Management Test 1 Vocab.

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Conceptual and decision skills

Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members

Controlling

The management function of monitoring performance and making needed changes

Cost competitiveness

Keeping costs low in order to achieve profits and be able to offer prices that are attractive to consumers

Emotional intelligence

The skills of understanding yourself, managing yourself, and dealing effectively with others

Frontline managers

Lower-level managers who supervise the operational activities of the organization

Innovation

The introduction of new goods and services

Interpersonal and communications skills

People skills; the ability to lead, motivate and communicate effectively with others

Knowledge management

Set of practices aimed at discovering and harnessing an organization's intellectual resources - fully utilizing the intellects of the organization's people.

Leading

The management function that involves the manager's efforts to stimulate high performance by employees

Management

The process of working with people and resources to accomplish organizational goals

Middle-level managers

Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives

Organizing

The management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals

Planning

The management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization

Quality

The excellence of your product

Social capital

Goodwill stemming from your social relationships

Speed

Fast and timely execution, response, and delivery of results

Technical skill

The ability to perform a specialized task involving a particular method or process

Top-level managers

Senior executives responsible for the overall management and effectiveness of the organization

Acquisition

On firm buying another

Barrier to entry

Conditions that prevent new companies from entering an industry

Benchmarking

The process of comparing an organization's practices and technologies with those of other companies

Buffering

Creating supplies of excess resources in case of unpredictable needs

Competitive environment

The immediate environment surrounding a firm; include suppliers customers, competitors, and the like.

Competitive intelligence

Information that helps managers determine how to compete better

Cooperative strategies

Strategies used by two or more organizations working together to manage the external environment

Customer service

The speed and dependability with which an organization can deliver what customers want

Defenders

Companies that sty within a stable product domain as a strategic maneuver

Demographics

Measures of various characteristics of the people who comprise groups or other social units

Diversification

A firm's investment in a different product, business, or geographic area

Divestiture

A firm selling one or more businesses

Domain selection

Entering a new market or industry

Empowerment

The process of sharing power with employees, thereby enhancing their confidence in their ability to perform their jobs and their belief that they are influential contributors to the organization

Environmental scanning

Searching for an sorting through information about the environment

Environmental uncertainty

Lack of information needed to understand or predict the future

External environment

All relevant forces outside a firm's boundaries, such as competitor, customers, the government, and the economy

Final consumer

Those who purchase products in their finished form.

Flexible processes

Methods for adapting the technical core to changes in the environment

Forecasting

Method for predicting how variables will change the future

Independent strategies

Strategies that an organization acting on its own uses to change some aspect of its current environment

Inputs

Goods and services organization take in an use to create products or services

Intermediate consumer

A customer who purchases raw materials or wholesale products before selling them to final customers

Macroenvironment

The most general environment; includes governments, economic conditions, and other fundamental factors that generally affect all organizations.

Merger

On or more companies combining

Open systems

Organizations that are affected by, and that affect, their environment

Organizational culture

The set of important assumptions about the organization and its goals and practices that members of the company share

Outputs

The products or services organizations create

Prospectors

Companies that continuously change he boundaries for their task environment by seeking new products and markets, diversifying and merging, or acquiring new enterprises

Scenario

A narrative that describes a particular set of future conditions

Smoothing

Leveling normal fluctuations at the boundaries of the environment

Strategic maneuvering

An organization's conscious efforts to change the boundaries of its task environment

Supply chain management

The managing of the network of facilities and people that obtain materials from outside the organization, transform them into products, and distribute them to customers

Switching costs

Fixed costs buyers face when they change suppliers

Affective conflict

Emotional disagreement directed toward other people

Bounded rationality

A less than perfect form of rationality in which decision makers cannot be perfectly rational because decisions are complex and complete information is unavailable

Brainstorming

A process in which group members generate as many ideas about a problem as they can; criticism is withheld until all ideas have been proposed

Certainty

The state the exists when decision makers have accurate and comprehensive information

Coalitional model

Model of organizational decision making in which groups with differing preferences use power and negotiations to influence decisions

Cognitive conflict

Issue-based differences in perspectives or judgments

Conflict

Opposing pressures from different sources

Contingency plans

Alternative courses of action that can be implemented based on how the future unfolds

Custom-made solutions

New, creative solutions designed specifically for the problem

Devil's advocate

A person who has the job of criticizing ideas to ensure that their downsides are fully explored

Dialectic

A structured debate comparing two conflicting courses of action

Discounting the future

A bias weighting short-term costs and benefits more heavily than longer-term costs and benefits

Framing effects

A psychological bias influence by the way in which a problem or decision alternative is phrased or presented

Garbage can model

Model of organization decision making depicting a chaotic process and seemingly random decisions

Goal displacement

A condition that occurs when a decision-making group loses sight of its original goal and a new, less important goal emerges

Groupthink

A phenomenon that occurs in decision making when group members avoid disagreement as they strive for consensus

Illusion of control

People's belief that they can influence events, even when they have no control over what will happen.

Incremental model

Model of organization decision making in which major solutions arise through a series of smaller decisions

Maximizing

A decision realizing the best possible outcome

Nonprogrammed decisions

New, novel, complex decision having no proven answers

Optimizing

Achieving the best possible balance among several goals

Programmed decisions

Decision encountered and made before, having objectively correct answers, and solvable by using simple rules

Ready-made solutions

Ideas that have been seen or tried before

Risk

The state that exists when the probability of success is less that 100 percent and losses may occur.

Satisficing

Choosing an option that is acceptable, although not necessarily the best or perfect.

Uncertainty

The state that exists when decision makers have insufficient information

Vigilance

A process in which a decision maker carefully executes all states of decision making.

Vision

A mental image of possible and desirable future state of the organization

Supervisory leadership

Behavior that provides guidance, support, and corrective feedback for day-to-day activities

Strategic leadership

Behavior that gives purpose and meaning to organization, envisioning and creating a positive future

Power

The ability to influence others

Trait approach

A leadership perspective that attempts to determine the personal characteristics that great leaders share

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