business chapter 7

Technical skills

Knowledge of and proficiency in completing specific tasks

Free-rein leadership

Leader who favors autonomy and allows group members to make decisions and take action as needed. Leadership style in which managers set goals and employees are relatively free to choose how to accomplish those goals

Democratic Leader

Leader who involves subordinates in goal setting, problem solving, and decision making.

Autocratic leadership

Leader who maintains individual control over all decisions and accepts little input from subordinates. Leadership style that involves making managerial decisions without consulting others

PMI

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

Goals

Long-term, measurable accomplishments to be achieved by the firm within a specified time frame. The broad, long-term accomplishments and organization wishes to attain.

Top management

The most senior staff of an organization: i.e., vice president, CEO, COO Top management consists of the president and other key company executives. On the other hand, first-line managers are immediately above an organization's workers.

Decision-making process: rank the steps of decision-making

1. Define the situation 2. Describe and collect information 3. Develop alternatives 4. Develop agreement among those involved 5. Decide which alternative is best 6. Do what is indicated (begin implementation) 7. Determine whether the decision was a good one, and follow up

Controlling function of management

1. Measuring results against corporate objectives 2. Monitoring performance relative to standard 3. Rewarding outstanding performance 4. Taking corrective action when necessary

Control process: order the five steps of the control process

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

Conceptual skills

Ability to see the organization as a whole and visualize how it fits into the broader environment

Participative leadership

Also known as Democratic leadership is a leadership style that consists of the managers and employees working together to make decisions

Internal customers

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

Organizing---function of management

1.Allocating resources, assigning tasks, and establishing procedures for accomplishing goals 2.Preparing the structure showing for the responsibility (organization chart) 3. Recruiting, selecting, training, and developing employees 4. Placing employees will be most effective

Planning --function of management

1.Setting organizational goals 2. Developing strategies to reach those goals 3. Determining resources needed 4. Setting precise standards

SWOT analysis

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

External customers

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

PMI

Decision-making tool for weighing the pros and cons of a decision

Directing

Directing involves telling workers exactly what to do. This approach is still common among managers in small companies, but managers in larger firms tend to rely more on leading rather than directing.

Knowledge management

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

Operational plan

Focuses on specific supervisors, department managers, and individual employees: very short term

Leading--- function of management

Guiding and motivating employees to work effectively to accomplish organizational goals and objectives, giving assignments, explaining routes, clarifying policies, and providing feedback on performance all time associated with this type of management.

Management

Organization and coordination of activities of the firm in order to achieve defined goals and objectives. The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources

Middle-management

People within the company who are in charge of departments or groups but the low those in charge of the whole company

Contingency plan

Plan that establishes alternate courses of action if existing plans are disrupted or become ineffective

Strategic plan

Plan that establishes organizations major goals and objectives and allocates resources to achieve them. Looks at the organization as a whole: long-range. Strategic planning is done by top management and determines the major goals of the organization and the policies, procedures, strategies, and resources it will need to achieve them

Tactical plan

Plan that translates general goals developed by strategic managers into more specific objectives and activities. Designed to implement the activities and objectives specified in the strategic plan: short range

Mission statement

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

Human relation skills

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

Conceptual skills

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

Objectives

Statements of short-term, specific outcomes that are to be achieved by the firm. Specific, short-term statement detailing how to achieve the organizations goals

Vision

The answer to the question, "Why does this organization exist"? And encompassing explanation of why the organization exists and where it is trying to head

Transparency

The full, accurate, and timely disclosure of pertinent information to stakeholders of the firm. The presentation of the companies facts and figures in a way that is clear and apparent to all stakeholders

Organizing

The grouping of people, resources, and activities to accomplish the objectives of the organization. When managers work on creating conditions and systems to ensure that everything and everyone works together to achieve the organization's goals A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organizations goals and objectives's

Planning

The process of establishing organizational goals and determining how to accomplish them. Is the key management function because the success of other functions depend on it Planning involves anticipating future trends and identifying business opportunities and challenges.

Controlling

The process of evaluating and regulating ongoing organizational activities to ensure that goals are achieved. An effective standard for the controlling process should be specific, attainable, and measurable. It is also important to establish a time period for the achievement of the goal

Brainstorming

The process of generating creative ideas and solutions through unrestricted group discussion Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas

Leading

The process of guiding, influencing, and motivating others to work toward common goals. Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organizations goals and objectives

Decision-making

The process of selecting one alternative from the available alternatives. Choosing among two or more alternatives.

Problem-solving

The process of working through details of a predicament in order to reach a solution. The process of solving the everyday problems that occur. Problem-solving is less formal than decision-making and usually calls for quicker action

Mission statement

Written declaration of purpose that affirms the highest priorities of the organization. An outline of the fundamental purposes of an organization