WGU - C483 Principles of Management 2021 (Full)

WGU - C483 Principles of Management 2021 (Full) 5.0 (1 review) Students also studied Terms in this set (419) Social SciencesBusinessBusiness management Save Test Prep - WGU - Principles of Man...105 terms C_BondePreview Principles of Management WGU 128 terms MadisonisdaddysBoss Preview WGU C483 - Principles of Managem...430 terms rwdixon1993Preview Princip 117 terms sad Conceptual and decision skillsSkills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members.ControllingThe management function of monitoring performance and making needed changes.Cost competitivenessKeeping costs low to achieve profits and be able to offer prices that are attractive to consumers.Emotional intelligenceThe skills of understanding yourself, managing yourself, and dealing effectively with others.Frontline managersLower-level managers who supervise the operational activities of the organization.InnovationThe introduction of new goods and services.Interpersonal and communication skillsPeople skills; the ability to lead, motivate, and communicate effectively with others.Knowledge managementPractices aimed at discovering and harnessing an organization's intellectual resources.LeadingThe management function that involves the manager's efforts to stimulate high performance by employees.ManagementThe process of working with people and resources to accomplish organizational goals.

Middle-level managersManagers located in the middle layers of the organizational hierarchy, reporting to top-level executives.OrganizingThe management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals.PlanningThe management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue.QualityThe excellence of your product (goods or services).Servicethe speed and dependability with which an organization delivers what customers want.Social capitalGoodwill stemming from your social relationships.SpeedFast and timely execution, response, and delivery of results.SustainabilityThe effort to minimize the use of resources, especially those that are not polluting and nonrenewable.Technical skillThe ability to perform a specialized task involving a particular method or process.Top-level managersSenior executives responsible for the overall management and effectiveness of the organization.ValueThe monetary amount associated with how well a job, task, good, or service meets the user's needs.Barriers to entryConditions that prevent new companies from entering an industry BenchmarkingThe process of comparing an organization's practices and technologies with those of other companies BufferingCreating supplies of excess resources in case of unpredictable needs Competitive environmentThe immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like Competitive intelligenceInformation that helps managers determine how to compete better Cooperative strategiesStrategies used by two or more working organizations working together to manage the external environment DefendersCompanies that stay within a stable product domain as a strategic maneuver DemographicsMeasures of various characteristics of the people who make up groups or other social units

DiversificationA firm's investment in a different product, business, or geographic area DivestitureA firm selling one or more businesses Domain selectionEntering a new market or industry with an existing expertise EmpowermentThe process of sharing power with employees, thereby enhancing their confidence in their ability to perform their jobs and their belief that they are influential contributors to the organization Environmental scanningSearching for and sorting through information about the environment Environmental uncertaintyLack of information needed to understand or predict the future External environmentAll relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy Final consumerThose who purchase products in their finished form Flexible processesMethods for adapting the technical core to changes in the environment ForecastingMethod for predicting how variables will change the future Independent strategiesStrategies that an organization acting on its own uses to change some aspect of its current environment InputsGoods and services organizations take in and use to create products or services Intermediate consumerA customer who purchases raw materials or wholesale products before selling them to final customers MacroenvironmentThe general environment; includes governments, economic conditions, and other fundamental factors that generally affect all organizations MergerOne or more companies combining with another Open systemsOrganizations that are affected by, and that affect, their environment Organizational climateThe patterns of attitudes and behavior that shape people's experience of an organization Organization cultureThe set of important assumptions about the organization and its goals and practices that members of the company share OutputsThe products and services organizations create ProspectorsCompanies that continually change the boundaries for their task environments by seeking new products and markets, diversifying and merging, or acquiring new enterprises

ScenarioA narrative that describes a particular set of future conditions SmoothingLeveling normal fluctuations at the boundaries of the environment Strategic maneuveringAn organization's conscious efforts to change the boundaries of its task environment Supply chain managementThe managing of the network of facilities and people that obtain materials from outside the organization, transform them into products, and distribute them to customers Switching costsFixed costs buyers face when they change suppliers Affective conflictEmotional disagreement directed toward other people Bounded rationalityA less-than-perfect form of rationality in which decision-makers cannot be perfectly rational because decisions are complex and complete information is unavailable or cannot be fully processed BrainstormingA process in which group members generate as many ideas about a problem as they can; criticism is withheld until all ideas have been proposed CertaintyThe state that exists when decision-makers have accurate and comprehensive information Coalitional modelModel of organizational decision making in which groups with differing preferences use power and negotiation to influence decisions Cognitive conflictIssue-based differences in perspectives or judgments ConflictOpposing pressures from different sources, occurring on the level of psychological conflict or of conflict between individuals or groups Contingency plansAlternative courses of action that can be implemented based on how the future unfolds Custom-made solutionsNew, creative solutions designed specifically for the problem Devil's advocateA person who has the job of criticizing ideas to ensure that their downsides are fully explored DialecticA structured debate comparing two conflicting courses of action Discounting the futureA bias weighting short-term costs more heavily than longer-term costs and benefits Framing effectsA decision bias influenced by the way in which a problem or decision alternative is phrased or presented