The Five C's
Capital
Your assets; what you own
Organization
a systematic grouping of individuals which have been brought together to accomplish a common goal.
Top Management
sets an organization’s goals and objectives; develops methods for achieving goals and objectives; is the head of the organization
Work Specialization
occurs when a job is broken down into a number of steps which are each completed by a different individual
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Conditions
The terms of a deal.
Systematic Structures
define the various roles of members; set limits on employee work behavior; create rules and regulations; vary widely from organization to organization; adapt to the environment in which an organization is located
The Management Process
refers to accomplishing goals and objectives effectively and efficiently; involves using your resources competently; always has an end goal of achievement; accomplished through a specific organizational structure
Span of Control
the number of employees a supervisor can direct; varies from supervisor to supervisor
Staff Authority
supports line authority; allows others to advise, service and assist the supervisor if needed; allows for input and suggestions from additional staff members, but does not guarantee implementation
Collateral
What creditors can take from you if you don't pay back loans.
Operative Employees
make up the base level of the pyramid; produce an organization’s goods and services; generally do not manage or oversee the work of other employees
Organizational Structures
arrange and group jobs based on specific tasks in order to enhance efficiency; increase the effectiveness of communication and reporting
Chain of Command
the principle in which positions are organized by authority or rank
Functional Authority
signifies the rights over individuals outside of an individual’s specific division; breaks the chain of command
Character
Paying bills on time; your financial reputation
Supervisors
part of an organization’s management team; oversee the work of operative employees; are the only managers who do not manage other managers; considered first-level managers
Informal Structures
are laid-back and undefined; involve employees completing tasks which may not always fit their job description; normally found in smaller businesses with fewer employees
Authority
refers to the rights of a supervisory position to give orders; one person’s position over another
Centralization
occurs when only a select few people at the top of an organization make the decisions
Capacity
Your earning power; ability to make loan payments
Middle Managers
employees who manage other managers; responsible for establishing and achieving the goals of their specific department or region set by top management
Formal Structures
clearly defined and organized; can be found in any size business
Line Authority
the most straightforward form of authority; gives the supervisor the right to direct the work of his or her employees without consulting others
Decentralization
occurs when decisions are made by the individuals who are the closest to the problem; more conducive to making changes in a process