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  • Management

    A process designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment

    Managers

    Those individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing, and controlling the organization's activities to reach its objectives

    Planning

    The process of determining the organization's objectives and deciding how to accomplish them; the first function of management

    Mission

    The statement of an organization's fundamental purpose and basic philosophy

    Strategic Plans

    Those plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission

    Tactical Plans

    Short-range plans designed to implement the activities and objectives specified in the strategic plan

    Operational Plans

    Very-short term plans that specify what actions individuals, work groups, or departments need to accomplish to achieve the tactical plan and ultimately the strategic plan

    Crisis Management (Contingency Planning)

    An element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus, or reputation crisis

    Organizing

    The structuring of resources and activities to accomplish objectives in an efficient and effective manner

    Staffing

    The hiring of people to carry out the work of the organization

    Downsizing

    The elimination of a significant number of employees from an organization

    Directing

    Motivating and leading employees to achieve organizational objectives

    Controlling

    The process of evaluation and correcting activities to keep the organization on course

    Top Managers

    The president and other top executives of a business of business, such as the chief financial officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have overall responsibility for the organizations

    Middle Managers

    Those members of an organization responsible for the tactical planning that implements that general guidelines established by top management

    Financial Managers

    Those who focus on obtaining needed funds for the successful operation of an organization and using those funds to further organizational goals

    Production and Operations Managers

    Those who develop and administer the activities involved in transforming resources into goods, services, and ideas ready for the marketplace

    Human Resources Managers

    Those who handle the staffing function and deal with employees in a formalized manner

    Marketing Managers

    Those who are responsible for planning, pricing, and promoting products and making them available to customers through distribution

    Information Technology (IT) Managers

    Those who are responsible for implementing, maintaining, and controlling technology applications in business, such as computer networks

    Administrative Managers

    Those who manage an entire business or a major segment of a business; they are not specialists but coordinate the activities of specialized managers

    Technical Expertise

    The specialized knowledge and training needed to perform jobs that are related to particular areas of management

    Conceptual Skills

    The ability to think in abstract terms and to see how parts fit together to form the whole

    Analytical Skills

    The ability to identify relevant issues, recognize their importance, understand the relationships between them, and perceive the underlying causes of a situation

    Human Relations Skills

    The ability to deal with people, both inside and outside the organization

    Leadership

    The ability to influence employees to work toward organizational goals

    Employee Empowerment

    When employees are provided with the ability to take on responsibilities and make decisions about their jobs

    Agenda

    A calendar, containing both specific and vague items, that covers short-term goals and long-term objectives

    Networking

    The building of relationships and sharing of information with colleagues who can help managers achieve the items on their agendas

    Organizational Culture

    A firm's shared values, beliefs, traditions, philosophies, rules, and role models for behavior

    Structure

    The arrangement or relationship of positions within a organizations

    Organizational Chart

    A visual display of the organizational structure, lines of authority (chain of command), staff relationships, permanent committee arrangements, and lines of communication

    Specialization

    The division of labor into small, specific tasks and the assignment of employees to do a single task

    Departmentalization

    The grouping of jobs into working units usually called departments, units, groups or divisions

    Functional Departmentalization

    The grouping of jobs that perform similar functional activities. such as finance, manufacturing, marketing, and human recourses

    Product Departmentalization

    The organization of jobs in relation to the products of the firm

    Geographical Departmentalization

    The grouping of jobs according to geographic location, such as state, region, country, or continent

    Customer Departmentalization

    The arrangement of jobs around the needs of various types of customers

    Delegation of Authority

    Giving employees not only tasks but also the power to make commitments, use resources, and take whatever actions are necessary to carry out those tasks

    Responsibility

    The obligation, placed on employees through delegation, to perform assigned tasks satisfactorily and be held accountable for the proper execution of work

    Accountability

    The principle that employees who accept an assignment and the authority to carry it out are answerable to a superior for the outcome

    Centralized Organization

    A structure in which authority is concentrated at the top, and very little decision- making authority is delegated to lower levels

    Decentralized Organization

    An organization in which decision-making authority is delegated as far down the chain of command as possible

    Span of Management

    The number of subordinates who report to a particular manager

    Organizational Layers

    The levels of management in an organization

    Line Structure

    The simplest organizational structure, in which direct lines of authority extend from the top manager to the lowest level of the organization

    Line-and-Staff Structure

    A structure having a traditional line relationship between superiors and subordinates and also specialized managers- called staff managers - who are available to assist line managers

    Multidivisional Structure

    A structure that organizes departments into larger groups called divisions

    Matrix Structure

    A structure that sets up teams from different departments, thereby creating two or more intersecting lines of authority; also called a project- management structure

    Group

    Two or more individuals who communicate with one another, share a common identity, and have a common goal

    Team

    A small group whose members have complementary skills; have a common purpose, goals, and approach; and hold themselves mutually accountable

    Commitee

    A permanent; formal group that performs a specific task

    Task Force

    A temporary group of employees responsible for bringing about a particular change

    Project Teams

    Groups similar to task forces that normally run their operation and have total control of a specific work project

    Product-Delevopment Teams

    A specific type of project team formed to devise, design, and implement a new product

    Quality-Assurance Teams (Or Quality Circles)

    Small groups of workers brought together from throughout the organization to solve specific quality, productive, or service problems

    Self-Directed Work Team (SDWT)

    A group of employees responsible for an entire work process or segment that delivers a product to an internal or external customer

    Grapevine

    An informal channel of communication, separate from management's formal, official communication channels

    Human Relations

    The study of the behavior of individuals and groups in organizational settings

    Motivation

    An inner drive that directs a person's behavior toward goals

    Morale

    An employee's attitude toward his or her job, employer, and colleagues

    Intrinsic Reward

    The personal satisfaction and enjoyment felt after attaining a goal

    Extrinsic Rewards

    Benefits and/or recognition received from someone else

    Classical Theory of Motivation

    Theory suggesting that money is the sole motivator for works

    Maslow's Hierarchy

    A theory that arranges the five basic needs of people- physiological, security, social, esteem, and self-actualization- into the order in which people strive to satisfy them

    Physiological Needs

    The most basic human needs to be satisfied - water, food , shelter, and clothing

    Security Needs

    The need to protect oneself from physical and economic harm

    Social Needs

    The need for love, companionship and friendship - the desire for acceptance by others

    Esteem Needs

    The need for respect - both self-respect and respect for others

    Self-actualization needs

    The need to be the best one can be; at the top of Maslow's hierarchy

    Hygiene Factors

    aspects of Herzberg's theory of motivation that focus on the work setting and not the content of the work; these aspects include adequate wages, comfortable and safe working conditions, fair company policies, and job security

    Motivational Factors

    aspects of Herzberg's theory of motivation that focus on the content of the work itself; these aspects include achievement, recognition, involvement, responsibility, and advancement

    Behavior Modification

    Changing behavior and encouraging appropriate actions by relating the consequences of behavior to the behavior itself

    Job Rotation

    Movement of employees from one job to another in an effort to relieve the boredom often associated with job specialization

    Job Enlargement

    The addition of more tasks to a job instead of treating each task as separate

    Job Enrichment

    The incorporation of motivational factors, such as opportunity for achievement, recognition, responsibility, and advancement, into a job

    Flextime

    A program that allows employees to choose their starting and ending times, provided that they are at work during a specified core period

    Compressed workweek

    A four-day (or shorter) period during which an employee works 40 hours

    Job Sharing

    Performance of one full-time job by two people on part-time hours

    Human Resources Management (HRM)

    All the activities involved in determining an organization's human resources needs as well as acquiring, training, and compensating people to fill those needs

    Job Analysis

    The determination, through observation and study, of pertinent information about a job- including specific tasks and necessary abilities, knowledge, and skills

    Job Description

    A formal, written explanation of a specific job, usually including job title, tasks, relationship with other jobs, physical and mental skills required, duties, responsibilities, and working conditions

    Job Specification

    A description of the qualifications necessary for a specific job in terms of education, experience, and personal and physical characteristics

    Recruiting

    Forming a pool of qualified applicants from which management can select employees

    Selection

    The process of collecting information about applicants and using that information to make hiring decisions

    Title VII of the Civil Rights Act

    Prohibits discrimination in employment and created the Equal Employment Opportunity Commission

    Orientation

    Familiarizing newly hired employees with fellow workers, company procedures, and the physical properties of the company

    Training

    Teaching employees to do specific job tasks through either classroom development or on-the-job experience

    Development

    Training that argument the skills and knowledge of managers and professionals

    Turnover

    Occurs when employees quit or are fired and must be replaced by new employees

    Promotion

    An advancement to a higher-level job with increased authority, responsibility and pay

    Transfer

    A move to another job within the company at essentially the same level and wage

    Separations

    Employment changes involving resignation, retirement, termination or layoff

    Wage/Salary Survey

    A study that tells a company how much compensation comparable firms are paying for specific jobs that the firms have in common

    Wages

    Financial rewards based on the number of hours the employee works or the level of output achieved

    Commission

    An incentive system that pays a fixed amount or a percentage of the employee's sales

    Salary

    A financial reward calculated on a weekly, monthly, or annual basis

    Bonuses

    Monetary rewards offered by companies for exceptional performance as incentives to increase productivity further

    Profit Sharing

    A form of compensation whereby a percentage of company profits is distributed to the employees whose work helped to generate them

    Benefits

    Nonfinancial forms of compensation provided to employees, such as pension plans, health insurance, paid vacation and holidays, and the like

    Labor Unions

    Employee organizations formed to deal with employers for achieving better pay, hours, and working conditions

    Collective Bargaining

    The negotiation process through which management and unions reach an agreement about compensation, working hours, and working conditions for the bargaining unit

    Labor Contract

    The formal, written document that spells out the relationship between the union and management for a specified period of time - usually two or three years

    Picketing

    A public protest against management practices that involves union members marching and carrying anti-management signs at the employer's plant or work site

    Strikes

    Employee walkouts; one of the most effective weapons of labor unions

    Boycott

    An attempt to keep people from purchasing the products of a company

    Lockout

    Management's version of a strike, wherein a work site is closed so that employees cannot go to work

    Strikebreakers

    People hired by management to replace striking employees; called "scabs" by striking union members

    Conciliation

    A method of outside resolution of labor and management differences in which a third party is brought in to keep the two sides talking

    Mediation

    A method of outside resolution of labor and management differences in which the third party's role is to suggest or propose a solution to the problem

    Arbitration

    Settlement of a labor/management dispute by a neutral third party whose solution is legally binding and enforceable

    Diversity

    The participation of different ages, genders, races, ethnicities, nationalities, and abilities in the workplace

    Affirmative Action Programs

    Legally mandated plans that try to increase job opportunities for minority groups by analyzing the current pool of workers, identifying areas where women and minorities are underrepresented, and establishing specific hiring and promotion goals, with target dates, for addressing the discrepancy

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