Review Sheet Key Terms Prelim 1

Review Sheet Key Terms Prelim 1 - AEM 220 Introduction to...

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AEM 220 – Introduction to Business Management Prelim #1 Review Sheet Chapters 1, 5, 7-10, 13-17 Ch. 1 Standard of living – Amount of goods that can be purchased Quality of Life – General Well Being Risk – Higher the risk, better chance for profit Five Factors of Production – Labor, Land, Capital, Entrepreneurship, Knowledge Five elements of Business environment – economical, technological, competitive, social, global Three ways Gov. can reduce risk – enable contracts, establish currency, eliminate corruption Productivity – Output divided by hours Decline in Farming – due to move towards big businesses Ch. 5 Sole Proprietorship – Advantages: Own boss Disadvantages: Liability Partnerships – Can control more than 7 people, shared liability Limited vs. General Partner – Limited not as much liability Corporations – Advantages: More money, expansion, no liability Disadvantages: expensive, paperwork, double taxation S-Corp – not double taxed Stockholders - own part of company Vertical Merger – involved in different stages of business Horizontal Merger – Same industry, expand products Conglomerate Merger – Unrelated industries Franchise – Advantages: Support from parent company, recognized name Disadvantages: Profit sharing, high start up costs Ch. 7 Management – 1. planning 2. organizing 3. leading 4. controlling people New Management – Move from authoritative, less “bosses”, downsizing Objectives – Short term Goals – Long term SWOT analysis – Strengths, weakness, opportunities, threats Tactical Planning – short term statements about what is to be done Operational Planning – setting work standards Contingency Planning – Prepare alternatives Strategic Planning – determine major goals Decision Making – Define situation, Describe info, Develop alternatives, Develop agreement, Decide which alternative, Do what is indicated, Determine whether decision was good Management – Top, Middle, Supervisory, Non-Sup. Enabling – Giving workers the tools necessary to empower them Control Process – 1. Set standards 2. Monitor results 3. Compare results 4. Communicate results 5. Provide Feedback
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This note was uploaded on 02/28/2008 for the course AEM 2200 taught by Professor Perez,p.d. during the Spring '07 term at Cornell University (Engineering School).

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Review Sheet Key Terms Prelim 1 - AEM 220 Introduction to...

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