Best Practices in Management: Projects, Staffing, Scheduling, and Budgeting

Question 1

“Great Man”

Answer 1

A nineteenth-century theory that states that history is largely explained by the effect of great men or heroes and their superior intellect and other attribute

Question 2

360 evaluation

Answer 2

A process through which feedback from an employee’s subordinates, colleagues, and supervisors as well as a self-evaluation by the employee themselves is gathered

Question 3

accounts receivable

Answer 3

Money owed to a company by its debtors

Question 4

acquisitiveness

Answer 4

Excessive interest in acquiring money or material objects

Question 5

Affiliation

Answer 5

The need to form social or emotional bonds with others

Question 6

affiliative

Answer 6

The need to form social or emotional bonds with others

Question 7

allocation

Answer 7

To distribute or to give each person a portion of something.

Question 8

assets

Answer 8

Properties owned by an organization or individual

Question 9

assumptions

Answer 9

Anything that is accepted as true or certain to happen, without proof

Question 10

attributes

Answer 10

Qualities or features of something

Question 11

balance sheet

Answer 11

A statement of assets, liabilities, and capital for an organization at a particular point in time

Question 12

behavioral theory

Answer 12

Behavioral theory is based on the premise that behaviors are conditioned as a result of experiences with the environment; anyone can be trained to behave in a preferred way.

Question 13

bias

Answer 13

A prejudice in favor or against one thing, person, or group compared to another, usually in a way that is considered unfair or unjust

Question 14

bottom-up approach

Answer 14

Starts with the employees, who are surveyed as the main users of a system to gather information on how to implement a change

Question 15

business indicators

Answer 15

Business indicators are numbers that may indicate a positive or negative trend. Examples include demand for product, profit margin, revenue, professional development levels of workforce, market share, amount of debt, and deals finalized by the sales team.

Question 16

business units

Answer 16

A logical segment of a business representing a specific business function and which has its own vision, strategy, and direction

Question 17

capital assets

Answer 17

Capital assets are significant pieces of property such as buildings, cars, investment properties, stocks, and bonds

Question 18

cash disbursements

Answer 18

The money paid out by an organization to settle an obligation

Question 19

cash receipts

Answer 19

The money received by an organization as payment for a good or service

Question 20

central tendency

Answer 20

This is the tendency for data to move toward the mean value over time. Central tendency is also a measure of a single value that describes how data cluster around a central value. This value can be used to represent a sample.

Question 21

Change management

Answer 21

Includes all of the processes involved to prepare, support, and lead individuals, groups, or organizations in making a change

Question 22

Channel richness

Answer 22

The ability of the channel to handle multiple cues at the same time, to provide rapid feedback, and to facilitate a more personal conversation

Question 23

cloud technologies

Answer 23

Any hosted services delivered over the internet. There are three broad groups of services: Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)

Question 24

commodity

Answer 24

A raw material or primary agricultural product that can be bought or sold; a commodity is a basic good used in commerce that is interchangeable with other basic goods

Question 25

contingency theory

Answer 25

A contingency is a future event or circumstance that cannot be predicted with absolute certainty.

Question 26

database management

Answer 26

The system of software that is used to create, retrieve, update, and manage large amounts of data

Question 27

decentralize operations

Answer 27

The daily operations decision-making responsibility are delegated by top managers to middle- or lower-level managers. Top-level managers can then focus more on strategical planning.

Question 28

depreciation

Answer 28

A reduction in the value of an asset over the passage of time

Question 29

differentiated

Answer 29

A specialized product that is created to attain a competitive advantage in a specific segment of the market

Question 30

dividends

Answer 30

A sum of money paid regularly by a company to its shareholders out of its profits

Question 31

durable goods

Answer 31

Goods not for immediate consumption that are able to be kept for a long period of time

Question 32

economies of scale

Answer 32

A savings in costs to produce a product due to the ability to produce it in large amounts or numbers

Question 33

effectively

Answer 33

To do something in a manner to achieve the best possible result

Question 34

efficiently

Answer 34

To do something in a way that achieves the maximum level of productivity with a minimum level of wasted expense or effort

Question 35

emergent

Answer 35

Change that is not planned; this change comes about in response to a need to change processes

Question 36

encoding

Answer 36

The process of converting information into a particular form

Question 37

enterprise resource planning

Answer 37

A suite of software that allows an organization to automate many of the traditional office functions especially technology, services, and human resources

Question 38

entrepreneur

Answer 38

One who owns and operates one's own business.

Question 39

equity

Answer 39

Value of a property after debt is deducted or the value of shares of stock issued by a company

Question 40

Financial accounting

Answer 40

A branch of accounting that uses standardized processes to prepare financial documents, such as an income statement and balance sheet, for external review and use

Question 41

focus groups

Answer 41

A diverse group of people who are brought together to have a guided discussion and provide feedback regarding a plan for a new initiative or product

Question 42

forecast

Answer 42

The act of predicting business activity for a future period of time

Question 43

functional

Answer 43

An organizational structure where workers are grouped by skills or knowledge

Question 44

furloughs

Answer 44

A temporary leave of absence; it can be used by organizations as a temporary laying off without pay to decrease expenses

Question 45

gross national product

Answer 45

The total value of goods and services produced by a country in a given year

Question 46

halo effect

Answer 46

The tendency for an impression in one area to influence opinions in another area

Question 47

heuristics

Answer 47

An approach to problem-solving that uses a more practical method, usually used as an aid to learning or discovery; these cognitive shortcuts can lead to biases

Question 48

human capital

Answer 48

An intangible asset or quality not listed on a company's balance sheet; it can be classified as the economic value of a worker's experience and skills.

Question 49

income statement

Answer 49

A summary of all of an organization's revenues and expenses during a predefined period of time

Question 50

innate

Answer 50

Inborn; something you are born with

Question 51

interaction model of communication

Answer 51

The interaction model is like two transmission models stacked on top of each other with feedback. The feedback is not simultaneous

Question 52

inventory

Answer 52

A complete list of items such as property, goods in stock, and the contents of a building

Question 53

inventory financing

Answer 53

Using inventory as a collateral for a loan if the business does not sell its products and cannot repay its loans

Question 54

irrationality

Answer 54

Acting, thinking, or talking in a way that is illogical or unreasonable

Question 55

job costing

Answer 55

Total cost and revenue estimation by job or project

Question 56

just-in-time inventory system

Answer 56

An inventory method designed to increase efficiency, decrease wastes, and cut costs by only having the inventory on hand that is currently needed to fill orders

Question 57

key performance indicators

Answer 57

A measurement of how effectively a company is achieving its key business objectives

Question 58

laissez-faire

Answer 58

A policy of letting things happen as they would. Not interfering.

Question 59

Lean

Answer 59

An organization focused on customer value; the organization focuses its processes on incrementally increasing customer by value

Question 60

learning organization

Answer 60

The business term given to a company that facilitates the learning of its members and continually transforms itself

Question 61

liabilities

Answer 61

State of responsibility for something; hat an organization or individual owes

Question 62

Managerial accounting

Answer 62

Also called cost accounting, managerial accounting is a means of using accounting to align processes with the organization's goals. It is intended for internal use and used to provide management with important information to assist in decision-making and running the business.

Question 63

market capitalization

Answer 63

The total value of a company based on the company's outstanding shares of stock multiplied by the current share price

Question 64

market position

Answer 64

The customer's perception of a brand or product in relation to its competition

Question 65

market segmentation

Answer 65

The process of dividing a market of potential customers into groups or segments

Question 66

master budget

Answer 66

Budget composed of all the lower level budgets, financial statements, cash flow, and financial plans

Question 67

matrix

Answer 67

An organizational structure in which the reporting relationships are set up in a grid instead of the more traditional hierarchy

Question 68

mechanistic

Answer 68

A hierarchal organizational structure with central authority

Question 69

mission

Answer 69

A mission statement describes the purpose of a company, its goals, and how it will achieve its vision.

Question 70

needs assessment

Answer 70

A systematic process for determining and addressing needs or gaps between the current condition and the desired future condition

Question 71

net income

Answer 71

Commonly called the "bottom line," it is an individual's income after taking taxes and other deductions into account.

Question 72

objectives

Answer 72

A specific measurable action that must be taken to reach a goal

Question 73

opportunity cost

Answer 73

The inability to pursue another alternative that offers a potential gain after making a choice

Question 74

Organizational Capacity for Change

Answer 74

The capability of an organization to either effectively prepare for or respond to an unpredictable competitive environment

Question 75

organizational hierarchy

Answer 75

The organizational hierarchy can be made up of top managers, middle managers, first-line managers, and team leaders.

Question 76

outsource

Answer 76

To obtain goods or services from an outside or foreign source

Question 77

overhead

Answer 77

The necessary expenses of running a business that cannot be directly linked to a product or service

Question 78

people management

Answer 78

A branch of business that involves leading people, understanding employment law, motivating employees, and providing constructive feedback. People management can also be human resource management which includes recruiting new employees, management, and providing support and direction for employees after they are hired

Question 79

performance metric

Answer 79

The data and figures that are obtained to measure how well an organization and its employees are performing

Question 80

Personality

Answer 80

The combination of characteristics or qualities that form an individual's distinctive character

Question 81

portfolio

Answer 81

A range of investments or businesses held by an organization or person

Question 82

pro-forma

Answer 82

A financial report based on hypothetical scenarios

Question 83

production budget

Answer 83

The number of units of products that must be produced based on the sales budget and the requirements for inventory on hand

Question 84

project management

Answer 84

The process of leading the work of a team to achieve goals and meet success criteria within a defined time frame, scope, and constraints

Question 85

quality assurance

Answer 85

Maintaining the desired level of quality in a product or service, using data or feedback to check each step in the process

Question 86

raw materials

Answer 86

The basic materials from which a product is made

Question 87

return on investment

Answer 87

The profit you receive for investing, which is calculated by dividing the amount of money gained by the cost of the investment, expressed as a percentage

Question 88

revenues

Answer 88

The income generated from the sale of goods or services.

Question 89

scope of change

Answer 89

Managing, controlling, and documenting all changes to a project's size and depth; the scope of change may range from minor local adjustments to a full corporate transformation

Question 90

sensory route

Answer 90

The five senses include visual or sight, auditory or hearing, touch, taste or gustation, and olfaction or smell

Question 91

Six Sigma

Answer 91

A method that organizations use to increase their performance and decrease any variation in processes

Question 92

sole proprietorship

Answer 92

It is the simplest business form under which one can operate a business. A single person owns the business and is responsible for its debts

Question 93

Speculative measures

Answer 93

A measure that results in an uncertain degree of gain or loss

Question 94

strategic

Answer 94

The act of developing long-term goals and determining the best way to go about achieving them.

Question 95

strategic goals

Answer 95

The specific financial and nonfinancial objectives and results a company aims to achieve over a specific period of time, usually the next three to five years

Question 96

strategy

Answer 96

A plan of action or policy that will be followed to achieve your goal

Question 97

tactical plans

Answer 97

Tactical plans outline actions to achieve short-term goals, generally within a year or less. They are much narrower in focus and can be broken down into the departmental or unit level. Tactical plans outline what each department needs to achieve, how it must do so, and who has the responsibility for implementation.

Question 98

tone of voice

Answer 98

How your message comes though, in both written and spoken form, based on the way you say it and the impression it makes

Question 99

Top-down change

Answer 99

The highest levels of the administration will drive the change. They will map out the process and deliver it to the staff. This method of change is fast and clear, which makes it easy to make a decision.

Question 100

transaction model of communication

Answer 100

The transactional model of communication has each participant acting as a combination sender–receiver

Question 101

Transactional theories

Answer 101

Transactional leadership focuses on supervision, organization, and performance. Rewards and punishments are used. It works best in organizations where there are linear processes and employees know their jobs well.

Question 102

transmission model of communication

Answer 102

The transmission model of communication, developed by Shannon and Weaver, models a telephone with the sender directly sending a message to the receiver

Question 103

triple bottom line

Answer 103

How a decision might affect an organization economically, socially, and environmentally

Question 104

typology

Answer 104

A classification system.

Question 105

value-added ratios

Answer 105

The time spent adding value to a good or service divided by the total time from the receipt of the order until its delivery

Question 106

variable cost

Answer 106

A cost that changes in relation to another variable such as production output

Question 107

vendors

Answer 107

A person or company offering something for sale

Question 108

vision

Answer 108

A vision describes where a company wants to be in the future.

Question 109

Enacts the direction

Answer 109

Enacting the direction and working with others to complete activities are attributes associated with a manager

Question 110

Creating vision

Answer 110

Managers focus on how to execute or fulfill the vision, not create it.

Question 111

Controlling existing circumstances

Answer 111

This is a task that is taken on by a manager

Question 112

Manages the process

Answer 112

Managing processes is an attribute associated with a manager