Final Flashcards
What are the two main characteristics of good managers?
Responsible for business performance (effective- doing the right things vs Efficient - doing things right)
Accountable for all key stakeholders (develop strategic and tactical plans and analyze competitive environments and plan, organize, direct and control operations)
What are the 4 management activities or functions?
- Planning - setting goals
- Control - Monitor performance
- Organizing - structuring
- Leading - guiding and motivating
What are the 5 steps of Planning?
- set goals
- indentify gap between current situation and goals
- Develop plan to achieve goals
- Implement plan
- Assess effectiveness of plan (look back)
What are the 3 types of planning?
- Strategic
- Tactical
- Operational
What is organizing?
- Determining how to use existing resources to implement plan
- Arranging jobs in a structure to create efficient task system
What is leading or directing?
guiding and motivating sub-ordinates to meet objectives
What gives managers the ability to lead?
- Authority to give orders
- Ability to guide employees
- Power to motivate subordinates
What is Controlling?
Managers monitor the firms performance to make sure it is meeting goals
What are the steps to controlling?
Establish standards -> Measure performance against standards -> assess if performance meets standards -> If yes continue activities if no adjust perfromance or standards
What are the types of managers and their responsibilities?
Top management - responsible for overall performance of the firm
MIddle management - responsible for implementing decisions
First line management - responsible for supervising employees
What 5 skills are important to managers and why?
Conceptual skills - Ability to think abstractly, analyze and see beyond the obvious
Decision Making skills - define problems and selsct best course of action
Time management skills - Allow managers to use their time productively
Human relations skills - Helps lead, motivate and coordinate subordinates
Technical skills - helps perform special tasks
What are the 6 decision making steps?
- Recognize and define the decision situation
- Identify alternatives
- Evaluate the alternatives
- Select the best alternative
- Implement the best alternative
- Follow up and evaluate results
Which level of managers need technical skills most?
Front line managers
Which level of managers need conceptual skills the most?
Top management
What is strategic management?
process of aligning the organization to it’s external environment
What are strategic goals?
Performance objectives that a firm plans to achieve
What is strategy?
Broad set of organizational plans to acheive goals
What are the purpose of setting goals?
Provieds direction guidance and motivation, assists in allocating resources, helps define corporate culture, helps managers assess perfromance
What is the time frame for long term, intermediate and short term goals?
long term: 5+ years
intermediate: 1-5 years
short term: <1 years
What are SMART goals?
Specific Measurable Attainable Relevant Time Based
What is the purpose of having a clearly laid out visions or purpose?
helps the organization move towards it’s goals and provides direction
What is a mission statement?
Statement about how an organization achieves it’s organization; a raison du etre, why the organiozation exists. The What? For whom and How questions
eg Walmart: Save people money so they can live better
How formulate strategy?
Strategic goals - Long term goal based on the mission statement
Analyzing the organization and it’s environment (SWOT)
Matching the organization and it’s environments
What are the 3 levels of strategy?
Corporate level start - What business will we pursue? How do these businesses relate to each other? Business Level (competitive) strategy - How will we compete in our chosen area Functional Strategy - What actions can ourt depts pursue to reach overall goals