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