WGU - C483 Principles of Management (Full) (2024)
Conceptual and decision skills ✔✔Skills pertaining to the ability to identify and resolve problems... [Show More] for the benefit of the organization and its members.
Controlling ✔✔The management function of monitoring performance and making needed changes.
Cost competitiveness ✔✔Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers.
Emotional intelligence ✔✔The skills of understanding yourself, managing yourself, and dealing effectively with others.
Frontline managers ✔✔Lower-level managers who supervise the operational activities of the organization.
Innovation ✔✔The introduction of new goods and services.
Interpersonal and communication skills ✔✔People skills; the ability to lead, motivate, and communicate effectively with others.
Knowledge management ✔✔Practices aimed at discovering and harnessing an organization's intellectual resources.
Leading ✔✔The management function that involves the manager's efforts to stimulate high performance by employees.
Management ✔✔The process of working with people and resources to accomplish organizational goals.
Middle-level managers ✔✔Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives.
Organizing ✔✔The management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals.
Planning ✔✔The management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue.
Quality ✔✔The excellence of your product (goods or services).
Service ✔✔the speed and dependability with which an organization delivers what customers want.
Social capital ✔✔Goodwill stemming from your social relationships.
Speed ✔✔Fast and timely execution, response, and delivery of results.
Sustainability ✔✔The effort to minimize the use of resources, especially those that are not polluting and nonrenewable.
Technical skill ✔✔The ability to perform a specialized task involving a particular method or process.
Top-level managers ✔✔Senior executives responsible for the overall management and effectiveness of the organization.
Value ✔✔The monetary amount associated with how well a job, task, good, or service meets the user's needs.
Barriers to entry ✔✔Conditions that prevent new companies from entering an industry
Benchmarking ✔✔The process of comparing an organization's practices and technologies with those of other companies
Buffering ✔✔Creating supplies of excess resources in case of unpredictable needs
Competitive environment ✔✔The immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like
Competitive intelligence ✔✔Information that helps managers determine how to compete better
Cooperative strategies ✔✔Strategies used by two or more working organizations working together to manage the external environment
Defenders ✔✔Companies that stay within a stable product domain as a strategic maneuver
Demographics ✔✔Measures of various characteristics of the people who make up groups or other social units
Diversification ✔✔A firm's investment in a different product, business, or geographic area
Divestiture ✔✔A firm selling one or more businesses
Domain selection ✔✔Entering a new market or industry with an existing expertise
Empowerment ✔✔The process of sharing power with employees, thereby enhancing their confidence in their ability to perform their jobs and their belief that they are influential contributors to the organization
Environmental scanning ✔✔Searching for and sorting through information about the environment
Environmental uncertainty ✔✔Lack of information needed to understand or predict the future
External environment ✔✔All relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy
Final consumer ✔✔Those who purchase products in their finished form
Flexible processes ✔✔Methods for adapting the technical core to changes in the environment
Forecasting ✔✔Method for predicting how variables will change the future
Independent strategies ✔✔Strategies that an organization acting on its own uses to change some aspect of its current environment
Inputs ✔✔Goods and services organizations take in and use to create products or services
Intermediate consumer ✔✔A customer who purchases raw materials or wholesale products before selling them to final customers
Macroenvironment ✔✔The general environment; includes governments, economic conditions, and other fundamental factors that generally affect all organizations
Merger ✔✔One or more companies combining with another
Open systems ✔✔Organizations that are affected by, and that affect, their environment
Organizational climate ✔✔The patterns of attitudes and behavior that shape people's experience of an organization
Organization culture ✔✔The set of important assumptions about the organization and its goals and practices that members of the company share
Outputs ✔✔The products and services organizations create
Prospectors ✔✔Companies that continually change the boundaries for their task environments by seeking new products and markets, diversifying and merging, or acquiring new enterprises
Scenario ✔✔A narrative that describes a particular set of future conditions
Smoothing ✔✔Leveling normal fluctuations at the boundaries of the environment
Strategic maneuvering ✔✔An organization's conscious efforts to change the boundaries of its task environment [Show Less]
