Principles of Management C483 Review Guide

Identify common ways in which entrepreneurs finance their ventures

Stock Venture capital Going Public

Understand and describe key approaches to bureaucratic control

1. Feedforward Control: takes place before operations begin and includes policies, proceduresm and rules designed to ensure that planned activities are carried out properly 2. concurrent control: takes place while plans are being carried out 3. feedback control: focuses on the use of information about results to correct deviations from the acceptable standard after they arise

Describe common reasons behind entrepreneurial success and failure

1. Risk: uncertainty of the future 2. Economic Environment: 3. Business Incubators: Protected environments for new, small businesses. Business Accelerators: Organization that provides support and advice to help young businesses grow. 4. You Might Not Enjoy It: 5. Survival Is Difficult 6. Growth Creates New Challenges 7. It's Hard to Delegate 8. Misuse of Funds 9. Poor Controls 10. Mortality and Succession

Describe the key aspects of the job-characteristics model of organizing and describing jobs

1. Skill variety—different job activities involving several skills and talents. 2. Task identity—the completion of a whole, identifiable piece of work. 3. Task significance—an important, positive impact on the lives of others. 4. Autonomy—independence and discretion in making decisions. 5. Feedback—information about job performance. Many companies post charts or provide computerized data indicating productivity, number of rejects, and other data. EMPLOYEE GROWTH NEED STRENGTH These psychological states created these personal and work outcomes: 1. High internal work motivation 2. High-quality work performance 3. High satisfaction with work 4. Low absenteeism and turnover

Define what the Value Chain concept means, as well as the purpose of a value chain analysis

A value chain is the sequence of activities that flow from raw materials to the delivery of a good or service, with additional value created at each step. Each step in the chain adds value to the product or service: Research and development focus on innovation and new products. Inbound logistics receive and store raw materials and distribute them to operations. Operations transform the raw materials into final product. Outbound logistics warehouse the product and handle its distribution. Marketing and sales identify customer requirements and get customers to purchase the product. Service offers customer support, such as repair, after the item has been bought. is to bring together elements of the chain to collaborate to add customer value and build competitive advantage.

Identify issues that could arise between older and younger workers in an organization

The older generation has all the experience and hard-working habits. To prevent from losing this generation employers (and AARP) have created a phased retirement plan that allow older employees to work fewer hours per week. Other strategies include making workplace adaptions to help older workers cope with the physical problems they experience as they age (poor vision, hearing, mobility). Younger talent work pool is smaller. Young workers tend to be "high-maintenance" but "high-performing" having learned to process the flood of information that pours in over the internet. They work well in environments that are stimulating, involve team work, and keep reasonable hours. Employers are also updating recruiting tactics by using the internet. Like sites such as Linkedin.

Explain what "Reengineering" is and describe how organizations use Customer Relationship Management tools to better understand and meet their needs

The principal idea of reengineering is to revolutionize key organizational systems and processes. Processes such as product development, order fulfillment, customer service, inventory management, billing, and production are redesigned from scratch as if the organization were brand new and just starting out. Reengineering is not about making minor organizational changes here and there. It is about completely overhauling the operation, in revolutionary ways, to achieve the greatest possible benefits to the customer and to the organization. Customer relationship management (CRM) is a multifaceted process, typically mediated by a set of information technologies, that focuses on creating two-way exchanges with customers so that firms have an intimate knowledge of their needs, wants, and buying patterns.

Discuss how a larger organization can promote and maintain the spirit of entrepreneurship and innovation

The successful entrepreneurial organization avoids overcommitment to a single project and relies on its entrepreneurial spirit to produce at least one winner from among several projects. Organizations also court failure when they spread their entrepreneurial efforts over too many projects.109 If there are many projects, each effort may be too small in scale. Managers will consider the projects unattractive because of their small size. Or those recruited to manage the projects may have difficulty building power and status within the organization. The hazards in intrapreneurship, then, are related to scale. One large project is a threat, as are too many underfunded projects. But a carefully managed approach to this strategically important process will upgrade an organization's chances for long-term survival and success.

Understand and be able to apply the Entrepreneurial Strategy Matrix to assess an entrepreneurial opportunity

The upper-left quadrant, high innovation/low risk, depicts ventures of truly novel ideas with little risk. Ex: Legos, velcro. No start up cost. In the upper-right quadrant, high innovation/high risk, novel product ideas are accompanied by high risk because the financial investments are high and the competition is great. Ex: New drug, new automobile. Most small business ventures are in the low innovation/high risk cell (lower right). They are fairly conventional entries in well-established fields. Ex: Restaurants, retail. the low innovation/low risk category includes ventures that require minimal investment and/or face minimal competition for strong market demand. ex: Service Business, no start up costs

Describe what Dr. Ohmae's Strategic Triangle is and how the three components relate to each other

Kenichi Ohmae is a famous Japanese strategy guru who devised The Strategic Triangle of 3C's. When it comes to strategy the three main stakeholders for any business are: 1. CORPORATION 2. CUSTOMER 3. COMPETITION When a business strategy is formulated, these 3 C's are kept into consideration, the first and the foremost is the corporation, the corporation should have a well-defined mission and vision which is in line with the welfare of other stakeholders of the company, then comes its customers, it is said that the customer is the ultimate king and its true as well and hence the strategy to satisfy, retain and attract new customers is vital to the growth of the company, then comes the competitors, in today's world, the competition is very high in almost every industry, the strategy should be devised in such a way that the competition is healthy and the business remains sustainable.

Understand the two kinds of business strategies that companies can use to gain competitive advantage

Low-cost strategy: A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product. E.g. Walmart, Southwest Airlines Differentiation strategy: A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. Based on high product quality, excellent marketing and distribution, or superior service.

Describe what a Quality Audit is and entails

Periodic, independent, and documented examination and verification of activities, records, processes, and other elements of a quality system to determine their conformity with the requirements of a quality standard such as ISO 9000. Any failure in their proper implementation may be published publicly and may lead to a revocation of quality certification. Also called conformity assessment or quality system audit. Read more: http://www.businessdictionary.com/definition/quality-audit.html

Understand the Prosci 3 Phase Change Management Process

Phase 1: Preparing for change -Define your change management strategy -Prepare your change management team -Develop your sponsorship model Phase 2: Managing Change -Develop change management plans -Take action and implement plans Phase 3: Reinforcing Change -Collect and analyze feedback -Diagnose gaps and manage resistance -Implement corrective actions and celebrate successes

Identify the various stages of the conflict process

Stage 1: Potential Opposition or Incompatibility Stage 2: Cognition and Personalization Stage 3: Intentions Stage 4: Behavior Stage 5: Outcome

Describe Constructive Conflict, why it can be beneficial to organizations and what structured processes can be used to encourage it

Total and consistent agreement among group members can be destructive. It can lead to groupthink, uncreative solutions, and a waste of the knowledge and diverse viewpoints that individuals bring to the group. Therefore, a certain amount of constructive conflict should exist. cognitive conflict: Issue-based differences in perspectives or judgments. affective conflict: Emotional disagreement directed toward other people. devil's advocate: A person who has the job of criticizing ideas to ensure that their downsides are fully explored. dialectic A structured debate comparing two conflicting courses of action.

Identify and apply approaches to gaining cooperation in organizational change initiatives

Unfreezing--> Moving --> Refreezing unfreezing Realizing that current practices are inappropriate and that new behavior is necessary. performance gap The difference between actual performance and desired performance. moving Instituting the change. force-field analysis An approach to implementing the unfreezing/moving/refreezing model by identifying the forces that prevent people from changing and those that will drive people toward change. refreezing Strengthening the new behaviors that support the change.

Understand the difference between backward and forward vertical integration

Vertical integration: is a strategy used by a company to gain control over its suppliers or distributors in order to increase the firm's power in the marketplace, reduce transaction costs and secure supplies or distribution channels. Forward integration: is a strategy where a firm gains ownership or increased control over its previous customers (distributors or retailers). Backward integration: is a strategy where a firm gains ownership or increased control over its previous suppliers.

Identify and summarize ways in which to become a better communicator cross-culturally

When conducting business overseas, try to learn something about the other country's language and customs. Those who do will have a big edge over their competitors who do not. Making the effort to learn the local language builds rapport, sets a proper tone for doing business, aids in adjustment to culture shock, and especially can help you get inside the other culture. You will learn more about how people think, feel, and behave, both in their lives and in their business dealings.

Explain the need for organizational controls and the types of control mechanisms that exist

-control is essential for the attainment of any management objective -control: any process that directs the activities of individuals toward the achievement of organizational goals 1. beaucratic control: ues of rules 2. market control: use of pricing mechanisms to regulate activities in organizations as though they were economic transactions 3. clan control: (or cultural control) does not assume that the interests of the organization and individuals naturally diverge. instead clan control is based on the idea that employees may share the values, expectations, and goals of the organization and act in accordance with them

Identify and apply common components in diversity training programs

1. Awareness building is designed to increase awareness of the meaning and importance of valuing diversity.49 Its aim is not to teach specific skills but to sensitize employees to the assumptions they make about others and the way those assumptions affect their behaviors, decisions, and judgment. For example, male employees who have never reported to a female manager may feel awkward the first time they are required to do so. Awareness building can reveal this concern in advance and help the managers address it. To build awareness, trainers teach people to become familiar with myths, stereotypes, and cultural differences as well as the organizational barriers that inhibit the full contributions of all employees. They develop a better understanding of corporate culture, requirements for success, and career choices that affect opportunities for advancement. 2.Skill building is designed to allow all employees and managers to develop the skills they need to deal effectively with one another and with customers in a diverse environment. Most of the skills taught are interpersonal, such as active listening, coaching, and giving feedback. For example, if too many women and minorities believe they are not getting enough helpful feedback, the skills-building program can be designed to address that issue. Likewise, training in flexible scheduling can help managers meet the company's needs while accommodating and valuing workers who want to be able to set aside time to advance their education, participate in community projects, or look after elderly parents.

Identify the common characteristics that entrepreneurs possess

1. Commitment and Determination 2. Leadership 3. Opportunity Obsession 4. Tolerance of risk, ambiguity, and uncertainty 5. Creativity, self- reliance, and ability to adapt 6. Motivation to excel

Identify key quality management approaches such as Deming's 14 points

1. Create constancy of purpose—strive for long-term improvement rather than short-term profit. 2. Adopt the new philosophy—don't tolerate delays and mistakes. 3. Cease dependence on mass inspection—build quality into the process on the front end. 4. End the practice of awarding business on price tag alone—build long-term relationships. 5. Improve constantly and forever the system of production and service—at each stage. 6. Institute training and retraining—continually update methods and thinking. 7. Institute leadership—provide the resources needed for effectiveness. 8. Drive out fear—people must believe it is safe to report problems or ask for help. 9. Break down barriers among departments—promote teamwork. 10. Eliminate slogans, exhortations, and arbitrary targets—supply methods, not buzzwords. 11. Eliminate numerical quotas—they are contrary to the idea of continuous improvement. 12. Remove barriers to pride in workmanship—allow autonomy and spontaneity. 13. Institute a vigorous program of education and retraining—people are assets, not commodities. 14. Take action to accomplish the transformation—provide a structure that enables quality.

Describe the essential activities required in leading change initiatives

1. Establishing a sense of urgency 2. Creating the guiding coalition 3. Developing a vision and strategy 4. Communicating the change vision 5. Empowering broad-based action 6. Generating short-term wins 7. Consolidating gains and producing more change 8. Anchoring new approaches in the culture

Explain in detail the key elements of the horizontal organizational structure

1. departmentalized: organization is subdivided into smaller units or departments 2. line departments: those that have responsibility for the principle activities of the firm 3. staff departments: those that provide specialized or professional skill that support line departments 4. functional organization: jobs (and departments) are specialized and grouped according to business functions and the skills they require 5. divisional organization: organizations may restructure to group all functions into a single division and duplicate each of the functions across all the divisions 6. product divisions: all functions that contribute to a given product are organized under one manager

Identify the steps in the bureaucratic control process sequence

1. establish valid performance standards 2. provide adequate information to employees 3. ensure acceptability to employees 4. maintain open cummunication 5. use multiple approaches

Explain the components of a SWOT analysis and how it is used in the strategic planning process

A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy. Helps managers summarize the relevant, important facts from their external and internal analyses. They can identify the primary and secondary strategic issues.then formulate a strategy that will build on the SWOT analysis to take advantage of available opportunities by capitalizing on the organization's strengths, neutralizing its weakness, and countering potential threats.

Explain what a Core Competency/Capability means for an organization

A unique skill and/or knowledge an organization possess that gives it an edge over competitors. when resources are valuable, rare, inimitable, and organized

Describe what a Total Quality Management (TQM) system is and how implementing one benefits an organization

An integrative approach to management that supports the attainment of customer satisfaction through a wide variety of tools and techniques that result in high-quality goods and services TQM is a comprehensive approach to improving product quality and thereby customer satisfaction.

Explain what a "boundaryless" organization is and what it means for organizations

A "boundaryless" organization is one in which no barriers to information flow exist. Instead of separating people, jobs, processes, and places with boundaries, ideas, information, decisions, and actions move to where they are most needed. This free flow does not imply a random free-for-all of unlimited communication and information overload. It implies information available as needed moving quickly and easily enough that the organization functions far better as a whole than as separate parts.

Understand and briefly discuss the main ideas behind Six Sigma quality-control tools

A method of systematically analyzing work processes to identify and eliminate virtually all causes of defects, standardizing the processes to reach the lowest practicable level of any cause of customer dissatisfaction six-sigma level, a process is producing fewer than 3.4 defects per million, which is a 99.99966 percent level of accuracy.

Explain in detail the key elements of the vertical organizational structure

Board of Directors Stockholders elect a board of directors to oversee the organization. The board, led by the chair, makes major decisions affecting the organization, subject to corporate charter and bylaw provisions. Boards perform at least three major sets of duties: (1) selecting, assessing, rewarding, and perhaps replacing the CEO; (2) determining the firm's strategic direction and reviewing financial performance; and (3) ensuring ethical, socially responsible, and legal conduct. Chief Executive Officer The authority officially vested in the board of directors is assigned to a chief executive officer (CEO), who occupies the top of the organizational pyramid. The CEO is personally accountable to the board and to the owners for the organization's performance. Top Management Team CEOs share their authority with other key members of the top management team. Top management teams typically are composed of the CEO, president, chief operating officer, chief financial officer, and other key executives. Rather than make critical decisions on their own, CEOs regularly meet with their top management teams to make decisions as a unit.

Describe the types of corporate strategies that organizations can use

Concentration: A strategy employed for an organization that operates a single business and competes in a single industry. E.g. Krogur, Safeway, A&P. Vertical integration: Strategy involves expanding the domain of the organization into supply channels or to distributors. Generally is used to eliminate uncertainties and reduce costs associated with suppliers or distributors. E.g. Henry Ford had fully integrated his company from the ore mines needed to make steel all the way to the showrooms where his cars were sold. Concentric diversification: Involves moving into new businesses that are related to the company's original core business. E.g. William Marriott expanded his original restaurant business outside Washington, DC, by moving into airline catering, hotels, and fast food. Conglomerate diversification: Is a corporate strategy that involves expansion into unrelated businesses. E.g. GE Corp has diversified from its original base in electrical and home appliance products to wide-range industries as health, finance, insurance, truck and air transportation, and media ownership of NBC (now owned with Comcast).

Identify and understand the importance of statistical analysis in Total Quality Management (TQM) models/methodologies

Ensure customer satisfaction and customer loyalty Ensure increased revenues and higher productivity Reduce waste and inventory Improve design Adapt to changing markets and regulatory environments Increase productivity Enhance market image Eliminate defects and waste Increase job security Improve employee morale Reduce costs Increase profitability

Identify and briefly describe specific legal issues that affect human resource considerations

FLSA Fair Labor Standards Act 1938- Creates exempt (salaried) and non exempt (hourly) employee categories, governing overtime and other rules; sets min wage, child labor laws The Equal Pay Act (EPA) of 1963, now enforced by the EEOC, prohibits unequal pay for men and women who perform equal work. Equal work means jobs that require equal skill, effort, and responsibility and are performed under similar working conditions. The law does permit exceptions in which the difference in pay is due to a seniority system, a merit system, an incentive system based on quantity or quality of production, or any other factor other than sex, such as market demand. comparable worth Principle of equal pay for different jobs of equal worth.

Identify and apply major U.S. Equal Employment Laws to the workplace environment

Fair Labor Standards Act 1938- Creates exempt (salaried) and non exempt (hourly) employee categories, governing overtime and other rules; sets min wage, child labor laws Equal Pay Act 1963- Prohibits gender-based pay discrimination between two jobs substantially similar in skill, effort, responsibility, and working conditions Title VII of Civil Rights Act 1964- Prohibits discrimination based on race, sex, color, religion, or national origin in employment decisions: hiring, pay, working conditions, promotion, discipline, or discharge Executive Orders 11246-11375 1965- Requires equal opportunity clauses in federal contracts; prohibits employment discrimination by federal contractors based on race, color, religion, sex or national origin Age discrimination in Employment Act 1967- Prohibits employment discrimination based on age for persons over 40 years; restricts mandatory retirement Vocational Rehabilitation Act 1973- Requires affirmative action by all federal contractors for persons with disabilities; defines disabilities as physical or mental impairments that substantially limit life activities. Americans with Disabilities Act 1973- Requires affirmative action provisions of Vocational Rehabilitation Act to private employers Civil Rights Act 1991- Clarifies Title VII requirements; disparate treatment impact suits, business necessity, job relatedness, shifts burden of proof to employer, permits punitive damages and jury trials. Family and Medical Leave Act 1991- Require 12 weeks unpaid leave for medical or family needs; paternity, family member illness

Identify and understand the differences between mechanistic and organic organizational structures

Mechanistic organization: A form of organization that seeks to maximize internal efficiency. hierarchical and bureaucratic, highly centralized authority, (2) formalized procedures and practices, and (3) specialized functions,Employees are found to work separately and on their own assigned tasks. There is a definite chain of command and decisions are kept as high up the chain as possible organic structure:much less rigid and emphasizes flexibility. The organic structure can be described as follows: 1. Jobholders have broader responsibilities that change as the need arises. 2. Communication occurs through advice and information rather than through orders and instructions. 3. Decision making and influence are more decentralized and informal. 4. Expertise is highly valued. 5. Jobholders rely more heavily on judgment than on rules. 6. Obedience to authority is less important than commitment to the organization's goals. 7. Employees depend more on one another and relate more informally and personally.

Describe the concepts of strategic vision (intent), mission, and goals

Mission-Clear and concise expression of the basic purpose of the organization. (Who, what, service provided and values). Strategic Vision - Future - Long term direction of the company. Goals -Major targets or results that relate to the long-term survival, value, and growth of the organization

Understand and apply the dynamics of Human Resources supply and demand in an organization

Once managers have a good idea of the supply of and the demand for various types of employees, they can start developing approaches for reconciling the two. In some cases, organizations find they need more people than they currently have (i.e., a labor deficit). In such cases, organizations can hire new employees, promote current employees to new positions, or outsource work to contractors. In other cases, organizations may find that they have more people than they need (i.e., a labor surplus). If this is detected far enough in advance, organizations can use attrition—the normal turnover of employees—to reduce the surplus. In other instances, the organization may lay off employees or transfer them to other areas. When managers do need to hire, one tool they can use is their organization's compensation policy. Large companies in particular spend a lot of time gathering information about pay scales for the various jobs they have available and making sure their compensation system is fair and competitive.

Distinguish between quality assurance and quality control

QA is a set of activities that ensure quality in the process by which products are developed. What: Prevention of quality problems through planned and systematic activities including documentation. - How: Establish a good quality management system and the assessment of its adequacy & conformance audit of the operation system & the review of the system itself. QC is a set of activities for ensuring quality in products. The activities focus on identifying defects in actual products produced. What: The activities or techniques used to achieve and maintain the product quality, process and service. - How: Finding & eliminating causes of quality problems through tools & equipment so that customer's requirements are continually met.

Describe the steps in the strategic planning process

Situational analysis: Within their time and resource constraints, planners gather, interpret, and summarize all information relevant to the planning issue in question. Alternative Goals and Plans: Goals are the targets or ends the manager wants to reach. SMART: Specific, Measurable, Attainable, Relevant and Time-Bound. Plans are the actions or means the manager intends to use to achieve goals. At a minimum, planning should outline alternative actions that may lead to the attainment of each goal, the resources required to reach the goal through those means, and the obstacles that may develop. Goal and Plan Evaluation: evaluate the advantages, disadvantages, and potential effects of each alternative goal and plan. Goal and Plan Selection: select the one that is most appropriate and feasible. Implementation: Once managers have selected the goals and plans, they must implement the plans designed to achieve the goals. Monitor and Control: monitor the actual performance of their work units against the units' goals and plans. They also need to develop control systems to measure that performance and allow them to take corrective action when the plans are implemented improperly or when the situation changes.

Describe strategic human resource management and how HR planning can benefit an organization

Strategic human resource management is the practice of attracting, developing, rewarding, and retaining employees for the benefit of both the employees as individuals and the organization as a whole. HR experts are participating in strategy meetings to identify key issues where they can analyze data and propose how new methods of acquiring, training, and keeping talent will help the company meet its goals

Identify and apply the Americans with Disabilities Act (ADA) legislature in the workplace

The Americans with Disabilities Act (ADA) defines a disability as a physical or mental impairment that substantially limits one or more major life activities. Examples of such physical or mental impairments include those resulting from conditions such as orthopedic, visual, speech, and hearing impairments; cerebral palsy; epilepsy; multiple sclerosis; HIV infections; cancer; heart disease; diabetes; mental retardation; psychological illness; specific learning disabilities; drug addiction; and alcoholism.

Identify and describe the various conflict styles and how conflict strategies function in organizations

avoidance A reaction to conflict that involves ignoring the problem by doing nothing at all, or deemphasizing the disagreement. accommodation A style of dealing with conflict involving cooperation on behalf of the other party but not being assertive about one's own interests. compromise A style of dealing with conflict involving moderate attention to both parties' concerns. competing A style of dealing with conflict involving strong focus on one's own goals and little or no concern for the other person's goals. collaboration A style of dealing with conflict emphasizing both cooperation and assertiveness to maximize both parties' satisfaction.

Describe what Porter's Five Forces Model is and how it is used in the strategic planning process

competitive rivalry supplier power buyer power threat of substitutions threat of entry the competitive environment includes rivalry among current competitors and the impact of new entrants, substitute and complementary products, suppliers, and customers. successful managers do more than simply react to the environment; they act in ways that actually shape or change the organization's environment. In strategic decision making

Describe what "Intrapreneurship" is and identify and apply the concepts of Bootlegging and Skunkworks

intrapreneurs: New venture creators working inside big companies. skunkworks: A project team designated to produce a new, innovative product. A team is formed with a specific goal within a specified time frame. A respected person is chosen to be manager of the skunkworks. In this approach to corporate innovation, risk takers are not punished for taking risks and failing—their former jobs are held for them. The risk takers also have the opportunity to earn large rewards. bootlegging: Informal work on projects, other than those officially assigned, of employees' own choosing and initiative. Informal can mean secretive, such as when a bootlegger believes the company or the boss will frown on those activities. But companies should tolerate some bootlegging, and some even encourage it. To a limited extent, they allow people freedom to pursue pet projects without asking what they are or monitoring progress, figuring bootlegging will lead to some lost time but also to learning and to some profitable innovations.

Identify and describe what a "matrix" and "network" organizational structure is

matrix organization An organization composed of dual reporting relationships in which some employees report to two superiors—a functional manager and a divisional manager. Thus matrix organizations have a dual rather than a single line of command. In Figure 8.5, for example, each project manager draws employees from each functional area to form a group for the project. The employees working on those projects report to the individual project manager as well as to the manager of their functional area. network organization: is a collection of independent, mostly single-function firms that collaborate to produce a good or service. As depicted in Figure 8.7, the network organization describes not one organization but the web of relationships among many firms. Network organizations are flexible arrangements among designers, suppliers, producers, distributors, and customers where each firm is able to pursue its own distinctive competence yet work effectively with other members of the network. Often, members of the network communicate electronically and share information to be able to respond quickly to customer demands. In effect, the normal boundary of the organization becomes blurred or porous as managers within the organization interact closely with network members outside it. The network as a whole, then, can display the technical specialization of the functional structure, the market responsiveness of the product structure, and the balance and flexibility of the matrix

Describe how entrepreneurs can increase their chances of success in planning their venture

opportunity analysis: A description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, specification of activities and resources needed to translate your idea into a viable business, and your source(s) of capital. business plan: A formal planning step that focuses on the entire venture and describes all the elements involved in starting it.

Describe the fundamental concepts of the organizational chart, including the Division of Labor and Coordination

organization chart The reporting structure and division of labor in an organization.Two fundamental concepts around which organizations are structured are differentiation and integration. differentiation An aspect of the organization's internal environment created by job specialization and the division of labor. integration The degree to which differentiated work units work together and coordinate their efforts. division of labor The assignment of different tasks to different people or groups. coordination The procedures that link the various parts of an organization for the purpose of achieving the organization's overall mission.

Understand and identify the key techniques used in the employee recruitment and selection process in and organization

recruitment: The development of a pool of applicants for jobs in an organization.Recruitment activities help increase the pool of candidates that might be selected for a job. Recruitment may be internal to the organization (considering current employees for promotions and transfers) or external selection: Choosing from among qualified applicants to hire into an organization. -Applications and Résumés -Interviews -Reference Check -Background Check -Personality Tests -Drug Testing -Cognitive Ability Tests -Performance Tests -Integrity Tests -Reliability and Validity