Question

1. Provide a definition of the following terms: a. Information system b. Organization c. Mission d. Mission statement e. Vertical market f. Horizontal market g. Organizational chart h. Workers i. Managers j. Strategic planning k. Tactical planning l. Operational planning

Answer 1

a. Information System : Socio-technical system in an organisation designed to collect, process, store, and distribute information.

b. Organisation : An entity comprising of one or more people with a purpose. Example: Company, Institution, etc

c. Mission: An important, established goal or purpose to be accompanied

d. Mission Statement: A short formal statement about why an organization exists and what are its overall goals. It may also identifies the goal of its operations, what kind of product or service it provides, its primary customers or market, and its geographical region of operation, along with its fundamental values.

e. Vertical Market: A market in which goods and services offered are specific to an industry, trade or profession. Such market serve group of customers with specialized needs.

f. Horizontal Market: A market in which a non-specific, broad range of goods and services are offered to a large group of customers with a wide range of needs.

g. Organisational Chart: A diagram that shows the structure of an organization as well as the relationships and relative ranks of its parts and positions.

h. Workers: A person who performs a specific or necessary task. Worker is usually enployed by some organisation, factory or firm.

i. Manager: A person responsible for controlling, supervising and/or administering an organisation, one or more parts of it (department) or a group of people.

j. Strategic Planning: Planning process of the organization which define its strategy, or direction. In this process, priorities are decided and decisions are made on allocation of organisation's resources to pursue the strategy.

k. Tactical Planning: Planning process in which the long term strategic plan is broken down into distinctive, short term plans (tactics).

l. Operational Planning: Planning process that details how a team, section or department will contribute to the achievement of the organisation's goals. It maps out the day-to-day tasks required to run a business.