The process of planning, organizing, leading, and controlling to achieve objectives.
What is administration?
The area responsible for turning resources into goods and services.
What are operations?
Theory that focuses on efficiency through time and motion studies.
What is Scientific Management?
Economic sector focused on exploiting natural resources.
What is the primary sector?
Stage of the management process that involves outlining a plan.
What is planning?
Ancient civilization that applied administrative principles to build pyramids and manage the state.
What is Egypt?
The area in charge of recording all the company’s money.
What is accounting?
Experiments that showed the importance of motivation and human relations at work.
What are the Hawthorne Studies?
Business type where one person owns and manages everything.
What is a sole trader?
Stage that puts people and resources in the right place.
What is organizing?
Greek philosophers who contributed leadership ideas to administration.
Who are Plato and Aristotle?
The area that ensures the company has the right people with the right skills.
What is human resources?
Theory that divides leaders into X (authoritarian) and Y (trust and motivation).
What is McGregor’s Theory X and Theory Y?
Type of company that raises capital by selling shares on the stock exchange.
What is a public company?
Stage that motivates the team and gets things moving.
What is leading?
Known as the “Father of Scientific Management.”
Who is Frederick Taylor?
This area identifies customer needs and transforms interest into a purchase.
What are marketing and sales?
Approach that views an organization as an open system of interrelated parts.
What is the Systems Approach?
Business model where someone buys the right to operate under an established brand.
What is a franchise?
Stage that checks if results match the plan.
What is controlling?
Historical period where administration became essential due to factories and labor control issues.
What is the Industrial Revolution?
The area that creates new ideas and products to stay competitive.
What is research and development?
French administrator known as the “Father of Modern Management.”
Who is Henri Fayol?
Way of classifying companies by number of employees and market capitalization.
What is classification by size?
The four key ethical values in business
What are honesty, fairness, respect, and responsibility?