Chapter 8 Flashcards
What are resources?
A general term that incorporates human resources, natural resources and financial resources
What is management?
The process used to accomplish organizational goals through planning, organizing, leading and controlling people and other organizational resources
What are the 4 functions of management?
- Planning - includes anticipating trends and determining the best strategies and tactics to achieve organizational goals
- Organizing - includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization’s goals
- Leading - means creating a vision for the organization and communicating, guiding, training, coaching and motivating others to work effectively to achieve the organization’s goals and objectives
- Controlling - involves establishing clear standards to determine whether an organization is progressing toward its goals and objectives, reporting the results achieved and rewarding people
What are values?
A set of fundamental beliefs that guide a business in the decisions they make
Managing without establishing a vision is often counterproductive
What is a mission statement?
An outline of the organization’s fundamental purposes
What is the difference between goals and objectives?
Goals are the broad, long-term accomplishments an organization wishes to maintain
Objectives are specific, short-term statements detailing how to achieve the organization’s goals
What are the 5 different types of planning?
- Strategic
- Tactical
- Operational
- Contingency
- Crisis
What is strategic planning?
Outlines how the company will meet its objectives and goals; it provides the foundation for the policies
What is tactical planning?
The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done
What is operational planning?
The process of setting work standards and schedules necessary to implement the company’s tactical objectives
What is contingency planning?
The process of preparing alternative courses of action that may be used if the primary plans do not achieve the organization’s objectives
What is crisis planning?
Involves reacting to sudden changes in the environment
What are the 7 D’s of decision making?
- Define the situation
- Describe and collect information
- Develop alternatives
- Develop agreement among those involved
- Decide which alternative is best
- Do what is indicated
- Determine whether the decision was a good one and follow up
What is an organizational chart?
A visual device that shows relationships among people and divides the organization’s work; it shows who is responsible for the completion of specific work
What are the 3 levels of management?
- Top Management - CEO, COO, CFO, CIO
- Middle Management - general, division and branch managers
- Supervisory Management - those directly responsible for supervising workers and evaluating their performance
What are the 3 different types of skills?
- Technical skills - involve the ability to perform tasks in a specific discipline or department
- Human relations skills - involve communication and motivation
- Conceptual skills - involve the ability to picture the organization as a whole
What are the 3 leadership styles?
- Autocratic Leadership - involves making managerial decisions without consulting others
- Participative (democratic) leadership - consists of managers and employees working together to make decisions
- Free-rein (laissez faire) leadership - involves managers setting objectives and employees being relatively free to do whatever they need to accomplish objectives
What is the difference between transformational and transactional leadership?
Transformational - occurs when visionary leaders can influence others to follow them in working to achieve a desired outcome
Transactional - associated with employees who are motivated by a system of reward
What are the five steps of the control process?
- Establishing clear performance standards
- Monitoring and recording actual performance (results)
- Comparing results against plans and standards
- Communicating results and deviations to the employees involved
- Taking corrective action when needed and providing positive feedback for work well done
