ch. 5-9

three key elements of general partnership (1)common ownership (2) shared profit and losses (3) right to participate in managing the business

A state-chartered legal entity with the authority to act and have liability separate from its owners

A unique government creation that looks like a corporation but is taxed like sole proprietorship and partnership.

similar to an S corporation but without the special eligibilty requirements

result of two firms forming one company

An attempt by employees, management or a group of investors to purchase an organization primarily through borrowing

The right to use a specific business's name and sell its product or service in a given territory

Accepting the risk of starting and running a business

specific geographic area to which government try to attract private businnes investment by offering lower taxes and other government support

Centers that offer new businesses low-cost offices with basic business service

60-80 percent of new jobs each year

A statement that describes the nature of the business, target market, the advantage the business will have

Individuals or companies that invest in new business in exchange for partial ownership

A U.S government agency that advises and assits small businesses by providing management training and financial advice and loans

A Program through which private investment companies licensed by the small business adminstration lend money to small businesses

Usedd to accomplish organizational goals through planning organizing, leading, and controlling people

a management function that includes designing the structure of the organization

An outline of the purpose of an organization

A planning to used to analyze an organization's strenghts, weaknesses, oppprtunites, and threats

The process determing the major goals of the organization(3-5 years)

the process of setting work standards and schedules(one month term)

the process of preparing alternatives courses(get you back on target)

Coming up with as many solutions to a problem as possible

Skills that involve the ability to perform task in a specific discipline or department

Finding the right information, keeping the information in a readily accessible place.

Principles of organization 10 steps

Organizational theory 4 steps

The line of authority that moves from the top of a hierarchy to the lowest level

an organization structure in which decision-making authority is maintained at the top level of management

the optimal number of subordinates a manager supervises

Employees who advise and assist line personnel in meeting their goal

Specialists from different parts of the organization are brought together to work on a specific project

a group of employees from different departments work together ona long-term basis

Comparing a organization's practices,processes, and product against the world's best

those functions that the organization can o as well as or better than any organization in the world

An organization that has contact people at the top and the chief executive officer at the bottom.

widely shared values within an organization that provide unity and cooperation

the use of computer in the design of products

designing machines to do multiple tasks so that they can produce a variety of products

Teams of workers combine to produce more complex units of the final product

a computer based operations management system that uses sales forcast to make sure that needed parts at the right time and place

a production in which a minimum of inventory is kept on the premises

A quality measure that allows only 3.4 defects per million opportunities

managers use to monitor all phases of production

Plan, Do, Check, Act (PDCA)

The common name given to quality management and assirance standard

National Quality award in each of manufactoring, serices, small business, etc.