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(BUS125) Principles of Management


Bias- To give a settled and often prejudiced outlook to. 

Customer- One that purchases a commodity or service.

Discrimination- The practice of unfairly treating a person or group of people differently from other people or groups of people. 

Diversity-  The inclusion or different types of people (as people of different races or cultures) in a group or organization. 

Employee- One employed by another usually for wages or salary and in a position below the executive level. 

Entrepreneur- One who organizes, manages, and assumes the risk of a business or enterprise.

Ethics- The discipline dealing with that is good and bad and with moral duty and obligation.

Feedback- The transmission of evaluative or corrective information about an action, event, or process to the original or controlling source. 

Globalization- The development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets.

Groupthink- A pattern of thought characterized by self-deception, forced manufacture of consent, and conformity to group values and ethics. 

Heuristic- Of or relating to exploratory problem-solving techniques that utilize self-education techniques (as the evaluation of feedback) to improve performance. 

Intrapreneur- A corporate executive who develops new enterprises within the corporation.

Management- The conducting  or supervising of something (as a business).

Mission Statement- Something that states the purpose or goal of a business or organization. The mission statement emphasizes its ongoing commitment to meeting the needs of the community. 

Perception- The way you think about or understand someone or something. 

Planning- The act or process of making a plan to achieve or do something.

Quid Pro Quo- Something given or received for something else.

Risk- The chance that an investment (such as a stock or commodity) will lose value.

Rule- A prescribed guide for conduct or action.

Schema- A mental codification of experience that includes a particular organized way of perceiving cognitively and responding to a complex situation or set of stimuli. 

Stakeholder- One that has a stake in an enterprise. 

Standard Operating Procedure (SOP)- Established or prescribed methods to be followed routinely for the performance of designated operations or in designated situations.

Stereotype- An often unfair and untrue belief that many people have about all people or things with a particular characteristic. 

Strategy- A carefully developed plan or method for achieving a goal or the skill in developing and undertaking such a plan or method. 

Tariff- A schedule of duties imposed by a government on imported or in some countries exported goods. 


(All definitions came from