Management Flashcards
What is management in your own words?
this is putting together and coordinating the factors of production within an enterprise to get(obtain) optimum (Best) levels of profit & production.
What are the five functions of management?
Forecasting Planning Organizing Motivating Controlling
What is forecasting in your own words?
Forecasting is the predictions of future events, trends and practices that will benefit the firm.
Why is it important to forecast?
Accurately predicting future events will help management to put plans into place to capitalize on them
What is planning?
This is identifying & setting goals and objectives to be achieved in the future.
What are the three types of objectives?
Strategic
Functional
Tactical
What is strategic objectives?
These are long term objectives set by an individual or firm to be achieved in access of five years.
What are functional objectives?
Functional objectives are established by each department to help achieve the strategic objectives of the firm.
What are tactical objectives?
These are the individual duties that each employee within a department must perform on a daily basis to keep the department running.
What is a Budget?
This is a financial plan of income(revenue) and spending(expenditures) for a specific period of time.
What are the types of budget?, give their meanings.
- Surplus Budget- revenue exceeds expenditure
- Deficit Budget- Expenditure exceeds revenue
- Balanced Budget- Expenditure equals to revenue
Setting Objectives?
In order for a business to set objectives they need to be S.M.A.R.T
What does S.M.A.R.T. mean?
S- Specific M- Measurable A- Attainable R- Relevant T- Time Bound
