Business Management - Chapter 4 Questions and Answers ( 100% pass)

Business Management - Chapter 4 Questions and Answers ( 100% pass) Business Plan - ANS- A written document that describes the nature of the business, its goals and objectives, and how they will be achieved. Strategic Planning - ANS- Long-term planning that provides broad goals and directions for the entire business. Operational Planning - ANS- Short-term planning that identifies specific activities for each area of the business. SWOT Analysis - ANS- An examination of an organization's internal strengths and weaknesses as well as external opportunities and threats. Mission - ANS- A short, specific statement of the business's purpose and direction. Vision - ANS- A broad, lasting, and often inspirational view of a company's reason for existing. Goal - ANS- A specific statement of a result the business expects to achieve. Budget - ANS- A written financial plan for business operations developed for a specific period of time. Schedule - ANS- A time plan for reaching objectives. Standard - ANS- A specific measure by which something is judged. Policies - ANS- Guidelines used in making decisions regarding specific, recurring situations Procedure - ANS- A sequence of steps to be followed for performing specific tasks. Organization Chart - ANS- An illustration of the structure of an organization, major job classifications, and the reporting relationships among the organization's personnel. Responsibility - ANS- The obligation to do an assigned task. Authority - ANS- The right to make decisions about work assignments and to require other employees to perform assigned tasks. Empowerment - ANS- Authority given to individual employees to make decisions and solve problems they encounter on their jobs with the resources available to them. Accountability - ANS- The obligation to accept responsibility for the outcomes of assigned tasks. Unity of Command - ANS- Principle which states that no employee has more than one supervisor at a time. Span of Control - ANS- The number of employees who that any one manager supervises directly. Line Organization - ANS- Business structure in which all authority and responsibility can be traced in a direct line from the top executive down to the lowest employee level. Line-And-Staff Organization - ANS- The addition of staff specialists to a line organization. Matrix Organization - ANS- An organization which combines workers into temporary work teams to complete specific projects. Team Organization - ANS- Business structure that divides employees into permanent work teams. Self-Directed Work Teams - ANS- A team in which members together are responsible for the work assigned to the team. Centralized Organization - ANS- Business structure in which a few top managers do all the major planning and decision making. Decentralized Organization - ANS- A business which is divided into smaller operating units, and managers who head the units have almost total responsibility and authority for operations. Flattened Organization - ANS- An organization with fewer levels of management than traditional structures. Organizing - ANS- Determining how plans can be accomplished most effectively and arranging resources to complete work