Chapter 5 Flashcards
management
process of planning, organizing, leading, and controlling an organization’s resources to achieve goals
planning
process of determining what an organization needs to do and how to get it done
organizing
process of determining how to best arrange an organization’s resources and activities into a coherent structure
leading
process of guiding and motivating employees to meet an organization’s objectives
controlling
process of monitoring an organization’s performance to ensure that it is meeting its goals
three levels of management
top, middle, and first-line
top manager
responsible for firm’s overall performance and effectiveness; CEOs, CFOs, president, treasurer etc.
middle manager
responsible for implementing strategies and working towards the goals set by top managers; plant manager, operations manager, division manager
first-line manager
responsible for supervising the work of employees; supervisor, office manager, project manager, group leader
areas of management
human resources, operating, marketing, information, financial
technical skills
skills needed to perform specialized tasks
human relation skills
skills in understanding and getting along with people
conceptual skills
abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation
decision-making skills
skills in defining a problem and selecting the best course of action
time management skills
skills associated with the productive use of time
cause of wasted time
paperwork, phone calls, meetings, e-mail
global management skills
need to understand foreign markets, cultural differences, and motives and practices of foreign rivals; how to collaborate with others around the world
management and technology skills
new forms of technology have added to a manager’s ability to process information while simultaneously making it even more important to organize and interpret an ever-increasing wealth of input
srategic management
process of helping an organization maintain an effective alignment with its environment
strategy
broad set of organizational plans for implementing the decisions made for achieving organizational goals
goals
means by which organizations and their managers measure success or failure at every level; object that a business hopes and plans to achieve purposes of goal getting
mission statement
organization’s statement of how it will achieve its purpose in the environment in which it conducts its business
long-term goal
goal set for and extended time, typically 5 years or more into the future
intermediate goal
goal set for a period of 1-5 years into the future
