Chapter 1 (Enterprise Management) Flashcards
What is management?
Management is the attainment of the organizational goals in an effective and efficient manner through planning, organizing, leading, and controlling organizational resources.
What are the four main functions of management?
- Planning
- Organizing
- Leading
- Controlling
Define planning in the context of management.
Planning is deciding in advance what to do, how to do it, when to do it, and who is to do it.
What does leading involve in management?
Leading involves directing, communicating, influencing, and motivating the employees.
What is organizing in management?
Organizing is establishing structure and resource allocation.
What is controlling in management?
Controlling is monitoring and adjusting to ensure goal achievement.
What is enterprise management?
Enterprise Management is the process of planning, monitoring, and evaluating all aspects of a business to achieve its goals efficiently and effectively.
What does financial management involve?
- Budgeting
- Forecasting
- Investing
- Handling risks
What is the focus of human resource management?
Managing employees through hiring, training, performance review, and ensuring job satisfaction.
What is the purpose of information management?
Handling data by collecting, storing, and sharing it to support good decisions.
What is customer relationship management (CRM)?
Building better relationships with customers through sales, marketing, and support to boost satisfaction and loyalty.
What is strategic planning?
Setting long-term goals and plans to keep the business competitive and reach its targets.
What does enterprise resource planning (ERP) combine?
Combines key business processes like finance, HR, supply chain, manufacturing, and customer management into one system.
List some advantages of enterprise resource planning (ERP).
- Easy access to all data
- Automates tasks and reduces errors
- Quick, accurate info
- Easy data sharing
- Reduces costs over time
- Follows industry rules
List some disadvantages of enterprise resource planning (ERP).
- Expensive to set up
- Hard to set up and customize
- Employees may not like the change
- Can cause temporary problems
- Rely on vendors for support
What are key features of ERP?
- Financial Management
- Human Resource Management
- Supply Chain Management
- Manufacturing Management
- Business Intelligence
What are the steps in a manager’s decision-making process?
- Identify the problem
- Gather information
- Find alternatives
- Evaluate alternatives
- Make a decision
- Implement the decision
- Monitor and review
- Learn from past decisions
What challenges do businesses face in the 21st century?
- Tech Change
- Cybersecurity
- Global Competition
- Economic Instability
- Regulations
- Innovation
- Talent
What is lean management?
Lean Management is aimed at reducing waste and improving efficiency.
What does agile management focus on?
Agile Management focuses on being flexible and meeting customer needs.
What is total quality management (TQM)?
Total Quality Management (TQM) aims to improve quality and satisfy customers.
What is Six Sigma?
Six Sigma is aimed at reducing errors and improving processes.
What is the balanced scorecard?
The Balanced Scorecard is a tool to measure performance with different factors.
What is change management?
Change Management involves managing and adapting to changes in the organization.
