Business chapter 7

decision making

choosing among two or more alternatives

what are external customers

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

what is knowledge management

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

What are the four levels of management

- Top management - middle management - supervisory (first-line) management -non-supervisory

What should a mission statement address?

- the organization's self-concept - it's philosophy - long-term survival needs - customer needs - social responsibility - nature of the product or service

What is a CEO and what do they do?

-Chief executive officer -they introduces change into an organization

What is a COO and what do they do?

-Chief operating officer -they implement CEO's changes

In a mission statement there is :

-Organization's self-concept -nature of the product or service -customer needs

what is a CFO and what of they do?

-chief financial officer -they obtain funds, plans budget, collect funds, etc.

what is a CIO and what do they do?

-chief information officer -they get the right info to the right people so decisions can be made

Managers considered as top management would be :

-chief operational officer -chief financial officer -chief executive officer

what should a leader possess

-communicate a vision and rally other around that vision -establish corporate values -promote corporate ethics -embrace change -stress accountability and responsibility

External customers include:

-dealers -end users

What following takes are associated with the planning g function of management?

-determining resources needed -developing strategies to reach the goals -setting organizational goals

In order to motivate and create the environment needed to motivate themselves, a leader must:

-embrace change -communicate a vision -establish corporate values

Autocratic leadership is effective institution such as:

-emergencies -working with new, unskilled workers

Supervising managers are those directly responsible for:

-evaluating first line workers daily performance -worker's daily performance

Internal customers of a company like Toyota would include:

-payroll department employees -their assembly line employees

Organizing functions of management is associated with:

-preparing a structure showing laws of authority and responsibility -staffing the organization -allocating resources, assigning tasks -establishing procedures for accomplished goals

what are the four types of executives

-rationalists -humanists -politicists -culturists

What is the control function of management:

-rewards people for work well done -takes corrective action where necessary -measures performance relative to the planned objectives and standards

What are the four types of planning

-strategic -tactical -operational -contingent

After using SWOT how do we get to our goal

-strategic planning -tactical planning -operational planning -contingency planning

Objectives

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

Conceptual skills are used by managers to:

-picture the organization as a whole -see the interrelations among an organization's departments -delegate work fairly among workers

what are the four functions of management

-planning -leading -organizing -controlling

Managers classified as middle management include:

-plant managers -division managers -general managers

what does SWOT stand for?

-strengths -weaknesses -opportunities -threats it faces

What is decided top management during strategic planning?

-what products or services to sell -when to serve customers -which customers to serve

what are today's managers like:

-younger and more progressive -emphasis on teams and team building -managers need to be skilled communicators and team players

What are the five steps of a control process

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

What is the rational decision making model

1.define the situation 2.describe and collect needed info 3.develop alternatives 4.decide which alternatives is best 5.do what is indicated 6.determine whether the decision was a good one and follow up

Planning

A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

Organizing

A management function that includes designing they structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives

what is staffing

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

Controlling

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

SWOT analysis

A planning tool used to analyze an organization's strengths,weaknesses, opportunities, and threats

What is the rational decision making model

A series of steps managers often follow to make logical, intelligent, and well-founded decisions

Vision

An encompassing explanation of why the organization exists and where it's trying to head

Mission statement

An outline of the fundamental purposes of an organization

Brainstorming

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

Human relation skills involve what?

Communication and motivation; they enable managers to work through and with people

Leading

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

What does PMI stand for?

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

Who performs tactical planning in an organization?

Managers or teams of managers at lower levels

What is supervisory management

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

A S.W.O.T Analysis is a ___ tool to analyze an organization's strength, weaknesses, other factors, threats

Planning

What is human reactions skills

Skills that involve communication and motivation; they enable managers to work through and with people

What is technical skills

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

What are conceptual skills

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

What is the type of planning done mostly by top management?

Strategic planning

Goals

The broad, long-term accomplishments an organization wishes to attain

A operational plan is:

The department's managers tool for setting daily and weekly standards and schedules to meet the company's tactical objectives

top management

The highest level of management, consisting of the president and other key company executives who develop strategic plans.

What is middle management

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

What is staffing

The part of management function of organizing that includes hiring, motivating, and retaining the best peoplem

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, 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 organization's objectives

Operational planning

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

Problem solving

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

management

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

what is enabling

giving workers the education and tools they need to make decisions

what is an internal customer

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

what is a participative (democratic) leadership

leadership style that consists of managers and empoyess working together to make decisions

what is an autocratic leadership

leadership style that involves making managerial decisions without consulting others

what is a free-reign leadership

leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives

what is transparency

the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders