Chapter 1, 2, 4
The revolution that Introduced the factory system
What is the Industrial Revolution
The four steps in the management process
What are planning, organizing, leading and controlling
A structure that provides the specification of the jobs to be done within a business and how those jobs relate to one another
What is organizational structure
Processes that break down basic resources into components (analytic, synthetic, chemical, fabrication)
What are analytic processes
A measure of economic performance that compares how much is produced relative to the resources used to produce it
What is productivity
A type of business that is a separate legal entity and has limited liabilty
What is a corporation
Plans development by middle and lower level managers that set short-term targets for daily, weekly or monthly performance (tactical, strategic, operational)
What are operational plans
A chart that illustrates the company's structure and shows employees where they fit into the firm's operations
What is organizational chart
A service characteristic that means that services are designed to meet the needs of a specific customer (perishability, intangibility, customization, warranty)
What is customization
A concept that emphasizes that no defects are tolerable and makes all employees responsible for maintaining quality
What is total quality management (TQM)
The governing body of a corporation
What is the board of directors
Skills that enable managers to understand and get long with other people
What is human relations skills
The two building blocks of organizational structure
What is specialization and departmentalization
A method of inventory control in which materials are acquired just as they are needed
What is just in time
These support and organization's managers by providing daily reports, schedules, plans and budgets, tailored to the individual mangers' needs
What is Management Information Systems
A French term that means that the government should not interfere in businesses or make regulations
What is laissez-faire
Plans set by top management that reflect decisions about company priorities and steps needed to meet strategic goals (tactical, strategic, operational)
What is strategic plans
The power to make the decisions necessary to complete the task
What is authority
The receiving, storing, handling and counting of raw materials, work-in-process and finished goods (warehousing, inventory control, supplier selection, quality control)
What is inventory control
A standardized code for accessing information and transmitting data over the internet
What is world wide web
Occurs when a company sells part of its existing business to another corporation
What is divestiture
The actions that people take as they try to get what they want
What is organizational politics
The process of grouping jobs into logical units
What is departmentalization
A type of control that requires the production process to meet specific quality standards
What is quality control
A network that allows outsiders limited access to a firm's internal information system
What is an extranet