chapter 8

Question 1

Resources: HNF

Answer 1

Human resources
natural resources
financial resources.

Question 2

Management:

Answer 2

is the process used to accomplish organizational goals, through planning, organizing, leading, and controlling.

Question 3

Four objectives of Managment: COLP

Answer 3

Planning:
anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

Organizing:
includes designing the structure of the organization and creating conditions and systems.

Leading:
means creating a vision for the organization and communicating, guiding, training, coaching, and motivating.

Controlling:
involves establishing clear standards to determine whether an organization is progressing toward its goals and objectives.

Question 4

Vision / Values & mission statement

Answer 4

A vision
is an explanation of why the organization exists values are a fundamental set of beliefs that guide business decisions.

A Mission statement
is an outline of the organization’s fundamental purposes that should address concept, survival, and philosophy.

Question 5

SWOT analysis

Answer 5

Businesses use the SWOT analysis to analyze an organization’s strengths, weaknesses, objectives, and threats. This begins with soliciting info from key stakeholders, in order to create a general review of the business situation.

Question 6

Opportunities and threats include PESTLE

Answer 6

political
economic
social
technological
legal
environmental.

Question 7

Forms of planning: COST

Answer 7

Strategic planning:
the setting of broad long range goals by top managers.

Tactical planning:
identification of specific short range objectives by lower managers.

Operational:
setting of work standards and schedules.

Contingency planning:
the creation of back up plans in case primary plans fail.

Question 8

Types of management:

Answer 8

Top managements: presidents and vice presidents.
Middle managment
Supervisory management
Non supervisory. - employees.