What is management?
All managers work in organizations
Organization- collections of people who work together and coordinate their actions to
achieve a wide variety of goals or desired future outcomes
Managers- The people responsible for supervising the us
Price The amount of money a business charges for items it offers for sale.
Cost The amount of money the store pays to purchase the merchandise from a
Profit The total revenue of a business less all expenses over a specific period of
abilities natural or acquired skill or talent
ability developed skill
Age Discrimination Act of 1967 passed to prohibit discrimination against people
between forty and seventy years of age
Americans with Disabilities Act of 1992 gives civil rights project
Stock Turnover A tool that measures how often stock is sold during a given a time
Staffing The assignment of workers to within a business.
Staffing Level The number of workers assigned to jobs at a particular time.
Understaffing When there is not
Stock Another term for inventory.
Invoice The Vendor's bill for stoic purchased
Inventory Control The management of the merchandise a store has for sale.
Just-in-Time Inventory Control System A usually computerized method of
inventory control that involve
Advertising Communication to customers paid for by a business.
Public Relations The use of unpaid references to a business to further a positive
Publicity A form of public relations that involves calling attention to a newsworthy
aspect of the
Sweat Equity Unpaid work, mental and physical, that a business owner puts into a
business, increasing its value.
Personsal Financial Report A statement of an individual's personal financial status.
Asset Any tangible item of value an individual owns.
Appraisal The formal process of evaluating the contributions and performances of
Cascading The vertical transfer of information in a hierarchy via meetings between
staff at different levels of the hierarchy.
Contract of Employment The legal a
Market Research The process of gathering, recording, analyzing, and reporting
information regarding customers or potential customers.
Data Facts discovered in the market research process.
Primary Data Facts collected for the time for the problem under stu
Primary Sector Businesses involved in the extraction of natural resources, such as
farming, mining, fishing, etc.
Secondary Sector Business activity is concerned with the construction and
manufacturing of physical products.
Tertiary Sector Business activi
Public Limited company Incorporated business organization that allows the general
public to buy and sell shares in the company via stock exchange
Partnership Form of private sector business owned by 1 - 20 people. They share the
responsibilities and burde
learning styles the ways people think and learn
leisure time free from everyday job responsibilities during which a person can
pursue personal interests and hobbies
life roles the various parts of one's life, such as citizen, parent, spouse, worker, etc.
Workforce Planning The management process of forecasting an organization's
current and future staffing needs.
Internal Recruitment The practice of hiring people who already work for the firm
to fill a position, rather than recruiting someone new to the fi
verbal expressed in words
visual pertaining to sight
vocational rehabilitation services provided free to those who meet the legal
wellness good health
work activity directed toward a goal that produces something of value; to exert
transition the processes of changing from one state, activity, or place to another
unemployment insurance a joint state-federal program under which stateadministered funds pay a weekly benefit for a limited time to eligible workers
when they are involunta
Making a competitive advantage:
Responsiveness to customers
Spectrum Health Example from powerpoint
Patients rated Spectrum Health low on helpfulness and communicating
Spectrum set up an advisory council and mad
Theory X and Y
A set of negative assumptions about workers that leads to the conclusion that a
managers task is to supervise workers closely and control their behavior.
A set of positive assumptions about workers that leads to the conclusion that
Study Guide chapter 2
Evolution of management:
Who is Adam Smith:
Observed that firms manufactured pins in one of two different ways:
- Craft-styleeach worker did all steps.
- Productioneach worker specialized in one step.
Smith found that the performance
Areas of management
Department- a group of managers and employees who work together and possess
similar skills or use the same knowledge, tools, or techniques
Levels of Management:
First line managers
Middle line managers
Bottom level managers
Evolution of Management Theories
More management theories
The study of how to create an organizational structure and control system that
leads to high efficiency and effectiveness.
Who is Max Weber
Developed the principles of b
Behavior Management Theory
The study of how managers should personally behave to motivate employees
and encourage them to perform at high levels and be committed to the
achievement of organizational goals
Who is Mary Parker Follet?
Concerned that Taylor i
Fayols Principals of Management
Division of Work When employees are specialized, output can increase because they
become increasingly skilled and efficient.
Authority Managers must have the authority to give orders, but they must also keep in
Study Guide from powerpoints
Core CompetencySpecific set of departmental skills, abilities, knowledge and experience that allows one
organization to outperform its competitors
Skills for a competitive advantage
Shrinking or cutting an organi
generativity state of human development often referred to as the "working years";
between a person's late twenties and early sixties, when he or she is productive in
the world of work, develops a family and re-examines personal beliefs and values
compassion to care deeply about other people and their well-being
divorce the legal dissolution of a marriage
dexterity proficiency in using the body or hands
Equal Employment Opportunities Commission (EEOC) enforces laws to prevent
unfair treatment on th
resources those things that a person can use to help reach goals
responsibility a willingness to accept an obligation and be accountable or an action
retirement the state of being retired from one's occupation
sandwich generation group of peo
There are a few types of management theories. The first one I chose is scientific
management. Scientific management is the study of the relationships people have with tasks that
have a sole purpose