CLEP Principles of Management 1

Organizations this stage is often rather tentative as

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organizations, this stage is often rather tentative as the next change may well be around the next corner. What is often encouraged, then, is more of a state of 'slushiness' where freezing is never really achieved (theoretically making the next unfreezing easier). The danger with this that many organizations have found is that people fall into a state of change shock, where they work at a low level of efficiency and effectiveness as they await the next change. 'It's not worth it' is a common phrase when asked to improve what they do. 41. 42. Wagner Act the most important labor law enacted in the United States, designed to eliminate employer's interference with the organization of workers into unions. The Wagner Act officially the National Labor Relations Act, establishes the right for employees to form unions, requires employers to bargain with such unions fairly, and prohibits unfair labor practices such as firing employees for joining unions. 43. 44. Glass Ceiling - An artificial barrier in the work world which makes promotion beyond a certain level for certain groups difficult. This term was first applied exclusively to women but later came to include minority men. Glass Ceiling is a form of discrimination . 45. 46. Break Even Point - The formula for break even point is fixed costs/fixed expense over contribution per unit. In economics & business , specifically cost accounting , the break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even". A profit or a loss has not been made, although opportunity costs have been paid, and capital has
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received the risk-adjusted, expected return. Break-even charts show the amount of sales at which the business will start making a profit--your costs are equal to your revenue. The break-even point is that point on the graph where the total revenue equals total costs. Therefore, increasing the overhead for an operation would raise the break-even point. 47. 48. Budgets – statements of planned revenue and expenditures of money, time, personnel, etc. Budgets express plans, objectives, and programs of the organization in numerical terms. Often, budgets are assumed to deal only with dollar amounts, but they can also include time, personnel, etc. A budget is an example of a tool that organizations commonly use for financial planning. They show expected expenditures and earnings over a specific time period and categorize funds to be spent on various business activities. 49. 50. Organization Chart - shows the authority relationships between the various positions and departments in an organization. It allows one to see the formal relationships among the positions in a company. A chain of command is a type of organization chart which shows the authority-responsibility relationships. Another type of organization chart might show the different departments, or division of labor. 51.
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