Principles of Management (IAC1) wgu

Principles of Management (IAC1) wgu 5.0 (1 review) Students also studied Terms in this set (91) Social SciencesBusinessBusiness management Save Test Prep - WGU - Principles of Man...105 terms C_BondePreview Principles of Management - IAC1 52 terms weavvvPreview

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44 terms rtnboy309Preview chp 16 10 terms ery Practice questions for this set Learn1 / 7Study using Learn The procedures that link the various parts of an organization for the purpose of achieving the organization's overall mission BenchmarkingThe process of comparing an organization's practices and technologies with those of other companies ForecastingMethod for predicting how variables will change the future ScenarioA narrative that describes a particular set of future conditions Choose an answer 1Control2Coordination 3Delegation4Concentration Don't know?

Competitive intelligenceInformation that helps managers determine how to compete better Environmental scanningSearching for and sorting through information about the environment Environmental Uncertainlymeans managers do not have enough information about the environment to understand or predict the future Strategic maneuveringAn organization's conscious efforts to change the boundaries of its task environment Domain selectionEntering a new market or industry with an existing expertise DiversificationA firm's investment in a different product, business, or geographic area DivestitureA firm selling one or more businesses

Strategic managementA process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies Strategic visionThe long-term direction and strategic intent of a company SWOT analysisA comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy Corporate strategyThe set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities ConcentrationA strategy employed for an organization that operates a single business and competes in a single industry Vertical integrationThe acquisition or development of new businesses that produce parts or components of the organization's product Concentric diversificationA strategy used to add new businesses that produce related products or are involved in related markets and activities Conglomerate diversificationA strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities Differentiation strategyA strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions Functional strategiesStrategies implemented by each functional area of the organization to support the organization's business strategy Strategic control systemA system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action UniversalismThe ethical system stating that all people should uphold certain values that society needs to function Caux PrinciplesEthical principles established by international executives based in Caux, Switzerland, in collaboration with business leaders from Japan, Europe, and the United States EgoismAn ethical system defining acceptable behavior as that which maximizes consequences for the individual UtilitarianismAn ethical system stating that the greatest good for the greatest number should be the overriding concern of decision makers SkunkworksA project team designated to produce a new, innovative product BootleggingInformal work on projects, other than those officially assigned, of employees' own choosing and initiative

SpecializationA process in which different individuals and units perform different tasks CoordinationThe procedures that link the various parts of an organization for the purpose of achieving the organization's overall mission Corporate governanceThe role of a corporation's executive staff and board of directors in ensuring that the firm's activities meet the goals of the firm's stakeholders Span of controlThe number of subordinates who report directly to an executive or supervisor Functional organizationDepartmentalization around specialized activities such as production, marketing, and human resources Divisional organizationDepartmentalization that groups units around products, customers, or geographic regions Matrix organizationAn organization composed of dual reporting relationships in which some employees report to two superiors—a functional manager and a divisional manager Unity-of-command principleA structure in which each worker reports to one boss, who in turn reports to one boss Network organizationA collection of independent, mostly single-function firms that collaborate on a good or service Dynamic networkTemporary arrangements among partners that can be assembled and reassembled to adapt to the environment FormalizationThe presence of rules and regulations governing how people in the organization interact Coordination by planInterdependent units are required to meet deadlines and objectives that contribute to a common goals Coordination by mutual adjustmentUnits interact with one another to make accommodations to achieve flexible coordination Mechanistic organizationA form of organization that seeks to maximize internal efficiency Organic structureAn organizational form that emphasizes flexibility Strategic allianceA formal relationship created among independent organizations with the purpose of joint pursuit of mutual goals Six sigma qualityA method of systematically analyzing work processes to identify and eliminate virtually all causes of defects, standardizing the processes to reach the lowest practicable level of any cause of customer dissatisfaction