Chapter 7 Flashcards
Empowerment
Rather than telling employees exactly what to do, managers today tend to give their employees enough independence to make their own informed decisions about how best to please customers.
Four functions of Management
Planning, Organizing, Leading, Controlling
Planning
Considered to be the most-important step-it is what helps the managers understand the environment in which their business must operate.
Vision
More than a goal; an encompassing expectation of why the organization exists and where it’s trying to go.
Mission Statement
An outline of the fundamental pruposes of an organization. (Yearly)
Goals
The broad, long-term accomplishments an organization wishes to attain. (Yearly)
Objectives
Specific, short-term statements detailing how to achieve the organization’s goals. (Monthly)
SWOT Analysis
A planning tool used to analyze an organization’s: strengths, weaknesses, opportunities, and threats.
Strategic Planning
Determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.
Contingency Planning
Preparing alternative courses of action that may be used if the primary plans don’t achieve the organization’s objectives.
Decision Making
Choosing among two or more alternatives.
PMI Analysis
Listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column.
Three Levels of Management
Top management, middle management, supervisory management.
Three Skills Sets
Technical skills set, human relations skills set, conceptual skills set.
Transparency
The presentation of the company’s facts and figures in a way that is clear understandable and apparent to all stakeholders.
