Principles Of Managment

Front 1

Five stages of growth for entrepreneurs and what happens in each stage:

Back 1

1. Startup – In this stage, the main problems are producing the product or service and obtaining customers.
2. Survival – At this stage, the business demonstrates that it is a workable business entity. It produces a product or service and has sufficient customers.
3. Success – At this point, the company is solidly based and profitable. Systems and procedures are in place to allow the owner to slow down if desired.
4. Takeoff – Here the key problem is how to grow rapidly and finance the growth. The owner must learn to delegate, and the company must find sufficient capital to invest in major growth.
5. Resource Maturity – At this stage, the company’s substantial financial gains may come at the cost of losing its advantage of small size, including flexibility and the entrepreneurial spirit.

Front 2

Goal

Back 2

is a desired future state that the organization attempts to realize

Front 3

Plan

Back 3

A blueprint specifying the resource allocations, schedules, and other actions necessary for attaining goals.

Front 4

Planning

Back 4

the act of determining the organization’s goals and the mean for achieving them.

Front 5

SMART Goals

Back 5

S – specific
M – Manageable
A – Attainable
R – Realistic
T – Tractable

Front 6

Operational Goals

Back 6

Specific, measurable results expected from departments, work groups, and individuals within the organization.

Front 7

Tactical Goals

Back 7

Goals that define the outcomes that major divisions and departments must achieve in order for the organization to reach its overall goals.

Front 8

Strategic Goals

Back 8

Broad statements of where the organization wants to be in the future; pertain to the organization as a whole rather than to specific divisions or departments.

Front 9

Programs:

Back 9

is a complex set of objectives and plans to achieve an important, one-time goal.

Front 10

Projects:

Back 10

is similar to a program but generally smaller in scope and complexity

Front 11

Rules:

Back 11

describe how specific action is to be performed.

Front 12

Policies

Back 12

general guide to action and provides direction for people with in the organization.

Front 13

Contingency plans

Back 13

defines company’s responses to be taken in the case of emergencies, setbacks, or unexpected conditions.

Front 14

Corporate Strategy

Back 14

The level of strategy concerned with the question “What business are we in?” Pertains to the organization as a whole and the combination of business units and product lines that make it up.

Front 15

Business Strategy

Back 15

The level of strategy concerned with the question “How do we compete?” Pertains to each business unit or product line within the organization.

Front 16

Functional Strategy

Back 16

The level of strategy concerned with the question “How do we support the business-level strategy?” Pertains to all of the organization’s major departments.

Front 17

BCG Matrix

Back 17

A concept developed by the Boston Consulting Group that evaluates strategic business unites with respect to the dimensions of business growth rate and market share.

Front 18

Differentiation

Back 18

A type of competitive strategy with which the organization seeks to distinguish its products or services from that of competitors.

Front 19

Cost Leadership

Back 19

A type of competitive strategy with which the organization aggressively seeks efficient facilities, cuts costs, and employs tight cost controls to be more efficient than competitors

Front 20

Focus

Back 20

A type of competitive strategy that emphasizes concentration on a specific regional market or buyer group.

Front 21

Decision Making:

Back 21

The process of identifying problems and opportunities and then resolving them.

Front 22

Programmed Decisions

Back 22

: A decision made in response to a situation that has occurred often enough to enable decision rules to be developed and applied in the future.

Front 23

Non-programmed Decisions

Back 23

A decision made in response to a situation that is unique, is poorly defined and largely unstructured, and has important consequences for the organization.

Front 24

Certainty:

Back 24

The situation in which all the information the decision maker needs is fully available.

Front 25

Risk

Back 25

: A situation in which a decision has clear-cut goals and good information is available, but the future outcomes associated with each alternative are subject to chance.

Front 26

Ambiguity

Back 26

A condition in which the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable.

Front 27

Functional Structure

Back 27

The grouping of positions into departments based on similar skills, expertise, and resource use.

Front 28

Divisional Structure

Back 28

An organization structure in which departments are grouped based on similar organizational outputs.

Front 29

Matrix Approach

Back 29

An organization structure that utilizes functional and divisional chains of command simultaneously in the same part of the organization.

Front 30

Team-based Structure:

Back 30

: Structure in which the entire organization is made up f horizontal teams that coordinate their activities and work directly with customers to accomplish the organization’s goals.

Front 31

Virtual Network Approach:

Back 31

An organization structure that disaggregates major functions to separate companies that are brokered by a small headquarters organization.

Front 32

Chain of command

Back 32

An unbroken line of authority that links all individual sin the organization and specifies who reports to whom

Front 33

Span of management:

Back 33

The number of employees reporting to a supervisor; also called span of control.

Front 34

Centralized:

Back 34

: The location of decision authority near top organizational levels

Front 35

Decentralized

Back 35

The location of decision authority near lower organizational levels.

Front 36

Organization chart

Back 36

The visual representation of an organizations structure

Front 37

Tall structure

Back 37

: A management structure characterized by an overall narrow span of management and a relatively large number of hierarchical levels.

Front 38

Flat structure

Back 38

A management structure characterized by an overall broad span of control and relatively few hierarchical levels.

Front 39

Authority

Back 39

The formal and legitimate right of a manager to make decisions, issues orders and allocate resources to achieve organizationally desired outcomes.

Front 40

Responsibility

Back 40

The duty to perform the task or activity an employee has been assigned

Front 41

Delegation

Back 41

The process managers use to transfer authority and responsibility to positions below them in the hierarchy.

Front 42

Line Authority

Back 42

A form of authority in which individuals in management positions have the formal power to direct and control immediate subordinates.

Front 43

Staff Authority

Back 43

A form of authority granted to staff specialists in their area of expertise

Front 44

Task forces

Back 44

A temporary team or committee formed to solve a specific short-term problem involving several departments.

Front 45

Project manage

Back 45

A person responsible for coordinating the activities of several departments on a full-time basis for the completion of a specific project.