CH1 Mgmt Flashcards
Key characteristics of Managers (5)
Given authority by nature of their role
Focus on daily tasks and manage activities
Control and direct employees
Usually promoted by being strong employee
Deliver results
Define Operational Management (D, E, C)
The process of designing, executing and controlling an organizations operations by using its resources to produce goods or services
I.E. Manufacturing or delivery services driven from strategic plans and often short term and tactical (prudent/deliberate)
Define Human Resources Management (H, D, B)
The process of focusing on acquiring human capital, developing and directing employees to achieve maximum success for a particular enterprise.
Finds balance between ER and EE goals and objectives (compensation, recruitment, orientation, training)
Define Financial Management (P, D, M, O, C)
The process of planning, directing, monitoring, organizing and controlling the monetary assets of the organization. Analyze financial risk and identify funding opportunities.
Acctg, Audit, Budget & forecasting, Compliance & reporting
Key characteristics of Leaders (5)
Authority comes naturally Focus on strategic plans Inspire employees Behavioral in nature Focus on change
Define Strategic Management (S - MGV)
The process used by organization to determine their future direction by using strategies that are consistent with their mission, goals and values.
Match strengths to external and internal opportunities
Reduce impact of weaknesses
What are 5 management tools
Planning Organizing Leading Controlling Decision Making
What are the 3 steps in Strategic Management
Plan - where we are / going, SMART, SWOT
Implement - performance goals for employees
Control & Monitor - Use of feedback to improve
What is a Strategic Plan
1-3 year plan used to determine future directions that are consistent with the company’s goals, mission and values.
