| A | B |
|---|
| Business Plan | A written document that describes the nature of the business, its goals and objectives, and how they will be achieved. |
| Strategic Planning | Long-term planning that provides broad goals and directions for the entire business. |
| Operational Planning | Short-term planning that identifies specific activities for each area of the business. |
| Mission | A short, specific statement of the business’s purpose and direction. |
| Competitive Planning | The special capabilities of a company that allows it to create a product or service that is measurably better than any competing company. |
| Vision | A broad, lasting, and often inspirational view of a company’s reason for existing. |
| SWOT Analysis | An examination of an organization’s internal strengths and weaknesses as well as external opportunities and threats. |
| Goal | A specific statement of a result the business expects to achieve. |
| Budget | A written financial plan for business operations developed for a specific period of time. |
| Schedule | A time plan for reaching objectives. |
| Standard | A specific measure by which something is judged. |
| Policies | Guidelines used in making decisions regarding specific, recurring situations. |
| Procedure | A sequence of steps to be followed for performing specific task. |
| Organization Chart | An illustration of the structure of an organization, major job classifications, and the reporting relationships among the organization’s personnel. |
| Responsibility | The obligation to do an assigned task. |
| Authority | The right to make decisions about work assignments and to require other employees to perform assigned tasks. |
| Empowerment | Letting workers decide how to perform their work tasks and offer ideas on how to improve the work process. |
| Accountabilty | The obligation to accept responsibility for the outcomes of assigned tasks. |
| Unity of Command | Principle which states that no employee has more than one supervisor at a time. |
| Chain of Command | Hierarchy of the organization, from the highest level to the lowest level. |
| Span of Control | The number of employees that any one manager supervises directly. |
| Span of Management | The number of employees that any one manager supervises directly. |
