Chapter 6 pt. 1 Flashcards
• Management
is the process of coordinating people and other resources to achieve the goals of an organization.
• Four types of resources-
Material Resources- are the tangible, physical resources an organization uses. Human Resources- most important resources. Financial Resources- are the funds an organization uses to meet its obligations to investors and creditors. Informational Resources- external environmental conditions.
basic management functions
• Planning-
establishing organizational goals and deciding how to accomplish them.
• Organizing
the grouping of resources and activities to accomplish some end result in an efficient and effective manner.
• Leading
is the process of influencing people to work toward a common goal.
Motivating
- is the process of providing reasons for people to work in the best interests of an organization. Directing combines the two.
• Controlling
is the process of evaluating and regulating ongoing activities to ensure that goals are achieved.
• Goals
Goals are an end result that an organization is expected to achieve over a one- to ten- year period
Objectives
are a specific statement detailing what an organization intends to accomplish over a shorter period of time.
• Plan
An outline of the actions by which an organization intends to accomplish its goals and objectives
Strategic Plan-
An organization’s broadest plan, developed as a guide for major policy setting and decision making.
Operational-
a type of plan designed to implement tactical plans.
Contingency (time frame
A plan that outlines alternative courses of action that may be taken if an organization’s other plans are disrupted or become ineffective.
• Levels of Management
-top manager
is an upper-level executive who guides and controls the overall fortunes of an organization
• Levels of Management
-Middle Manager
a manager who implements the strategy and major policies developed by top management.
• Levels of Management
-First-line Manager
a manager who coordinates and supervises the activities of operating employees
• Financial Manager
a manager who is primarily responsible for an organization’s financial resources.
Operations Manager
a manager who manages the systems that convert resources into goods and services.
Marketing Manager
a manager who is responsible for facilitating the exchange of products between an organization and its customers or clients.
Human Resources Manager
- a person charged with managing an organization’s human resources programs.
Administrative Managers
- a manager who is not associated with any specific functional area but who provides overall administrative guidance and leadership.
• Technical Skill
a specific skill needed to accomplish a specialized activity.
Conceptual Skill-
the ability to think in abstract terms. Interpersonal skills- the ability to deal effectively with other people
Authoritarian leader
one person hold all authority and responsibility; moves top to bottom.
. Laissez-faire leader
one who gives authority to employees and allows subordinates to work as they choose with minimum interference; moves horizontally
Democratic leader-
one who holds final responsibility but also delegates authority to others, who help determine work assignments; moves up and down.
• Decision making
- the act of choosing one alternative from a set of alternatives.
• Managerial decision making process
(1) Identifying the problem or opportunity. (2) Generating Alternatives. (3) Selecting an alternative. (4) Implementing and evaluating the solution.
• What skills are required for success
Oral communication skills; Written communication skills; Computer skills; Critical-thinking skills
