Midterm Exam

It is a group or collection of people, who works together for a common goal

• company

• organization

• corporation

An organization with equal authority among all members

• formal organization

• informal organization

• business organization

It is a set of principles relating to the functions of planning, organizing, directing and controlling.

• organization

• decision making

• management

Internal and external factors that affect organization functions.

• macro environment

• external environment

• business environment

Technique use in assessing environment of an organization by gathering information about their competitors.

• environmental scanning

• SWOT Analysis

• competitive intelligence

An individual who is responsible for planning, directing, monitoring the work of group of individuals and taking corrective action when necessary.

• employee

• manager

• leader

As a manager he/she should be able to prioritize works, work effectively and delegate appropriately.

• human skills

• time-management skills

• communication skills

They are responsible for the overall direction and operation of an organization.

• middle level manager

• top level manager

• lower level manager

Manager has the ability to correctly recognize and define problems and opportunities and select appropriate action to solve problems and capitalize opportunities.

• decision making skills

• diagnostic skills

• conceptual skills

A management theory that analyzes work flows to improve economic efficiency, especially labor productivity.

• neo-classical management

• scientific management

• bureaucratic management