Management Test #3
This is the last test of the year and will probably be a difficult one. Study these terms as well as the sets from other chapters.
Terms
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- For profit business
- operate to earn money for their owners
- Non profit organization
- A business whose goal is to provide a service rather than to make a profit ( such as the American Red Cross)
- Exit strategy
- a plan in which investors will be able to cash out or sell their investment.
- IPO
- Initial public offering; a corporation's first offer to sell stock to the public
- Transparency
- seeing through the organization. (salaries, legalities, heirarchy, profits and losses)
- corporations-stand alone entity
- board of directors is in charge
- limited liability
- the liability of a firm's owners for no more than the capital they have invested in the firm
- C-Corp
- Subject to dual taxation, taxed as income for shareholders, limited liability
- S-Corp
- A legal entity that offers limited liability with single taxation; taxed like a partnership.
- limited liability partners
- have nothing to do with day to day operations.
- Proprietorship
- an unincorporated business owned by a single person who is responsible for its liabilities and entitled to its profits.
- partnership
- shared ownership
- Business plan - list 3 parts
- financial, marketing, management
- 5 types of structure
- 1. vertical, 2. divisional 3. matrix, 4. team based, 5. network
- vertical structure
- functional - each function set up in a dept
- divisional structure
- set up according to product divisions; example ford
- matrix structure
- usually found in projects; can be on more than one-more than one boss
- team based structure
- self directed - need High Readiness people
- network structure
- growing fastest - kind of like outsourcing - to get things done
- coordination
- depts working together and understanding each other - know what the other hand is doing
- reengineering
- rebuild from scratch - "white sheet"
- Learning organization are about
- change, self-directed team, continuous improvement empowerment - usually learn from bottom up
- change and innovation -process
- inventor - champion - sponsor - critic
- manage change-name 5 ways
- incremental change(small), communication/education, participation, top management support, coercion
- change process
- 1.unfreeze-make people aware; 2.change-experiment,prepare,present,practice,followup; 3.refreeze-reward, reenforce,incent - new habits formed
- Organizational development
- OD - know performance gap and be proactive - start change process
- locus of control
- internal - you control what happens; external - outside sources control what happens
- change agent
- person that brings about change/implements - can use someone within or bring someone in