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17 Cards in this Set
- Front
- Back
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The process of working with or through others to achieve an individual or business goal by efficiently and effectively using resources.
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Management
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The five basic functions of a manager.
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Planning, organizing, staffing, directing, and controlling operations.
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A systematic process that takes us from some current state to some future desired state; involves the setting of goals and the development of methods for achieving those goals.
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Planning
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The development of long-term plans for a business; establishing overall company priorities.
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Strategic Planning
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Related to specific functional areas such as accounting, marketing, or human resources; support and are driven by the strategic plan.
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Functional Plans
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The gathering of all of a firm's monetary requirements for the support of each functional plan.
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Financial Planning
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The precusor to establishing a plan.
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Goal Setting
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A measurable objective that can be reached in a specified time frame.
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Goal
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1) Must be measurable, 2) Must be acheivable, and 3) Must have a time frame connected to them
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The 3 characteristics of a goal
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The three basic financial goals required by a for-profit organization.
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Maximize the welath of the business owners (investors) over the life of the business, to meet interest payments on debt, and to grow
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Developing a structure that will allow the owners to carry out their plans.
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Organizing
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Obtaining the most capable ersonnel to implement the business plans.
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Staffing
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What a job requires with respect to education, training, and basic skills.
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Job Requirements
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Depicts the duties that must be performed by the employee who will be hired.
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Job Description
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Providing proper guidance and direction to others who will accomplish the organization's mission.
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Directing
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Next to planning, this is the most difficult process to undertake. A three-step process that involves establishing a standard of measurement, measuring actual performance against the standard, and taking corrective action when actual performance varies from the established standard.
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Controlling
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The part of a business plan that investors will read first, inspiring them to read further; usually one to two pages maximum.
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Executive Summary
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