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Business > Ch 8. Management Activities of Planning, Organising & Controlling > Flashcards

Ch 8. Management Activities of Planning, Organising & Controlling Flashcards

1
Q

Planning

A

Clearly setting out the goals for the organisation and how these are to be achieved

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2
Q

Stages in the planning process (4)

A
  • Analyse the situation (where are we now)
  • IdentIfy the goal (where do we want to go)
  • Draft a plan (how will we get there
  • Implement and review (break into manageable steps & review progress)
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3
Q

SWOT analysis

A

A management technique used to access a business in terms of its strengths, weaknesses, opportunities and threats

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4
Q

Mission Statement

A

Short but precise one-or-two sentence statements used by companies to summarise ‘who we are, what we do and where we’re headed’

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5
Q

Types of plans (4)

A
  • Strategic plan
  • Tactical plan
  • Operational plan
  • Contingency plan
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6
Q

Strategic plan

A

Long term plan for the whole business

Normally covers 5 or more years

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7
Q

Tactical plans

A

Break the general strategic plan down into shorter, more specific and manageable steps, usually one or two year periods

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8
Q

Operational plans

A

Short-term plans that set targets for weeks or months ahead

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9
Q

Contingency plans

A

Special plans prepared to cope with emergencies or unexpected circumstances

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10
Q

An effective plan (SMART)

A
  • Specific
  • Measurable
  • Agreed
  • Realistic
  • Timed
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11
Q

Why is planning important to management (7)

A
  • Helps identify internal strengths
  • Helps identify internal weaknesses
  • Helps identify new opportunities
  • Helps identify threats
  • Sets out clear targets
  • Assists leadership and motivation
  • Provides the necessary information to investors
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12
Q

Organising

A

Bringing people and resources together effectively to implement plans

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13
Q

Organising allows a manager to..(4)

A
  • Identify the work to be done
  • Create a suitable organisational structure
  • Identify who will do what tasks
  • Maintain a clear chain of command
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14
Q

Organisational structures

A

Identify the different departments and management functions in an organisation

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15
Q

Types of organisational structures

A
  • Functional
  • Product
  • Geographic
  • Matrix/team-based
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16
Q

A functional structure

A

Divides a business into different departments according to the management functions of marketing, production, human resources and finance

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17
Q

Advantages of functional structures (2)

A
  • Builds up staff skills and expertise

- Provides clear promotional paths

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18
Q

Disadvantages of functional structures (2)

A
  • Employees lose sight of the overall business mission

- Communications can be slow

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19
Q

A product structure

A

Organises a business on the basis of the products it makes

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20
Q

Advantages of product structures (3)

A
  • Improves communications
  • A business can adapt different products to customer needs
  • Focus on its own customers
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21
Q

Disadvantages of product structures (2)

A
  • Wasteful competition between different product divisions

- Wasteful duplication of management

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22
Q

A geographic structure

A

Divides the organisation according to the geographical markets it serves

23
Q

Advantages of geographic structures (2)

A
  • Meet local customer needs

- Healthy competition

24
Q

Disadvantages of geographic structures (2)

A
  • Wasteful duplication of resources

- Lack of co-ordination

25
Q

Matrix structures

A

Staff are brought together into teams to achieve a clearly stated team goal, such as launching a new product

26
Q

Characteristics of successful team management (3)

A
  • Self-managing
  • Responsibilities
  • Input into decision-making
27
Q

Advantages of matrix structures (4)

A
  • Synergies
  • Efficiency
  • Better relationships
  • Motivatin
28
Q

Disadvantages of matrix structures (2)

A
  • Two bosses (slow decision making)

- Training costs

29
Q

Organisational charts show (3)

A
  • Layers of command
  • Chain of command
  • Span of control
30
Q

The chain of command

A

How decisions flow from the top of an organisation down through the layers to the bottom

31
Q

Span of control

A

The number of people reporting directly to a manager

32
Q

Delayering

A

Reducing the number of layers in the organisational structure of a business

33
Q

Organisational structures should be…. (5)

A
  • As simple as possible
  • Allow easy communication
  • Narrow spans of control
  • Wide spans of control
  • Cost effective
34
Q

Why is organising important to managers (3)

A
  • Creates a suitable organisational structure
  • Establishes a clear chain of command
  • Facilitates smooth upward and downward flow of communication
35
Q

Management control

A

The continuous monitoring and checking of results to see if they are in line with the goals and targets set out in the plans

36
Q

Types of management control (4)

A
  • Stock control
  • Quality control
  • Credit control
  • Financial control
37
Q

Stock control

A

Ensure that firms have the right quantity and type of goods in stock at the right time, without incurring stockholding costs, such as insurance, security, rent

38
Q

Buffer stock

A

The minimum level of stock that should be held

Once stock falls below the buffer level, more should be ordered

39
Q

Proper stock control improves…. (3)

A
  • Profitability (less money tied to inventory)
  • Cash flow
  • Storage space
40
Q

Just-in-time

A

Stock control system in which stocks of raw materials, components of finished goods are delivered just when they are needed, no sooner or no later

41
Q

Quality control

A

Ensuring that the quality standards expected by customers are properly met

42
Q

Quality control can (4)

A
  • Reduce waste and costs
  • Increase customer satisfaction
  • Help promote a quality image
  • Meet legal responsibilities (Sale of Goods and Supply of Services Acts)
43
Q

Quality control can be achieved by… (5)

A
  • Regular inspection of the quality of goods
  • Recruiting and training
  • More facilitator management
  • Facilitating teamwork
  • Quality circles
44
Q

Quality circles

A

Discussion groups made up of employees who meet regularly to discuss and resolve quality issues

45
Q

The ISO

A
  • International standards office

- Provides internationally recognised quality control standards

46
Q

The Q Mark

A

A quality standard awarded by Excellence Ireland Quality Association

47
Q

Credit

A

Selling goods now but not getting paid until later

48
Q

Credit control

A

Monitoring which customers are given credit and for how long and ensuring they pay on time

49
Q

The Credit Controller

A

The person responsible for managing credit given to debtors and collecting payments

50
Q

Credit control can be improved by

A
  • Offering discounts
  • Taking out insurance against debts
  • Research customer credit backgrounds
  • Refuse to give credit
51
Q

Financial control

A

Used to monitor the financial affairs of the business to ensure it is profitable and always has enough money to pay its bills

52
Q

Financial control can be achieved by using…(4)

A
  • Cash-flow budgets
  • Ratio-analysis
  • Cost control
  • Break-even analysis
53
Q

Why is control important to managers (6)

A
  • Identifies deviations from plans
  • Reduces waste
  • Ensures the right stock is available at the right time
  • Keep bad debts to a minimum
  • Improve product quality
  • Monitor financial health of the business

Business (11 decks)

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