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Discovering management
Discovering management

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Glossary

Action learning
Action learning is a means of social learning originated by Reginald Revans for management development in the 1940s. Action learning has become a widespread practice in management education and development and generally involves a ‘set’–a group of about 6–8 colleagues or individuals who work the problem/issue of one of the group through a series of intense questioning.
Authority
A particular kind of power. It is the power which is formally given to an individual or a group by virtue of the position or role that they occupy in an organisation.
Balanced scorecard
Originally developed as a performance management tool by Robert Kaplan and David Norton as a semi structured report with automation tools allowing tracking and monitoring of performance, this has evolved as a widely used planning and management system use to align business activities to the vision and strategy of the organisation. It is a means of providing performance measurements and helping planners identify what needs to be measured and evaluated.
Cabinet Office
A department of the UK government responsible for coordinating policy and strategy across all government departments.
CIPD
The Chartered Institute of Personnel and Development is the professional association which regulates and sets standards for human resource management, development and personnel practice.
Cross functional teams
A group of employees make up of individuals from different functional areas of the organisation e.g. HR, Finance and Marketing, put together to work on a specific task with the wider aim of improving communication and building collaboration and understanding across different parts of a given organisation.
Epistemology
Epistemology is the branch of philosophy that deals with what we can know and how we go about knowing. It’s a topic that academics probably get too wound up about and non academics can be too naïve about!
EURIBOR
European interbank offered rate – the rate at which a prime bank is willing to lend funds in Euros to another prime bank.
Human relations approach
An approach to management and organisational theory developed in the 1930s as a reaction to more mechanistic approaches to management. It argued that humans are emotional beings and in order to achieve their potential they need to feel valid and important. It places emphasis on motivating people and helping them to fulfil their needs in order to achieve organisational goals.
IAS
International accounting standards
Influence
Occurs when a person or group affects what another person or group does and/or thinks.
NPV
Net present value – the difference between the present value of the future cash flows from an investment and the amount of investment.
Organisational learning
Has been described as ways firms build, supplement and organise knowledge and routines around their activities and within their cultures, and adapt and develop organisational efficiency by improving the use of the broad skills of their workforces (Dodgson, 1993, p. 377).
Power
The potential or capacity of a person or group to influence other people or groups.
Practitioner
Someone who, at regular intervals, looks back at the work they do, and the work process, and considers how they can improve. The concept comes from Schön’s book of the same name (1983).
Reflective practitioner
Someone who, at regular intervals, looks back at the work they do, and the work process, and considers how they can improve. The concept comes from Schön’s book of the same name (1983).
Relational
Characterised or constituted by relations
ROE
Return on equity – a measure of how well a company used reinvested earnings to generate additional earnings.
Role ambiguity
Refers to uncertainty about what is expected of a person in a specific role or position.
Role conflict
This is where different aspects of the job do not complement each other and instead conflict with the delivery of the different component parts.
Role influencers
People in the organisation who see it as their responsibility to define what is expected of someone in a specific job or role.
ROS
Return on sales – a measure of a company’s profitability
Shareholder
An individual or company who legally owns shares of stock in a corporation or mutual fund.
Situational leadership
An approach to leadership which argues there is no one correct way to lead for all situations and leaders need to adjust their style according to the situation they are in.
Six sigma
A rigorous business and management strategy for improving the quality of outputs which involves identifying and removing causes of variability and error in the production process through an infrastructure of individuals trained in quality control methods and statistically modelling (from where the term is derived).
Stakeholder
An individual, group or organisation with a ‘stake’ or interest in some aspect of an organisation's function and who can assert some influence on its activities.
Systems theory
An approach that considers a system as a set of independent and interacting parts.
TQM
TQM (total quality management) is an approach to management that argues that commitment to quality in all areas of the organisation creates a culture which satisfies customers’ perceptions of quality.
WACC
Weighted average cost of capital – an average representing the expected return on all of company’s securities.