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chapter 7 vocab

TermDefinition
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 calleddowntime. 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.
Organizational 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.
Created by: Tswitla25
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