Factors of Production & Functions of Management
All natural resources used to make things
What is land?
A theory that uses science and data instead of guess work to make workplace tasks more efficient
What is scientific management?
An ethical theory that focuses on duties, rules, and intentions, regardless of the outcome
What is Deontology?
What the "S" is SWOT analysis stands for
What is strengths?
Where the leader makes most decisions independently and expects employees to follow instructions
What is autocratic leadership?
the drive and idea to combine these resources together to run a business and make a profit
What is entrepreneurship?
A theory that focuses on how to structure and manage for an entire organization, instead of individual worker tasks
What is the Administrative Theory?
This includes Corporate Governance, Employee Relations, Customer Interactions, and Financial Reporting
What are the Scopes of Business Ethics
Emerging market demands is an example of this in a SWOT analysis
What are opportunities?
Where the leader that gives employees considerable freedom to complete their work, with limited direct supervision
What is laissez-faire leadership?
Includes computers at a technological company and machinery in a factory
What is capital equipment?
This management theory states that there is no best way to lead or run a company or organization
What is Contingency Theory?
This is the vibes, habits, and unwritten rules of an office
What is Corporate Culture?
External & Negative factors in a SWOT analysis
What are threats?
This includes but is not limited to setting objectives and establishing priorities, organizing people and resources, assigning tasks according to employees’ skills, and monitoring performance and provide feedback
What are responsibilities of a business leader?
The four factors of production
What are Land, Labor, Capitol Equipment, and Entrepreneurship?
Based upon the premise that large organizations operate more efficiently when they use a strict chain of command, clear rules, and merit-based hiring
What is Bureaucratic Theory?
An ethical theory that says the right action is the one that produces the most happiness or well-being for the greatest number of people
What is Utilitarianism?
The four planning tools?
Forecasting, budgeting, scheduling, SWOT analysis
This form of leadership may require sustained communication and may place pressure on employees if expectations are unrealistic
What is transformational leadership?
The four functions of Management
What are planning, organizing, leading, and controlling?
The four management theories
Scientific Management, Administrative Theory, Bureaucratic Theory, Contingency Theory
Someone that exposes corporate wrongdoing such as fraud, corruption, safety violations, or discrimination.
What is a whistleblower?
internal limitations, resource gaps, or areas that hinder performance
What are weaknesses?
This individual plans and organizes work, ensures tasks and procedures are followed, focuses on coordination and control, and monitors resources and performance
What is a manager?