Management and leadership Flashcards
What are the four functions of management?
Planning, Organizing, Leading, Controlling
What does planning involve?
Setting visions, goals and objectives
What is the purpose of organizing in management?
Allocating resources, assigning tasks, establishing procedures, and preparing an organizational structure.
How does leading differ from the other management functions?
Leading involves guiding and motivating employees to achieve organizational goals.
What is the controlling function of management?
Measuring results, monitoring performance, rewarding achievements, and taking corrective action.
What is a vision statement?
An encompassing explanation of why an organization exists and where it’s trying to go.
What is a mission statement?
An outline of the organization’s fundamental purposes, including self-concept, philosophy, customer needs, and social responsibility.
What are the four types of planning?
Strategic, Tactical, Operational, and Contingency planning.
What does the SWOT analysis evaluate?
An organization’s Strengths, Weaknesses, Opportunities, and Threats.
What are the three management levels?
Top management, Middle management, and Supervisory management.
What are the three essential skills for managers?
Technical skills, Human relation skills, and Conceptual skills.
Define empowerment in a management context.
Giving employees the authority to make decisions independently.
What is knowledge management?
Finding, keeping, and sharing important information within a firm.
How is success traditionally measured in organizations?
Through financial metrics, while also considering customer and employee satisfaction.
What is the importance of customer satisfaction in controlling?
It’s a key criterion for measuring success beyond just financial metrics.
What is strategic planning?
determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals
What is tactical planning?
developing detailed, short-term statements about what is to be done, who is to do it, and how is it to be done
What is operational planning?
setting work standards and schedules necessary to implement the company’s tactical objectives
What is contingency planning?
preparing alternative courses of action that may be used if the primary plans don’t achieve the organizations objectives
