Chapter 2 - Management and Decision Making Flashcards
1
Q
Four Functions of Management
A
- Planning
- Implementation
- Control
- Adjustment
2
Q
Strategic Management
A
- Consists of charting the overall long-term course of the business
3
Q
Tactical Management
A
- Consists of taking short-run actions that keep the business moving along.
4
Q
Steps in Strategic Management
A
- Define the mission of the business
- Formulate the goals for the farm and family
- Internal scanning
- External scanning
Identify - Identify appropriate strategies
- Implement selected strategies.
5
Q
SWOT Analysis
A
- Strength
- Weakness
- Opportunities
- Threats
6
Q
Decision Hierarchy
A
- Givens
- Focus Decisions
- Tactical Decisions
7
Q
Decision Making
A
- Identify problem / opportunity
- Identify alternative solutions
- Collect data
- Analyze the alternatives and choose one
- Implement the decision
- Monitor results
- Accept responsibility
