| A | B |
|---|
| Business plan | Written description of nature of business—goals/objectives & how to achieve them |
| Strategic planning | Long-term & provides broad goals & directions for entire business |
| Operational planning | Short-term & identifies specific goals & activities for each part of business |
| SWOT analysis | Examination of organization’s internal Strengths & Weaknesses plus external Opportunities & Threats |
| Internal factors | Things w/I business that managers can influence & control to help accomplish business plan |
| External factors | Things operating outside business that managers cannot control but that may influence the success of business plans |
| Mission (statement) | Short, specific statement of the business’s purpose & direction |
| Vision (statement) | Broad, lasting, and often inspirational view of a company’s reason for existing |
| Goal | Specific statement of a result the business expects to achieve |
| Budget | Written financial plan for business operations developed for a specific period of time |
| Schedule | Time plan for reaching objectives |
| Standard | Specific measure against which something is judged |
| Policies | Guidelines used in making decisions regarding specific, recurring situations |
| Procedure | Sequence of steps to be followed for performing a specific task |
| Organizing | Determining how plans can be accomplished more effectively & arranging resources to complete work |
| Organization chart | Illustration of structure of an organization, major job classifications, reporting relationships among personnel |
| Responsibility | Obligation to do an assigned task |
| Authority | Right to make decisions about work assignments/ to require other employees to perform assigned tasks |
| Empowerment | Authority given to individual employees to make decisions & solve problems they encounter on their jobs with resources available |
| Accountability | Obligation to accept responsibility for outcomes of assigned tasks |
| Unity of command | No employee reports to more than one supervisor at a time or for a particular task |
| Span of control | Number of employees that any one manager supervises directly |
| Line organizations | All authority/ responsibility traced in direct line from top down |
| Silo effect | Isolation & focus on only one part of organization |
| Line-and-staff organizations | Managers have direct control over units/ employees they supervise but have access to staff specialists for assistance |
| Matrix organization (project organization) | Organizes employees into temporary work teams to complete specific projects |
| Team organization | Divides employees into permanent work teams |
| Self-directed work teams | Team members responsible for work |
| Centralized organization | Few top managers do all major planning/ decision making |
| Decentralized organization | Large business divided into smaller operating units & managers who head units have almost total responsibility/authority for operations |
| Flattened organization | Fewer levels of management than traditional structures |
