Exam 2: Bus 100-004

In a ________ organization employees follow a strict set of rules and regulations

bureaucratic

The concept of _______ ___ _______ suggests that as businesses produce more the average cost decreases

Economics of Scale

Define micropreneur

A person that works on a small scale or a very specific product line or service **less that 5 employees

Define Intrapreneur

A person within a business is championing an innovative idea

Define enrichment

Adding some task variety within original skill set, improving quality by adding something new

Companies use ______ position layout when working on a project using large scale production

Fixed

Define job specialization

Focusing on one area of expertise, providing employees with training, education, or experience

What do business incubators do?

Give new businesses management training and other types of training, and offer space to a business so they can begin even with inefficient funds **Sponsored by the govt

_________ is the management function of creating a vision for the organization and motivation employees to achieve it

Leading

_______ is the art of utilizing organizational resources to accomplish a work goal

Management

________ are specific short-term results an organization wants to achieve in order to fulfill long-term goals

Objectives

Define Entrepreneur

Person that starts their own business that has taken on financial risk to satisfy a gap in the market

What are the four functions of management?

Planning, organizing, leading, controlling

What can companies use to evaluate their internal strengths?

SWOT (strengths, weaknesses, opportunities, and threats)

Define Gantt chart

Used to show the amount of work done in a certain time period related to an overall plan

H. Fayol he management established what type of organization

bueracratic organization

Define LEAN manufacturing

systematic approach to minimize waste (waste of time/product)