Afm 131 Module 10; Management & Leadership

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resources

Back 1

general term that incorporates human resources, natural resources, & financial resources

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management

Back 2

process used to accomplish organizational goals through planning, organizing, leading & controlling people & other organizational resources

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planning

Back 3

management function that includes anticipating trends & determining the best strategies & tactics to achieve organizational goals & objectives

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organizing

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management function that includes designing the structure of the organization & creating condition & systems in which everyone & everything work together to achieve the organization's goals & objectives

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leading

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creating a vision for the organization & guiding, training, coaching, & motivating others to work effectively to achieve the organizations goals & objectives

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controlling

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management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals, & objectives, rewarding people for doing a good job, & taking corrective action if they are not

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vision

Back 7

encompassing explanation of why the organization exists & where it is trying to head

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values

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a set of fundamental beliefs that guide a business in the decision they make

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mission statement

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an outline of the fundamental purposes of an organization should address

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goals

Back 10

broad, long-term accomplishments an organization wishes to attain

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objectives

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specific, measurable, short-term statements detailing how to achieve the organizations goals

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SWOT analysis

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planning tool used to analyze an organization's strengths, weaknesses, opportunities, & threats

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strengths & weaknesses in control of company

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PRIMO-F, people, resources, innovation & ideas, marketing, operations, & finance

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opportunities & threats

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PESTLE (political, economic, social, technological, legal, environment)

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strategic planning

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process of determining the major goals of the organization & the policies & strategies for obtaining & using resources to achieve those goals

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tactical planning

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process of developing detailed short-term statements about what is to be done, who is to do it, & how it is to be done

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operational planning

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process of setting work standards & schedules necessary to implement the company's tactical objectives

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contingency planning

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process of preparing alternative courses of action that may be used if the primary plans do not achieve the organization's objectives

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crisis planning

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process of preparing alternative courses of action that may be used if the primary plans do not achieve the organization's objectives

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decision making

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choosing among two or more alternatives

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7 D's of decision making

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1. define the situation

2. describe & collect needed information

3. develop alternatives

4. develop agreement among those involved

5. decide which alternative is best

6. do what is indicated

7. determine whether the decision was a good one & follow up

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problem solving

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process of solving the everyday problems that occur, less formal then decision making & usually calls for quicker action

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brainstorming

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coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas

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PMI

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listing all the pluses for a solution in one column, all the minuses in another & the interesting in a third column

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organization chart

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visual device that shows relationships among people & divides the organizations work; it shows who is accountable for the completion of specific work & who reports to whom

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top management

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highest level of management, consisting of the president & other key company executives, who develop strategic plans

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CEO

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chief executive officer, introduce change into the organization

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COO

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chief operating officer, putting change into effect, includes structuring with controlling operations & rewarding people to carry cut leader's vision

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CFO

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chief financial officer, obtaining funds, planning budgets, collecting funds etc

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CIO or CKO

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chief information/knowledge officer, getting the right information to other managers so they can make correct decisions

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middle management

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includes general managers, division managers & branch & plant managers who are responsible for tactical planning & controlling

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supervisory management

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manages who are directly responsible for supervising workers & evaluating their daily performance

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3 categories of skills

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1. technical skills

2. human relations skills

3. conceptual skills

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technical skills

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skills that involve the ability to perform tasks in a specific discipline or department

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human relation skills

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skills that involve communication & motivation; they enable managers to work through & with people

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transparency

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the presentation of a company's facts & figures in a way that is clear, accessible & apparent to all stakeholders

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autocratic leadership

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involves making managerial decisions without consulting others

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participative leadership

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consists of managers & employees working together to make decisions

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free-rein leadership

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involves managers setting objectives & employees being relatively free to do whatever it takes to accomplish those objectives

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transformational leadership

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occurs when leaders can influence others to follow them in working to achieve a desirec outcome or goal

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transnational leadership

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the leader is given the power to assign tasks & their successful completion leads too rewards & reinforcement

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knowledge management

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finding the right information, keeping the information in a readily accessible place & making the information known to everyone in the firm

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5 steps to controlling

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1. establishing clear performance standards

2. monitoring & recording actual performance

3. comparing results against plans & standards

4. communicating results & deviations to the employees involved

5. taking corrective action when needed & providing positive feedback for work well done

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external customers

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dealers, who buy products to sell others & ultimate customers, who buy products for their own personal use

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internal customers

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individuals & units within the firm that receive services from other individuals or units

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vision statment

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why the organization exists & where its trying to head

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porter's five forces

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1. current competitors

2. potential competitors

3. substitutes products

4. bargaining power of suppliers

5. bargaining power of customer

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top managers need what skills in order

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conceptual skills, human relations skills, technical skills

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middle managers need what skills in order

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technical, human relations, conceptual skills all are equal

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first-line managers need what skills in order

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technical skills, human relations skills, conceptual skills

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balanced scorecard of controlling

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financial, learning & growth, business processes, customers