Term
| Four Functions of Managment |
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Definition
Planning
Organizing
Leading
Controlling |
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Term
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Definition
A management function that includes anticipating
trends and determining the best strategies and tactics to achieve organizational goals and objectives |
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Term
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Definition
| A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives. |
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Term
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Definition
| Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives. |
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Term
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Definition
| A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not. |
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Term
| What should a mision statement address? |
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Definition
• The organization's self-concept.
• Its philosophy.
• Long-term survival needs.
• Customer needs.
• Social responsibility.
• Nature of the product or service |
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Term
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Definition
Specific, short-term statements detailing how to
achieve the organization's goals. |
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Term
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Definition
| analyzes the organization's strengths and weaknesses, and the opportunities and threats it faces, usually in that order. |
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Term
| Define: Strategic Planing |
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Definition
| done by top management and determines the major goal of the organization and the policies, procedures, strategies, and resources it will need to achieve them. |
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Term
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Definition
Policies - are broad guidelines for action
strategies - determine the best way to use resources |
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Term
Define: Tactical planning
Example |
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Definition
the process of developing detailed, short-term statements about what is to be done, who is to do it, and how
If the strategic plan of a truck manufacturer, for example, is to sell more trucks in the South, the tactical plan might be to fund more research of southern truck drivers' wants and needs, and to plan advertising to reach them |
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Term
| Define: Operational planning |
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Definition
| the process of setting work standards and schedules necessary to implement the company's tactical objectives by focusing on specific supervisors, department managers, and individual employees. |
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Term
| Define: Contingency planning |
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Definition
| the process of preparing alternative courses of action the firm can use if its primary plans don't work out |
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Term
| The order of the 4 forms of planning in order |
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Definition
Strategic
Tactical
Operational
Contingency |
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Term
| series of steps in the rational decision-making model |
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Definition
1. Define the situation.
2. Describe and collect needed information.
3. Develop alternatives.
4. Develop agreement among those involved.
5. Decide which alternative is best.
6. Do what is indicated (begin implementation).
7. Determine whether the decision was a good one, and follow up. |
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Term
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Definition
listing all the Pluses for a solution in one
column, all the Minuses in another, and the Implications in a third. |
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Term
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Definition
| the highest level, consists of the president and other key company executives who develop strategic plans |
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Term
Abbreviation Translation
CEO
COO
CFO
CIO
CKO |
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Definition
chief executive officer (CEO)
chief operating officer (COO)
chief financial officer (CFO)
chief information officer (CIO)
chief knowledge officer (CKO) |
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Term
| CEOs are responsible for? |
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Definition
| introducing change into an organization. |
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Term
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Definition
| putting the CEO's changes into effect |
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Term
| The CFO is responsible for? |
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Definition
| obtaining funds, planning budgets, collecting funds, and so on |
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Term
| CIO or CKO is responsible for? |
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Definition
| getting the right information to other managers so they can make correct decisions |
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Term
| Define: Middle management |
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Definition
| general managers, division managers, and branch and plant managers (in colleges, deans and department heads) who are responsible for tactical planning and controlling. |
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Term
| Define: Supervisory management |
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Definition
| those directly responsible for supervising workers and evaluating their daily performance |
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Term
| The three skills managers need |
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Definition
1. Technical skills - the ability to perform tasks in a specific discipline or department
2. Human relations skills
3. Conceptual skills - let the manager picture the organization as a whole and see the relationships among its various parts.
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Term
| Order of the three skills for the three managment positions fro most needed to least |
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Definition
Top: Conceptual, Human Relations, Technical
Middle: Tech/human/coneptual are equal
Supervisors: Technical, Human Relations, Conceptual |
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Term
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Definition
Communicate a vision and rally others around that vision
Establish corporate values
Promote corporate ethics
Embrace change
Stress accountability and responsibility. |
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Term
| Define: Busnisess Transparency |
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Definition
| the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders. |
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Term
| Define: Autocratic leadership |
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Definition
| malting managerial decisions without consulting others. Gives the manager the most authority and the the least amount of freedom to employees |
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Term
| Define: Participative (democratic) leadership |
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Definition
involves managers and employees working together to make decisions.
Generally, the most effective and with happiest employees
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Term
| Define: free-rein leadership |
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Definition
managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives
best when used with professionals and creative types |
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Term
| Define: knowledge management |
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Definition
| Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm |
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Term
| What are the 5 steps to the controlling process? |
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Definition
1. Establishing clear performance standards.
2. Monitoring and recording actual performance or results.
3. Comparing results against plans and standards.
4. Communicating results and deviations to the appropriate employees.
5. Taking corrective action when needed and providing positive feedback for work well done.
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Term
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Definition
| specific, attainable, and measurable |
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Term
| External vs. Internal Customers |
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Definition
external customers - Dealers, who buy products to sell to others, and ultimate customers, who buy products for their own personal use.
internal customers - Individuals and units within the firm that receive services from other individuals or units. |
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Term
| Define: CORPORATE SCORECARD |
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Definition
measures financial progress, return on investment, and all else that needs to be managed for the firm to reach its ultimate goal, profits |
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Term
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Definition
| High focus and high energy |
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