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BGT summery notes > chapter 8 - Summary > Flashcards

chapter 8 - Summary Flashcards

1
Q

current changes in the management function

A

Many managers are changing their approach to corporate managing.

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2
Q

Why are managers changing their approach to corporate managing

A
  • be more ethical
  • make their accounting practices more visible to investors & general public
  • managing change is an important element of success
  • keep up with the global marketplace
  • cooperations among companies is increased
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3
Q

how are manager’s roles changing

A
  • leaders tend to be younger
  • more females
  • fewer educated at elite university
  • appreciate that many employees are knowledgeable in tech
  • tend to put more emphasis on motivation, teamwork, & cooperation
  • more expansions overseas
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4
Q

What are the 4 functions of management?

A
  1. planning
  2. organizing
  3. leading
  4. controlling
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5
Q

planning

A
  • anticipating trends
  • determining the best strategies & tactics to achieve organizational goals/objectives
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6
Q

organizing

A
  • designing the structure of organizations
  • creating conditions and systems in which everyone and everything works together
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7
Q

leading

A
  • creating a vision for the organization
  • guiding
  • training
  • coaching
  • ## motivating others to work efficiently to achieve goals & objectives
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8
Q

controlling

A
  • establishing clear standards to determine whether an orgaiztion is progressing toward goals and objectives
  • rewarding people for doing well
  • taking corrective action if not
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9
Q

goals VS objectives

A

Goals:
long-term achievements that organizations aim to accomplish

objectives:
specific short-term plans to reach the target goals

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10
Q

What is the SWOT analysis of a firm?

A

managers look at
1. Strength
2. Weaknesses
3. Opportunities
4. Threats

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11
Q

What are the 4 types of planning

A
  1. strategic
  2. tactical
  3. operational
  4. contingency
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12
Q

strategic planning

A
  • broad
  • long range planning
  • outline goal of the orgaztion
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13
Q

tactical planning

A
  • specific
  • short term planning
  • list organization objectives
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14
Q

operational planning

A
  • part of tactical planning
  • setting specific time tables and standards
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15
Q

contingency planning

A
  • developing an alternate set of plans in case the first set does not work out
    (Backup)
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16
Q

the 6 D’s of decision-making

A
  1. define the situation
  2. describe and collect needed information
  3. develop alternatives
  4. decide which alternative is best
  5. do what is indicated (begin implementation)
  6. Determine whether the decision is good and follow up
17
Q

What is the organizing function of management

A

Organizing means…
–> Allocating resources (ex., funds for various departments)
–> assigning tasks
–> Establishing procedures for accomplishing goals & objectives

18
Q

What are the 3 levels of management?

A
  1. top management
    –> highest level
    –> Presidents and other company executives who developed strategic plans
    **rely on HR & conceptual skills
  2. middle manaangement
    –> general managers
    –> Division managers, plant managers
    –> responsible for tactical planning and controlling
    ** Need to balance all skills
  3. supervirey management
    –> First-line managers/supervisors
    –> evaluate workers daily performance
    **rely on technical & HR skills
19
Q

What skills do managers need?

A
  1. technical skills
    –> Perform specific tasks of selling products & developing software
  2. HR skills
    –> communicate & motivate
  3. conceptual skills
    –> See the organization as a whole and how all parts fit together
20
Q

Manager VS Leader

A

manager
–> plans
–> organizes
–> Controls functions within operations

Leaders
–> Has vision and inspires others to grasp the vision
–> establishes corporate values
–> emphasizes corporate ethics
–> does not fear change

21
Q

leadership styles

A
  • boss centred
  • subordinate centred
22
Q

What is the control function of management?

A

involves measuring employees’ performance against objectives and standards
–> Rewarding people for a job well done
–> Taking corrective action if needed

23
Q

5 steps of the control function of management?

A
  1. setting clear standards
  2. monitoring and recording performances
  3. Comparing performance with plans and standards
  4. communicating results and deviations to employees
  5. providing positive feedback or corrective action
24
Q

What qualities must standards processes to be used to measure performance results

A

standers must be
- specific
- attainable
- measurable

BGT summery notes (14 decks)

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