral for a loan if the business does not sell its products and cannot repay its loans
59
irrationality
Acting thinking, or talking in a way that is illogical or unreasonable
60
just-in-time inventory system
An inventory method designed to increase effeciency, decrease wastes, and cut costs by only having the inventory on hand that is currently needed to fill orders
61
key performance indicators
A measurement of how effectively a company is achieving its key business objectives
62
laissez-faire
A policy of letting things happen as they would. Not interfering
63
LEAN
An organization focused on customer value. The organization focuses its processes on incrementally increasing customer by value
64
learning organization
The business term given to a company that facilitates the learning of its members and continually transforms itself
65
liabilities
State of responsibility for something. What an organization or individual owes
66
managerial accounting
Also cost accounting, a means of using accounting to align processes with the organization's goals. It is intended for internal use and used to provide mangement with important information to assist in decision-making and running the business
67
market capitalization
The total value of a company based on the company's outstanding shares of stock multiplied by the current share price
68
market position
The customer precepitation of a brand or product in relation to its competition
69
market segmentation
The process of dividing a market of potental customers into groups or segments
70
master budget
Budget composed of all the lower level budgets, financial statements, cash flow, and financial plans
71
matrix
An organizational structure in which the reporting relationships are set up in a grid instead of the more traditional hierarchy
72
mechanist
A hierarchal organizational structure with central authority
73
mission
Describes the purposes of a company, its goals, and how it will achieve its vision
74
needs assessment
A systematic process for determining and addressing needs or gaps between the current condition and the desired future condition
75
net income
Commonly called the "bottom line," it is an individual's income after taking taxes and other deductions into account
76
objectives
A specific measureable action that must be taken to reach a goal
77
opportunity cost
The inability to pursue another alternative that offers a potential gain after making a choice
78
Organizational Capacity for Change
The capability of an organization to ither effectively prepare for or respond to an unpredictable competitive environment
79
organizational hierarchy
Can be made up of top managers, middle managers, first-line managers, and team leaders
80
outsource
To obtain goods or services from an outside or foreign source
81
overhead
The necessary expenses of running a business that cannot be directly linked to a product or service
82
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
83
performance metric
The data and figures that are obtained to measure how well an roganization and its employees are performing
84
personality
The combination of characteristics or qualities that form an indiviuals distinctive character
85
portfolio
A range of units of products that ust be produced based on the sales budget and the requirements for inventory on hand
86
production budget
The number of units of products that must be produced based on the sales budget and the requirements for inventory on hand
87
quality assurance
Maintaining the desired level of quality in a product or service using data or feedback to check each step in the process
88
raw materials
The basic materials from which a product is made
89
return on investment
The profit you receive for investing. Calculated by dividing the amount of money gained by the cost of the investment expressed as a percentage
90
revenues
The income generated from the sale of goods or services
91
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 coporate transformation
92
sensory route
The five senses include visual or sight, auditory or hearing, touch, taste or gustation, and olfaction or smell
93
Six Sigma
A method that organizations use to increase their performance and decrease any variation in processes
94
sole proprietorship
It is the simplest business form under which one can operate a business. A single person owns the business and is responsivle for its debts
95
speculative measures
A measure that results in an uncertain degree of gain or loss
96
strategic
The act of developing long-term goals and determining the best way to go about achieving them
97
strategy
A plan of action or policy that will be followed to achieve your goal
98
tone of voice
How your message somes through, in both written and spoken form, based on the way you say it and the impression it makes
99
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 deision
100
transaction model of communication
Each participant acts as a combination sender-receiver
101
transactional theories
This type of leadershup 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.
102
transmission model of communication
Developed by Shannon and Weaver, models a telephone with the sender directly sending a message to the receiver
103
triple bottom line
How a decision might affect an organization economically, socially, and environmentally
104
typology
A classification system
105
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
106
variable cost
A cost that changes in relation to another variable such as production output
107
vendors
A person or company offering something for sale
108
vision
A vision described where a company wants to be in the future

D073: Best Practices in Management: Projects, Staffing, Scheduline, and Budgeting (5 decks)

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