Business Exam Ch.7

Define the 4 functions of management

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 the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives. 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 in a timely manner. 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 for doing a good job, and taking corrective action if they are not.

Objectives

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

Empowerment

giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests

6 steps to decision making

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

What are the steps in the control process?

1. Establish clear standards. 2. Monitoring and record performance results. 3. Compare results against standards. 4. Communicate results. 5. If needed, take corrective action.

Staffing

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

What is a SWAT analysis?

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

Identify the various leadership styles listed

Autocratic leadership- involves making managerial decisions without consulting others. Participative (democratic) leadership- consists of managers and employees working together to make decisions. Free-rein leadership- set objectives and employees are free to do whatever is appropriate to accomplish those objectives. These managers need warmth, friendliness, and understanding.

Brainstorming

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

PMI

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

How is modern management different than in the past?

Modern management uses more business strategies to deal with change. They also increase efficiency and productivity. Managers tend to be more collaborative. Emphasize team building and open work areas. Tend to guide, train, support, motivate, and coach employees rather than tell them what to do. They give employees independence to make their own informed decisions about how best to please customers.

What is problem solving and why is it different from decision making?

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

4 types of planning

Strategic planning- the setting of broad, long-range goals by top managers. Tactical planning- the identification of specific, short-range objectives by lower-level managers. Operational planning- the setting of work standards and schedules. Contingency planning- the creation of backup plans in case primary plans fail.

Goals

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

Describe the levels of management

Top management- the highest level, consisting of the President and other key company executives who develop strategic plans. Middle management- the level that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling. Supervisory (first-line) management- managers who are directly responsible for supervising workers and evaluating their daily performance. Includes supervisors, department heads, section leaders. Nonsupervisory- employees

Describe what skills are needed at each level of management

Top managers- big part conceptual skills, middle part human relations skills, and a little technical skills. Middle managers- all even across the board. Conceptual skills, human relations skills, and technical skills. First-line managers- big part technical skills, middle part human relations skills, and little part conceptual skills.

Vision

an encompassing explanation of why the organization exists and where it's trying to go

Mission statement

an outline of the fundamental purposes of an organization.

What is knowledge management?

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