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Management
TROY MGT 3300
| Term | Definition |
|---|---|
| knowledge management | practices aimed at discovering and harnessing an organization's intellectual resources. |
| innovation | the introduction of new goods and services |
| quality | the excellence of your product (goods or services) |
| service | the speed and dependability with which an organization delivers what consumers want |
| cost competitiveness | keeping costs low to achieve profits and be able to offer prices that are attractive to consumers |
| sustainability | the effort to minimize the use and loss of resources, especially those that are polluting and nonrenewable. |
| management | the process of working with people and resources to accomplish organizational goals. |
| planning | the management function of systematically making decisions about the goals and activities that an individual, a group, or work unit, or the overall organization will pursue |
| value | the monetary amount associated with how well a job, task, good, or service meets users' needs |
| organizing | the management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals. |
| leading | the management function that involves the manager's efforts to stimulate high performance employees. |
| controlling | the management function of monitoring performance and making needed changes. |
| top-level managers | senior executives responsible for the overall management and effectiveness of the organization |
| middle-level managers | managers located in the middle layers of the organizational hierarchy, reporting to top-level executives |
| frontline managers | lower-level managers who supervise the operational activities of the organization |
| technical skill | the ability to perform a specialized task involving a particular method or process |
| conceptual and decision skills | skills pertaining to the ability to identify and resolve problems for the benefits of the organization and its members |
| interpersonal and communication skills | people skills; the ability to lead, motivate, and communicate effectively with others. |
| emotional intelligence | the skills of understanding yourself, managing yourself, and dealing effectively with others |
| social capital | goodwill stemming from your social relationships |
| open systems | organizations that are affected by, and that affect, their environment |
| inputs | goods and services organizations take in and use to create products or services |
| outputs | the products and services organizations create |
| external environment | all relevant forces outside a firm's boundaries, such as competitors, customers, the government and the economy. |
| competitive environment | the immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like |
| macroenvironment | the general environment; includes governments, economic conditions, and other fundamental factors that generally affect all organizations |
| demographics | measures of various characteristics of the people who make up groups or other social units |
| barriers to entry | conditions that prevent new companies from entering an industry |
| switching costs | fixed cost buyers face when they change suppliers |
| supply chain management | the managing of the network of facilities and people that obtain materials from outside the organization, transform them into products, and distribute them to customers. |
| final consumer | a customer who purchases products in their finished form |
| intermediate consumer | a customer who purchases raw materials or wholesale products before selling them to final customers |
| environmental scanning | searching for and sorting through information about the environment |
| competitive intelligence | information that helps managers determine how to compete better |
| scenario | a narrative that describes a particular set of future conditions |
| forecasting | method for predicting how variables will change the future |
| benchmarking | the process of comparing an organization's practices and technologies with those of other companies |
| strategic maneuvering | an organization's conscious efforts to change the boundaries of its task environment |
| domain selection | entering a new market or industry with an existing expertise |
| diversification | a firm's investment in a different product, business, or geographic area |
| merger | one or more companies combining with another |
| acquisition | one firm buying another |
| divestiture | a firm selling one or more businesses |
| prospectors | companies that continually change the boundaries for their task environments by seeking new products and markets, diversifying and merging, or acquiring new enterprises |
| defenders | companies that stay within a stable product domain as a strategic maneuver |
| independent strategies | strategies that an organization acting on its own uses to change some aspect of its current environment |
| cooperative strategies | strategies used by two or more organizations working together to manage the external environment |
| empowerment | the process of sharing power with employees, thereby enhancing their confidence in their ability to perform their jobs and their belief that they are influential contributors to the organization |
| buffering | creating supplies of excess resources in case of unpredictable needs |
| smoothing | leveling normal fluctuations at the boundaries of the environment |
| flexible processes | methods for adapting the technical core to changes in the environment |
| organization culture | the set of important assumptions about the organization and its goals and practices that members of the company share |
| organizational climate | the patterns of attitudes and behavior that shape people's experience of an organization |
| programmed decisions | decisions encountered and made before, having objectively correct answers, and solvable by using simple rules, policies, or numerical computations |
| nonprogrammed decisions | new, novel, complex decisions having no proven answers |
| certainty | the state that exists when decision makers have accurate and comprehensive information |
| uncertainty | the state that exists when decision makers have insufficient information |
| risk | the state that exists when the probability of success is less than 100 percent and losses may occur |
| conflict | opposing pressures from different sources, occurring on the level of psychological conflict or conflict between individuals or groups |
| ready-made solutions | ideas that have been seen or tried before |
| custom-made decisions | new, creative solutions designed specifically for the problem |
| contingency plans | alternative courses of action that can be implemented based on how the future unfolds |
| maximizing | a decision realizing the best possible outcome |
| satisficing | choosing an option that is acceptable, although not necessarily the best or perfect |
| optimizing | achieving the best possible balance among several goals. |
| vigilance | a process in which a decision maker carefully executes all stages of decision making |
| illusion of control | people's belief that they can influence events even when they have no control over what will happen |
| framing effects | a decision bias influenced by the way in which a problem or decision alternative is phrased or presented |
| discounting the future | a bias weighting short-term costs and benefits more heavily than longer-term costs and benefits |
| groupthink | a phenomenon that occurs in decision making when group members avoid disagreement as they strive for consensus |
| goal displacement | a decision-making group loses sight of its original goal and new, less important goal emerges |
| cognitive conflict | issue-based differences in perspectives or judments |
| affective conflict | emotional disagreement directed toward other people |
| devil's advocate | a person who has the job of criticizing ideas to ensure that their downsides are fully explored |
| dialectic | a structured debate comparing two conflicting courses of actions |
| bounded rationality | a less-than-perfect form of rationality in which decision makers cannot be perfectly rational because decisions are complex, and complete information is unavailable or cannot be fully processed |
| incremental model | model of organizational decision making in which major solutions arise through a series of smaller decisions |
| coalitional model | model of organizational decision making in which groups with differing preferences use power and negotiation to influence decisions |
| garbage can model | model of organizational decision making depicting a chaotic process and seemingly random decisions |
| situational analysis | a process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration |
| goal | a target or end that management desires to reach |
| plans | the actions or means managers intend to use to achieve organizational goals |
| scenario | a narrative that describes a particular set of future conditions |
| strategic planning | a set of procedures for making decisions about the organization's long-term goals and strategies |
| strategic goals | major targets or results relating to the organization's long-term survival, value, and growth |
| strategy | a pattern of actions and resource allocations designed to achieve the organization's goals |
| tactical planning | a set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing |
| operational planning | the process of identifying the specific procedures and processes required at lower levels of organization |
| strategic management | a process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies |
| mission | an organization's basic purpose and scope of operations |
| strategic vision | the long-term direction and strategic intent of a company |
| stakeholders | groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies |
| resources | inputs to a system that can enhance performance |
| core capability | a unique skill and/or knowledge an organization possesses that gives it an edge over competitors |
| SWOT analysis | a comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy |
| corporate strategy | the set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities |
| concentration | a strategy employed for an organization that operates a single business and competes in a single industry |
| vertical integration | the acquisition or development of new businesses that produce parts or components of the organization's product |
| concentric diversification | a strategy used to add new businesses that produce related products or are involved in related markets and activities |
| conglomerate diversification | a strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities |
| business strategy | the major actions by which business competes in a particular industry or market |
| low-cost strategy | a strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product |
| differentiation strategy | a strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions |
| functional analysis | strategies implemented by each functional area of the organization to support the organization's business strategy |
| strategic control system | a system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action |
Created by:
fspeed
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