Chapter 8: Management And Leadership Flashcards
Resources
General term that incorporates Human Resources, natural resources, and financial resources
Managers need to be
Skilled communicators, team player, organizer, cordinstor, leader
Management
Process used to accomplish organized goals through planning, organizing, leading, and controlling people and other organizational resources
Planning
A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives
Organizing
A management function that includes designing the structure of the organization and creating conditions and system in which everyone and everything work together to achieve the organizations goal and objectives
Leading
Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organizations goals and objectives
Controlling
A management function that involves establishing clear standards to determine whether or not an organization is progressing towards its goals and objectives. Rewarding people for doing a good job, and taking corrective action if they are not
Vision
Explanation of why the company exists and where it’s trying to get to
Values
Set of fundamental beliefs that guide a business in the decisions it makes
Mission statement
Outline of the fundemental purposes of an organization
Goals
Broad, long term accomplishments an organization wishes to attain
Objectives
Specific, measurable, short term statements detailing how to achieve the goal
SWOT analysis
Strengths
Weaknesses
Opportunities
Threats
Strategic planning
Process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals
Tactical planning
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
Operational planning
Process of settling work standards and Scheduales necessary to implement the company’s tactical objectives
Contingency planning
A process of preparing alternative courses of action that may be used if the primary plan do not achieve the organizations objectives
Crisis planning
Involves reacting to sudden changes in the environment
Decision making
Choosing among two or more alternatives
Organizational chart
A visual device that shows relationship among people and divides the organizations work
Shows who is accountable for the completion of specific work and who reports to whom
Top management
Highest level
President
Middle management
General managers, branch and plant managers
Under president / ceo
Supervisory management
Directly supervise workers
Manager must have these 3 qualities
Technical skills
Human relation skillls
Conceptual skills
Technical skills
Ability to perform tasks in a specific discipline or department
Human relations skills
Ability to communicate and motivate, enabling managers to work with peolle
Conceptual skills
Ability to picture organizations as a whole and the relationship among its various parts
Transparency
Presentation of a company’s facts and figures in a way that is clear, accessible, and apparent to all stakeholders
Autocratic leadership
Manager makes decisions without consulting others
Participate (democratic) leadership
Managers and employees working together to make decision
Free rein leadership
Managers setting objectives and employees being free to do whatever they want to do to complete those objectives
Transformational leadership
Leaders can influence others to follow them in working to achieve desired outcome
Transactional leadership
Leader is given the power to assign tasks and their successful completion leads to rewards and reinforcement
Controlling (5 steps)
Establish clear performance standards
Monitor and record actual performance
Compare results against plans and standards
Communicate results and deviations to the employee involved
Take corrective action when needed
External customers
Dealers, who buy products to sell to others, and ultimate customers, who buy products for their own personal use
Internal customers
Individuals and units within the firm that receive services from other individuals or units
Pyramid of positions
Top management
Middle management
Supervisory
Employees
