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WGU - C483 Principles of Management

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WGU - C483 Principles of Management Conceptual and Decision Skills Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members Controlling The management function of monitoring performance and making needed changes Cost Competit...

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  • 30 de junio de 2024
  • 33
  • 2023/2024
  • Examen
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WGU - C483 Principles of Management
Conceptual and Decision Skills
Skills pertaining to the ability to identify and resolve problems 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
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


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 user's needs


Acquisition
One firm buying another


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


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


Supply Chain Management
The managing of the network of facilities and people that obtain materials from outside the
organization, transform them into products, and distribute them to customers


Switching Costs
Fixed costs buyers face when they change suppliers

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