Wgu C483 - Principles Of Management Exam Questions (430 Terms) With Verified Definitions Updated 2024

Organizational behavior modification (OB mod) {Ans: The application of reinforcement theory in organizational settings}Organization chart {Ans: The reporting structure and division of labor in an organization}Strategic control system {Ans: A system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action}Current ratio {Ans: A liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities}Time-based competition (TBC) {Ans: Strategies aimed at reducing the total time needed to deliver a good or service}Expectancy theory {Ans: A theory proposing that people will behave based on their perceived likelihood that their effort will lead to a certain outcome and on how highly they value that outcome}Horizontal communication {Ans: Information shared among people on the same hierarchical level}Management by objectives (MBO) {Ans: A process in which objectives set by a subordinate and a supervisor must be reached within a given time period}Speed {Ans: Fast and timely execution, response, and delivery of results}Small business {Ans: A business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative