Principles of managementCLEP EXAM

Planning -->Setting goals and deciding who to achieve them Organization -->Arranging tasks, people, and other resources to accomplish the work. Leading -->Motivating, directing and otherwise influencing people to work hard to achieve the organizations goals Controlling -->Monitoring performance, comparing it with goals, and taking corrective action when needed Authority -->Power to use and allocate resources effectively, to take decisions and give orders as well as achieve objectives. Decision Making -->Ongoing processes of evaluating situations or problems, considering alternatives, making choice and following them up with necessary actions Organization Charts -->A pictorial display the official lines of authority and communication within an organization Leadership -->The ability to garner the respect and cooperation of employees to achieve an organization's goals Organizational Structure -->how activities such as task allocation, coordination and supervision are directed toward the achievement of organizational aims Budgeting -->How an organization expects to spend and earn over a period of time Problem Solving -->Process of working through details of a problem to reach a solution. Group dynamics -->effects of these roles (peoples different distinct roles and behaviors) and behaviors on other group members, and on the group as a whole. Conflict resolution Strategies -->Include avoidance, smoothing, compromise, collaboration, confrontations, appeal to group objectives of third party interference. Communication -->Two-way process of reaching mutual understanding in which participants not only exchange (encode-decode) information, news, ideas and feelings but also create and share meaning. Organizational Theory -->Includes the scientific management approach, Weber's bureaucratic approach, and administrative theory. Scientific management approach- based on the concept of planning of work to achieve efficiency, standardization, specialization and simplification. Weber's Bureaucratic Approach-rules and regulations, processes, procedures, patterns, etc. that are formulated to reduce the complexity of organization's functioning. Administrative approach-generally calls for a formalized administrative structure, a clear division of labor, and delegation of power and authority to administrators relevant to their areas of responsibilities. Value dimensions -->Study on how values in a work place are influenced by culture -power distanceI index -individualism VS collectivism -masculinity VS femininity -Uncertainty Avoidance index -Long term orientation VS short term normative orientation -Indulgence VS restraint Historical Aspects --> Regional Economic Integration -->Efforts to promote free and fair trade on a regional basis The 4 types of regional economic integration: -Free trade area -Customs Union -Common Market -Economic Union Trading Alliances -->A treaty governing commerce between two countries Global Environment --> Social Responsibilities of Business -->ethical framework that suggests an organization or individual has an obligation to act for the benefit of society at large. Ethics -->moral principles that govern a person's behavior or the conducting of an activity. Systems -->A system is a procedure, process, method, or course of action designed to achieve a specific result. Environment -->all of the internal and external factors that affect how the company functions including employees, customers, management, supply and demand and business regulations Government Regulation -->A rule of order having the force of law, prescribed by a superior or competent authority, relating to the actions of those under the authority's control