MQM 220 Exam 1 terms

MQM 220 Exam 1 terms - MQM 220 Exam 1 terms CHAPTER 1...

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MQM 220 Exam 1 terms CHAPTER 1 Organizations - Structural arrangements of people brought to accomplish a goal Hierarchy - An organizational with specialized skills necessary to the purpose of the firm Efficiency - Amount of resources to produce a product or service Effectiveness The ability of an Org. to achieve its goals Organizational Performance An outcome that assesses the degree to which an organization is both efficient in using resources and effective in attaining its stated goals System A collection of interrelated entities (subsystems) that operate independently to achieve common goals Synergy The assumption that a system is greater than the sum of its parts Input, Processing, and output (IPO) The three subsystems of a system Evolutionary activity Activity that occurs gradually over long periods of time Revolutionary activity Activity that occurs periodically to forever alter the nature of the business transaction Agrarian economies Economies prevalent largely before 1830 that were based on small family owned farms and small shop production Industrial economy An industry based Economy, prevalent between 1830-1950 that was ushered in by technological revolutions, beginning with the intervention of steam power, which created the energy necessary for mass production Knowledge Economies Economies that are based on information and intangibles, such as computer software and financial services, and that resulted from the development of computer technology during WWII Gross Domestic Product (GDP) The total value of goods and services produced by a nation Management A process of achieving organizational goals and objectives through the efforts and contributions of other people Managers Individuals who use the principles of management to guide, direct, or oversee the
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work and performance of others Leading The process of influencing and persuading people to attain organizational goals Controlling Requires three elements - Established standards of performance - Indentify deviations between actual performance and established standards - Action to correct performance that fails to meet standards First-Line Management Managers who are responsible for the organization’s basic work; often called supervisors, managers, or foreman Middle management Managers who plan, organize, control, and lead activities of other managers and who are subject to the management of a superior Top Management A small group of senior executives (usually including a CEO, president, or vice president) who are responsible for the performance of the entire organization Management Level Vertical specialization of the management process, authority to act and to use organizational resources within specified limits Skill An ability to or proficiency in performing a particular task Technical Skill The skill that enables someone to use specified knowledge, techniques, and resources in performing work Analytical Skill The skill that enables someone to analyze or logically diagnose even complex
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MQM 220 Exam 1 terms - MQM 220 Exam 1 terms CHAPTER 1...

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