BUS 100 Exam 2

What kind of manufacturing process or layout would be used for bigger manufacturing items

fixed

Define Entrepreneur

A person who operates a business, taking on more financial risk, and recognize that there is potential and a gap in the marketplace

Define intrapreneur

Creative people who work as entrepreneurs within a corporation

Define Job Specialization

HAVE A CERTAIN TYPE OF TRAINING/EXPERTISE

Define each function of management (4)

Planning-setting organizational vision, goals, and objectives Organizing- networking, culture, a group working together/work Leading-Making decisions, group/team motivation Controlling- Control systems, human resources, and processes

What is lean manufacturing?

Producing goods in greater quantity but fewer resources

Define the concept of economies of scale

When businesses buy production resources in bulk, that decrease production cost for every additional unit that is produced

Define Exam Gantt Chart

a chart that shows you the amount of work done during that period of time

Henry Veole came up with what concept or business principle, what is the issue with that

bureaucracy, the issue is they can't improve or meet customer needs

Define job enrichment

expands the range of tasks that you perform and the skills you can develop

Business incubators do what

help businesses by providing a workspace + training

SWOT analysis

identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)

_____ is the act of utilizing organizational resources to accomplish goals or work

management

_____ is a short-term measurable result an organization wants to achieve

objectives

What are the 4 functions of management?

planning, organizing, leading, controlling

What is a definition of a micropreneur

they are specialized in one area- they only specialize in one area ex. (residential housing) only have less than FIVE employees

To be considered as a part of a market an individual must have_____ and ______

willingness to buy and financial resources to buy