WGU C201 Business Acumen Study Guide
1.Management: the process of dealing with or controlling things or people
2.Middle Management: Managers who supervise lower-level managers
and report to a higher-level manager.
Managers who design and carry out tactical plans in specific areas of the
company.
3.Top Manager: an upper-level executive who guides and controls
the overall fortunes of an organization
4.Supervisory Management: The action of overseeing and managing
employees in the workplace.
5.Strategic Planning: Identifying an organization's long-term goals &
determining best approach to achieving those goals
6.Departmentalization: the dividing of organizational functions into
separate units
7.Line Organization: A chain of command system that establishes a
clear line of authority flowing from the top down
8.Line and Staff Organization: An organizational structure that includes
both line and staff positions. Line do the work and Staff Support the Line
9.Committee Organization: Committee runs the organization, reacts
slowly, com- promize
10.Matrix Organization: An organization that has a blend of functional and
project- ed characteristics
Combines workers into temporary work teams to complete specific
projects.
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,11.Consumer Price Index: an index of the cost of all goods and
services to a typical consumer
12.Demand: Consumer willingness and ability to buy products
13.Demand Curve: A graph of the relationship between the price of a
good and the quantity demanded
14.Economics: The study and analysis of how people seek to satisfy
their needs and wants by making choices
15.Equilibrium Price: the price that balances quantity supplied and
quantity de- manded
16.Expansionary Policy: a fiscal policy used to encourage economic
growth, often through increased spending or tax cuts
17.Macroeconomics: the study of economy-wide phenomena, including
inflation, unemployment, and economic growth
18.Microeconomics: the study of how households and firms make
decisions and how they interact in markets
19.Monetary Policy: The management of the money supply and interest
rates
20.Monopolistic Competion: large number of sellers offer the similar, but
slightly different products
21.Pure Competition: A large number of suppliers offer very similar
products.
22.Production: The process of creating goods and services
23.Operational Management: Responsible for monitoring the daily
activities of the business
24.Flexible Production: Process in which computers design customized
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, products for a mass market
relates to a production process that can be easily changed
25.Customer-Driven Production: Think of a bakery, you do not do until
there is a demand
26.Analytic Production: system reduces raw materials to its
component parts, CORN
27.Synthetic Production: Building a camera pulling many parts together
28.Lights Out Facility: No humans needed
29.Factors that determine Location: Transportation(Market and
Resources), Physical(Water, Waist, Energy) and Human (Local
Supply for Company needs, Taxes, Zoning & Community Living)
30.Production Manager Task: Planning, Selecting layout, Implementation
of plan, Controlling the Production Process
31.Process Layout: Think Laundry White, Color & Dark. How will you
best layout how you will do the work.
32.Product Layout: Bring the product to the work area, assembly line.
33.Fixed Position Layout: IE Building a bridge you do it at the site.
34.Customer Oriented layout: Think Restaurant where does the wait staff
get your drinks or food.
35.Implementation of Production Plan: How will you store, will you
buy the equipment or rent? Outsource?
36.Six-Sigma: Statistical method to improve operations and business
processes
37.Advantages to Computer Aided Production: Reduced cost and
increased sped
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1.Management: the process of dealing with or controlling things or people
2.Middle Management: Managers who supervise lower-level managers
and report to a higher-level manager.
Managers who design and carry out tactical plans in specific areas of the
company.
3.Top Manager: an upper-level executive who guides and controls
the overall fortunes of an organization
4.Supervisory Management: The action of overseeing and managing
employees in the workplace.
5.Strategic Planning: Identifying an organization's long-term goals &
determining best approach to achieving those goals
6.Departmentalization: the dividing of organizational functions into
separate units
7.Line Organization: A chain of command system that establishes a
clear line of authority flowing from the top down
8.Line and Staff Organization: An organizational structure that includes
both line and staff positions. Line do the work and Staff Support the Line
9.Committee Organization: Committee runs the organization, reacts
slowly, com- promize
10.Matrix Organization: An organization that has a blend of functional and
project- ed characteristics
Combines workers into temporary work teams to complete specific
projects.
1/
18
,11.Consumer Price Index: an index of the cost of all goods and
services to a typical consumer
12.Demand: Consumer willingness and ability to buy products
13.Demand Curve: A graph of the relationship between the price of a
good and the quantity demanded
14.Economics: The study and analysis of how people seek to satisfy
their needs and wants by making choices
15.Equilibrium Price: the price that balances quantity supplied and
quantity de- manded
16.Expansionary Policy: a fiscal policy used to encourage economic
growth, often through increased spending or tax cuts
17.Macroeconomics: the study of economy-wide phenomena, including
inflation, unemployment, and economic growth
18.Microeconomics: the study of how households and firms make
decisions and how they interact in markets
19.Monetary Policy: The management of the money supply and interest
rates
20.Monopolistic Competion: large number of sellers offer the similar, but
slightly different products
21.Pure Competition: A large number of suppliers offer very similar
products.
22.Production: The process of creating goods and services
23.Operational Management: Responsible for monitoring the daily
activities of the business
24.Flexible Production: Process in which computers design customized
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18
, products for a mass market
relates to a production process that can be easily changed
25.Customer-Driven Production: Think of a bakery, you do not do until
there is a demand
26.Analytic Production: system reduces raw materials to its
component parts, CORN
27.Synthetic Production: Building a camera pulling many parts together
28.Lights Out Facility: No humans needed
29.Factors that determine Location: Transportation(Market and
Resources), Physical(Water, Waist, Energy) and Human (Local
Supply for Company needs, Taxes, Zoning & Community Living)
30.Production Manager Task: Planning, Selecting layout, Implementation
of plan, Controlling the Production Process
31.Process Layout: Think Laundry White, Color & Dark. How will you
best layout how you will do the work.
32.Product Layout: Bring the product to the work area, assembly line.
33.Fixed Position Layout: IE Building a bridge you do it at the site.
34.Customer Oriented layout: Think Restaurant where does the wait staff
get your drinks or food.
35.Implementation of Production Plan: How will you store, will you
buy the equipment or rent? Outsource?
36.Six-Sigma: Statistical method to improve operations and business
processes
37.Advantages to Computer Aided Production: Reduced cost and
increased sped
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