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Introduction to Business > Topic 4 : Management > Flashcards

Topic 4 : Management Flashcards

1
Q

What are the 2 most important concepts in management?

A

Effectiveness and Efficiency

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2
Q

What’s the concept of Management?

A

A process designed to achieve an organization’s objectives by using its resources effectively and efficiently in a changing environment.

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3
Q

Who are the managers and what is their role?

A

Individuals who make decisions about the use of organizational resources.

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4
Q

Name the 5 aspects of a manager’s job.

A

1.Planning
2.Organizing
3.Staffing
4.Directing
5.Controlling

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5
Q

What is efficiency?

A

Doing the right thing by accomplishing the objectives with the minimum amount of resources. (output/input)

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6
Q

What is effectiveness?

A

Doing the right thing by accomplishing the intended objective and result. (output/goal)

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7
Q

Why is management important?

A

Because we want to find a balance between Effectiveness and Efficiency.

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8
Q

What do we obtain when we succeed the balance of efficiency and effectiveness?

A

The right goals
High Return of investment (ROI)
Low cost

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9
Q

What are the 5 types of management function?

A
  1. Planning
  2. Organizing
  3. Staffing
  4. Directing
  5. Controlling
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10
Q

What is the “planning” function?

A

A process of determining the org.’s objectives and deciding how to accomplish them.

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11
Q

While planning, what are the 4 main concepts to take into account?

A

The mission : fundemental purpose and basic philosophy

The vision : What the company wants to be

Goals : Results the company wants to obtain, achieve

Plans : Specify what should be done, by whom, where when and how.

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12
Q

What is a strategic plan used for?

A

For long-range objectives and overall strategy of action to fulfill the mission.

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13
Q

What is a tactical plan used for?

A

Short range plans designed to implement the activities and objectives from the strategic plan.

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14
Q

What is a operational plan used for?

A

Very short-range plans that specify the actions, individuals, work groups, or departments to achieve the tactical plan and ultimately the strategic plan.

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15
Q

When is a Crisis Management (or Contingency plans) applied?

A

When there are incidents or to deal with potential disasters.

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16
Q

How can a manager Organize?

A

By reviewing plans and determine what is necessary to implement them

By dividing work into small units and assign to specific individuals groups or departments

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17
Q

True or False : Organizing is intermittent and only is practiced when necessary

A

FALSE : Organizing is continuous because change is inevitable.

18
Q

What is staffing?

A

Hiring people to carry the work of the organization.

19
Q

What does staffing involves?

A

-Recruiting,
-determining what skills are needed for specific jobs
-Motivating and training employees
-determining pay and benefits
-preparing employees for high level jobs
-Downsizing (eliminating the unproduceing employees)

20
Q

What is Directing in management?

A

It’s motivating and leading employees to achieve organizational objectives

21
Q

What does Directing involves?

A

It involves…

  • To tell employees what to do and when to do it, then encourage them to do their work
  • determining and administering rewards and recognition
22
Q

What is the best way for a manager to motivate the employees?

A

Providing incentives : recognition and appreciation are often the best motivators.

23
Q

What is the process of controlling?

A

It is the process of EVALUATING and CORRECTING activities to keep the organization on course

24
Q

What does Controlling involves

A
  • Measuring performance
  • Comparing performance with the standards or objectives

-Identifying deviations from the standards

-Investigating the causes of deviations
-Taking corrective action when necessary

25
Q

In order (from top to the bottom of the pyramid), what are the levels of Management?

A

1-Top Management
2-Middle Management
3- First-line management

26
Q

Who are part of the TMT (Top management team)

A

President, CEO, Exec. Vice-Presidents

27
Q

Who are part of the Middle Management level?

A

Plant managers, division managers and department managers

28
Q

Who are part of the First-Line Management?

A

Foremen, Supervisors, Office Managers

29
Q

T or F : The Planning function is the least important for the Top Managers

A

False, it’s the most important function

30
Q

T or F : The Planning function is the least important for the First-Line Managers

A

True

31
Q

What is the most important function for the Middle Managers?

A

The Organizing

32
Q

Name the 6 areas of a Management

A
  1. Marketing
  2. Production and Operations
  3. Finance
  4. HR
  5. Information Technology
  6. Administrative managers
33
Q

Link the description with the right area

A
  1. Marketing : __
  2. Production and Operations : __
  3. Finance : __
  4. HR : __
  5. Information Technology : __
  6. Administrative managers: __

A : responsible for implementing, maintaining, and controlling technology applications in business (e.g., computer networks)

B : handle the staffing and functionand
deal with the employees in a
formalized manner

C : responsible for planning, pricing, and promoting products and making them available to customers

D : manage an entire business or a major
segment of a business. Not specialists but coordinate the activities of specialized managers

E : focus on obtaining needed funds for the successful operation of an organization and using those funds to advance organizational goals

F : develop and administer the activities involved in transforming resources into goods, services, and ideas ready for the market

34
Q

_blank__ is the ability to infuence employees to work toward organizational goals.

A

Leadership

35
Q

What is an Autocratic Leader

A

Supervisor that make all decisions then tell employees what must be done and how to do it

36
Q

What does a democratic leader mostly do?

A

They involve the employees in decisions

37
Q

What is a Free-rein leader?

A

A supervisor that let the employees work without much interference. They set performance standards and let employees find their ways to meet them

38
Q

What is a “Technical expertise”?

A

Specialized knowledge and training to perform jobs that are related to particular areas of management

39
Q

_blank__ is the ability to think in abstract terms and to see how parts fit together to form the whole.

A

Analytical skills

40
Q

_blank__ is the ability to deal with people, both inside and outside the organization.

A

Human relation skills

41
Q

What are the 6 steps of decisions-making

A
  1. Recognize and define the decision situation
  2. Develop options
  3. Analyze options
  4. Select the best option
  5. Implement the decision
  6. Monitor consequences
42
Q

Where do managers come from?

A

Either
1. a promotion from within the organization
2. Seeked from other organizations
3. Straight out from universities

Introduction to Business (9 decks)

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