FOM Flashcards
6 Steps of Planning
- Forecast the Future
- Setting Goals
- Develop Strategy
- Budget Resources
- Identify Tasks
- Programming Tasks
6 Steps of Organising
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6 Steps of Control
- Define Specific Objectives
- Identify KPI/Standards
- Measure Outcome
- Evaluate outcome vs KPI
- Corrective Actions
- Review KPI/Standards
What is the management Job?
Coordination of resources and activities/operations to achieve the goals and objectives of an organisation.
What is POCL
Planning - Strategy that defines what to do
Organising - Structure that defines how to do it
Controlling - Mechanism that defines how to ensure a job is well done.
Leading - Results in an organisational climate that brings organisation to where it wants to be.
What is Environment
Condition in which the business operates, the factors that influence the behaviours of the business and how it develops.
Social Responsibility
Duty of an organisation to take care of the interests of the society it conducts its business in.
Forecasting Future
Analyse past and present performance and estimate/predict future conditions and events, analysing the threats and opportunities associated with them.
Goal
Desired future state that the organisation would like to realise
Vision
What an organisation would like to accomplish and the world to become as a result of it.
Strategy
Plot that describes the strategic usage of needed resources, activities, and competitive advantage to attain the organisational goal.
Mission
States an organisation’s purpose, what it takes, what it does, how it adds value to stakeholders.
Budgeting
The acquisition and distribution of resources
Plan
A plan specifies in detail what actions must be done to realise the desired goal based on strategy.
Policy
Standing decision about conditions that must be maintained to accomplish goals.
