Chapter 7 Flashcards
Management
The process of planning, organizing, leading and controlling to meet organizational goals
Planning
Establishing objectives and goals for an organization and determining the best ways to accomplish them
Strategic plans
Plans that establish the actions and the resource allocation required to accomplish strategic goals; they’re usually defined for periods of two to five years and developed by top managers
Mission statement
A brief statement of why an organization exists; in other words, what the organization aims to accomplish for customers, investors and other stakeholders
Values statement
A brief articulation of the principles that guide a company’s decisions and behaviors
Goal
A broad, long-range target
Objective
A specific, short-range target
Organizing
The process of arranging resources to carry out the organization’s plans
Management pyramid
An organizational structure divided into top, middle and first-line management
Top managers
Those at the highest level of the organization’s management hierarchy; they are responsible for setting strategic goals, and they have the most power and responsibility in the organization
Middle managers
Those in the middle of the management hierarchy; they develop plans to implement the goals of top managers and coordinate the work of the first-line managers
First-line managers
Those at the lowest level of the management hierarchy; they supervise the operating employees and implement the plans set by higher management levels
Leading
The process of guiding and motivating people to work toward organizational goals
Autocratic leaders
Leaders who do not involve others in decision-making
Democratic leaders
Leaders who delegate authority and involve employees in decision-making
Participative management
A philosophy allowing employees to take part in decision-making
Laissez-faire leaders
Leaders who leave most decisions up to employees, particularly those concerning day-to-day matters
Employee empowerment
Giving employees the power to make decisions that apply to their specific aspects of work
Coaching
Helping employees reach their highest potential by meeting with them, discussing problems that hinder their ability to work effectively, and offering suggestions and encouragement to overcome these problems
Mentoring
A process in which experienced managers guide less-experienced colleagues in nuances of office politics, serving as role models for appropriate business behavior and helping to negotiate the corporate structure
Organizational culture
A set of shared values and norms that support the management system and that guide management and employee behavior
Controlling
Management function of keeping company’s activities on track toward previously established goals
Benchmarking
Collecting and comparing process and performance data from other companies
Balanced scorecard
A method monitoring the performance from four perspectives: finances, operations, customer relationships and the growth and development of employees and intellectual property
Crisis management
Procedures and systems for minimizing the harm that might result from some unusually threatening situations
Interpersonal skills
Skills required to understand other people and to interact effectively with them
Technical skills
The ability and knowledge to perform the mechanics of a particular job
Administrative skills
The technical skills necessary to direct an organization, including scheduling, researching, analyzing data, and managing projects
Conceptual skills
The ability to understand the relationship of parts to the whole
Decision-making skills
The ability to identify a decision situation, analyze the problem, weigh the alternatives, choose an alternative, implement it, and evaluate the results
Cognitive automation
AI technology that aims to help professionals and managers with complex questions that present some of the most daunting decision scenarios
What are the roles of management?
Interpersonal roles, Informational roles, and Decisional roles
What does the planning function consist of?
Defining mission, vision and values; Performing SWOT analysis; Developing forecasts; Analyzing the competition; Establishing goals and objectives; and developing action plans
What does the leading function consist of?
Developing an effective leadership style; Coaching and mentoring; Managing change; building a positive organizational structure
What does the controlling function consist of?
The control cycle- establishing performance standards; measuring performance; comparing performance; and responding as needed
What are the essential management skills?
Interpersonal; technical; conceptual; and decision-making
