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Strategic Managment
Strategic Management
| Question | Answer |
|---|---|
| Accounts payable | Money an organization owes its vendors and suppliers. |
| Accounts receivable | Money an organization’s customers owe the organization. |
| Action plans | Detailed steps a unit, department, or team will take inorder to achieve short-term objectives. |
| Amendment | Modification of the Constitution or a law; may be either formal (written) or informal (unwritten). |
| Assets | Financial, physical, and sometimes intangible properties an organization owns. |
| Balance sheet | Statement of a firm’s financial position at a particular time. |
| Balanced scorecard | Measurement approach that provides an overall picture of an organization’s performance as measured against goalsin finance, customers, internal business processes, andlearning and growth. |
| Bill | Proposal presented to a legislative body for possible enactment as a law. |
| Break-even analysis | Analysis that shows point in time at which total revenue associated with a program is equal to the total cost of theprogram |
| Capacity | To an operations department, the ability to yield output. |
| Centralization | Degree to which decision-making authority is restricted to higher levels of management in an organization. |
| Code of ethics | Principles of conduct within an organization that guide decision making and behavior. |
| Control | To an operations department, an after-the-fact evaluationof a company’s ability to meet its own specifications and its customers’ needs. |
| Correlation | Measure that indicates the relationship between two variables. |
| Cost-benefit analysis | Ratio that allows management to determine the financial impact particular activities and programs will have on a company’s profitability |
| Decentralization | Degree to which decision-making authority is given to lower levels in an organization’s hierarchy. |
| Deductive reasoning | Involves applying specific premises to a given situation to develop certain predictions about or understanding of the situation. |
| Divestiture | Sale by a company of an asset that is not performing well, that is not core to the company’s business, or that is worth more as a separate entity. |
| Divisional structure | Organizational structure in which divisions are separated by product, customer or market, or region. |
| Due diligence | Process of conducting an intensive investigation of a corporation as one of the first steps in a pending merger oracquisition. |
| Environmental scanning | Process that surveys and interprets relevant data to identify external opportunities and threats. |
| Equity | Amount of owners’ or shareholders’ portion of a business |
| Ethics | System of moral principles and values that establish appropriate conduct. |
| Experiment | Research in which the researcher controls and manipulateselements of the research environment to measure the impact of each variable. |
| Foreign Corrupt Practices Act (FCPA) | Prohibits American companies from making corrupt payments to foreign officials for the purpose of obtaining or keeping business. |
| Formula budgeting | Form of budgeting in which an average cost is applied to comparable expenses and general funding is changed by a specific amount. |
| Functional structure | Organizational structure that defines departments by what services they contribute to the organization’s overall mission. |
| Gantt chart | Project planning tool that graphically displays activities of a project in sequential order and plots them against time. |
| Generation X | Group of people born roughly between the years of 1965 and 1980. |
| Generation Y | Group of people born after 1980. |
| Gross domestic product (GDP) | Estimate of the total value of goods and services produced in a country in a given year. |
| Gross profit margin | Measures the difference between what it costs to produce a product and the selling price. |
| HR audit | Process to measure the effectiveness and efficiency of HR programs and positions. |
| Human capital | Combined knowledge, skills, and experience of acompany’s employees. |
| Human resource information system (HRIS) | Systematic tool for gathering, storing, maintaining, retrieving, and revising HR data. |
| Human resource management (HRM) | Design of formal systems in an organization that ensure the effective and efficient use of human talent to accomplish organizational goals. |
| Hypothesis | Specific, testable prediction that is derived from a theory and describes a relationship between two variables. |
| Income statement | Statement explaining revenues, expenses, and profits over a specified period of time, usually a year or a quarter. |
| Incremental budgeting | Form of budgeting in which the prior budget is the basis for allocation of funds. |
| Inductive reasoning | Involves looking at a set of observations and designing a rule that characterizes or explains a pattern underlying theobservations. |
| Inventory | To an operations department, an organization’s major asset after physical buildings and equipment. |
| Liabilities | Organization’s debts and other financial obligations. |
| Line units | Work groups that conduct the major business of an organization. |
| Long-term objectives | Specific results, accomplished in three to five years, that an organization seeks to achieve in pursuing its mission. |
| Marketing | Process of planning, pricing, promoting, and distributing goods and services to satisfy organizational objectives. |
| Matrix structure | Organizational structure that combines departmentalization by division and function to gain the benefits of both. |
| Mean | Average score or value in a set of data. |
| Median | Point below which 50% of scores in a set of data lie. |
| Mid-term objectives | Serve a purpose similar to short-term objectives but are completed in one to three years. |
| Mission statement | Specifies what the company does, who its customers are, and the priorities it has set in pursuing its work. |
| Mode | Value that occurs most frequently in a set of data. |
| Normal distribution | Expected distribution given a random sampling of people across a large population. |
| Offshoring | Relocation of processes or functions from a “home” country to another country. |
| Percentile | Specific point in a distribution of data that has a given percentage of cases below it. |
| Population | Group of persons or objects or a complete set of observations or measurements about which one wishes to draw conclusions. |
| Primary research | Involves data that is gathered firsthand for a specific evaluation. |
| Product | What an organization sells to make a profit. |
| Program evaluation review technique (PERT) chart | Project management tool used to schedule, organize, and coordinate tasks within a project. |
| Project | Series of tasks and activities that has a stated goal and objectives, a schedule with defined start and end dates, and a budget that sets limits on the use of monetary and human resources. |
| Promotion | Techniques for communicating information about products to consumers. |
| Public comment period | Time allowed for the public to express its views and concerns regarding an action of a regulatory agency. |
| Qualitative analysis | Based on research that uses open-ended interviewing to explore and understand attitudes, opinions, feelings, and behavior. |
| Quantitative analysis | Seeks to obtain easily quantifiable data on a limited number of measurement points. |
| Quorum | Number of members of an organization that have to be present before official business may be conducted. |
| Range | Distance between highest and lowest scores in a set of data. |
| Regression | Measure that refers to the causal effect of one variable upon another. |
| Regulation | Rule or order issued by a government agency; often has the force of law. |
| Reliability | Ability of an instrument to measure consistently. |
| Request for proposal (RFP) | Written request asking contractors to propose solutions and prices that fit customer’s requirements. |
| Resolution | Legislative measure limited in effect to either the Congress or one of its chambers. |
| Return on investment (ROI) | Calculation that measures the economic return on a project or investment. |
| Sales | Business function responsible for selling an organization’s product to the marketplace. |
| Sample | Portion of a population used to draw conclusions regarding an entire population. |
| Sandwich generation | Portion of silent and baby boom generations that is simultaneously caring for their own children and one or more elderly family members. |
| Scatter diagram | Measure that indicates the relationship between data items using x and y axes. |
| Scheduling | To an operations department, the act of detailed planning; based upon incoming orders, order history, and forecasts of future demand. |
| Scientific method | Research method in which certain factors (variables) are manipulated and the results are examined. |
| Secondary research | Uses data already gathered by others and reported in various sources. |
| Short-term objectives | Milestones that must be achieved, usually within six months to one year, in order to reach long-term objectives. |
| Span of control | Refers to the number of individuals who report to a supervisor. |
| Staff units | Work groups that assist line units by performing specialized services, such as HR. |
| Standard deviation | Measure that indicates how much scores in a set of data are spread out around a mean or average. |
| Standards | For an operations department, provide the yardstick by which the amount and quality of output are measured. |
| Strategic management | Processes and activities used to formulate HR objectives, practices, and policies. |
| Strategic planning | Process that helps an organization focus on how to succeed in the future by evaluating the organization’s currentstatus, where it would like to be, and how to get there. |
| Strategies | Provide the direction that enables an organization to achieve its long-term objectives. |
| Supply chain | Global network that delivers products and services from raw materials to end customers through an engineered flow of information, physical distribution, and cash. |
| SWOT analysis | Vehicle for collecting information on an organization’s current strengths, weaknesses, opportunities, and threats. |
| Validity | Ability of an instrument to measure what it is intended to measure. |
| Values | Describe what is important to an organization, dictate employee behavior, and create the organization’s culture. |
| Veto | Action of canceling or postponing a decision or bill. |
| Virtual organization | Short-term alliance between independent organizations in a potentially long-term relationship to design, produce, anddistribute a product. |
| Vision statement | Vivid, guiding image of an organization’s desired future. |
| Zero-based budgeting | Form of budgeting that requires that expenditures be justified for each new period and in which budgets start at zero. |
Created by:
shelandsaj
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