Exam 2 Review

Companies use _ _ layout when working on projects involving the production of large items

fixed position

Define entrepreneur

A person who organizes or operates a business that has financial risk

What organizational design did Fayol create

Bureaucratic design

_ is the art of using organization resources of accomplishing goals at work

Management

Problem with Fayol's principle of organization design

Not flexible; the rule making that developed from these principles created organizations that didn't respond quickly

econimies of scale

Suggests that as a business produces more of an item it gets cheaper

To be considered part of a market, an individual must have both:

Willingness to buy & financial resources needed to buy

Planning

anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

Define job enrichment

adding tasks, duties, and responsibilities to the job

Define intrapreneur

an employee within a company who promotes new and innovative ways to do business

Leading

creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives

Microentrepreneur

entrepreneurs who develop businesses with five or fewer employees

Controlling

establishes clear standards to determine whether an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not

Organizing

includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives

_ is the management function of creating a vision

leading

2 things business incubators do

office space & training

4 functions of management

planning, organizing, leading, controlling

What does a Gantt chart do

shows productions managers what projects are being worked on & what stage they are in at any given time

Objectivs

specific short-term measurable results that an organization uses to achieve a long-term goal

Define Lean Manufacturing

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

Define Job Specialization

typically involves training to have that skill; when people spend most of their time working at a single job or craft

What is a SWOT analysis used for?

used to identify the strengths, weaknesses, opportunities, and threats of a business