AFM131 Mid term review

Question 1

resources

Answer 1

a general term that incorporates human resources, natural resources, and financial resources.

Question 2

4 functions of management

Answer 2

planning; a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

organizing: 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 organizations goals and objectives
leading: creating a vision for the organization and guiding, training, coaching, and motivation others to work effectivly to achieve the organizations goals and objectives.
controlling: a management function that involves establishing clear standards to determine whether or not an organization is progressing towards its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.

Question 3

management

Answer 3

the process to accomplish organized goals through planning, organizing, leading, and controlling people and other organizational resources

Question 4

planning answers 3 fundamental questions

Answer 4

what is the situation now?

where do we want to go?

how can we get there from here?

Question 5

SWOT analysis

Answer 5

strategies, weaknesses, opportunities, and threats.

Question 6

types of planning

Answer 6

tactical - the process of developing detailed, short-term statements about what is to be done,
who is to do it, and how it is to be done.

strategic planning - the process of determining the major goals of the organization and the policies and
strategies for obtaining and using resources to achieve those goals.

Operational Planning: the process of setting work standards and schedules necessary to implement the
companies tactical objectives

Contingency Planning: the process of preparing alternative courses of action that may be used if the
primary plans do not achieve the organizations objectives

Question 7

6 D’s

Answer 7

Define the situation
 Describe and collect needed information
 Develop alternatives
 Decide which alternative is best
 Do what is indicated
 Determine whether the decision was a good one and follow up

Question 8

3 levels of management

Answer 8

top management - highest level of management, consisting of the president and other
key company executives, who develop strategic plans.

middle management - the level of management that includes general managers, division
managers, and branch and plant managers, who are responsible for tactical planning

supervisory management - managers who are directly responsible for
supervising workers and evaluating their daily performance.

Question 9

3 categories of skills for managers

Answer 9

Technical Skills: skills that involve the ability to perform tasks in a specific discipline or department.
- Human Relations Skills: skills that involve communication and motivation; they enable managers to work
through and with people.
- Conceptual Skills: skills that involve the ability to picture the organization as a whole and the relationships
among its various parts.

Question 10

leadership styles

Answer 10

autocratic leadership - leadership style that involves making managerial decisions without consulting
others.

participative leadership - leadership style that consists of managers and employees working
together to make decisions.

free-rein - leadership style that involve managers setting objectives and
employees being relatively free to do whatever it takes to accomplish those objectives.

Transformational Leadership: leadership style that occurs when leaders can influence others to follow
them in working to achieve a desired outcome or goal.