Management

EBITDA

Earnings before interest, taxes, depreciation, and amortization Calculated EBITDA=Revenues-Expenses

Financing pharmacy

Equity Financing: Money Raised in exchanged for partial business ownership Debt financing: borrowing money that will be rapid over a period of time

Macro View of Entrepreneurship

Focuses on identifying external components association with entrepreneurial effectiveness particularly those beyond the immediate direction or control of entrepreneurs (external locus of control) Environmental: work environment Financial/capita: analyzing and acquiring external monetary resources to fund entrepreneurial activity Displacement: involves recognizing that the choice to be an entrepreneur may be related to being prevented, redirected or displaced

Fayol's 14 principles of Organizational Designs

For Management to perform the five functions effectively the organization structure needs to be designed to satisfy the following: Fayol's 14 principles are: 1)Specialization of labor. Specializing encourages continuous improvement in skills and the development of improvements in methods. 2)Authority. The right to give orders and the power to exact obedience. 3)Discipline. No slacking, bending of rules. The workers should be obedient and respectful of the organization. 4) Unity of command. Each employee has one and only one boss. 5)Unity of direction. A single mind generates a single plan and all play their part in that plan. 6)Subordination of Individual Interests. When at work, only work things should be pursued or thought about. 7)Remuneration. Employees receive fair payment for services, not what the company can get away with. 8)Centralization. Consolidation of management functions. Decisions are made from the top. 9)line of authority. Formal chain of command running from top to bottom of the organization, like military 10)Order. All materials and personnel have a prescribed place, and they must remain there. 11)Equity. All organizational members are entitled to be treated with justice and respect. 12)Personnel Tenure. Limited turnover of personnel. Lifetime employment for good workers. 13)Initiative. Managers should allow employees to be innovative and creative. 14)Esprit de corps. Managers should encourage the development of shared feelings of comradeship, enthusiasm, or devotion to a common cause.

Human Motivation Theory

Herzberg Hygiene factors such as job security, pay, physical work conditions Motivation Factors: opportunities for recognition achievement and personal growth

Gross Margin/ Gross Margin Percentage

Higher gross shows margins shows a greater efficiency in turning inventory into income (Pre-Tax) Can be increased by increasing sales and/or decreasing COGS Gross Margin=Sales-COGS Percent: (Sales-COGS)/Sales x 100

Herzberg's motivation- hygiene theory and dual-factor theory

Hygiene factors are the factors that characterize the context or environment of a person's work. They can be a cause of job dissatisfaction unless appropriately applied by an organization. for example, job security pay physical work conditions Motivation factors: opportunities for recognizing achievement and personal growth stronger link to employee satisfaction In Herzberg's two-factor theory of motivation, work environment factors (such as minimum-wage) whose absence may lead to dissatisfaction in employees but whose presence does not necessarily lead to their satisfaction.

Systems

In its normal field of application (outside of leadership) a system is often thought of as an organizational form or design whereby the component parts need to integrate for the whole to work effectively (hence concerns with such things as flow, and with economies of scale - or rather, the risks inherent therein).

Quick Ratio

(Current Assets - Inventory) / Current Liabilities ratios over 1 is acceptable measures the ability of a company to use its cash or cash equivalents to immediately pay off its current liability

What are Mintzberg 10 managerial roles?

1. FIGUREHEAD: the manager performs ceremonial and symbolic duties as head of the organization; symbolizes the organization and what it is trying to achieve. 2. LEADER: fosters a proper work atmosphere and motivates and develops subordinates; train, counsel, mentor and encourage high employee performance. 3. LIASION: develops and maintains a network of external contacts to gather information; link and coordinate people inside and outside the organization to help achieve goals. 4. MONITOR: gathers and analyze internal and external information relevant to the organization; 5. DISSEMINATOR: transmits factual and value based information to subordinates; 6. SPOKESPERSON: communicates to the outside world on performance and policies. use of information to positively influence the way people in and out of the organization respond to it. 30 7. ENTREPRENEUR: designs and initiates change in the organization; deciding upon new projects or programs to initiate and invest. 8. DISTURBANCE HANDLER: deals with unexpected events and operational breakdowns; 9. RESOURCE ALLOCATOR: controls and authorizes the use of organizational resources; 10. NEGOTIATOR: participates in negotiation activities with other organizations and individuals.

Max Weber

1. Specialization of labor 2. Formal Rules and procedures 3. Impersonality 4. well-defined hierarchy 5. Career advancement based on merit

The management theory of Frank and Lillian Gilbreth can be summed up by the following:

1.Reduce the number of motions in a task to increase efficiency. 2. Focus on the incremental study of motions and time to understand an entire task. 3. The goal of increased efficiency is both increased profit and greater worker satisfaction.

cushion cast

10 to 15 %

S from SWOT

A health system supportive of the program Highly trained staff

Effectiveness

A measure of the appropriateness of the goals an organization is pursing and of the degree to which the organization achieve those goals.

Essential management Competencies

A. Management fundamentals may be similar from organization to organization, but the most effective managers are those who understand the context in which the organization exist, the organization's unique culture, and specific knowledge to get things done. B. Effective managers surround themselves with talented people and develop those individuals into high performing team members who can translate vision into reality. C. Communication is one of the most important management competencies, it includes sharing information through verbal means, body language, written documents, and compelling presentations. D. Team meetings set the tone for interaction with employees. Managers should create a supportive, nonthreatening atmosphere. E. Effective managers are good planners who manage their time well, establish reasonable budgets, deploy people appropriately, and prepare for contingencies. F.Demands on managers are intense. Managing time requires understanding one's workload, identifying priority tasks, staying organized , and remaining flexible in the face of emergent situations.

Laissez-faire

Absent or hand off believe that things will work out on their own a positive form is a work place democracy self directed making left to the group

leadership Behavior

Authoritative (S1) High Task Low Relationship: Provides specific direction closely supervises performance Unable and Unwilling/ Insecure Selling (S2) HighTask High Relationship: Provides specific directions Explains decisions and provides opportunity for clarification: Unable and Willing/Confident Participative (S3) Low task High Relationship: Shares ideas (no specific directions) Able and unwilling/insecure Delegate (S4) Low Task Low Relationship Turn over Able and Willing/Confident High Task: tells the employee what to do( give specific directions) Low Task: no specific directions High Relationship: Allows employee feedback Low Relationship: no employee feedback

four​ ​Pillars​ ​of​ ​Success​ ​for​ ​New​ ​Businesses

A​ ​Business​ ​Plan A​ ​Quality​ ​Site Financial​ ​Resources You,​ ​your​ ​Resume​ ​and/or​ ​CV

Day's​ ​Sales​ ​Outstanding (DSO)

A​ ​measure​ ​of​ ​the​ ​average​ ​number of​ ​days​ ​a​ ​company​ ​takes​ ​to​ ​collect revenue​ ​after​ ​a​ ​sale​ ​has​ ​been​ ​made Should​ ​not​ ​exceed​ ​45-60​ ​days. The​ ​longer​ ​an​ ​account​ ​is​ ​not​ ​yet paid,​ ​the​ ​high​ ​the​ ​risk​ ​of​ ​never being​ ​paid. A low DSO value means that it takes a company fewer days to collect its accounts receivable. A high DSO number shows that a company is selling its product to customers on credit and taking longer to collect money. Generally, a high DSO can suggest a few things, including that the company's customer base has credit issues or that the company is deficient in its collection processes. Conversely, a very low DSO ratio may suggest that the company is too strict with regard to its credit policy, which could alienate customers and thus hurt sales as well.

S corporation can have only one class of stock with the advantage of single taxation it dose not pay taxes only submit personal taxes

C corporations separate legal entity set up under state law double taxation

Cash Ratio

Cash / Current Liabilities measures the extent to which a business can quickly liquidate assets and cover short-term liabilities

Liabilities

Claims on the company's resources by creditors ( what the business owes) : Accounts Payable Wages Payable Loan Payable Unearned Revenue Contingent Liability

Horizontal analysis:

Comparing pharmacy to itself at different periods of time. Horizontal analysis looks at amounts on the financial statements over the past years. • Horizontal analysis allows financial statement users to easily spot trends and growth patterns. • Horizontal analysis can either use absolute comparisons or percentage comparisons, where the numbers in each succeeding period are expressed as a percentage of the amount in the baseline year, with the baseline amount being listed as 100%. • For example, the amount of cash reported on the balance sheet at December 31 of 2012, 2011, 2010, 2009, and 2008 will be expressed as a percentage of the December 31, 2008 amount.

COntrol (or Evaluation)

Controlling---establish accurate measuring and monitoring systems to evaluate how well the organization has achieved its goals. In controlling, managers evaluate how well the organization is achieving its goals and takes corrective action to improve performance. Managers will monitor individuals, departments, and the organization to determine if desired performance has been reached. Managers will also take action to increase performance as required. The outcome of the controlling function is the accurate measurement of performance and regulation of efficiency and effectiveness.

Current Ratio

Current Assets/Current Liabilities, a liquidity ratio. measures whether or not a business has enough to pay its debts over the next 12 months if above 5 the business may not be efficiency using its assets

Account​ ​Receivable​ ​(A/R) Turnover

Indicates​ ​the​ ​number​ ​of​ ​accounts receivable​ ​a​ ​company​ ​collects during​ ​a​ ​year. High​ ​==>​ ​efficient​ ​and conservative​ ​with​ ​its​ ​credit extensions Low​ ​-->​ ​poor​ ​collecting processes,​ ​bad​ ​credit​ ​policy,​ ​or customers​ ​with​ ​financial difficulty A high receivables turnover ratio can imply a variety of things about a company. It may suggest that a company operates on a cash basis, for example. It may also indicate that the company's collection of accounts receivable is efficient, and that the company has a high proportion of quality customers that pay off their debts quickly. A high ratio can also suggest that the company has a conservative policy regarding its extension of credit. This can often be a good thing, as this filters out customers who may be more likely to take a long time in paying their debts. On the other hand, a company's policy may be too conservative if it is too tight in extending credit, which can drive away potential customers and give business to competitors. In this case, a company may want to loosen policies to improve business, even though it may reduce its receivables turnover ratio. A low ratio, in a similar way, can also suggest a few things about a company, such as that the company may have poor collecting processes, a bad credit policy or none at all, or bad customers or customers with financial difficulty. Theoretically, a low ratio can also often mean that the company has a high amount of cash receivables for collection from its various debtors, should it improve its collection processes. Generally, however, a low ratio implies that the company should reassess its credit policies in order to ensure the timely collection of imparted credit that is not earning interest for the firm..

Adopt Innovations:

Innovators: first to adopt greater education than the norm and financial ability to absorb loss Early Adopters: socially connected, influenced by Innovators, most likely to influence the most people with opinions. Early Majority: Influenced by Early Adopters careful and take more time when tasked with a decision Late Majority: Cautious when it comes to innovation Usually they wait until they are forced into something by society Laggards: traditional in outlook they are socially isolated and resist innovation

Inventory turnover

Inventory turnover assesses the efficiency of the management of inventory during the last period

Efficiency

Is a measure of how well or how productively resources are used to achieve a goal. Efficiency signifies a level of performance that describes using the least amount of input to achieve the highest amount of output

Leading (or directing)

Leading---motivate, coordinate, and energize individuals and groups to work together to achieve organizational goals. In leading, managers determine direction, state a clear vision for employees to follow, and help employees understand the role they play in attaining goals. Leadership involves a manager using power, influence, vision, persuasion, and communication skills. The outcome of the leading function is a high level of motivation and commitment from employees to the organization.

Debit and Credit

Left vs. Right Debits: Assets, Expense, Dividends Credits: Liabilities, Revenue, Equity

Collins' Hierarchy of Executive Behaviors:

Level 5 refers to the highest level in a hierarchy of executive capabilities. Leaders at the other four levels may be successful, but are unable to elevate companies from mediocrity to sustained excellence. Level 5 leadership challenges the assumption that transforming companies from good to great requires larger-than-life-leaders. The leaders that came out on top in Collins' five-year study were relatively unknown outside their industries. The findings appear to signal a shift of emphasis away from the hero to the anti-hero. the central dimension for Level 5 is a leader who is ambitious first and foremost for the cause, for the company, for the work, not for himself or herself; and has an absolutely terrifying iron will to make good on that ambition.

Entrepreneurial Success

Low profit limited liability corporation and social entrepreneurs assess mirco and macro view of entrepreneurship focusing on internal and external factor articulating processes related to successful activites

Asset​ ​Turnover

Measures​ ​how​ ​efficiently​ ​a company​ ​is​ ​using​ ​its​ ​assets Higher​ ​numbers​ ​==>​ ​better​ ​use of​ ​assets​ ​to​ ​generate​ ​more​ ​sales

Days​ ​Payable​ ​Outstanding (DPO)

Measures​ ​how​ ​long,​ ​on​ ​average,​ ​it takes​ ​to​ ​pay​ ​bills​ ​from​ ​suppliers Should​ ​not​ ​exceed​ ​15-30​ ​days Suppliers​ ​would​ ​be​ ​more inclined​ ​to​ ​give​ ​discounts high value of DPO can be beneficial if the company is running short of cash. A high DPO also helps if the company is better off in delaying the payments than making them on time and then loaning the money by paying interest to continue its business operations. Companies must strike a delicate balance with DPO.

Return on Investments

Net Income / Total Investment Measures the rate of return on owner's equity Considered the best measure of profitability Indicates how well the owner's funds are used A high ROI shows that the business is efficient at using reinvested earnings to generate additional earning

Net Profit Margin

Net Profit/Sales shows relationship between sales and profit after taxes for a specific time period an indicator of pharmacy pricing policies and ability to control costs

Recording assets on the balance sheet at their historical cost reflects which of the following accounting principles?

Objectivity, conservatism, consistency

Strategic Planning

Organize a team, including key stakeholders Identify a strategic direction Conduct s Strategic analysis Define major goals Develop a action plan Develop a Monitoring and evaluation plan Communicate those plans to others

Participative

People oriented Believe that motivation is the key appeal to internal factors (ex. praise, recognition self-esteem) good at delegation inform and seek input sometimes fail to be directive when needed

sources of power

Position power- comes from Org - legitimate power -reward power -Coercive power External Source Personal Power Internal Source- Within Expert Power Referent power

strengths and weakness are internal opportunities and threats are external

Primary research that researchers collect themselves which may include surveys or a review of patient files

Owner's Equity

Resources the owner owns Capital Stock Retained Earning Owner's Equity=Net Income- Dividends Net Income= Revenue-Expenses

Accrual Accounting

Revenue and expenses are recorded when they are incurred not when cashed is exchanged

Bureaucratic

Rules oriented take little personal responsibility for directives not risk takers good for operation where taks must always be performed the same way

Chart

S1: Telling Leaders define the roles and tasks of the 'follower', and supervise them closely. Decisions are made by the leader and announced, so communication is largely one-way. S2: Selling Leaders still define roles and tasks, but seeks ideas and suggestions from the follower. Decisions remain the leader's prerogative, but communication is much more two-way. S3: Participating Leaders pass day-to-day decisions, such as task allocation and processes, to the follower. The leader facilitates and takes part in decisions, but control is with the follower. S4: Delegating Leaders are still involved in decisions and problem-solving, but control is with the follower. The follower decides when and how the leader will be involved. Conclusion: As the subordinate maturity increases, leadership should be more relationship- motivated than task-motivated.

Management is the art of maximizing productivity by using and developing people talent while providing them with self -enrichment and opportunities for growth

SMART objective By the end of December of this year I will be able to explain the differences between management and leadership in pharmacy

Hawthorne Studies/Hawthorne Effect

Social interactions in the workplace matter Employees that are attended to and cared for have improved worker performance Hawthorne effect, and suggested that when a manager or leader shows concern for employees, their motivation and productivity levels are likely to improve.

Trial Balance and Adjusted Trial Balance

Summary of end of period balances for all accounts

Bureaucratic Management

The German sociologist Max Weber argued that bureaucracy constitutes the most efficient and rational way in which one can organize the human activity and that systematic processes and organized hierarchies are necessary to maintain order, maximize efficiency, and eliminate favoritism.

Maslow Hierarchy of Needs Theory

The five basic human needs must be satisfied in order for higher-level needs to emerge -basic physical needs Safety and security Belonging and love Esteem Self-actualization Maslow's hierarchy of needs is often depicted as a pyramid consisting of five levels: the four lower levels are grouped together as deficiency needs associated with physiological needs, while the top level is termed growth needs associated with psychological needs. While deficiency needs must be met, growth needs are continually shaping behavior. The basic concept is that the higher needs in this hierarchy only come into focus once all the needs that are lower down in the pyramid are mainly or entirely satisfied. Growth forces create upward movement in the hierarchy, whereas regressive forces push prepotent needs further down the hierarchy.

Debt to Equity Ratio

Total Debt/Total Equity a high ratio (above the reference) means the company has been aggressive in financing its growth with debt Riskier Indicates the distribution of capital between owners and creditors and the pharmacy's ability to pay back its debt

debt to total assets ratio

a ratio indicating how much of the firm is financed by debt and how much by owners' equity shows the percentage of the company's financing is provided by creditors Total liabilities/total assets

Solvency

ability to pay back debt over a longer time period (over 12 months)

resources should be described in which section of the strategic plan

action plan

tactics

actions and tasks performed to execute a strategy

Leadership Styles

affiliative: forging relationships team building Autocratic: independent decision making Democratic: facilitate input from members of organization Laissez-faire: provide resources but little direction Transformational: use societal and spiritual values to bolster performace and motivation Servant: meet the needs of those they lead and help them grow

Assets

all resources owned by the business: Cash Inventory Supplies Accounts Receivables Real Estate Equipment

Theory X

assumptions believe that employees are inherently lazy and lack ambition, and these managers use the external controls of punishments and rewards to drive employees to achieve organizational goals.

Theory Y

assumptions believe that most employees enjoy work and seek to make useful contributions to the organization. Employees are looking for ways to exercise creativity and initiative, and will most likely perform up to or even exceed job expectations when given responsibility

inventory turnover ratio

cost of goods sold/average inventory Indicates​ ​how​ ​efficiently​ ​inventory is​ ​managed​ ​and​ ​how​ ​effectively purchases​ ​are​ ​made. Indicates​ ​the​ ​number​ ​of​ ​times​ ​the average​ ​inventory​ ​is​ ​sold​ ​and re-purchased​ ​during​ ​the​ ​year. LOW-implies​ ​poor​ ​sales​ ​and​ ​too much​ ​inventory TOO​ ​LOW-​ ​too​ ​much​ ​money tied​ ​up​ ​in​ ​inventory HIGH-strong​ ​sales TOO​ ​HIGH-purchasing​ ​small quantities​ ​too​ ​frequently

The mission of an organization describes its

current purpose and values

the joint commission

currently mandates that organization seeking accreditation offer culturally and linguistically appropriate services

five stages of the process of intrapreneurship

defining the opportunity or problem including date collection and analysis Building support Mobilizing resources Executing the project Completing the venture

Controlling

establish accurate measuring and monitoring systems to evaluate how well the organization has achieved its goals. In controlling, managers evaluate how well the organization is achieving its goals and takes corrective action to improve performance. Managers will monitor individuals, departments, and the organization to determine if desired performance has been reached. Managers will also take action to increase performance as required. The outcome of the controlling function is the accurate measurement of performance and regulation of efficiency and effectiveness.

Organizing

establish task and authority relationships that allow people to work together to achieve organization goals. In organizing, managers create the structure of working relationships between organizational members that best allows them to work together and achieve goals. Managers will group people into departments according to the tasks performed. Managers will also lay out lines of authority and responsibility for members. An organizational structure is the outcome of organizing. This structure coordinates and motivates employees so that they work together to achieve goals.

Cost-Benefit Analysis (CBA)

estimates and totals up the equivalent money value of the benefits and costs to the community of projects to establish whether they are worthwhile. These projects may be dams and highways or can be training programs and health care systems.

mirco view entrepreneurship

focuses primarily on describing internal characteristics associated with success particularly those within the actual control or direction of entrepreneurs Entrepreneurial trait: attempts to identify the traits among historically successful entrepreneurs traits associated with entrepreneurship activity: achievement, creativity, determination, technical knowledge venture opportunity: key function of an entrepreneur involves seeking resources to obtain, develop, and implement products, processes or services that are entirely novel, or improvement of existing innovations strategic formulation:Emphasizes the process of planning for entrepreneurial effective which involves leveraging sepcific resources to be used explicitly entrepreneurial functions

vision

future direction

empowering employees is a common behavior of effective leaders to empower your employees is to

give them the authority to get the job done

vision statement

in business planning a statement that that describe what the business or program would to achieve or accomplish in the mid to long term future is known as the business

the action plan should

include tactics necessary to achieve objectives

constant sales level inventory turnover will tend to increase if manamgement commits to

increase if management commits to decreasing quantity levles in the pharmacy

leadership is the process of social influence in which one person is able to enlist the aid and support of others to accomplish a common task

informal power is earned through relationship and experience

Comparing Entrepreneurship and intrapreneurship

intrapreneurs face carrere risk in the event of failure entrepreneurs face personal fianical risk in intrapreneurship the firm can lend its name and reputation to new venture

Theory Z

is Dr. William's Ouchi's "Japanese Management" style. It assumes that the most effective decision making us that accomplished by a group rather than an individual manager. It also features an ideal of lifetime employment to build loyalty and ensure a constant workforce that is committed to the organization and accomplishment of goals. emphasizes the value of employee participation job rotation cross-training (learning) Generalization rather than specialization

Cost-effectiveness analysis (CEA

is a form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action. Cost-effectiveness analysis is distinct from cost-benefit analysis, which assigns a monetary value to the measure of effect.

Cost-utility analysis (CUA)

is a form of financial analysis used to guide procurement decisions. The most common and well-known application of this analysis is in pharmacoeconomics, especially health technology assessment (HTA).

Cost-minimization analysis

is a method used to measure and compare the costs of different medical interventions.

accounting equation

is defined as Assets-Liabilities=Owner's Equity

Hersey and Blanchard's situational leadership theory

leadership style should be matched to the maturity of the subordinates maturity is assessed in relation to a specific task and has two parts: psychological maturity: their self-confidence and ability and readiness to accept responsibility Jab maturity: their relevant skills and technical knowledge Based on three dimensions: Task orientation Relation orientation Follower readiness Leadership can consist of: Telling Seeling participating Delegating

Leading

motivate, coordinate, and energize individuals and groups to work together to achieve organizational goals. In leading, managers determine direction, state a clear vision for employees to follow, and help employees understand the role they play in attaining goals. Leadership involves a manager using power, influence, vision, persuasion, and communication skills. The outcome of the leading function is a high level of motivation and commitment from employees to the organization.

Return on Assets

net income/average total assets indicates how profitable a company is relative to its total asset show how efficiently a business is at using its assets to generate earnings

afflliartive leadership

organization

Authoritarian

people must be controlled believe external motivation is key(pay benefits) Task oriented less Likely to inform or invite input subset is paternalistic (dictator or tyrant) Good for dealing with Emergencies inexperienced employees hostile employees

Social Entrpreneurship

primarily on broader social mission what contributions should be offered to societies that sustain organization/entrepreneur Power of social entrepreneurs hinges on ability to find new ways to: solve problems scale soultions collaborate with various organizations

vertical analysis

reporting an amount on a financial statement as a percentage of another item on the same financial statement • Vertical analysis makes it easier to understand the correlation between single items on a balance sheet and the bottom line, expressed in a percentage. • Vertical analysis can become a more potent tool when used in conjunction with horizontal analysis, which considers finances of a certain period of time. • For example, the vertical analysis of the balance sheet means every amount on the balance sheet is restated to be a percentage of total assets.

Emotional Intelligence

self-awareness: Ability to read and understand your emotions and recognize its impact on work performance relationships, self-management: ability to keep disruptive emotions and impulses under control consistent display of honesty and integrity manage yourself and your reponsibilites adjustment to changing the situation and overcoming obstacles readiness to size opportunities social awareness: skills at sensing other people emotions understanding currents of organization life recognize and meet customer needs social skills

SMART goal

specific measurable Reasonable time based

SMARTER goals

specific measurable accurate realistic time based extending and rewarding

SWOT

strengths, weaknesses, opportunities, threats

conservatism principle

supports the fair and reasonable development of accounting estimates evaluations and opinions

Efficiency Ratios

tell you how well your assets are being managed how much the business spends a lower percentage is better since that means expenses are low and earning are high

What is emotional intelligence?

the ability to understand, manage feelings

Liquidity

the ease with which an asset can be converted into the economy's medium of exchange ability to pay back debt quickly

accrual basis of accounting

the income statement will reflect the activity as of the end of a specific period

Entrepreneurship

the practice of organizing, managing and assuming the risk of a business the role of innovation has further refined the meaning of entrepreneurship as an activity that creates focused change in an organization's social or economic potential numerous organization have developed entrepreneurial vision to expand the pharmacy role

double-entry bookkeeping

the practice of writing every business transaction in two places and the at least 2 must balance

Managerial role

the set of specific tasks that a manager is expected to perform because of the position he or she holds in an organization. First-line-manager---a manager who is responsible for the daily supervision of non-managerial employees. Middle manager—a manager who supervises first-line manager and is responsible for finding the best way to use resources to achieve organizational goals. Top manager—a manager who establishes organizational goals, decides how departments should interact, and monitors the performance of middle managers. Top managers have cross-departmental responsibility. The top manager's job is to establish appropriate goals for the entire organization and to verify that department managers are utilizing resources to achieve those goals. To increase efficiency and effectiveness, some organizations have altered their managerial hierarchies by restructuring, empowering their workforce, utilizing self-managed teams, and utilizing new information technology.

Matrix

this type of organization uses a team structure where authority is both horizontal and vertical with the advantage of sharing resources amongst team members

authority

three origins Tradition authority royal succession title of the director Bureaucratic authority: based based rules or laws Charismatic authority based on the leaders' power to influence others

Fatal Classical Management Theory

to forecast and plan---examine the future and draw up plans of action to organize--build up the structure, material and human of the undertaking to command----maintain activity among the personnel to co-ordinate---bind together, unify and harmonize activity and effort to control---see that everything occurs in conformity with policy and practice

Innovation

type of change where NEW IDEAS may lead to a radical breakthrough that transforms practice environment or incremental improvements in existing products processes or services -Improved human condition -Economic growth -Organizational survival and competitive advantage -Improved performance -Accumulation of wealth

SHRINK​ ​​

​when​ ​items​ ​are​ ​lost,​ ​stolen,​ ​or​ ​misplaced. unclaimed prescriptions