Managing The Business Enterprise

Front 1

Define Management (3)

Back 1

- (1) The process of planning, organizing, leading, and controlling (2) an enterprise's resources (3) to achieve its goals of supplying products or services

Front 2

What are the different types of resources a manager could be responsible for? (4)

Back 2

- financial, physical, human and information resources

Front 3

Define efficiency (2)

Back 3

- (1)Achieving the greatest level of output with a given amount of input
-(2) Doing things right

Front 4

Define effectiveness (2)

Back 4

- (1) Achieving the organizational goals that have been set
- (2) doing the right things

Front 5

Define Planning

Back 5

- The process of determining the firm's goals and developing a strategy for achieving them

Front 6

What are the five basic steps of planning?

Back 6

1. Goals are established
2. Managers identify if a gap exists
3. Managers develop plans to achieve goals
4. Implementation of plans
5. Effectiveness assessment (adjust goal if necessary)

Front 7

Define prediction markets:

Back 7

- Creating a market where people can buy "shares" in various answers to important questions that need to be answered

Front 8

Define strategic plans:

Back 8

- set by top management; reflect decisions about resource allocations, company priorities and the steps needed to meet strategic goals.

Front 9

Define tactical plans:

Back 9

- Shorter- range plans concerned with implementing specific aspects of the company's strategic plans. Typically involved with upper and middle management.

Front 10

Define operational plans:

Back 10

- Plans developed by middle and lower-level managers that set short-term targets for daily, weekly or monthly performance.

Front 11

Define organizing:

Back 11

- Mobilizing the resources that are required to complete a particular task

Front 12

Define leading:

Back 12

-Involves the interactions between managers and their subordinates as they both work to meet the firms objectives

Front 13

Define controlling:

Back 13

- The process of monitoring a firm's performance to make sure that it is meeting its goals.