Unit 3 test terms Flashcards
Leadership
An action of leading a group of people or an organization. It involves guiding, direction, and influencing others.
Leadership Integrity
Builds trust and credibility. characteristics of an effective leader. it ensures leaders are reliable and can be trusted to do the right thing
Mission Statement
defines what a company does, its objectives, and how it plans to achieve those objectives.
Vision Statement
Outlines what a company wants to achieve in the future. it describes the diesired long-term goals and aspirations.
Organizational Culture
Is a collection of beliefs, values, norms, and practices that shape how members of an organization interact with each other and with external stakeholders. It defines the orgnizations identity & influence its behaviour.
Quantitative Measurement
Involves collecting & analyzing numbers to asses perfomrance, efficency, and outcomes.
Qualitative Measurement
Non-numeracle data that provides insights into the quality & characteristics of business progress and outcome
Types of Management Teams (3)
Project team: Groups of individuals brought together to work on a specific project with set time-lines and objectives then disband after the project is completed.
Cross-Functional Teams: consist of members from different deparments or functional areas within an organization. These teams work together to achieve a common goal to solve complex problems. These teams are often used to improve processes, develop new products, or implement strategic initiatives.
Virtual Teams: groups or individuals who work together from different geographic locations, often relaying on digital communication tools to collaborate. These can be people from the same or different organizations. More common today, allowing companies to tap into a wider talent pool and operate more flexibly.
DEI (Diversity, Equality & Inclusion)
Diversity: differences within a setting. it means having a workforce that reflects a wide range of perspectives and experiences in a business. Embrace it to have more innovative solutions.
Equity: Ensuring fair treatment, opportunities, and advancements for all indiviuals while taking down barriers that pervented participation. people have different needs.
Inclusion: The practice of creating environments where any individual/group can feel welcomed, respected, supported, and valued. in the workplace it sence of belonging and encourages collaboration.
Logistics
The details coordination of a complex operation involving many people, facilities, or supplies. with inventory, logistics commonly refers to the ordering, shipment, and tracking of goods for sales.
Accounting
Is the process of recording, summarizing and analyzing financial transactions to help people and businesses understand their financial health.
Assets
What a company owns that has value (cash, buildings etc)
Liabilities
What a company owes others that are of value (loans, unpaid taxes)
Equity
The value of something that is owned by the title holder once all debt has been paid off. this is calculated as A-L
Cash Flow Statement
Shows how changes in the balance sheet and income statement accounts affect how much cash is available for operating investing and financing activities.
Balance Sheet
A statement of financial position, summarizes all of the company’s assets, liabilities, and equity. it captures the state of a business at a particular point in time
Income Statement
A profit and loss statement, focuses on how much money the company earns and spend during a particular period. Makes up the basic functional ideas of a simple income statement.
