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chapter 7
Term | Definition |
---|---|
aptitude | The ability of an individual to learn material sufficiently so that he or she can properly perform the business task required on the job. |
business life cycle | Recurrent periods during which the nation's economy moves in and out of recession and recovery phases effecting business. |
centralized - decentralized | Organization along a strictly hierarchical model. No delegation of authority is permitted. |
chain of command | Structure of decision-making responsibilities from the higher levels of authority to the lower levels. |
compensation | Direct and indirect monetary and nonmonetary rewards given to employees on the basis of the value of the job, their personal contributions, and their performance. |
control | Measure assuring conformity with an organization's policies, procedures, or standards, as in quality control. |
downtime | Period during which a worker is idled because of a machine malfunction or because the flow of materials is interrupted; also called downtime. Dead time is a direct cost to the company. |
hierarchy | Ordering by importance of roles, responsibilities, or objectives in an organization. The chief executive officer is at the pinnacle of the management hierarchy. |
inventory | Value of a firm's raw materials, work in process, supplies used in operations, and finished goods. |
laissez-faire | Doctrine that interference of government in business and economic affairs should be minimal. |
morale | Collective feeling or attitude in a work group. A good manager tries to keep the morale high in an organization. High morale tends to motivate workers in a group toward the achievement of a goal. |
organization structure | Apportionment of responsibility and authority among the members of an organization. |
productivity | Measured relationship of the quantity and quality of units produced and the labor per unit of time. |
strategic planning | In a business firm, deciding what principal products and services to produce for what major markets. |