Ch 1. Flashcards
Principles of Management:
The concepts managers use in an effort to accomplish management goals
Management:
The art and science of accomplishing goals though the efforts of individuals and groups using POLC
P-O-L-C
Planning, organizing, leading, controlling.
The framework managers use
Managerial Roles
Interpersonal
Informational
Decisional
Empowerment
The process of enabling or authorizing an individual to think, behave, take action, and control work and decision making in autonomous ways
Entrepreneurship
The recognition of opportunities and the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures
Leadership
The act of influencing others toward a goal
Strategic Management
Examines how actions and events involving top executives, firms, and industries influence a firm’s success or failure
Strategy
The central, integrated, externally-oriented concept of how an organization will achieve its objectives
Entrepreneur
A person who engages in the process of entrepreneurship
Operational Planning
Assumes the existence of goals and objectives and specifies ways to achieve them
Strategic planning
The process of analyzing competitive opportunities and threats, as well as the strengths and weaknesses of the organization, and then determining how to position the organization to compete effectively in its environment
Tactical Planning
Intermediate-range planning that is designed to develop relatively concrete and specific means to implement the strategic plan
environmental Scanning
the act of analyzing the critical external contingencies facing an organization in terms of economic conditions, competitors and customers
Job Design
the process of putting together various elements to from a job, bearing in mind organizational and individual worker requirements