planning

a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

leading

management process of guiding and motivating employees to meet an organization's objectives

vision

the main concept you have for your business

objectives

specific, short term statements detailing how to achieve the organizations goals

SWOT analysis

A way of analysing the business to identify its Strengths, Weaknesses, Opportunities and Threats, An overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T).

Strategic planning

the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals

Contingency Planning

the process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives

decision making

The process of considering and analyzing information related to personal and financial goals to determine an action plan

brainstorming

a group discussion technique used to generate as many ideas as possible for solving a problem

organization chart

a chart showing the lines of responsibility between departments of a large organization

human relation skills

Skills that involve communication and motivation; they enable managers to work through and with people

staffing

a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives

levels of management and supervision

top, middle, supervisory, nonsupervisory

Technical skills

skills that involve the ability to perform tasks in a specific discipline or department

Autocratic leadership

leadership style that involves making managerial decisions without consulting others

participative leadership

a leadership style in which the leader consults employees for their suggestions and input before making decisions

empowerment

encouraging team members to contribute to & take responsibility for the management process

economies of scale

factors that cause a producer's average cost per unit to fall as output rises

chain of command

a series of executive positions in order of authority

hierarchy

the organization of people at different ranks in an administrative body

decentralized authority

an organization structure in which decision making authority is delegated to lower level managers more familiar with local conditions than headquarters management could be

flat organizations

fewer levels of organizational structure, managers and authority figures have control over a wider span of people

staff personnel

employees who advise and assist line personnel in meeting their goals

line personnel

employees who are part of the chain of command that is responsible for achieving organizational goals

benchmarking

the process of comparing an organization's practices and technologies with those of other companies

core competencies

The unique skills and/or knowledge an organization possesses that give it an edge over competitors.

outsourcing

The procuring of services or products, such as the parts used in manufacturing a motor vehicle, from an outside supplier or manufacturer in order to cut costs

formal organizations

large secondary groups organized to achieve their goals efficently

informal organizations

Smaller, niche oriented, not as many separate departments, specialists that work together, autonomy- less regimented

operations management

The process of managing productive systems that transform resources into finished products

production

the process of creating goods and services

assembly process

that part of the production process that puts together components

lean manufacturing

the production of goods using less of everything compared to mass production

continuous production

Production method that is 24hrs a day - the production of a coke can is an example of this.

facility layout

The physical arrangement of resources (including people) in the production process.

MRP

Materials requirements planning is an information system that plans the need for materials & inventories of materials used in the manufacturing process. MRP does not include the planning of personnel, equipment or facilities

Purchasing

acquisition of the materials and services that a firm needs to produce its products

Just In Time system

just-in-time - A production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand.

malcom baldrige National quality award

a national quality award bestowed given by the United States National Institute for Standards and Technology (NIST) in recognition of superior quality and performance excellence.

ISO 9000

Is an international standard used by participating organizations to help assure that they consistently deliver quality services and products.

ISO 14000

A collection of the best practices for managing an organization's impact on the environment

Pert Network

A flowchart diagram showing the sequence of activities needed to complete a project and the time or cost associated with each.

gantt chart

is a project time-line chart; a Time Line Chart may be used instead of a Gantt chart.

service sector

businesses that provide services rather than manufactured goods

statistical process control

statistical evaluation of the output of a process during production