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Definition
| Fully describes the preferred condition which may take the form of a goal, standard, or other carefully determined quantitative statement of conditions |
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| The process of maintaining conformance of the system |
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| making the product or delivering the service |
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| A judgment concerning whether the production meets the specifications. Determines whether or not corrective actions need to be taken |
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| Determines an organizations objectives and establishes the appropriate strategies for achieving those objectives |
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| Assigns tasks identified during planning to individuals and groups within the organization so that objectives set by planning can be achieved |
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| Directing and motivating, influence organization members to perform in a ways that accomplish the organization's objectives |
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| Makes sure that the organizations actual performance conforms with the performance that was planned for it |
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| converts a concept into measurable, objective units. |
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Term
| 3 Types of Control that Managers Use |
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Definition
Preliminary- Control method focusing on preventing deviations in the quality and quantity of resources used in the organization
Concurrent-Monitoring ongoing operations to ensure that objectives are pursued
Feedback- A type of control where corrective action is directed at improving either the resource acquisition process or the actual operations |
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Definition
| An intermediate and long-run planning document that details the alternative sources and uses of funds |
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| Managerial decisions that involve the commitment of present funds in exchange for future funds |
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| Calculates the number of years needed for the proposed capital acquisitions to repay its original cost out of future cash earnings |
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| Accounts Receivable Turnover |
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Definition
| The ratio of credit sales to average accounts receivable |
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Definition
| The ratio of cost of goods sold to average inventory |
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Definition
| A measure of the amount of assets financed by debt compared to that amount financed by profits retained by the firm and investments (stocks and other securities) |
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| An expression of the relationship of the firm's total debts to its total assets |
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Definition
| reflects the firm's ability to meet current obligations as they become due |
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Definition
| The ratio of current assets to current liabilities |
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Definition
| Relates only cash and near-cash items (current assets excluding inventories and prepaid expenses) to current liabilities |
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Definition
| Descriptive statistic that denotes the point at which 50% of the points lie above and 50% lie below |
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Definition
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Definition
| The most common data point |
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Term
| Statistical Process Control |
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Definition
| A method of implementing quality control before the final inspection stage. It relies on statistical tools to control variation within given processes |
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Definition
| An effective system for integrating the quality development, quality maintenance, and quality improvement efforts of the various groups in an organization so as to enable marketing, engineering, production, and service at the most economical levels that allow for full customer satisfaction |
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Definition
| oriented toward treating the system as the primary source of error or defects in manufacturing or service work |
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Definition
| The exchange of information between a sender (source) and a receiver (audience) |
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Definition
To convert a message into groups of symbols that represent ideas or concepts
Should be done with the receiver's background in mind for communication to take place |
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Term
Medium of Transmission
(examples) |
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Definition
A means of carrying an encoded message from the source to the receiver
Ex: Ink on paper, vibrations of air produced by vocal cords, and electronically produced airwaves such as radio and TV signals
Face to face is richest |
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Term
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Definition
| The receiver's response to the sender's message |
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Definition
| Interference that affects any or all stages of the communication process |
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Term
| To Increase upward communication in the workplace, the company should |
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Definition
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Term
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Definition
Oral- Communication using the spoken word to transmit a message
Written- Transmitting a message through the written word
Nonverbal- Intentional or unintentional messages that are neither written nor spoken |
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Definition
| Listening with the intent to understand, also known as active listening |
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Definition
| Information that flows down the organizational hierarchy from managers and supervisors to subordinates |
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Definition
| Information that flows p the organization from the subordinates to the supervisors and mangers |
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Definition
| Messages that flow between persons at the same level of an organization |
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Definition
| An informal communication channel that cuts across formal channels of communication and carries a variety of facts, opinions, rumors, and other information |
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Definition
| The receiver's confidence and trust in the source of the message |
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Definition
| A systematic method for collecting and evaluating information about an organization's communication efforts |
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Definition
| The process of exerting influence over people to attain organizational goals |
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Definition
| Managers are more concerned with "getting things done" whereas Leaders are concerned with "getting the right things done" |
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Definition
| The capacity to influence people |
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Term
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Definition
Reward-Ability to allocate organizational resources in exchange for cooperation
Coercive-Ability to apply penalties when an employee fails to cooperate
Expert- Individual's technical or expert knowledge about a particular area
Referent- Individual's personal characteristics that are esteemed by others
Legitimate-Accompanies certain positions within an organization
Personal- Consists of both expert & referent |
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Term
| Contingency Leadership Models |
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Definition
| Leadership theories that assert that the specific leadership behavioral style must be contingent on the situation if the leader is to be effective |
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| Trait Theory of Leadership |
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Definition
| An early attempt to describe effective leaders in a systematic fashion that focuses on the leader's physical and personality attributes |
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Term
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Definition
Task oriented -Leadership behaviors such as setting goals giving directions, and supervising worker performance, and applauding good work.
People Oriented- The aspect of leadership theory consisting of behaviors such as showing empathy for worker needs and feelings, being supportive of group needs, establishing trusting relationships with workers, and allowing workers to participate in work-related decisions |
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Term
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Definition
| A person who assumes the major risks of creating incremental wealth by making an equity, time, and/or career commitment of providing value to a product or service. The product or service itself may or may not be new or distinct, but value is added by the entrepreneur |
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Definition
| A person inside an organization who pursues an innovation and champions it over a period of time |
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| Types of Entrepreneurship |
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Definition
Administrative
Opportunist
Acquisition
Imitative
Incubative |
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Term
| Administrative Entrepreneurship |
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Definition
| Exhibited by the champion who supports research and development and provides or helps secure needed resources to develop ideas and move them from the lab to the market. |
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| Opportunist Entrepreneurship |
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Definition
| Exhibited by companies that allow employees to seek and take new opportunities that help the company |
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Term
| Acquisition Entrepreneurship |
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Definition
| A strategy whereby firms court other firms that have knowledge, ideas, or promising products |
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Term
| Imitative Entrepreneurship |
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Definition
| This form of entrepreneurship takes advantage of and extends the use of other firms' ideas, products, and technologies |
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Term
| Incubative Entrepreneurship |
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Definition
| Involves subjecting a new idea, technology or innovation to experimentation and testing. |
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Term
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Definition
| The entrepreneur's road map. The business plan contaings descriptoions of the company, its founders, the product, and its potential markets, as well as financial projections about the company's expected future performance |
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Term
| Risk management Controls Include? |
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Definition
Implementation of Risk Control Plan
Modification of Risk Controls |
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Term
| Typical Interval Program Reviews Include |
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Definition
Interval Program Status Reviews
Quality Reviews |
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Term
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Definition
Focuses Management's review of status
Guide selection of corrective actions
Continuously rank risk issues |
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