Principles of Business || Managment Organization
About this set
Created by:
LiKonJin3 on September 26, 2011
Subjects:
business, finance, ownership, leadership, management, marketing, supervision
Description:
This set of flashcards will allow you to study through management organization and leadership skills.
Classes:
Principles of Business & Finance, Principles of Business & Finance
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34 terms
Terms | Definitions |
|---|---|
 Planning | The state in which one analyzes information, sets up goals, and make decisions on how to accomplish these goals. |
| Organizing | The state in which you identify the work and resources that need to be allocated in order to accomplish the designated goals. |
| Staffing | The process of hiring employees, training the employees, and then compensating the employees for their work. |
| Implementing | The process of directing and leading people in order to accomplish the goals set out in the planning stages. |
| Controlling | This process is used to determine whether a business is accomplishing its goals or needs revisions |
| Top Management | This level of management consists of people such as CEOs and Presidents of the business. They direct the business and set long-term goals. They are accountable of the business' profitablility and success. |
| Mid-Management | This level of management consists of managers who are responsible for specific parts of the business, such as Marketing Management and Information Technology Management. They are devoted to organizing, staffing, and implementing. |
| Supervisory Management | This level of management is the first level of management, starting from the ground up. They are responsible for the routine work of the employees, they evaluate the employees' progress, and implement the plans that have been set out by their leaders. |
| Management by Others | This level of management doesn't come with the fancy management title. Certain employees may direct groups of employees, without having an official title. |
| Tactical Managing | This type of management strategy allows the managers to be directive and controlling the the work environment. Managers make major decisions, and they stay in close contact with the employees |
| Strategic Managing | This type of management strategy allows the managers to lessen up on the employees. They are less directive in the management approches, team members have the opprotunity to pitch their two cents in about changes, and there is a limited amount of supervision. |
| Mixed Managing | This type of management strategy is a mixture of the other two. This combines certain qualities of those strategies to accomdate different types of employees. |
| Tactical Management Usage | Used when having to hire inexperienced during a time of crisis within the business. |
| Strategic Management Usage | Used with trusted/experienced employees. |
| Mixed Management Usage | Used by effective managers to accomodate different styles and qualities of their workers in order to ensure productivity and safety. |
| Leadership | The ability to motivate individuals and groups to accomplish imortant goals. |
| Autocratic Leaders | Leaders who give direct, precise, and clear orders + make decisions. Used during emergencies or to direct inexperienced employees. |
| Democratic Leaders | Leaders who have the employees make their own decisions. Used to monitor the profitability of keeping the employees, and is to direct employees who are working as a team. |
| Laissez-faire Leaders | Leaders who give little or no direction to the employees. Used to monitor employee achievements and to direct work of experienced/trained employees. |
| Permanent Employement | Long-term employement |
| Temporary Employement | Employeed for a specific job/time |
| Full Time Employement | Employees work 30+ hours a week |
| Part Time Employement | Employees work a short work week |
| The Application Process | When businesses review applications/resumes, interview the job applicants, check references of the applicants, and then make a job offer to the applicant. |
| Time Wage | Payment per hour worked |
| Salary | Payment per week, bi-week, or month |
| Comission | A percentage of the sales is an employee's payment |
| Price Rate | Payment per unit produced |
| Base and Incentive | Payment and performance based pay |
| Promotion | The advancement of an employee to a position with greater responsibility (and payment). |
| Transfer | The assignment of an employee to a different location, but still maintains similar obligatory duties and responsibilities. |
| Termination | The end of the employement relationship with the business. |
| Leadership Qualities | Intelligence, Courage, Objectivity, Cooperative, Understanding. |
| Human Resources | Planning, Staffing, Recruiting, Hiring Managing Compensation & Benefits Managing performance of employees |
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