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54 Cards in this Set

  • Front
  • Back
vision statement
defines why exists
concisely communicate what the co does for who and inspire and describe the future of the co.
mission statement
describes how vision statement will eb achieved
defines why exists
descrieb co. what it does, where it is going and how it is different.
directed to employees
corporate values statement
executive team communique to workforce about org beliefs
what will remain true regardless of changes in focus and business
e.g. integrity, teamwork, excellence, etc.

goals need to align values with reality
corporate goals
how will get there
short-term - up to 12 months
mid-range 1-3 years
long-range 3-5 years
uses smart model
SMART Model
Goals should be:
Specific
Measurable
Action-oriented
Realistic
Time-based
4. Strategy Implementation
How to get there
tactical and operational plans
-develop tactical goals
-develop budget
-develop action plans
-execute plans
tactical goals
defines implementation goals of strategic goals
action plans
step by step definition of implementation of tactical goals

corporate mission>
corporate goals
strategic goals)
tactical goals>
action plans
summary
vision/mission>goals/strategy>tactical goals>action plan
Develop budget
*historic information
-based on last year's budget
*ZBB
*top-down budgeting
*bottom-up budgeting
-
*zero-based budgeting
-as if starting from scratch, everything not adding value or needed will eb replaced or eliminated
top-down budgeting
-created by senior mgmt and imposed on rest of org.
-complete control of where money is spent
-internal battle and lobbying for budget
-decision makers far-removed from circumstancces
Bottom-up budgeting
managers with direct responsibility suggest costs to big picture decision maker
-operating managers close to the front-lines influence decision
-unrealistic budget requests
-time-consuming
parallel budgeting
senior management gives broad guidelines to operating managers to create budgets
Management functions
1. planning (previous cards)
2. organizing
3. directing
4. controlling
2. Organizing
Creating a company structure
centralized vs. decentralized org.
business functions and span of control
business funtions
*line functions
-make decisions about operating needs
*staff functions
-advise line managers (HR,Accounting)
span of control
# of direct reports to a manager
Basic organization structures
*Functional Structure
*Product-based Structure
*Geographic Structure
*Divisional Structure
*Matrix Structure
*Seamless organization
Functional Structure
hierarchical, pyramid
formal and usually one product line where specialization is an advantage
Product-based Structure
organized by product lines that are clear and separate, each product line reports to ceo
Geographic Structure
each region reports to central, used if each region is unique in its requirements, decentralized, decisions are local
Divisional Structure
like geographic but based on other like market or industry
e.g. GE medical
Matrix Structure
employees report to 2 managers one for the product and one functional
encourages cooperation but can be conflicting in directions
Seamless organization
horizontal and connected by networks
3. Directing
management/leadership styles
-authoritarian,directive
-democratic
-laizzes-faire
-coaching
-transactional
-transformation
authoritarian/directive
effective in life-threatening situations or when productivity is of great concern
democratic
effective with highly skilled professionals that are self-motivated
when relationships are of greatest concern
laizzes-faire
no direction or guidance and can be destructive if people lack confidence
usually results in lower productivity
coaching
develops skills and abilities so they're able to work on their own
transactional
focuses on geting the job done and offers reward
manage by exception, taking action where goal isn't met
transformation
focus on relationships. act as role models and welcome new ideas
4. Controlling
managers ensuring implementation of strategy
-use balanced scorecard
balanced scorecard
keeps track of non-financial results and ties objectives to specific performance targets
4 results areas
-financial
-customer
-key internal processes
-hiring and training
Role of HR in org.
Strategic, administrative, and operational

-HR audits
-HR Planning
-Change management
-Corporate ethics and social responsibility
-Lawmaking and regulatory processes
Strategic role of HR
-build employee strength that contributes to corporate goals
-recruiting and retention
-performance management
-restructuring
Administrative role of HR
-manage compliance issues
-govmt regulations
-records of benefits
-confidentiality of employee info
Operational role of HR
-manage employee relations
-daily recruiting functions
HR Audits
-assess status of HR programs, policies and practices
-id areas out of compliance or need help
-reviews all areas of hr
HR Planning
develop tactical goals and action plans in accordance to co goals
-provide measures related to workforce issues, productivity and strategic HR
Yield ratios
offers made to offers accepted
Change Management
-rengineering
-restructuring
-downsizing
Reengineering
looks at entire org to improve efficiency
simplifies processes and eliminates unneeded processes
Restructuring
looksat individual units in org. to reduce costs and increase production
fiduciary responibility
obligation to act in the best interest of stakeholders, not personal interest
Sarbanes oxley act of 2002
-established PCAOB
-required independence of auditors from businesses and required change every 5 years as well as restricting nonaudit services. must report audit to audit commmittee of the BOD.
-made CEO accountable for financial reports filed w/ sec
-required CEO&CFO reimburse compensation if there is a resatement due to misconduct
-no insider trading during pension blackout, wne employees can't trade stocks in pension fund
-assure ethics of stock analysis
-criminal penalties for shareholder fraud
Code of ethics
-confidentiality
-conflicts of interest
-fairness
-honesty
-integrity
-gifts
-insider info, esp. trading
-personal use of co assets
-workplace privacy
ethics officers
ensure adherence of co to its ethic code
The foreign Corrupt Practices act of 1977
prohibits payments of bribes and requires accounnting that precldes use of covert bank accounts to do so
Legislative Process
12 steps
1-4
MOC, member of congress sponsors bill and presents to house or senate, commitee studies
2. committee determines likelihood it will pass and stops or continues process
3. sudied by subcommitee and hearing conducted
4. subcommitee may make changes, mark up bill and dies or is returned to full committee
5-8
5. may study more or send to full body
6. written report of recommendations prepared including dissents
7. placed on legislative calendar and scheduled for vote
8. members of body present views and debate and offer ammendments
9-12
9. vote conducted
10. if one body passes must go to the other and process begins again or may vote to pass as presented
11. president receives bill may sign, veto or fail to sign
if veto, congress must override by 2/3, if unsigned can become law in 10 days unless congress adjourns
administrative law
3 types:
*agency rules and regulations
- published in federal register and take effect 30 days after notice
*agency orders
-orders by administrative law judge (ALJ)
*executive orders
-issued by president
lobbying
-shrm has legslative affairs committees