Intro to Business Test 2
batch processing
a method of updating a database in which data are collected over some time period, but processed together
intranet
an internal, corporate-wide area network that uses internet technology to connect computers and link employees in many locations and with different types of computers
mission
an organization's purpose and reason for existing; its long term goals
business development bank of canada
bank that provides small and medium sized businesses with flexible financing, affordable consulting services, and venture capital
crown corporations
companies that only the provincial and federal governments can set up
referent power
power that is derived from an individual's personal charisma and the respect and/or admiration the individual inspires
power
the ability to influence others to behave in a particular way
information system (IS)
the combination of technology, people, and process that an organization uses to produce and manage information
efficiency
using the least amount of resources to accomplish the organization's goals (doing things right)
general partner
partners who have unlimited liability for all of the company's business obligations and who control its operations
limited partner
partners whos liability for the company's business obligations is limited to the amount of their investment. they help to finance the business but do not participate in the company's operations
sole proprietorship
a business that is established, owned, operated and often financed by one person
small business
a business that is independantly managed, is owned by an individual or a small group of investors, is based locally, and is not a dominant company in its industry
mission statement
a clear, concise articulation of how the company intends to achieve its vision-- how it is different from its competition and the keys to its success
merger
a combination of two or more companies to form a new company which often takes on a new corporate identity
computer virus
a computer program that copies itseld into other software and can spread to other computer systems
franchise agreement
a contract setting out the terms of a franchising arrangement, including the rules for operating the franchise, the services provided by the franchisor, and the financial terms. Under the contract, the franchisee is allowed to use the franchisor's business name, trademark, and logo
leveraged buyout (LBO)
a corporate takeover financed by large amounts of borrowed money; can be done by outside investors, or by a company's own management
public corporation
a corporation who shares are widely held and available to the general public
private corporation
a corporation whos number of shareholders is limited; there are normally restrictions on the transfer of shares to third parties, and its shares do not trade on a recognized stock exchange
one-person corporation
a corporation with only one person as the shareholder; common in professional practices (eg medical doctors, lawyers, accountants) and in trades (eg plumbers and electricians)
enterprise portal
a customizable internal website that provides proprietary corporate information to a defined user group, such as employees, supply chain partners or customers
management of information systems (MIS)
a discipline that involves the management of people, process, and technology around the care of information
debt
a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period
equity
a form of business financing consisting of funds raised through the sale of stock (ownership) in a business
franchising
a form of business organization based on a business arrangement between a franchiser, which supplies the product concept, and the franchisee, which sells the goods or services of the franchisor in a certain geographic area
business plan
a formal written statement that describes in detail the idea for a new business and how it will be carried out. It includes a general description of the company, the qualifications of the owner(s), a description of the product or service, an analysis of the market and a financial plan
board of directors
a group of people elected by the shareholders to handle the overall management of a corporation such as setting major corporate goals and policies, hiring corporate officers, and overseeing the companies operations and finances
computer network
a group of two or more computer systems, as well as devices (such as printers, external harddrives, routers and modems), linked together by communication channels to share data, commands, information and other resources
data warehouse
a information technology that combines many databases across a whole company into one central database that supports management decision making
free rein (laissez faire) leadership
a leadership style in which the leader turns over all authority and control to subordinates
intrapreneurs
entrepreneurs who apply their creativity, vision, and risk taking within large corporations rather than starting companies of their own
venture capital
financing obtained from investment companies that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money
franchisor
in a franchising arrangement, the company that supplies the product concept to the franchisee
franchisee
in a franchising arrangement, the individual or company that sells the goods or services of the franchisor in a certain geographic area
limited liability partnership (LLP)
in a limited liability partnership, each individual partner is protected from responsibility for the acts of other partners and each party's liability is limited to harm resulting from that party's own actions
angel investors
individual investors or groups of experienced investors who provide funding for start-up businesses
participative leaders
leaders that share decision making with group members and encourage discussion of issues and alternatives; includes democratic, consensual, and consultative styles
consultative leaders
leaders who confer with subordinates before making a decision but retain the final decision making authority
consensual leaders
leaders who encourage discussion about issues and then require that all parties involved agree to the final decision
democratic leaders
leaders who solicit input from all members of the group and then allow the members to make the final decision through a vote
supervisory management (operational management)
managers who design and carry out operational plans for the ongoing daily activities of the company
middle management
managers who design and carry out tactical plans in specific areas of the company
vertical merger or acquisition
mergers or acquisitions involving companies at different stages of the supply chain in the same industry; done to gain control over supplies of resources or to gain access to different markets
enterpreneurs
people with vision, drive, and creativity who are willing to take the risk of starting and managing a business to make a profit or greatly changing the scope and direction of an existing company
contingency plans
plans that identify alternative courses of action for very unusual or crisis situations; typically stipulate the chain of command, standard operating procedures, and communication channels the organization will use during an emergency
coercive power
power that is derived from an individual's ability to threaten negative outcomes
reward power
power that is derived from an individual's control over rewards
expert power
power that is derived from an individual's extensive knowledge in one or more areas
legitimate power
power that is derived from an individual's position in an organization
virtual private networks (VPNs)
private corporate networks connected over a public network, such as the Internet._____'s include strong security measures to allow only authorized users to access the network
transaction processing system (TPS)
an information system that handles the daily business operations of a company. The system receives and organizes raw data from internal and external sources for storage in a database using either batch or online processing
office automation system
an information system that uses information technology systems such as word processing systems, email systems, cellphones, smartphones, pagers, and facsimile (fax) machines to improve communications throughout an organization
management support system (MSS)
an information system that uses the internal master database to perform high-level analyses that help managers make better decisions
program decisions
decisions made in response to frequently occurring routine situations
autocratic leaders
directive leaders who prefer to make decisions and solve problems on their own with little input from subordinates
cooperative
a legal entity typically formed by people with similar interests such as suppliers or customers to reduce cost and gain economic power; a cooperative has limited liability and unlimited life span, an elected board of directors and an administrative staff; all profits are distributed to the member-owners in proportion to their contributions
corporation
a legal entity with its own rights and responsibilities, separate from its shareholders, who therefore are not personally liable for the entities, actions and liabilities
expert system
a management support system that gives managers advice similar to what they would get from a human consultant; it uses artificial intelligence to enable computers to reason and learn to solve problems in much the same way that humans do
decision support system (DSS)
a management support system that helps managers make decisions by using interactive computer models that describe real world processes
executive information system (EIS)
a management support system that is customized for an individual executive; it provides specific information for strategic decisions
decisional roles
a manager's activities as an entrepreneur, resource allocator, conflict resolverm or negotiator
informational roles
a manager's activities as an information gatherer, information disseminator, or spokesperson for the company
interpersonal roles
a managers activities as a figure head company leader or liaison
horizontal merger or acquisition
a merger or acquisition involving companies at the same stage of the supply chain in the same industry; done to reduce costs, expand product offerings, or reduce competition
conglomerate merger or acquisition
a merger or acquisition involving companies in unrelated businesses; done to reduce risk
online (real time) processing
a method of updating a database in which data are processed as they become available
wide area network (WAN)
a network that connects computers at different sites via telecommunications media such as phone lines, satellites and microwaves
local area network (LAN)
a network that connects computers at one site, enabling the computer users to exchange data and share the use of hardware and software from a variety of computer manufacturers
metropolitan area network (MAN)
a network that covers a larger geographic area than a LAN, but generally smaller than a WAN
general partnership
a partnership in which all partners share in the management and profits. each partner can act on behalf of the company and has unlimited liability for all its business obligations
limited partnership
a partnership with one or more general partners who have unlimited liability and one or more limited partners, whos liability is limited to the amount of their investment
direct selling
a popular marketing structure that connects the sellers "directly" with the customers
tactical planning
a process of beginning to implement a strategic plan by addressing issues of coordination and allocation of resources to different parts within the organization; has a shorter time frame (less than 1 year) and more specific objectives than strategic planning
management
a process of guiding the development, maintenance and allocation of resources to attain organizational goals
acquisition
a purchase of one company by another company, or by an investor group; the identity of the acquired company may be lost
application service providers (ASPs)
a service company that buys and maintains software on its servers and distributes it through high-speed networks to subscribers for a set period and price
data mart
a special subset of a data warehouse that deals with a single area of data and is organized for quick analysis
hostile takeover
a takeover that goes against the wishes of the target company's management, and board of directors
friendly takeover
a takeover that is supported by the management and board of directors of the targeted company
knowledge worker
a worker who develops or uses knowledge, contributing to and benefiting from information used in performing various tasks, including planning, acquiring, searching, analyzing, organizing, storing, programming, producing, distributing, marketing or selling functions
partnership
an association of two or more individuals who agree to operate a business together for profit
database
an electronic filing system that collects and organizes data and information
chief information officer (CIO)
an executive responsible for managing all information resources and processes in an organization
effectiveness
the ability to produce the desired results or goods (doing the right thing)
top management
the highest level of managers, including CEOs, presidents, and vice presidents; they develop strategic plans and address long range issues
managed service providers (MSPs)
the next generation of ASPs, offering customization and expanded capabilities such as businesses processes and complete management of the network servers
shareholders
the owners of a corporation who hold shares of stock that provide certain rights; also known as stockholders
controlling
the process of assessing the organization's progress towards accomplishing its goals; includes monitoring the implementation of a plan and correcting deviations from it
organizing
the process of coordinating and allocating a company's resources to carry out its plans
strategic planning
the process of creating long range (one to five years) broad goals for the organization and determining what resources will be needed to accomplish those goals
operational planning
the process of creating specific standards, methods, policies and procedures that are used in specific functional areas of the organization; helps guide and control the implementation of tactical plans
planning
the process of deciding what needs to be done to achieve organizational objectives, identifying when and how it will be done, and determining by whom it should be done
empowerment
the process of giving employees increased autonomy and discretion to make decisions, as well as control over the resources needed to implement those decisions
leading
the process of guiding and motivating others toward the achievement of organizational goals
knowledge management (KM)
the process of researching, gathering, organizing, and sharing an organization's collective knowledge to improve productivity, foster innovation, and gain competitive advantage
leadership
the relationship between a leader and the followers who want real changes resulting in outcomes that reflect their shared purposes (leading people)
leadership style
the relatively consistent way in which individuals in leadership positions attempt to influence the behaviour of others
corporate culture
the set of attitudes, values, and standards of behaviour that distinguishes one organization from another
joint venture
two or more companies that form an alliance to pursue a particular project for a specified time period
