Key Terms
Accounting
The process of recording financial transactions pertaining to a business.
What is the difference between human resources and human resource management?
The human resource department recruits, hires, trains, and retains workers for a company. Human resource management is both the process and the team of people in the department.
Financial Analysis
The process of examining a company's performance in the context of its industry and economic environment in order to arrive at a decision or recommendation.
Which management function lays the groundwork for all other management functions?
Planning.
Conceptual Skills
The abilities that allow an individual to better understand complex scenarios and develop creative solutions.
What is the management information system?
The study of people, technology, organizations, and the relationships among them.
Mid-Level Management
Includes all of the management positions in a hierarchical company structure underneath the top management positions and above the non-management workers.
What are 4 challenges of information management?
Lack of strategy, information recording, manage information growth, and confidentiality.
Customer-Centric
The ability to understand consumers and make business decisions based on their needs.
What are 4 benefits of information management?
Increased efficiency, improved performance, sustained responsiveness, and enhanced creativity.