MGMT Key Terms

Question 1

Management

Answer 1

the process of guiding the development, maintenance, and allocation of resources to attain organizational goals

Question 2

Planning

Answer 2

the process of deciding what needs to be done to achieve organizational objectives; identifying when and how it will be done’ determining who should do it

Question 3

Organizing

Answer 3

the process of coordinating and allocating resources to carry out an organizations plans

Question 4

Leading (leadership)

Answer 4

the process of guiding and motivating others toward the achievement of organizational goals

Question 5

Controlling

Answer 5

the process of assessing the organizations progress toward accomplishing its goals; includes monitoring the implementation of a plan and correcting deviations from the plan

Question 6

Contingency Plans

Answer 6

plans to identify alternative courses for very unusual or crisis situations

Question 7

Strategic Planning

Answer 7

process of creating long range (1-5 years), broad goals for organization and determining what resources will be needed to accomplish those goals