Chapter 13
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Created by:
853GB on February 9, 2012
Subjects:
Principles of Business types Business Organizations
Description:
Principles of Business types Business Organizations.
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24 terms
Terms | Definitions |
|---|---|
 Strategic planning | The managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities |
| Operational planning | the process of setting work standards and schedules necessary to implement the company's tactical objectives |
| Mission statement | a short, specific written statement of the reason a business exists and what it wants to achieve. |
| Goal | a precise statement of results the business expects to achieve. |
| Budget | a sum of money allocated for a particular purpose |
| Standards | a basis of comparison for measuring the extent to which various kinds of organizational performance are satisfactory or unsatisfactory |
| Policies | guidelines used in making consistent decisions. |
| Authority | the power or right to give orders or make decisions |
| Procedure | descriptions of the way work is done. |
| Organization chart | chart that shows how business is structure and who is in charge of whom. |
| Responsibility | an obligation or duty for which a person is held accountable |
| Accountability | responsibility to someone or for some activity |
| Empowerment | the delegation of power and authority to subordinates |
| Line authority | organizational structure in which managers at the top of the line are in charge of those beneath them. |
| Centralized organization | organization in which most decision-making authority is held by upper-level management |
| Decentralized organization | An organization in which lower-level managers make important decisions. |
| Departmentalization | the dividing of organizational functions into separate units |
| Top level managers | managers responsible for setting goals and planning the future for a company. |
| Middle managers | who carry out decisions of top level management and oversee specific departments. |
| Operational managers | who are responsible for the daily operations of a business, such as supervision and office managers. |
| Planning | the act or process of drawing up plans or layouts for some project or enterprise |
| Organizing | deciding where decisions will be made, who will do what jobs and tasks, and who will work for whom |
| Implementing | To carry out or accomplish |
| controlling | determines to what extent the business is accomplishing the goals it set out to reach in the planning stage |
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