Finance Flashcards

Intro to business chapter 7

Organizational culture a firm’s shared values, beliefs, traditions, philosophies, rules, and role models for behavior
organizational structure the arrangement or relationship of positions within an organization
organizational chart a visual display of the organizational structure, lines of authority (chain of command), staff relationships, permanent committee arrangements, and lines of communication
specializaion the division of labor into small, specific tasks and the assignment of employees to do a single task
over specialization negative consequences employees become bored job dissatisfaction poor quality workincreased injuries increased employee turnover
job specialization job specialization is common in automobile manufacturing. By dividing work into smaller specialized task, employees can perform their wok more quickly and efficiently
departmentalization the grouping of jobs into working units usually called departments, units, groups, or divisions
functional departmentalization the grouping of jobs that perform similar functional activities, such as finance, manufacturing, marketing, and human resources
product departmentalization the organization of jobs in relation to the products of the firm
geographic departmentalization the grouping of jobs according to geographic location such as state, region, country, or continent
customer departmentalization the arrangement of jobs around the needs of various types of customers
delegation of authority giving employees not only tasks, but also the power to make commitments, use resources, and take whatever actions are necessary to carry out those tasks
responsibility the obligation, place on employees through delegation, to perform assigned tasks satisfactorily and be held accountable for the proper execution of work
accountablility the principle that employees who accept an assignment and the authority to carry it out are answerable to a superior for the outcome
centralized organization a structure in which authority is concentrated at the top, and very little decision-making authority is delegated to lower levels
decentralized organizations an organization in which decision-making authority is delegated as far down the chain of command as possible
span of management the number of subordinates who report to a particula manager
wide span of management exists w when a manager directily superises a very large number of emplyees
narrow span of management exists when a manager directly supervises only a few subordinates
organizational layers the levels of management on an organization
line structure the simplest organizational structure in which direct lines of authority extend form the op manager to the lowest level of the organization
line-and-staff structure a structure havin atraditional line relatiohsip wbetween superious and subordinates and also specialized managers-called staff managers- who are available to assist line manages
staff managers provide advice and support to line departments on specialized matters
multidivisional structure a structure that organizes departments into larger groups called divisions
matrix structure a structure that sets up teams from different departments, thereby creating two or more intersecting lines of authority; also called a project management structure
group is two or more individuals who communicate with one another, share a common identity, and have a common goal
team is a small group whose members have complementary skills; have a common purpose, goals, and approach; and hold themselves mutually accountable
virtual teams employees in different locations who rely on technological tools to accomplish their goals
committees a permanent, formal group that performs a specific task
task forces a temporary group of employees responsible for bringing about a particular change
project teams groups similar to task forces which normally run their operation and have total control of a specific work project
product-development teams a specific type of project team formed to devise, design and implement a new product
quality-assurance teams (or quality Circles) small groups of workers brought together from throughout the organization to solve specific quality, productivity, or service problems
self-directed work teams (SDWT) a group of employees responsible for an entire work process of segment that delivers a product to an internal or external customer
grapevine an informal channel of communication, separate from management’s formal, offical communication channels
Which of the following statements accurately describe the difference between tall and flat organizations Tall organizations have a narrow span of management, whereas flat organizations have a wide span of management
Function A company that has departments for marketing, finance, personnel, and production is organized by
Multinational corporations often use a geographical approach to departmentalizations because Of vast differences between different regions
Which of the following is true of self-directed work teams They are designed to give employees a feeling of ownership of a whole job
Which of the following is an advantage of product departmentalization It simplifies decision making and helps coordinate all activities related to a product.
Which of the following statements is true about task forces They may occasionally comprise of individuals from outside an organization
Decentralization When an organization has a structure in which decision-making authority is delegated as far down the chain of command as possible, it is to be exercising
Which of the following organizational structures is also called a project management structure Matrix structure
18th century economist Adam Smith illustrated improvements in efficiency in manufacturing units through the application of q Specialization
It provides flexibility, enhanced cooperation, and creativity Which of the following is an advantage of a matrix-structure
Employees may abuse company e-mail and internet access Which of the following is a problem created by increased access to the internet at work
Line An organizational form that is based on direct lines of authority front he top executive to the lowest level of employees is called a (blank) structure
Functional Small businesses commonly employ (blanK) departmentalization
horizontal communication Which of the following is refers to the exchange of information among colleagues and peers on the same organizational level
upward communication flows from lower to higher levels of the organization
Downward communication Traditional flow of communication from upper organizational levels to lower organizational levels

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