Types of Economic Activity
These three activities - fishing, mining, and forestry - all fall into this economic sector
What is the primary sector?
While a sole trader has unlimited liability, this popular business structure protects its owners by limiting their liability to only what they've invested
What is a limited company? (or What is a Ltd?)
This type of statement answers the basic question "Why does this business exist?"
What is a mission statement?
This refers to the set of moral principles that guide a company's behaviour and decision-making processes.
What are organizational ethics?
These four key characteristics of information include accuracy, timeliness, relevance, and this quality that helps prevent misinterpretation.
What is clarity?
This concept describes the increasing interconnectedness of the world's markets, cultures, and populations, facilitated by technology, trade, and investment.
What is globalization?
This management function involves setting objectives and determining how best to achieve them.
What is planning?
This type of organizational structure groups employees based on their specialized function, such as marketing or finance.
What is a functional structure?
This motivation theory arranges needs in a hierarchy, starting from physiological needs and moving to self-actualization.
What is Maslow's Hierarchy of Needs?
This type of leadership is centred on fairness, transparency, and the responsibility to do what is right, rather than what is merely profitable, even if it leads to short-term losses.
What is ethical leadership?
This is the first stage of Tuckman's team development model, where team members come together and learn about their roles.
What is forming?
This direct approach to conflict management involves addressing the issues openly and honestly to prevent further escalation.
What is confrontation?
This type of organizational change involves adopting new technologies, systems, or processes to improve efficiency.
What is technical change?
This key element in the communication process is the individual or entity that originates the message.
Who is the sender?
This process involves attracting, screening, and selecting qualified individuals for a job.
What is recruitment?
Unlike the primary and secondary sectors, this economic sector's outputs cannot be stored as they are consumed at the point of delivery
What is the tertiary sector? (or What are services?)
In this business arrangement, an individual buys the rights to operate using another company's brand, products, and business model
What is a franchise?
These 5 letters represent the criteria for setting clear, realistic, and actionable business goals
What is SMART?
This quality means "doing the right thing even when no one is watching" and helps build a culture of consistency in business.
What is integrity?
This type of decision-making involves non-numerical data and focuses on subjective aspects like customer feedback and employee morale.
What is qualitative decision-making?
This technological advancement has reduced communication barriers, enabling Caribbean businesses to access global markets more efficiently.
What is the internet?
This classical management theorist developed the concept of "scientific management" to improve labor productivity through analysis.
Who is F.W. Taylor?
This feature of an organizational structure ensures that each employee reports to only one manager, avoiding confusion and conflicting instructions.
What is the chain of command?
This type of need motivates employees through friendship, teamwork, and a supportive work environment.
What are social needs?
According to this leadership theory, some individuals are naturally suited to be leaders due to traits like charisma, confidence, and decisiveness.
What is Trait Theory?
In this stage of team development, members assert their opinions, and conflicts often arise as they establish their roles and team norms.
What is storming?
This management style often leads to conflict when leaders make decisions without input from employees, resulting in frustration and resistance.
What is autocratic management style?
People may resist change because they feel anxious about new responsibilities or outcomes, which is referred to as this.
What is fear of the unknown?
This type of communication involves using words, either spoken or written, to convey information in business settings.
What is verbal communication?
This HR activity focuses on preparing employees for future roles and helping them grow their capabilities beyond their current job.
What is employee development?
In countries like Germany and China, this economic sector is a major component of national wealth and involves the transformation of raw materials
What is the secondary sector? (or What is manufacturing?)
In a general partnership, all partners face this type of liability, putting their personal assets at risk, but in an LLP, partners are only liable for their own share
What is unlimited liability?
According to Porter's strategies, this approach involves becoming the lowest-cost producer in the industry
What is cost leadership?
These individuals or groups have an interest in or are affected by a company's operations, including shareholders, employees, customers, suppliers, and the community.
Who are stakeholders?
This comprehensive process involves six stages from problem definition to evaluation, requires both qualitative and quantitative data, considers multiple internal and external factors, and can be visualized through analytical tools to achieve organizational objectives.
What is the decision-making process?
This regional economic bloc aims to facilitate free movement of goods, services, capital, and people among member states, fostering economic integration in the Caribbean.
What is CARICOM's Single Market and Economy (CSME)?
According to Henri Fayol, this principle states that employees should receive orders from only one superior to avoid confusion and conflicting instructions.
What is unity of command?
In this type of organizational structure, divisions are based on specific products or services offered, allowing each product line to have its own functional departments.
What is a product-based structure?
This theory divides motivators into hygiene factors, which prevent dissatisfaction, and motivators, which lead to satisfaction.
What is Herzberg's Two-Factor Theory (or Herzberg's Hygiene Theory)?
This type of leadership style focuses on establishing clear rewards and punishments to motivate followers and manage performance.
What is transactional leadership?
This characteristic of effective teams involves all members actively contributing ideas, skills, and knowledge to the team's objectives.
What is participation?
This type of conflict arises when teams or departments fight over limited resources such as budget, time, or personnel.
What is competition for scarce resources?
This theory by Kurt Lewin involves analyzing forces that drive or resist organizational change, helping to determine the best strategy for implementation.
What is Lewin's Force Field Analysis?
This component of the communication process refers to anything that interferes with or distorts the message, making it difficult for the receiver to understand.
What is noise?
This type of training involves learning by doing tasks directly related to one's job duties and responsibilities.
What is on-the-job training?
While the primary sector is resource-dependent and the secondary sector is capital-intensive, this sector is characterized as being "knowledge-intensive"
What is the tertiary sector?
This business structure is owned and operated by its members, who each have an equal say in decision-making regardless of their capital contribution
What is a cooperative?
In a SWOT analysis, these two letters represent the internal factors of a business
What are S and W? (What are Strengths and Weaknesses?)
This voluntary business practice goes beyond basic compliance with laws and regulations to address social, environmental, and ethical issues proactively.
What is Corporate Social Responsibility (CSR)?
This is the first and crucial stage of decision-making, without which decision-makers may focus on the wrong issues or make choices that don't resolve core problems.
What is problem definition?
Caribbean governments established these zones with tax incentives to attract foreign investors and support export-oriented industries.
What are free zones?
This human relations theorist discovered that productivity increased when employees received attention, emphasizing the importance of social factors in motivation.
Who is Elton Mayo?
This structure allows an organization to have both functional and project managers, giving employees dual reporting relationships.
What is a matrix structure?
According to this motivation theory, people are motivated based on the belief that their efforts will lead to performance and rewards.
What is Vroom's Expectancy Theory?
This leadership style encourages employees to think outside the box by providing a vision of a better future, pushing them to exceed their expectations.
What is transformational leadership?
Effective teams are adaptable to change, and members are willing to take on different roles as needed to meet team goals. This is known as __________.
What is flexibility?
In this conflict management strategy, parties work together openly to find a solution that benefits everyone, also known as a "win-win" approach.
What is collaboration?
When change results in some employees feeling they have lost influence or authority within the organization, they resist due to this reason.
What is loss of power?
This communication method uses visuals like graphs and charts to convey information and is useful for simplifying complex data.
What is visual communication?
This method involves providing structured feedback and support to help employees enhance their performance.
What is coaching?
This sector requires significant investments in machinery, technology, and infrastructure, making it distinctly "capital-intensive"
What is the secondary sector?
Unlike private limited companies, this type of company can sell shares to the general public on a stock exchange but faces stricter regulations
What is a public limited company? (or What is a PLC?)
Unlike strategic objectives which are long-term, these objectives focus on day-to-day goals and typically have a timeframe of one year or less
What are operational objectives?
These two key principles of good corporate governance ensure that companies answer for their decisions and maintain openness in communicating operations and performance.
What are accountability and transparency?
In this graphical decision-making tool, managers must identify decisions, list alternatives, identify outcomes and probabilities, calculate payoffs, and evaluate expected values.
What is a decision tree?
The rise of these large international companies in the Caribbean has both created employment opportunities and increased competition for local businesses.
What are multinationals?
This theory views an organization as an interconnected system where every part plays a crucial role and emphasizes the importance of external interactions.
What is systems theory?
This term refers to the number of subordinates that a manager directly supervises, and it can be either wide or narrow.
What is span of control?
This type of motivation comes from within the individual, driven by a desire to achieve personal or professional goals.
What is self-motivation?
This type of leadership arises when an individual without formal authority is respected for their expertise, making them a natural point of guidance for peers.
What is informal leadership?
uring this stage of Tuckman's model, the team operates efficiently and members are highly motivated, focusing on achieving the goals with minimal supervision.
What is performing?
This conflict management strategy involves ignoring the issue or postponing confrontation, often used when emotions are high or the conflict is minor.
What is avoidance?
This type of organizational change happens due to shifts in values, norms, or consumer preferences, such as a push towards sustainability.
What is social change?
This form of communication occurs between employees at the same organizational level and is crucial for collaboration and decision-making.
What is horizontal communication?
This key HR function aims to ensure that employees' activities and outputs are aligned with the organization's strategic goals.
What is performance management?
As economies mature, the percentage of workforce in this sector decreases as workers transition to other sectors
What is the primary sector?
These organizations exist in the public sector, operate like private businesses, but are government-owned and provide essential services like water and energy
What are public corporations?
This component of strategic planning shapes organizational culture, helps in decision-making, and includes principles like integrity and innovation
What are core values?
Among its benefits, this aspect of CSR helps companies anticipate and mitigate risks related to environmental issues, regulatory changes, and social unrest.
What is risk management?
After implementation, this final stage of decision-making involves monitoring results and comparing actual outcomes to expected results to improve future processes.
What is evaluation?
Caribbean businesses adopting these practices to enhance their products' appeal globally, often pursuing certifications like ISO.
What is quality assurance?
This function of management involves guiding and influencing employees towards achieving company goals, using motivation and effective communication.
What is leading?
This type of organizational structure is well-suited for global companies that need to adapt to local markets by dividing operations based on regions or territories.
What is a geographic structure?
This motivation factor involves giving employees the freedom to make decisions about how they complete their tasks, fostering ownership and creativity.
What is autonomy?
This leadership theory suggests that a leader's effectiveness depends on adapting their style to the maturity and readiness level of their followers.
What is Situational Theory?
This disadvantage of teams refers to the potential for members to avoid expressing dissenting opinions, resulting in poor decision-making due to a lack of critical evaluation.
What is groupthink?
This strategy to manage conflict emphasizes shared goals and downplays areas of disagreement to maintain harmony.
What is smoothing?
In Lewin’s Force Field Analysis, these forces are the barriers that need to be overcome for change to succeed.
What are restraining forces?
This characteristic of effective communication ensures that all the relevant information is provided, enabling the receiver to understand the message completely.
What is completeness?
This strategic HRM role involves aligning human resource policies with the overall organizational goals to achieve a competitive advantage.
What is strategic alignment?
In advanced economies like the U.S., U.K., and Japan, this sector accounts for more than 70% of GDP
What is the tertiary sector? (or What is the service sector?)
This temporary or long-term arrangement between two or more companies allows them to undertake specific projects while sharing risks and rewards
What is a joint venture?
Companies using this Porter strategy can either pursue cost leadership or differentiation within a narrow market segment
What is focus?
This group is responsible for overseeing the company's strategy and ensuring the business is managed in the best interest of both shareholders and stakeholders while setting the ethical tone from the top.
What is the board of directors?
These sources of data collection include financial reports, employee feedback, production data, customer complaints, and inventory records.
What are internal sources?
This concept involves balancing economic, social, and environmental considerations to ensure businesses benefit the economy, society, and environment in a sustainable manner.
What is business sustainability?
This function of management ensures that the organization’s activities are aligned with set objectives by monitoring performance and making necessary corrections.
What is controlling?
In this type of structure, the organization focuses on core activities and relies on external entities like suppliers or contractors to handle key functions.
What is a network structure?
In Vroom's Expectancy Theory, this component refers to the perceived likelihood that good performance will lead to desired outcomes.
What is instrumentality?
Leaders using this approach prioritize characteristics like honesty, social responsibility, and sustainability to align personal, organizational, and societal goals.
What is Value-Based Leadership?
Teams can make decisions by ensuring all members agree on a course of action, even if it involves compromise. This is known as __________.
What is decision by consensus?
This approach to conflict management involves both parties giving up something to reach a mutually acceptable solution, often called a "give and take."
What is compromise?
This common cause of resistance happens when leadership leave employees uncertain about the reasons or benefits of the change.
What is ineffective communication?
A major barrier to effective communication, this issue arises when there is too much information that overwhelms the receiver, leading to confusion.
What is information overload?
During this phase of the performance management cycle, managers provide tools and support necessary for employees to achieve their set objectives.
What is resource allocation?
This key characteristic of secondary economic activities means they add value to raw materials through processing, refining, and assembling
What is value addition?
These independent organizations work towards social, environmental, or human rights goals, can operate globally, but face financial instability due to reliance on external funding
What are Non-Governmental Organizations? (or What are NGOs?)
These mid-term goals support strategic objectives and often involve departments or functions within the company, such as launching new product lines
What are tactical objectives?
In sustainable business practices, this comprehensive approach involves considering how products can be designed with recyclable materials, reduced packaging waste, and minimal environmental harm from production to disposal.
What is product lifecycle management?
These three internal factors that affect decision-making include human factors, financial factors, and this element that can improve analysis and communication.
What are technological factors?
Caribbean businesses face this challenge as globalization brings fierce competition from international companies, forcing local businesses to adapt, innovate, and enhance their offerings.
What is increased competition?
This bureaucratic management theorist believed that organizations should operate based on a well-defined hierarchy, formal rules, and merit-based advancement.
Who is Max Weber?
This principle involves the allocation of tasks and authority from a manager to a subordinate, while the manager retains accountability for the final outcome.
What is delegation?
According to Maslow, this level of need is fulfilled through recognition, achievements, and respect from others.
What is esteem?
This aspect of thinking helps leaders balance immediate business needs with long-term goals, requiring insight into market trends, competitor actions, and internal capabilities.
What is strategic thinking?
This force influencing team cohesiveness refers to where liking and mutual respect lead to more effective collaboration.
What is attraction?
This cause of conflict is characterized misunderstandings, confusion, and ultimately disagreements.
What is ineffective communication?
When employees resist change because they are used to doing things a certain way and dislike altering their routines, it is known as this.
What is disrupted habits?
This barrier occurs when the receiver interprets a message based on preconceived opinions about the sender, which can distort the intended meaning.
What is prejudice or bias?
This type of training introduces new employees to company culture, policies, and job roles, helping them integrate smoothly into the organization.
What is induction and orientation training?
This economic indicator suggests a post-industrial stage in economic development, where healthcare, education, and finance become essential to maintaining a high standard of living
What is the dominance of the tertiary sector? (or What is the growth of the service sector?)
These two opposing processes involve either transferring government-owned businesses to private ownership or bringing private businesses under government control
What are privatization and nationalization?
This Porter strategy allows companies to charge premium prices and create brand loyalty while avoiding competition based solely on price
What is differentiation?
This delicate task requires businesses to strike a balance between generating profits and providing returns while ensuring actions consider the impact on all stakeholders, not just shareholders.
What is balancing stakeholder interests?
When launching a new product, this balanced approach combines forecasted sales data with consumer preferences assessment to make effective decisions.
What is the combination of quantitative and qualitative decision-making?
This unintended effect of multinational corporations involves prioritizing profits for their home country, often resulting in fewer reinvestments in the Caribbean and limiting local economic growth.
What is profit repatriation?
This Fayol principle advocates that organizational interests should always take precedence over individual interests, promoting a cohesive effort toward common goals.
What is subordination of individual interest to the general interest?
In this type of structure, employees typically work remotely, using digital platforms to collaborate, and the company minimizes or has no physical office space.
What is a virtual structure?
According to Vroom's Expectancy Theory, this term describes how much a person values the expected reward, which directly influences their motivation to perform.
What is valence?
This component of emotional intelligence allows leaders to understand their own emotions, leading to better control of reactions and more effective decision-making.
What is self-awareness?
This phenomenon occurs when individuals exert less effort when working in a group, relying on others to complete tasks.
What is social loafing?
This type of conflict occurs between individuals due to differing opinions, values, or goals within the same organization.
What is interpersonal conflict?
This change management issue occurs when employees do not receive the necessary guidance and motivation to adapt to changes.
hat is inadequate leadership support?
This informal channel of communication within an organization involves conversations outside formal settings and can lead to rapid dissemination of information.
What is grapevine communication?
This development technique involves a senior or experienced professional guiding a junior employee to focus on their career and personal growth.
What is mentoring?
This characteristic of primary economic activities explains why agriculture and fishing outputs fluctuate throughout the year
What is seasonal dependency?
These government-established entities are responsible for specific public services, operate independently but are accountable to the government, and primarily raise finance through government budgets
What are statutory boards?
While a mission statement defines current purpose, this forward-looking statement answers "What do we want to achieve in the future?" and typically has a timeline of 3-5 years
What is a vision statement?
These three interconnected factors work together to ensure companies can manage risk, make informed decisions, and create long-term value while contributing positively to society and the environment.
What are ethics, CSR, and good governance?
These five external factors affecting decision-making include governmental/political/legal, social/cultural, technological, economic, and this increasingly important consideration.
What is environmental sustainability?
This agreement between the European Union and CARIFORUM aims to facilitate trade by reducing tariffs, enhancing Caribbean access to European markets.
What is the Economic Partnership Agreement (EPA)?
Fayol emphasized that high turnover is costly, advocating for job security to ensure employees become proficient in their roles. This is known as the principle of __________.
What is stability of tenure?
This organizational feature determines where the decision-making authority is concentrated, often either at the top or distributed to lower levels.
What is centralization and decentralization?
According to Herzberg's Two-Factor Theory, these factors, such as company policy, supervision, and salary, do not motivate employees when present but lead to dissatisfaction when absent.
What are hygiene factors?
This key aspect of leadership involves shaping others' behaviours and attitudes without using formal power.
What is influence?
This characteristic of effective teams ensures that all successes and failures are shared, creating a sense of mutual responsibility among team members.
What is collective accountability?
This type of conflict can happen when an individual's beliefs, values, or goals are in opposition to those of the organization, leading to internal struggle.
What is intrapersonal conflict?
According to Lewin's Force Field Analysis, this approach to successfully implementing change involves both adding incentives to increase positive support and reducing obstacles to lessen resistance.
What is balancing driving forces and restraining forces?
When an employee receives a detailed technical report but struggles to understand it due to insufficient background, this communication barrier is at play.
What is poor decoding?
This HR process is designed to continuously monitor and assess employee performance, ensuring that their actions align with organizational goals and identifying areas for skill improvement.
What is the performance management cycle?