Intro To Business Chapter 7

Front 1

Management

Back 1

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

Front 2

Today’s managers are

Back 2

younger and more progressive, emphasis on teams and team building, skilled communicators and team players, and attend fewer elite schools

Front 3

4 functions of management

Back 3

planning (setting goals, developing strategies to reach goals, determining resources needed, and setting precise standards) leading (guiding and motivating, giving assignments, explaining routines, clarifying policies, and providing feedback) organizing (allocating resources, preparing structure, and employee affairs) controlling (measuring results, monitoring performance, rewarding outstanding performance, and taking corrective action)

Front 4

Vision

Back 4

more than a goal, it’s a broad explanation of why the organization exists and where it’s trying to go

Front 5

Mission Statement

Back 5

outlines the organization’s fundamental purposes (includes org’s self-concept, philosophy, long-term survival needs, customer needs, social responsibility, and nature of the product or service)

Front 6

Goals

Back 6

the broad, long-term accomplishments an org wishes to attain

Front 7

Objectives

Back 7

specific, short-term statements detailing how to achieve the organization’s goals

Front 8

SWOT Analysis

Back 8

analyzes the organization’s strengths, weaknesses, opportunities, and threats

Front 9

Strategic planning

Back 9

the setting of broad, long-range goals by top managers

Front 10

Tactical planning

Back 10

the identification of specific, short-range objectives by lower-level managers

Front 11

Operational planning

Back 11

the setting of work standards and schedules

Front 12

Contingency planning

Back 12

backup plans in case primary plans fail

Front 13

Decision making

Back 13

choosing among two or more alternatives

Front 14

Rational decision-making model

Back 14

1. Define the situation 2. Describe and collect needed information 3. Develop alternatives 4. Decide which alternative is best 5. Do what is indicated 6. Determine whether the decision was a good one and follow up

Front 15

Problem solving

Back 15

the process of solving the everyday problems that occur; less formal than decision making and needs quicker action

Front 16

PMI

Back 16

listing all pluses for a solution in one column, all the minuses in another and the implications in a third

Front 17

Top management

Back 17

highest level – consists of the president and other key company executives who develop strategic plans

Front 18

Middle management

Back 18

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

Front 19

Supervisory management

Back 19

those directly responsible for supervising workers and evaluating daily performance

Front 20

CEO

Back 20

Chief Executive Officer – introduces change into an organization

Front 21

COO

Back 21

Chief Operating Officer – implements CEO’s changes

Front 22

CFO

Back 22

Chief Financial Officer – obtains funds, plans budgets, collect funds, etc.

Front 23

CIO

Back 23

Chief Information Officer – gets the right info to the right people so decisions can be made

Front 24

Technical skills

Back 24

the ability to perform tasks in a specific discipline or department (first-line managers) (middle managers)

Front 25

Human relations skills

Back 25

skills that involve communication and motivation; they enable managers to work through and with people (middle managers)

Front 26

Conceptual skills

Back 26

skills that involve the ability to picture the organization as a whole and the relationship among its various parts (top managers) (middle managers)

Front 27

Staffing

Back 27

recruiting, hiring, motivating, and retaining the best people available to accomplish the company’s objectives

Front 28

Leaders must

Back 28

communicate a vision and rally others around it, establish corporate values, promote corporate ethics, embrace change, and stress accountability and responsibility

Front 29

Transparency

Back 29

the presentation of the company’s facts and figures in a way that is clear and apparent to all stakeholders

Front 30

Autocratic leadership

Back 30

making managerial decisions without consulting others

Front 31

Participative or Democratic leadership

Back 31

managers and employees work together to make decisions

Front 32

Free-Rein Leadership

Back 32

Managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives

Front 33

Enabling

Back 33

giving workers the education and tools they need to make decisions

Front 34

How to ease pressure on workers

Back 34

manage output instead of hours, allow lower-level decision making, use new technology to foster teamwork, and shift hiring emphasis to collaboration

Front 35

Knowledge management

Back 35

finding the right information, keeping the information in a readily accessible place and making the information known to everyone in the firm (keep people from reinventing the wheel)

Front 36

5 steps of controlling

Back 36

1. Establish clear standards 2. Monitor and record performance 3. Compare results against standards 4. Communicate results 5. If needed, take corrective action

Front 37

Measuring success

Back 37

traditional forms of measuring success are financial, pleasing employees, stakeholders, and customers is also important

Front 38

External customers

Back 38

dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own use

Front 39

Internal customers

Back 39

individuals and units within the firm the receive services from other individuals or units