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Business CS > BUSN Ch. 13 Management > Flashcards

BUSN Ch. 13 Management Flashcards

1
Q

What is the role of management?

A

Achieving the goals of an organization through planning, organizing, leading, and controlling resources. (People, money, time)

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2
Q

What is planning?

A

Determining organizational goals and action plans for how to achieve those goals.

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3
Q

What is organizing?

A

Determining a structure for both individual jobs and the overall organization.

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4
Q

What is leading?

A

Directing and motivating people to achieve organizational goals.

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5
Q

What is controlling?

A

Checking performance and making adjustments as needed.

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6
Q

What are the 3 basic management levels?

A

Top Management
Middle Management
First-Line (Supervisory) Management

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7
Q

What does top management do?

A

Set the overall direction of the firm, articulating a vision, establishing priorities, and allocating time, money, and other resources.

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8
Q

What does middle management do?

A

They supervise lower level managers and report to higher level managers.

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9
Q

What does first-line management do?

A

They directly supervise non-management employees.

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10
Q

What are the 5 basic skills of managers?

A 
Human Skills
Technical Skills
Conceptual Skills (!)
Time Management
Critical Thinking
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11
Q

What skills do first-line managers need?

A

Technical, Time management, and critical thinking.

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12
Q

What skills do all managers need?

A

Time Management

Critical Thinking

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13
Q

What skills do middle managers need?

A

Human Skills, Time Management, and critical thinking.

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14
Q

What skills do top managers need?

A

Conceptual Skills, time management, and critical thinking.

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15
Q

What are human skills?

A

The ability to work effectively with and through other people in a range of different relationships.

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16
Q

What are technical skills?

A

Expertise in a specific functional area or department.

17
Q

What are conceptual skills?

A

The ability to grasp a big-picture view of the overall organization, the relationship between its various parts, and its fit in the broader competitive environment.

18
Q

What are the 4 main categories of business planning?

A

Strategic Planning
Tactical Planning
Operational Planning
Contingency Planning

19
Q

What is strategic planning?

A

High-level, long-term planning that establishes a vision for the company, defines long-term objectives and priorities, determines broad action steps, and allocates resources.

20
Q

What is tactical planning?

A

More specific, shorter-term planning that applies strategic plans to specific functional areas.

21
Q

What is operational planning?

A

Very specific, short-term planning that applies tactical plans to daily, weekly, and monthly operations.

22
Q

What is contingency planning?

A

Planning for unexpected events, usually involving a range of scenarios and assumptions that differ from the assumptions behind the core plans.

23
Q

What does SWOT stand for?

A

Strengths
Weaknesses
Opportunities
Threats

24
Q

What is SWOT analysis?

A

A strategic planning tool that helps management evaluate an organization in terms of internal strengths and weaknesses and external opportunities and threats.

25
Q

What are 4 examples of internal Strengths? (SWOT)

A

Premium brand name
Proven management team
Lower costs/higher margins
Diverse workforce

26
Q

What are 4 examples of internal Weaknesses? (SWOT)

A

Low employee satisfaction
Inadequate financial resources
Poor location
Poor safety record

27
Q

What are 4 examples of external Opportunities? (SWOT)

A

Higher consumer demand
Complacent competitors
Growth in foreign markets
New social trends

28
Q

What are 4 examples of external Threats? (SWOT)

A

A powerful new competitor
A deep recession
New government regulations
Costly new taxes

29
Q

What are the 3 main goals when setting a strategic goal?

A

Specific and measurable
Ties to a timeframe
Realistic buy challenging

30
Q

What does specific and measurable mean? (Goal setting)

A

Whenever possible, managers should define goals in clear numerical terms that everyone understands.

31
Q

What does tied to a timeframe mean? (Goal setting)

A

To create meaning and urgency, goals should be linked to a specific deadline.

32
Q

What does realistic but challenging mean? (Goal setting)

A

Goals that make people stretch can motivate exceptional performance.

Business CS (16 decks)

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