Business Chapter 7. Management and Leadership

What is planning?

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

What is free-rein leadership?

involves manager setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives.

What is participative leadership?

involves managers and employees working together to make decisions.

What is problem solving?

less formal decision making and usually calls for quicker action to resolve everyday issues.

What are conceptual skills?

let the manager picture the organization as a whole and see the relationships among its various parts.

What is PMI?

lising the pluses, minuses and implications. The idea is to make sure the pluses exceed the minuses

What is autocratic leadership?

means making managerial decisions without consulting other.

Setting goals is often?

A team process, because workers and management need to agree on them.

What are the four things managers do in terms of organizing?

Allocate resources, assigning tasks, and establishing procedures for accomplishing goals, preparing a structure showing lines of authority and responsibility, placing employees where they'll be more effective.

What is the trend with Leading?

Empowering employees, giving them as much freedom as possible to become self-directed and self-motivated. This function was once known as directing.

What are the five things the managers do in terms of leading?

Guiding and motivating employees to work effectively to accomplish organizational goals and objectives, giving assignments, explaining routines, clarifying policies, providing feed back on performance.

What are the four things managers do in terms of controlling?

Measuring results against corporate objectives, monitoring performance relative to standards, rewarding outstanding performance, taking corrective action when necessary

What are the four main things that managers do?

Plan, lead, organize and control

What is a SWOT analysis?

Planning toll used to analyze an organizations strengths, weaknesses, opportunities, and threats.

What is a major objectives of organizations?

Please customers.

What are the four parts of Planning for managers?

Setting organizational goals, developing strategies to reach those goals, determining resources needed, setting precise standards.

What is Management?

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

What are technical skills?

ability to perform tasks in a specific discipline or department

Why is planning a key management function?

accomplishing the other functions depends heavily on having a good plan.

What are policies?

broad guidelines for action

What are goals?

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

What is decision making?

choosing among two or more alternatives, which sounds easier than it is.

What is brainstorming?

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

Leaders must do the following

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

What are human relations skills?

communication and motivations, they enable managers to work through and with people.

Planning is a?

continuous process

Leading is

creating a vision for the organization and communicating, guiding, training, coaching, and motivating others to achieve goals and objectives in a timely manner.

Top management is?

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

Organizing is?

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.

What is strategic planning?

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.

What is a vision?

encompassing explanation of why the organization exists and where its trying to head.

What is controlling?

establishing clear standards to determine whether an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not. Basically, it means measuring whether what actually occurs meets the organizations goals.

What does the mission state become?

foundation for setting specific goals and objectives

What is middle management?

general managers, division managers who are responsible for tactical planning and controlling.

Decision making is the?

heart of all the management functions

What should a mission statement address?

organizations self-concept, its philosophy, long-term survival needs, customer needs, social responsibility, nature of the product or service.

What is a mission statement?

outlines the organizations fundamental purposes

What is transparency?

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

What is tactical planning?

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

What is contingency planning?

process of preparing alternative courses of action the firm can use if its primary plans don't work out.

What is a operational plan?

process of setting work standards and schedules necessary to implement to company's tactical objectives. Whereas strategic planning looks at the organization as a whole, operational planning focuses on specific supervisors, department managers, and individual employees.

What is staffing?

recruiting hiring, motivating, and retaining the best people available to accomplish the company's objectives.

What are objectives?

specific, short-term statements detailing how to achieve the organizations goals.

What is directing?

telling employees exactly what to do

Many people are not willing to work at companies unless?

they are treated well and get fair pay

What are strategies?

they determine the best way to use resources.

What is supervisory management?

those directly responsible for supervising workers and evaluating their daily performance, they're often known as first line managers or supervisors.