Management WOB Test 2 Flashcards
Managerial Roles
Patterns and activities that carry out functions of management
4 functions of managers
Planning
Organizing
Controlling
Leading
The four functions of managers can help increase ——- and —–.
Efficiency and effectiveness
Being efficient and effective helps managers reach —– and —–.
Missions and objectives
Mission statement
Brief statement that says what the organization aims to accomplish
Vision Statement
Brief expression of what a company wants to be
Value statement
Explains principals of companies decisions and behaviors
SWOT stands for…
Strength
Weakness
Opportunity
Threat
Strength
A Positive internal factor
Weakness
Negative internal factor
Opportunity
Ways to generate new revenue
Threat
Negative forces that could stop firm from achieving objectives
Qualitative Forecast
Based on judgement which has no numbers
Quantitative Forecast
Involves numbers
Goal vs Objective
Goal- broad long term target
Objective- specific short term target
What does SMART stand for in Smart Goals?
Specific Measurable Attainable Relevant Time limited
Cognitive Intelligence
Involves reasoning and rational skills
Emotional Intelligence
Involves measure of a persons awareness
Social Intelligence
Understanding of social situations
3 types of leadership skills
Autocratic
Democratic
Laiszee Fair
Autocratic
Managers make decisions and pass them down the chain of command
Democratic
Managers share decision making authority
Laisez Fair
Managers acts as advisor and supporter
Benchmarking
Collecting and comparing data against other companies
