MGT503 Short Notes

MGT503 IMP notes

authority : the formal and legitimate right of a manager to make decisions, issue orders, and allocate resources to achieve organizational goals.

behavioral a method that focuses on people as individuals with needs (also known management as the human relations movement). theory: :

compensation: all work-related payments, including wages, commissions, insurance, and other benefits.

continuous process: : a system that produces goods by continuously feeding raw materials through highly automated technology.

control: : the systematic process of regulating organization activities to make them consistent with the expectations established in plans, targets, and standards of performance.

concurrent control: : method of regulation applied to processes as they are happening.

costleadership strategy: : system that focuses on keeping costs as low as possible through efficient operations and tight controls.

crisis problem: : an unexpected problem that has the potential to lead to disaster if not resolved quickly and appropriately.

cross-

teams: : groups of experts in various specialties (or functions) who work together on solutions to organizational problems.

decentralized firms that consciously attempt to spread authority to the lowest organizations: possible levels.

demographics: measurements of various characteristics of the people and social groups who make up a society.

development a series of steps that can help employees acquire skills to reach longplans: : term goals, such as job promotions.

division of see work specialization. labor: :

financial audits: : formal investigations to ensure that procedures, policies, laws, and ethical guidelines are followed in the handling and reporting of financial activities.

financial ratio analysis: : the relationship between specific figures on an organization's financial statements; helps explain the significance of those figures.

first-line the lowest level of management.

flexiplace: see telecommuting.

force-field analysis: : a technique to implement change by determining which forces drive change and which forces resist it.

authority: : authority to make decisions about specific activities undertaken by personnel in other departments.

job a type of job re-design that increases the variety of tasks a position enlargement: includes (also known as horizontal job loading).

job sharing: : process in which one full-time job is split between two or more persons (also known as twinning).

joint venture: : a business relationship formed between a domestic and foreign firm.

kaizen: : a Japanese term used in the business setting to mean incremental, continuous improvement.

leading: : establishing and influencing others to follow a specific direction.

learning firms that utilize people, values, and systems to continuously change organizations: and improve performance based on the lessons of experience.

legitimate power: : vested authority stemming from a formal management position in an organization. licensure agreement: contract that grants one firm the right to make or sell another company's products.

line authority: : a manager's right to direct the work of his or her employees and make decisions without consulting others.

liquidity ratios: : measurements of an organization's ability to generate cash.

manager: : a person responsible for the work performance of one or more other persons.

quality: : reflects the degree to which a goods or services meet the demands and requirements of the marketplace.

quantitative using quantitative techniques, such as statistics, information models, and approach: : computer simulations, to improve decision making.

queuing theory: : a rationale that helps allocate services or workstations to minimize customer waiting and service cost.

quotas: : government regulations that limit the import of specific products within the year.

recruitment: activities an organization uses to attract a pool of viable candidates.

reengineering: redesigning processes requiring input from every employee in the company to achieve dramatic improvements in cost, quality, service, and speed.

referent power: : influence that results from leadership characteristics that command identification, respect, and admiration from subordinates (also known as charismatic power).

resources: : the people, information, facilities, infrastructure, machinery, equipment, supplies, and finances at an organization's disposal.

risk: : the environment that exists when a manager must make a decision without complete information.

rule: : an explicit statement that tells a supervisor what he or she can and cannot do.