Chapter 6

Question 0

What are the 4 resources needed for management?

Answer 0

Material, human, financial, and informational

Question 1

What is management?

Answer 1

Process of coordinating people and other resources to achieve the goals of the organization

Question 2

What are material resources?

Answer 2

Tangible, physical resources an organization uses

Question 3

What are human resources?

Answer 3

People who staff an organization

Question 4

What are financial resources?

Answer 4

Funds an organization uses

Question 5

What are informational resources?

Answer 5

Information about external businesses that the business users to its advantage

Question 6

What are the basic management functions?

Answer 6

Planning➡️organizing➡️leading and motivating➡️controlling (evaluating)

Question 7

What is a mission statement?

Answer 7

The basic purpose that makes an organization different from others

Question 8

Definition of goal

Answer 8

End result that an organization is expected to achieve over a number d years

Question 9

Definition of objective

Answer 9

Specific expected accomplishment over a shorter period of time

Question 10

Definition of optimize

Answer 10

Goals in different departments and at different levels that may conflict

Question 11

What is SWOT?

Answer 11

S: Strengths
W: Weakness
O: Opportunities
T: Threats

Question 12

Strengths (core competencies) :

Answer 12

Approaches and processes that give a company an advantage

Question 13

Weaknesses:

Answer 13

Internal limitations a company faces in developing or implementing plans

Question 14

Opportunities:

Answer 14

Situations that if exploited, could price rewards for an organization

Question 15

Threats:

Answer 15

Conditions or barriers that may prevent the firm from reaching its objectives

Question 16

Purpose of strengths

Answer 16

Efficient distribution
Protected patents
Proven management
Cost advantages

Question 17

Purpose of weakness

Answer 17

Turnover
Lack of direction
Labor grievances
Negative public image

Question 18

Purpose of opportunities

Answer 18

New markets
New technologies
Increased demand
Competitor complacency

Question 19

Purpose of threats

Answer 19

Foreign competitors
Slowing market growth
Regulatory requirements
Sole sourcing

Question 20

What is the strategic plan?

Answer 20

• Broad guide for major policy setting
• Designed to achieve long term goals
• Set by board of directors and top management

Question 21

What is the tactile plan?

Answer 21

• smaller scale plan to implement strategic plan
• may be updated periodically
• easier to change than strategic plan

Question 22

What is the operational plan?

Answer 22

• designed to implement tactile plans
• one year or less plan
• deals with how to accomplish specific objectives

Question 23

What is a contingency plan?

Answer 23

Outline of alternative courses of action if other plans are disrupted of noneffective

Question 24

Definition of leading:

Answer 24

Process of influencing people to work toward a goal

Question 25

Definition of motivating:

Answer 25

Process of providing reasons did lemons to work on the best interest of the organization

Question 26

What are the control (evaluation) functions?

Answer 26

• set standards
• measure performance
• take corrective action

Question 27

Top level manager:

Answer 27

• guides and controls the organizations overall fortunes
• responsible for developing the mission and determining strategy
  1. President
  2. VP

Question 28

Middle managers:

Answer 28

• implements strategy and policies developed by top managers
• develop tactical and operational plans
• coordinate and supervise first line managers
  1. Division manager
  2. Department head
  3. Plant manager
  4. Operations manager

Question 29

First line manager:

Answer 29

• coordinate and supervises operating employees
• spend most of time motivating and working with employees, answering questions, and solving day to day problems
• former operating employees who were promoted
  1. Office manager
  2. Supervisor
  3. Foreman