In this English vocabulary sheet, we will be talking about Management and especially its way of operating and directing an organisation.
You will learn:
- The definition of Management along with some examples;
- The most important management vocabulary terms.
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What Is Management? Definition and Examples
Management is the process of planning, organising, leading, teaching and motivating a team, an organisation or a business, as well as making decisions and taking responsabilities. It also encompasses the process of controlling a business or organisation’s human, financial and physical resources in order to reach its goals.
Examples:
The most challenging management is that of a country.
There are three managementstyles: persuasive, democratic and laissez-faire.
A good manager must listen to his team”
Main Management Vocabulary: Key Terms To Learn
| Word | Definition |
|---|---|
| Budget | Sums allotted for the company’s administration |
| Business | Activities involved in trading and finance with the aim of generating profit |
| Communication | Use of techniques and actions to draw the attention of potential audiences with messages and persuade them of the value of a service or an item |
| Leader | A person who takes most of the decisions, directs the other team members and is in command |
| Leadership | Qualities of a leader that involve a combination of charisma, expertise and soft skills |
| Manager | A man or woman who manages or directs a team, a staff, a company |
| Mentor | It’s a person who has a positive influence on another individual, often younger. He/she doesn’t judge his/her performance or achievements. The relationship is based on the principle of voluntariness and aims to encourage the self-development of the younger one |
| Spearhead | A progressive and productive element that figuratively refers to a dynamic individual or concept as a key motivator |
| Supervisor | The immediate superior of his or her team to whom a member of a company should report |
| Responsible | A person who has the authority and obligation to plan, organise, staff, lead and control his subordinates |
| Trainee | A person who, in the pursuance of his or her studies, is learning to do tasks under the guidance of a manager |
| Whistleblower | An individual who uncovers a company wrongdoings |
| Word | Definition |
| Activity | A task whose inputs, outputs and added value are accurately established and evaluated |
| Authority | Authority is the formalised and legitimate power of a job that ensures that the holder can successfully fulfil his or her responsibilities |
| Company | It’s a societal entity whose main activity is to produce goods or services for the marketplace. |
| Costs | The sum including all expenses to complete a project, from materials to running expenditures |
| Directors | The managers’ direct supervisors |
| Industry | It’s a business sector engaging in economic activities that combine inputs such as facilities, supplies, labour and skills to produce physical goods for the marketplace |
| Organization | A person or group of individuals with their own functional structure. They are corporations, enterprises, non-profit associations or institutions |
| Process | A flow of activities and labour |
| Project | It’s the process of carrying out an intention through a set of activities comprising several requirements, to achieve a desired objective |
| Product | A creation which can be a material object, a service, an idea, addressed to consumer |
| Production | An economic activity using labour and capital resources to produce goods or services that are purchased from other industries and then reprocessed |
| Responsibility | Obligation to plan, organise, staff, lead and control one’s subordinates |
| Service | A service consists in supplying technical or intellectual expertise or providing work that is immediately usable by the consumer without processing the material |
| Skills | An ability, whether innate or acquired, to excel at specified tasks |
Business Management Vocabulary With Definitions
| Word | Definition |
|---|---|
| Balance | Accounting document drawn up regularly by a company, showing all the accounts opened with an indication of each of their debits, the value and the sum of their credits, and the closing result of the operations |
| Balanced scorecard | Evaluating strategic decisions in the light of shareholder and customer perspectives. Reviewing internal processes and areas for progression |
| Big data | Technology for storing very high volumes of data for prospective analysis and especially modelling for a deeper understanding of the context, anticipating behaviour and more globally for better decision support |
| Board | A group of executives who leads the company and makes decision on major issues |
| Business plan | A written document setting out the business objectives, the procedures, the process and the timeframe by which these must be achieved |
| Cashflow | Final budget balance generated by an investment at the end of a period |
| Enterprise | Synonymous with firm |
| Executives | Members of a company or administration status who hold a high-level position within it |
| Finance | The professional sector of money trading |
| Human Capital | Human capital includes skills, experience and knowledge, which define an individual’s ability to handle a job |
| Human Resources | Usually correspond to a company’s department which recruit the employees and is in charge of their relations with their employers |
| Information management | It’s the set of company resources that enable information to be handled. It’s usually linked with technologies (hardware, software and communication), the processes that accompany them, and the people who support them |
Project Management Vocabulary Worksheet
| Word | Definition |
|---|---|
| Agile Project Management | The process of identifying repetitive cycles in a project in order to blend them and ensure optimal project success |
| Bottleneck | System limitation points slowing down the performance of the production flow: workload exceeds production capacity |
| Collaboration | The joint work of a project by members of a team |
| Critical Path Method (CPM) | An algorithm that accompanies the project in detail. The operators must conform to it in the pursuance of a successful project |
| Follow up | A meeting to discuss the progress of the project with the team |
| Milestone | This is the stage in a project where the staff evaluates, reviews the documents and the deliverables and validates the phase. From this point on, the project will continue with no possibility of turning back |
| Project Budget | The budget allocated to a project |
| Project Manager | The individual in charge of the project implementation and completion |
| Project Portfolio Management | Evaluation of the whole company’s projects and their coherence with its business strategy |
| Project Stakeholder | A person who contributes directly or indirectly to the achievement of a company’s project. Be it a team member, a company executive, a mentor, a customer or an end-user |
| Project Timeline | It describes the sequence of events in the project in the order they occur. It indicates precisely what is to be done during the project’s life cycle and also how it will be achieved |
| Resource Allocation | Use of the budgets by allocating them according to needs in different departments |
| Waterfall Model | A ‘waterfall’ project life cycle management pattern which is quite traditional. The phases of the project follow a top to bottom scheme that is not mutable |
| Work Breakdown Structure (WBS) | Divides the project into sections to be delivered by the management board to the respective parties according to their expertise |
| Work in Progress (WIP) | A production management term on a stage to check work progress and budget status |
Time Management: Essential Words and Terms
| Word | Definition |
|---|---|
| Adjust | Reorganise in accordance with the requirements of the project |
| Agenda | A tool that enables to record to-do's |
| Anticipation | The ability to predict potential difficulties by evaluating past occurrences |
| Appointment | A time, date and place set to meet with someone |
| Deadline | A given date for the completion of a task |
| Efficiency | Skills enabling the greatest performance |
| Optimize | Implement the most effective approach to achieve the greatest result |
| Planning | Organising the way tasks are carried out |
| Prioritize | Placing the most urgent tasks first |
| Procrastinate | Postponing your activities often through lack of motivation |
| Setting Goals | Organising and optimizing the resources needed to achieve your objectives |
| Time Log | A tool that evaluates your work time and helps you optimise it |
Vocabulary For Conflict & Crisis Management
| Word | Definition |
|---|---|
| Aggression | The intentional act of harming, either verbally or physically |
| Arbitration | To have a fact established and a decision made by a third party |
| Bargaining | Synonymous with negotiation, usually applied to businesses involving money |
| Beltline | A common phrase that has its source in boxing: ‘punch below the belt’. It means attacking the weak sides of a target to achieve one’s own malicious goal |
| Bottom line | The limit beyond which negotiation is no longer tenable |
| Buyer's remorse | A sense of frustration on finding out that one could have gained more in a negotiation process |
| Claiming value | Value-claiming is about leveraging a conflict or a negotiation by the taking of resources |
| Conciliation | A form of mediation whose aim is to preserve relationships |
| Cooperation | Working with other partners |
| Distributive/Win/Lose | Bargaining that will give more benefit to one side and consequently less to the opponent |
| Face-saving | Hiding what is negative or reprehensible, and making it look right even if it doesn’t |
| Gunnysacking | A poor practice of hoarding all grievances, then dumping them on one person |
| Interpersonal conflict | A situation where at least two parties are in conflicts and have incompatible objectives. However, it’s not impossible to reach consensus |
| Issue | Concerns that need to be resolved to prevent conflict |
| Mediation | Introducing a neutral third party to assist the parties involved in finding the best compromise to resolve the conflict |
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