Business 2020 Chapter 7

Leading

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

Goals

The broad long term accomplishments a company wishes to attain

Problem Solving

The process of solving everyday problems that occur; less formal than decision making and usually calls for quicker action.

Objective

specific, short term statements detailing how to reach the organizations goals

Decision Making

Choosing between two or more alternatives; at the heart of all management functions

External Customers

Dealers, who buy products to sell to others, and ultimate customers(or end users) who buy products fr their own personal use

Knowledge Management

Finding the right information, keeping it in a readily accessible place, and making sure it is known to everyone in the firm

Internal Customers

Individuals or units within a firm that receive services from other individuals or units

Participative/Democratic

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

Autocratic Leadership

Leadership style that involves making managerial decisions without consulting others

Free-rein Leadership

Leadership style that involves managers setting objectives, and employees being relatively free to do whatever it takes to accomplish the objectives

Transparency

The presentation of a companies facts and figures in a way that is clear and apparent to all the stockholders

SWOT analysis

a planning tool used to organize an organization's strengths, weaknesses, opportunities and threats

Enabling

giving workers the the tools and education needed to make decisions

Operational Planning

the process is setting work standards and schedules necessary to implement the company's tactical objectives

Human relation Skills

Skills that involve communication and motivation enabling managers to work through and with the people

Technical Skills

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

Conceptual Skills

Skills that involve the ability to picture the organization as a whole and the relationship among its various parts

Organizing

A management function that involves designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organizational goals and objectives

Controlling

A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people if they are doing a good job, and taking corrective action if they are not

Staffing

A management function that involves hiring, motivating, and retaining the best people available to accomplish the organization's objectives

Organization Chart

A visual representation that shows relationships among people and divides the organization's work; it shows who reports to whom

Brain Storming

Coming up with as many solutions as possible in a short period of time with no censoring of ideas

Top Management

Highest level of management that develop strategic plans

Middle Management

Level of management that includes general managers, plant and branch managers, and division managers who are responsible for tactical planning and controlling

PMI

Listing all Pluses in one column, minuses in another, and implications in a third

Planning

Management function that involves anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

Supervisory Management

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

Strategic Planning

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

Contingency Planning

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

management

The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources

Vision

an encompassing explanation that explains why the company exists and where it is trying to head

Mission Statement

an outline of the fundamental purpose of the organization

Vision

more than a goal; broad explanation of why the company exists and where its trying to go; gives the organization a sense of purpose and a sense of values that unite workers in a common destiny