Management Exam #2

Front 1

Organization Goals

Back 1

A future desired state for a company

Front 2

Organizational Plan

Back 2

A blueprint to achieve organizational goals

Front 3

Organization Mission Statement

Back 3

The given reason and purpose a company exists

Front 4

Why is an organizational missions statement is important and how does it influence organizational goal-setting and planning.

Back 4

It outlines the purpose and values of a company for both consumers and external shareholders. It also gives a sense of purpose to employees.

Front 5

Strategic Goals

Back 5

A broad statement about an organization that is generated from the upper level of the command chain.

Front 6

Tactical Goals

Back 6

Specific parts of the company's overall strategy that support the overall strategic plan. They are generated from the departments or divisions of an organization.

Front 7

Operational Goals

Back 7

Very specific steps with desired results all supporting higher level goals. Designed for the lower levels of an organization such as work groups and individuals.

Front 8

The Principle of Goal Alignment

Back 8

Where all the different goals in a company are consistent and mutually supportive.

Front 9

Why is the principle of goal alignment important?

Back 9

Because when goals are achieved at low levels it allows goals at higher levels to be attained. It also allows the whole company to work as a single, efficient unit.

Front 10

SMART Goals

Back 10

Specific
Measurable
Attainable
Key Results and Rewards
Time(Specific Time Frame)

Front 11

Name two specific management methods that are based on the principles of SMART Goals.

Back 11

Strategy Maps
Management by Objectives

Front 12

Management by Objectives

Back 12

A system whereby managers and employees define goals for every department project, and person and use them to monitor subsequent performance.

Front 13

What are the essential steps for management by objectives?

Back 13

1. Set Goals Mutually
2. Develop Action Plan
3. Review Progress Periodically
4. Appraise Perfomance

Front 14

Contingency Planning

Back 14

Developing plans that define company responses to specific situations, such as emergencies, setbacks, or unexpected conditions.

Front 15

Building Scenarios

Back 15

Also known as forecasting technique, involves looking at current trends and discontinuities and visualizing future possibilities.

Front 16

Crisis Planning

Back 16

Planning and preparing for unexpected events that could possibly destroy a company

Front 17

Why are contingency planning, scenario building, and crisis planning important?

Back 17

These strategies are all important because they help companies to be more prepared and not caught off guard by fast, significant changes in their environment.

Front 18

Strategic Management

Back 18

The set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals.

Front 19

Competitive Advantage

Back 19

What sets the organization apart from others and provides it with a distinctive edge in the market place.

Front 20

What are the principles for gaining and sustaining competitive advantage?

Back 20

Differentiation
Cost Leadership
Focus

Front 21

What are the different levels at which strategic planning takes place and what are the key strategic questions at each level?

Back 21

Corporate Level Strategy: What business are we in?
Business Level Strategy: How do we compete in this market?
Functional Level Strategy: How do we support the business-level strategy?

Front 22

What are three corporate level strategies?

Back 22

Unrelated Diversification Strategy
Related Diversification Strategy
BCG Matrix

Front 23

What is SWOT and what does it stand for?

Back 23

SWOT is the the assessment of internal and external factors that affect a company.
Strengths
Weaknesses
Opportunities
Threats

Front 24

Define corporate level strategy.

Back 24

Pertains to the organization as a whole and the combination of business units and product lines that make it up

Front 25

What is the BCG matrix and what are its dimensions?

Back 25

It evaluates strategic business units with respect to the dimensions of business growth rate and market share

Front 26

What are the different categories found in BCG matrix?

Back 26

Cash Cow
Dog
Question Mark
Star

Front 27

What are the five competitive forces in the formulation of business level strategy?

Back 27

Potential New Entrants
Bargaining Power of Buyers
Bargaining Power of Suppliers
Threat of Substitute Products
Rivalry Among Competitors

Front 28

What are the three main competitive advantages identified by Porter?

Back 28

Differentiation
Cost Leadership
Focus

Front 29

Differentiation

Back 29

Distinguishing your company from others.

Front 30

Cost Leadership

Back 30

Having the lowest operating costs in your industry which translates into lower product prices and more sales.

Front 31

Focus

Back 31

Finding a niche and filling it.

Front 32

Organizing

Back 32

The process of assigning tasks, responsibilities, decision making authority to different individuals/teams/departments or units

Front 33

What are the vertical elements of organizational structures?

Back 33

Responsibility
Authority
Accountability
Delegation

Front 34

Responsibility

Back 34

The duty to perform the task or activity assigned.

Front 35

Authority

Back 35

Formal and legitimate right to issue orders and make decisions.

Front 36

Accountability

Back 36

The duty to report and justify outcomes for tasks for which you authority and responsibility.

Front 37

Delegation

Back 37

Delegation is the process managers use to transfer authority and responsibility to positions below them in the hierarchy

Front 38

Why do some managers find delegation hard?

Back 38

It can be hard for managers to delegate tasks because managers feel as though they will lose personal status, they feel they can do a better job themselves, or the have an aversion to risk.

Front 39

How can barriers to effective delegation be overcome?

Back 39

Delegating the whole task
Selecting the right person
Ensuring that authority equals responsibility
Give thorough instructions
Maintain feedback

Front 40

What is span management?

Back 40

It is the number of employees reporting to a supervisor; also called span of control.

Front 41

Tall Organization

Back 41

Has an overall narrow span and more hierarchal levels.

Front 42

Flat Organization

Back 42

Has an overall wide span and fewer hierarchal levels.

Front 43

Centralization

Back 43

The location of decision authority near the top organizational levels.

Front 44

Decentralization

Back 44

The location of decision authority near lower organizational levels.

Front 45

What are the four main types of structural approaches in an organization?

Back 45

Functional
Divisional
Matrix Approach
Virtual Network Approach