Topic 6: Chapter 7 Flashcards
Management
Planning, organizing, leading and controlling
Planning
Includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives
Organizing
Designing the structure of the organization and creating conditions and systems, in which everyone and everything work together
Leading
Creating a vision for the organization and guiding, training, coaching and motivating others to work effectively to achieve the organizations goals
Controlling
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
Vision
Why an organization exists and where its trying to head
Mission statement
An outline of the fundamental purposes of an organization
Goals
The broad long term accomplishments an organization wishes to attain
Objectives
Specific, short term statements detailing how to achieve the organization’s goals
SWOT analysis
A planning tool used to analyze an organizations strengths, weaknesses, opportunities and threats
Strategic planning
The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals
Tactical planning
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
Operational planning
The process of setting work standards and schedules necessary to implement the company’s tactical objectives
Contingency planning
The process of preparing alternative courses of action that may be used if the primary plans don’t achieve the organizations objectives
Rational decision making model (6 steps)
- Define the situation
- Describe and collect needed info
- Develop alternatives
- Decide which alternative is best
- Do what is indicated
- Determine whether the decision was a good one and follow up
Problem solving
Solving everyday problems that occur (less formal than decision making)
Brainstorming
Coming up with as many solutions to a problem as possible
PMI
Listing all the pluses for a solution in one column all the minuses in another and the implications in a third column
Top management
Highest level of management consisting of the president and other key company executives who develop strategic plans
Middle management
Includes general managers, decision managers and branch and plant managers and are responsible for tactical planning and controlling
Supervisory Management
Managers who are directly responsible for supervising workers, and evaluating their daily performance
Technical skills
Skills that involve the ability to perform tasks in a specific discipline or department
Human relation skills
Manager skill of Communication and motivation with people
Conceptual skills
The ability to picture the organization as a while and the relationship among its various parts
Transparency
Presentation of a company’s facts and figures in a way that is clear and apparent to stakeholders
Autocratic leadership
Leadership style that involves making managerial decisions without consulting others
Participative or democratic leadership
Leadership style that consists of managers and employees working together to make decisions
Free rein leadership
Involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives
Enabling
Giving workers the education and tools they need to make decisions
Knowledge management
Finding the right info, keeping the information in a readily accessible place, and making the info known to everyone
Five steps to Controlling
- Establishing clear standards
- Monitoring and recording actual performance or results
- Comparing results against plans and standards
- Communicating results and deviations to the appropriate employees
- Taking corrective action when needed and providing positive feedback for work well done
External customers
Dealers who buy products to sell to others and customers who buy products
Internal customers
Individuals and units within the firm that receive services from other individuals or units
