CH 8

Question 1

What is management?

Answer 1

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

Question 2

What are the 4 management functions?

Answer 2

• planning
• organizing
• leading
• controlling

Question 3

What is vision?

Answer 3

an encompassing explanation of why the company exists and where it is trying to head

Question 4

what is a mission statement?

Answer 4

an outline of the fundamental purposes of an organization

Question 5

what is PRIMO-F?

Answer 5

The elements of strengths and weaknesses (people, resources, innovation and ideas, marketing, operations, and finance)

Question 6

What is PESTLE?

Answer 6

elements of Opportunities and Threats (political, economic, social, technological, legal and environmental)

Question 7

what are the 4 different types of plans?

Answer 7

• strategic
• tactical
• operational
• contingency planning
• remember STOC*

Question 8

what are the three levels of management?

Answer 8

• top management: the highest level of management
• middle management: includes general, division and branch managers
• supervisory management: those who are directly responsible for supervising workers and evaluating their daily performance

Question 9

what are the 3 categories of skills managers must have?

Answer 9

• Technical: involve the ability to perform tasks inn a specific discipline
• Human relations: involve communication & motivations
• Conceptual: the ability to picture the organization as a whole

Question 10

what must leaders do?

Answer 10

o Communicate a vision and get others to follow and believe that vision
o Establish corporate values
o Promote corporate ethics
o Embrace transformation change
o Stress accountability and responsibility

Question 11

What are the three most common leadership styles?

Answer 11

• Autocratic leadership: making managerial decisions without consulting others
• Democratic leadership: managers and employees working together to make decisions
• Free-reign (laissez faire): managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives

Question 12

what are the 5 steps of controlling?

Answer 12

1. Establishing clear performance standards
2. Monitoring and recording actual performance (results)
3. Comparing results against plans and standards
4. Communicating results and deviations to the employees involved
5. Taking corrective action when needed and providing positive feedback for a job well done

Question 13

what is knowledge management?

Answer 13

finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm

Question 14

what is brainstorming?

Answer 14

• come up with as many solutions to problems as possible without censoring ideas

Question 15

what is PMI in the problem solving process?

Answer 15

• listing all the pros (Pluses) and cons (Minuses) and facts (Interesting details) to a situation

Question 16

what should a mission statement address?

Answer 16

• The organizations self-concept
• Philosophy and goals
• long-term survival
• customer needs
• social responsibility