vocab
Departmentalization
the grouping of individuals into departments based on work functions, product or service, target market, geographic territory and process used to create products
Process Departmentalization
groups activities based on work or customer flow; provides a basis for the homogeneous categorizing of activities
business
selling something
character
responsible financial history
Is lebron the G.O.A.T?
Yes duh
Functional Departmentalization
groups activities with similar functions by units or departments; can be used in all types of organizations; reflects the purpose of the company
Simple Structure
non-elaborate structure; has little formalization; has a centralized authority
Team-based Structure
consists entirely of work groups and teams which perform an organization’s work; allows team members to have authority to make the decisions which will affect them; has no chain-of-command
capacity
earning power and employment history
Not paying your bills on time will result in what?
debt and bad credit
Product Departmentalization
divides the organization by the products or services it produces and then subdivides each department by its function; works well for companies with multiple product lines
Functional Structure
expansion of functional departmentalization; groups employees with similar and related occupational specialties; used as a framework for an entire company
Boundaryless Organization
not defined or limited by boundaries or categories imposed by a traditional structure; blurs boundaries surrounding an organization by increasing its interdependence with its environment
capital
your financial worth
Bonds
Target Market Departmentalization
groups activities around common customer categories; uses the assumption that customers in each department have a common set of problems and needs can be met by having specialists for each
Divisional Structure
composed of self-contained units or divisions; builds on product departmentalization; creates divisions which are self-sufficient within given limits; constructs divisions which are run by division managers or supervisors
Learning Organizations
have developed a capacity to continuously adapt and change because members take an active role in identifying and resolving work-place issues; employees must collaborate on work activities throughout the organization and have a team oriented work ethic
conditions
the terms of the loan
How do people and businesses determine whether or not they should give you credit and loan you money?
The Five C's
Geographic Departmentalization
divides activities into segments based on location; mainly used when an organization’s customers are spread over a large geographic area
Matrix Organization
combines the elements of functional and product-based departmentalization creating a dual chain of command; employees have at least two bosses; authority is shared between two supervisors; involves regular communication
is this class fun
no
collateral
asset the borrower owns that can be taken if they fail to make payments
Organizations can be divided into how many levels?
Four