Topic 6: Chapter 7

Question 1

Management

Answer 1

Planning, organizing, leading and controlling

Question 2

Planning

Answer 2

Includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

Question 3

Organizing

Answer 3

Designing the structure of the organization and creating conditions and systems, in which everyone and everything work together

Question 4

Leading

Answer 4

Creating a vision for the organization and guiding, training, coaching and motivating others to work effectively to achieve the organizations goals

Question 5

Controlling

Answer 5

Establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for good jobs and taking corrective actions when needed

Question 6

Vision

Answer 6

Why an organization exists and where its trying to head

Question 7

Mission statement

Answer 7

An outline of the fundamental purposes of an organization

Question 8

Goals

Answer 8

The broad long term accomplishments an organization wishes to attain

Question 9

Objectives

Answer 9

Specific, short term statements detailing how to achieve the organization’s goals

Question 10

SWOT analysis

Answer 10

A planning tool used to analyze an organizations strengths, weaknesses, opportunities and threats

Question 11

Strategic planning

Answer 11

The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals

Question 12

Tactical planning

Answer 12

The process of developing detailed, short-term statements about what is to be done, who is to do it and how it is to be done

Question 13

Operational planning

Answer 13

The process of setting work standards and schedules necessary to implement the company’s tactical objectives

Question 14

Contingency planning

Answer 14

The process of preparing alternative courses of action that may be used if the primary plans don’t achieve the organizations objectives

Question 15

Rational decision making model (6 steps)

Answer 15

1. Define the situation
2. Describe and collect needed info
3. Develop alternatives
4. Decide which alternative is best
5. Do what is indicated
6. Determine whether the decision was a good one and follow up

Question 16

Problem solving

Answer 16

Solving everyday problems that occur (less formal than decision making)

Question 17

Brainstorming

Answer 17

Coming up with as many solutions to a problem as possible

Question 18

PMI

Answer 18

Listing all the pluses for a solution in one column all the minuses in another and the implications in a third column

Question 19

Top management

Answer 19

Highest level of management consisting of the president and other key company executives who develop strategic plans

Question 20

Middle management

Answer 20

Includes general managers, decision managers and branch and plant managers and are responsible for tactical planning and controlling

Question 21

Supervisory Management

Answer 21

Managers who are directly responsible for supervising workers, and evaluating their daily performance

Question 22

Technical skills

Answer 22

Skills that involve the ability to perform tasks in a specific discipline or department

Question 23

Human relation skills

Answer 23

Manager skill of Communication and motivation with people

Question 24

Conceptual skills

Answer 24

The ability to picture the organization as a while and the relationship among its various parts

Question 25

Transparency

Answer 25

Presentation of a company’s facts and figures in a way that is clear and apparent to stakeholders

Question 26

Autocratic leadership

Answer 26

Leadership style that involves making managerial decisions without consulting others

Question 27

Participative or democratic leadership

Answer 27

Leadership style that consists of managers and employees working together to make decisions

Question 28

Free rein leadership

Answer 28

Involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives

Question 29

Enabling

Answer 29

Giving workers the education and tools they need to make decisions

Question 30

Knowledge management

Answer 30

Finding the right info, keeping the information in a readily accessible place, and making the info known to everyone

Question 31

Five steps to Controlling

Answer 31

1. Establishing clear standards
2. Monitoring and recording actual performance or results
3. Comparing results against plans and standards
4. Communicating results and deviations to the appropriate employees
5. Taking corrective action when needed and providing positive feedback for work well done

Question 32

External customers

Answer 32

Dealers who buy products to sell to others and customers who buy products

Question 33

Internal customers

Answer 33

Individuals and units within the firm that receive services from other individuals or units