Management Key Terms
Learn about the key concepts in business managementManagement is a part of every business. For larger businesses, there are management teams at work to guide employees in achieving goals. Managers are also responsible for upholding the standards and best practices of the company. In smaller businesses, management still plays a significant role, but will serve as more of a direct link between the executives and the other employees. In order to understand the role of management in business, consider some key tools used by managers to improve business practices.
American Management Association (AMA)
Continuous improvement planA continuous improvement plan is a long-term plan for a business. The plan includes a number of smaller goals that help reach the larger goal of improvement in all areas of the business.
Key performance indicators (KPI)Key performance indicators are specific measurements that offer information on how a business is meeting key goals. KPIs can be use to measure manufacturing and other areas of business.
Focal review, calendar reviewA focal review, or calendar review, is an employee review conducted by management to assess work performance and is usually scheduled once a year for employees.
Organization chartAn organization chart is a document that provides information showing which employees report to specific managers or executives. This helps to establish everyone's role in the company and how their jobs relate to the overall goals of the business.
BenchmarkingBenchmarking is a process of determining who sets the standard in the company or in a specific industry. This can be applied to the company standards or to the standards of a specific project.
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