Chpt 7: Business Management and Organization

Question 1

C-Suite

Answer 1

A collection of top managers of a company(CEO, CFO, COO, CIO)

Question 2

Chief Executive Officer (CEO)

Answer 2

Individual typically responsible for the entire operations of the corporation and reports directly to the board of directors

Question 3

Chief Financial Officer (CFO)

Answer 3

Individual who reports directly to the CEO is responsible for analyzing and reviewing the financial data, reporting financial performance, preparing budgets, and monitoring expenditures and costs.

Question 4

Chief Operating Officer (COO)

Answer 4

Individual responsible for the day-to-day operations of the organization and reports directly to the CEO

Question 5

Conceptual Skills

Answer 5

The Ability to think abstractly to picture an organization as a whole and understand its relationship to the remainder of the business community

Question 6

Contingency Planning

Answer 6

Set of plans that ensures that an organization will run as smoothly as possible during an unexpected disruption

Question 7

Controlling (Monitoring)

Answer 7

The process by which managers easure performance and make sure the company’s plans and strategies are being or have been properly carried out

Question 8

Decision-Making Skills

Answer 8

The Ability to identify and analyze a challenge, examine the alternates, choose and implement the best plan of action, and evaluate the results

Question 9

Departmentalization

Answer 9

Structing the company into smaller groups

Question 10

First-line manager

Answer 10

A manager who fills supervisory role over those employees who carry out the day-to-day operations of a company

Question 11

Goal

Answer 11

A broad, long-term accomplishment an organization wants to achieve within a certain time frame

Question 12

Horizontal organization

Answer 12

A flat organization in which the management layer is collapsed, and the majority of the employees are in working teams or groups

Question 13

Interpersonal skills

Answer 13

Skills that enable managers to motivate and communicate easily with others

Question 14

Inverted Organization

Answer 14

A structure in which management is answerable to employees; management’s role is to enable, encourage, and empower employees to do what they do best.

Question 15

Line and Staff Organization

Answer 15

A complex set of managerial relationships that includes both line organization and staff departments

Question 16

Line Organization

Answer 16

Organization Where one position has direct control of all the departments under it

Question 17

Management

Answer 17

The process of working with people and resources to accomplish the goals of an orginization

Question 18

Matrix Organization

Answer 18

A management structure in which people are pooled into groups by skills and then assigned to projects as needed

Question 19

Middle managers

Answer 19

Those who manage individual divisions or segments of an organization and are responsible for creating the specific plans to implement the strategic plans to implement the strategic vision set by the firm’s top managers

Question 20

Mission Statement

Answer 20

Defines the core purpose of the organization - Why It exists - and often describes its values, goals, and aspirations

Question 21

Network organization

Answer 21

Collection of independent, mostly single-function firms that collaborate on a product or a service

Question 22

Objective

Answer 22

A SHort0 term target designed to help achieve goals

Question 23

Operational plan

Answer 23

Determines the process by which tactical plans can be achieved

Question 24

Organizational Chart

Answer 24

Shows how groups of employees fit into the larger organizational structure

Question 25

Organizing

Answer 25

The process of structuring the capital, personnel, raw materials, and other resources to carry out a company’s plans in a way that best matches the nature of the work

Question 26

Planning

Answer 26

The process of establishing goals and objectives and determining the best ways to accomplish them

Question 27

Six Sigma

Answer 27

A statistically based, proactive, long-term process designed to examine the overall business process and prevent problems

Question 28

Span of Control

Answer 28

Refers to the number of functions, people, or things for which an individual or organization is responsible

Question 29

Staff Department

Answer 29

The organization of company into specific groups that interact with a focused product line or service

Question 30

Strategic plan

Answer 30

The main course of action created by top-level managers that sets the approach for achieving the long-term goals and objectives of an organization

Question 31

SWOT analysis

Answer 31

Used to determine the strategic fit between an organization’s internal and external capabilities; SWOT stands for Strengths, Weaknesses, Opportunities, and Threats

Question 32

Tactical Plan

Answer 32

Specifically determine the resources and the actions required to implement particular aspects of a strategic plan

Question 33

Technical Skills

Answer 33

The Specific knowledge that enables employees to carry out the specific tasks required of a job or a department

Question 34

Time Management Skills

Answer 34

Skills that give people the ability to be effective and productive with their available time

Question 35

Top Managers

Answer 35

he corporate officers who are responsible for an organization as a whole

Question 36

Total Quality Management (TQM)

Answer 36

An integrated approach that focuses on quality from the beginning of the production process up through managerial involvement to detect and correct problems

Question 37

Vertical Organization (Tall Organization)

Answer 37

Organization in which the power belongs to a few, and most people are in positions in which they report to a supervisor

Question 38

Vision

Answer 38

Identifies what the business wants to be in the future