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Principles of Business -Unit 3

Mission statement
a short, specific written statement of the reason a business exists and what it wants to achieve
Goal
a precise statement of results the business expects to achieve
Policies
guidelines used in making consistent decisions
Procedures
descriptions of the way work is to be done
Organization chart
a diagram that shows the structure of an organization
Management plan
a business plan that divides a company into different departments run by different managers
Organizational chart
a chart that shows how a business is structured and who is in charge of whom
Line authority
an organizational structure in which managers at the top of the line are in charge of those beneath them
Centralized organization
an organization that puts authority in one place, with top management
Decentralized organization
an organization that gives authority to a number of different managers to run their own departments
Departmentalization
dividing responsibilities in an organization among specific units or departments
Top-level managers
managers responsible for setting goals and planning the future for a company
Middle managers
managers who carry out the decisions of top management and oversee specific departments
Operational managers
managers who are responsible for the daily operations of a business, such as supervision and office managers
Responsibility
the obligation to complete specific work
Authority
right to make decisions about how responsibilities should be accomplished
Accountability
taking responsibility for the results achieved
Unity of Command
clear reporting relationship for all staff of a business

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