Unit 3 Test Flashcards
Leadership
The action of leading a group of people or an organization. Guiding, directing, and influencing others to meet common goals
leadership Integrity
Characteristic in effective leaders, it ensures leaders are reliable and can be trusted to do the right thing, even when its difficult.
Mission Statement
defines what a company does, its objectives, and how it plans to achieve those objectives. It focuses on the present and answers.
Vision Statement
Outlines what a company wants to achieve in the future. I describes long-term goals and aspirations
Organizational Culture
the collection of beliefs, values, norms, and practices that shape how members of an organization interact with each other and external stakeholders. Impacts employee satisfaction, productivity, and overall effectiveness
Quantitative Measurement
involves collecting data to assess performance, efficiency, and outcomes
Qualitative Measurement
non-numerical data that provides insights into the quality and characteristics of business processes and outcomes
Logistics
the detailed coordination of a complex operation involving many people, facilities, or supplies. With inventory, it commonly refers to the ordering, shipment and tracking of goods for sale
Accounting
the process of recording, summarizing, and analyzing financial transactions to help people and businesses understand their financial health
Assets
what a company owns that has value
Liabilities
what a company owes others that is of value
Equity
the value of something that is owned by the title holder once all debt has been paid off
Cash Flow Statement
shows how changes in the balance sheet and income statement accounts affect how much cash is available for operating, investing, and financing activities
Balance Sheet
a statement of financial position, summarized all of the companies assets, liabilities and equity. Captures the state of a business at a particular time.
Income Statement
profit and loss statement: how much money the company earns and spends during a particular period.
DEI
Diversity, Equity, Inclusion
Diversity
the presence of differences (race, ethnicity, gender, age, sexual orientation, disability, and socioeconomic background) within a given setting.
Equality
ensuring fair treatment, opportunities, and advancements for all individuals while striving to identify and eliminate barriers that have prevented full participation from some groups
Inclusion
the practice of creating environments where any individual or group can feel welcomed, respected, supported, and valued
Management Teams
Project Team: work on specific projects with a defined objective and a set timeline
Cross functional Team: members of different departments or functional areas within an organization
Virtual Team: groups of individuals who work together from different geographical areas
Leadership Style:Autocratic
Establish a clear end goal and how to achieve it. They set specific guidelines and clear expectations for what, when, and how tasks should be done. Expect others to accept their directives and carry them out
Leadership Style: pacesetting
Expect consistent excellence and self direction. Typically very energetic, lead by example and setting high expectations
Leadership Style: transformational
Visionary leaders are firmly committed to organizational purpose and big picture goals. Set objectives by outlining the direction the business will take and what will happen when they get there.
Leadership Style: Coaching
view their teams as a reservoir of talent to be developed. They give employees the direction needed to tap into their abilities and reach their full potential. Must be careful not to overdue orders?micromanage
Leadership Style: Democratic
Leaders who participate and look for employee input before making decisions, but overall they always have the final say.
Leadership Style: Affiliate
Aim to put employees first. They pay close attention to employees and support their emotional and professional needs.
Leadership Style: Delegate
Provide minimum guidance. They use a hands-off approach, trust in employees to solve problems independently. Empowers people and makes them feel trusted. Sets clear limits and expectations.
Maslow’s Hierarchy of Needs
The most frequently used theory to understand how employees are motivated in the workplace. People are motivated to improve once their current levels of needs are consistently met
McClelland’s Needs Theory
Needs for achievement, power and affiliation are learned/acquired by the kinds of events people experience in there environment
McGregors Participation Theory
Two views of humans based on the participation of workers
Theory X = negative
Theory Y = positive
Types of Production: Craft
the process of creating products by hand, often with the aid of simple tools, resulting in unique and high-quality items
Types of Production: Mass
the manufacturing of large quantities of standardized products, often using assembly lines or automation technology.
Types of Production: Job
Involves creating custom products for individual customers, often one at a time. Each product is unique and tailored to specific requirements
Type of Production: Service
refers to the process of delivering intangible services to customers, such as healthcare, education, or financial services.
Types of Production: Batch
involves manufacturing products in groups or “batches” where each batch goes through the production process before starting the next one
