Test 2 Flashcards
Management Vision (Vision vs. Mission)
Brand explanation of why the organization exists and where it’s trying to go in the future.
Management Mission (Vision vs. Mission)
Outline of its fundamental purposes
- Self-concept
- Philosophy
- Long-term survival plan
- Customer needs
An Organization Chart
A visual device to show:
- Relationships among people
- Chain of command
- Who reports to whom?
The “C-Suite”
CEO (Chief Executive Officer) - Introduces change in the organization COO (Chief Operating Officer) - Implements the changes the CEO makes CFO (Chief Financial Officer) - In charge of finances - What they buy - What they spend CIO (Chief Information Officer) - Gets the right information to the right people CMO (Chief Marketing Officer) CSO (Chief Security Officer)
Leadership Styles: Autocratic
Making decisions without consulting others
Leadership Styles: Democratic (participative)
Making decisions by consulting with others.
- Managers and employees work together
Leadership Styles: Free-rein
Managers set objectives and employees are free to do whatever is appropriate to accomplish the objective
Why do companies need to reorganize?
- Adjust to changes in the economy and market
- Global competition
- Pressures to be more environmentally aware
- Declining economy
- To go back to the fundamentals of basic organizational principles
Reorganization
Re-aligning people, assets, and/or divisions
What is “Span of Control?”
The optimal number of subordinates a manager should supervise
Operations Management
A specialized type of manangement that focuses on converting resources into good and services
- ex. manufacturing plant manager
What is “Production?”
The creation of goods using the 5 factors of production (land, labor, capital, entrepreneurship, and knowledge).
What is “job specification?”
A summary of the minimum qualifications needed to do a particular job.
What is “job specialization?”
Dividing the job into tasks.
Intrinsic Rewards (Intrinsic vs. Extrinsic)
Personal satisfaction you feel when you perform well and complete goals.