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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
Q

commodity

A

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

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26
Q

contingency

A

A future event or circumstance that cannot be predicted with absolute certainty

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27
Q

contract employee

A

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

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28
Q

costs

A

Financial measure of the resources used or given up to achieve a stated purpose

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29
Q

culture change

A

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

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30
Q

currency exchange rate

A

The value of two currencies in relation to each other. The rate of which usually depends on supply and
demand

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31
Q

database management

A

The system of software that is used to create, retrieve, update, and manage large amounts of data

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32
Q

decentralize operations

A

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

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33
Q

depreciation

A

A reductioni n the value of an asset over the passage of time

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34
Q

differentiated

A

A specialized product that is created to attain a competitive advantage in a specific segment of the
market

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35
Q

dividends

A

A sum of money paid regularly by a company to its shareholders out of its profits

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36
Q

durable goods

A

Goods not for immediate consumption that are able to be kept for a long period of time

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37
Q

economies of scale

A

A sacings in cost to produce a product due to the ability to produce it in large amounts or numbers

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38
Q

effectively

A

To do something in a manner to achieve the best possible results

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39
Q

efficiently

A

To do something in a way that achieves the maximum level or productivity with a minimum level of wasted expense or effort

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40
Q

emergent

A

Change that is not planned. This change comes about in response to a need to change processes

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41
Q

encoding

A

The process of converting information into a particular form

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42
Q

enterprise resource planning

A

A suite of software that allows an organization to automate many of the traditional office functions especially tecnology, services, and human resources

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43
Q

entrepreneur

A

A person who owns and operates his or her own business

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44
Q

equity

A

Value of a property after debt is deducted or the value of shares of stock issues by a company

45
Q

financial accounting

A

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
Q

focus group

A

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
Q

forecast

A

The act of predicting business ativity for a future period of time

48
Q

forecast

A

The act of predicting business ativity for a future period of time

49
Q

functional

A

An organization structure where workers are grouped by skills or knowledge

50
Q

furloughs

A

A temporary leave of absense. It can be used by organizations as a temporary laying off without pay to decrease expenses

51
Q

gross national product

A

The total value of goods and services produced by a country in a given year

52
Q

halo-effect

A

The tendency for an impression in one area to influence opinions in another area

53
Q

heuristics

A

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
Q

income statement

A

A summary of all an organization’s revenues and expenses during a predefined period of time

55
Q

innate

A

Inborn. Something you are born with

56
Q

interaction model of communication

A

Like two transmission models stacked on top of each other with feedback. The feedback is not simultaneous

57
Q

inventory

A

A complete list of items such as property, goods in stock, and the contents of a building

58
Q

inventory financing

A

Using inventory as a collateral for a loan if the business does not sell its products and cannot repay its loans

59
Q

irrationality

A

Acting thinking, or talking in a way that is illogical or unreasonable

60
Q

just-in-time inventory system

A

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
Q

key performance indicators

A

A measurement of how effectively a company is achieving its key business objectives

62
Q

laissez-faire

A

A policy of letting things happen as they would. Not interfering

63
Q

LEAN

A

An organization focused on customer value. The organization focuses its processes on incrementally increasing customer by value

64
Q

learning organization

A

The business term given to a company that facilitates the learning of its members and continually transforms itself

65
Q

liabilities

A

State of responsibility for something. What an organization or individual owes

66
Q

managerial accounting

A

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
Q

market capitalization

A

The total value of a company based on the company’s outstanding shares of stock multiplied by the current share price

68
Q

market position

A

The customer precepitation of a brand or product in relation to its competition

69
Q

market segmentation

A

The process of dividing a market of potental customers into groups or segments

70
Q

master budget

A

Budget composed of all the lower level budgets, financial statements, cash flow, and financial plans

71
Q

matrix

A

An organizational structure in which the reporting relationships are set up in a grid instead of the more traditional hierarchy

72
Q

mechanist

A

A hierarchal organizational structure with central authority

73
Q

mission

A

Describes the purposes of a company, its goals, and how it will achieve its vision

74
Q

needs assessment

A

A systematic process for determining and addressing needs or gaps between the current condition and the desired future condition

75
Q

net income

A

Commonly called the “bottom line,” it is an individual’s income after taking taxes and other deductions into account

76
Q

objectives

A

A specific measureable action that must be taken to reach a goal

77
Q

opportunity cost

A

The inability to pursue another alternative that offers a potential gain after making a choice

78
Q

Organizational Capacity for Change

A

The capability of an organization to ither effectively prepare for or respond to an unpredictable competitive environment

79
Q

organizational hierarchy

A

Can be made up of top managers, middle managers, first-line managers, and team leaders

80
Q

outsource

A

To obtain goods or services from an outside or foreign source

81
Q

overhead

A

The necessary expenses of running a business that cannot be directly linked to a product or service

82
Q

people management

A

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
Q

performance metric

A

The data and figures that are obtained to measure how well an roganization and its employees are performing

84
Q

personality

A

The combination of characteristics or qualities that form an indiviuals distinctive character

85
Q

portfolio

A

A range of units of products that ust be produced based on the sales budget and the requirements for inventory on hand

86
Q

production budget

A

The number of units of products that must be produced based on the sales budget and the requirements for inventory on hand

87
Q

quality assurance

A

Maintaining the desired level of quality in a product or service using data or feedback to check each step in the process

88
Q

raw materials

A

The basic materials from which a product is made

89
Q

return on investment

A

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
Q

revenues

A

The income generated from the sale of goods or services

91
Q

scope of change

A

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
Q

sensory route

A

The five senses include visual or sight, auditory or hearing, touch, taste or gustation, and olfaction or smell

93
Q

Six Sigma

A

A method that organizations use to increase their performance and decrease any variation in processes

94
Q

sole proprietorship

A

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
Q

speculative measures

A

A measure that results in an uncertain degree of gain or loss

96
Q

strategic

A

The act of developing long-term goals and determining the best way to go about achieving them

97
Q

strategy

A

A plan of action or policy that will be followed to achieve your goal

98
Q

tone of voice

A

How your message somes through, in both written and spoken form, based on the way you say it and the impression it makes

99
Q

top-down-change

A

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
Q

transaction model of communication

A

Each participant acts as a combination sender-receiver

101
Q

transactional theories

A

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
Q

transmission model of communication

A

Developed by Shannon and Weaver, models a telephone with the sender directly sending a message to the receiver

103
Q

triple bottom line

A

How a decision might affect an organization economically, socially, and environmentally

104
Q

typology

A

A classification system

105
Q

value-added ratios

A

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
Q

variable cost

A

A cost that changes in relation to another variable such as production output

107
Q

vendors

A

A person or company offering something for sale

108
Q

vision

A

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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