Bianca Lorreign D.

De Leon
Code: 019

Advance Technical Communication - Learning Task

Formal Definition: Management is the process of planning, organizing, leading, and

controlling resources (human, financial, physical, and informational) within an
organization to achieve specified goals efficiently and effectively.

Informal Definition: Management (coordinating the efforts of individuals and groups to

accomplish organizational objectives.)

Management Extended Definition: Management encompasses a multifaceted approach to overseeing

and guiding the activities of an organization towards the achievement of predetermined
goals. It involves not only setting objectives and devising strategies but also fostering a
conducive work environment where individuals are motivated, empowered, and directed
towards collective success. Moreover, management involves continual evaluation and
adjustment of processes and resources to adapt to changing circumstances and maximize
productivity while maintaining ethical standards and promoting innovation and growth.

Formal Definition: Accountability refers to the obligation of an individual or

organization to take responsibility for their actions, decisions, and performance
outcomes.

Informal Definition: Accountability: owning up to your responsibilities and action

Extended Definition: Accountability extends beyond mere compliance with rules or

Accountabilit directives; it embodies a culture of transparency, integrity, and trust within an individual
y or an organization. It involves not only accepting consequences for one's actions but also
proactively seeking feedback, learning from mistakes, and continuously improving
performance. Moreover, accountability fosters a sense of ownership and empowerment,
encouraging individuals to take initiative, make informed decisions, and contribute
positively to the achievement of collective objectives. In a broader societal context,
accountability also encompasses mechanisms for oversight, governance, and justice to
ensure equitable distribution of rights, resources, and opportunities, thereby promoting
fairness and social responsibility.

Formal Definition: Decision-making is the cognitive process of selecting a course of

action from among multiple alternatives based on a thorough evaluation of available
information, preferences, constraints, and objectives.

Informal Definition: Decision-making (it's about making up your mind or coming to a

conclusion about something)

Decision- Extended Definition: Decision-making encompasses a broader spectrum of processes

making beyond simply choosing between options. It involves not only rational analysis but also
intuition, emotion, and interpersonal dynamics. Decision-making is influenced by
cognitive biases, personal values, cultural norms, and situational factors, shaping the way
individuals perceive, evaluate, and prioritize alternatives. Moreover, decision-making
occurs at various levels, from individual choices to organizational strategies and public
policies, and it can have far-reaching consequences for individuals, groups, and societies.
Effective decision-making entails not only making the best possible choice given
available information but also adapting to uncertainty, complexity, and changing
circumstances, while considering ethical considerations, long-term consequences, and
stakeholder interests. Thus, decision-making involves a multifaceted process of weighing
 trade-offs, managing risks, and navigating competing demands to achieve desired
outcomes and address challenges effectively.

Formal Definition: A price is the numerical value assigned to a good, service, or asset,
representing the amount of money or other resources that must be exchanged to acquire it
in a market transaction.

Informal Definition: Price - is what you pay for something.

Extended Definition: Price encompasses not only the monetary value of a product or
Price service but also the perceived worth, utility, and satisfaction derived from its
consumption or possession. It is a dynamic concept influenced by various economic,
social, and psychological factors, including supply chain dynamics, brand reputation,
consumer behavior, and market trends. Moreover, price serves as a signal of quality,
scarcity, and value, shaping consumer choices, market dynamics, and resource allocation.
In addition to its economic function, price can have broader implications for social
equity, sustainability, and ethical considerations, as it affects access to goods and
services, income distribution, and environmental impacts. Thus, understanding price
involves analyzing its multifaceted role in shaping economic behavior, market outcomes,
and societal welfare.

Formal Definition: Forecasting is a systematic process of estimating future events or

trends based on historical data, statistical models, expert judgment, and other relevant
information.

Informal Definition: Forecasting (it's taking what we know about the past and present
and using it to guess what might happen next.)

Extended Definition: Forecasting involves more than just making educated guesses; it's
Forecasting a structured approach to anticipating future events and trends, enabling organizations and
individuals to anticipate opportunities and risks, allocate resources efficiently, and make
informed decisions. Forecasting techniques range from simple methods like trend
analysis and extrapolation to complex models incorporating factors such as seasonality,
market dynamics, and external influences. Effective forecasting requires not only
accurate data and reliable models but also a deep understanding of the underlying
drivers, uncertainties, and assumptions inherent in the forecasted variables. Moreover,
forecasting is an iterative process that involves continual monitoring, evaluation, and
refinement of predictions in response to new information and changing conditions.
Beyond its practical applications in business, finance, and operations, forecasting plays a
crucial role in strategic planning, risk management, and policy formulation, helping
individuals and organizations adapt to dynamic environments and shape future outcomes
proactively.