1.7 Key Terms

Human capital is defined as  achieving organizational effectiveness through the use of people’s skills, education,  knowledge, expertise and abilities (1.1)

Human Resource Management (HRM) is an integrated set of processes, practices, programs, and systems in an organization that focuses on the effective deployment and development of its employees. (1.1)

Manager is responsible for achieving the organizations goals through the effort of its people. (1.3)

Organizations are a group of people who have been given specific roles and responsibilities, who work together to successfully achieve the goals of the organization. (1.1)

Strategic management is the process of setting goals, procedures, and objectives in order to make a company or organization more competitive.(1.1)

Strategic plan is the organization’s plan to align its internal strengths and weaknesses with its external opportunities and threats. (1.1)

SWOT Analysis is a planning tool and assessment of strengths, weaknesses, opportunities and threats. (1.1)