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13 Cards in this Set
- Front
- Back
Define Management (3)
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- (1) The process of planning, organizing, leading, and controlling (2) an enterprise's resources (3) to achieve its goals of supplying products or services
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What are the different types of resources a manager could be responsible for? (4)
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- financial, physical, human and information resources
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Define efficiency (2)
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- (1)Achieving the greatest level of output with a given amount of input
-(2) Doing things right |
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Define effectiveness (2)
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- (1) Achieving the organizational goals that have been set
- (2) doing the right things |
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Define Planning
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- The process of determining the firm's goals and developing a strategy for achieving them
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What are the five basic steps of planning?
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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) |
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Define prediction markets:
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- Creating a market where people can buy "shares" in various answers to important questions that need to be answered
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Define strategic plans:
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- set by top management; reflect decisions about resource allocations, company priorities and the steps needed to meet strategic goals.
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Define tactical plans:
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- Shorter- range plans concerned with implementing specific aspects of the company's strategic plans. Typically involved with upper and middle management.
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Define operational plans:
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- Plans developed by middle and lower-level managers that set short-term targets for daily, weekly or monthly performance.
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Define organizing:
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- Mobilizing the resources that are required to complete a particular task
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Define leading:
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-Involves the interactions between managers and their subordinates as they both work to meet the firms objectives
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Define controlling:
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- The process of monitoring a firm's performance to make sure that it is meeting its goals.
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