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Personal Finance 5-3

AB
Mission StatementA short, specific written statement of the reason a business exists and what it wants to achieve
Goalsprecise statements of results the business expects to achieve
Policiesguidelines used in making consistent decisions
Proceduresdescriptions of the way work is to be done
Responsibilitythe obligation to complete specific work
Authorityright to make decisions about the responsibilities should be accomplished
Accountabilitytaking responsibility for the results achieved
Unity of Commandmeans there is a clear reporting relationship for all staff of a business
Span of Controlnumber of employees who are assigned to a particular task and manager
Organization Charta diagram that shows the structure of an organization, classifications of work and jobs, and the relationship among those classifications


William Fritsch

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