intro to business chapter 7: Management

what does empowerment mean?

Empowerment means giving employees the authority and responsibility to respond quickly to customer requests. Enabling is giving workers the education and tools they need to assume their new decision-making powers.

PMI

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

objectives

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

goals

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

knowledge management

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

enabling

giving workers the education and tools they need to make decisions

difference between goals and objectives?

goals are long term, objectives are short term.

top management

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

internal customers

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

participative (democratic) leadership

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 those objectives

Are these skills equally important at all management levels?

managers at different levels need different skills.

What does management look like today?

managers tend to be more progressive. For example, they emphasize teams and team building; they create drop-in centers, team spaces, and open work areas. They tend to guide, train, support, motivate, and coach employees rather than tell them what to do.

supervisory management

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

What reasons can you give to account for changes in management?

most of them are female few of them are educated in elite universities

how do you define the functions of managements?

planning is anticipating trends and determining the best strategies and tactics organizing includes designing the structure of the organization leading means creating vision for the organization controlling means measuring whether what actually occurs meets the organization's goals.

what are the primary functions of management?

planning, organizing, leading, controlling

human relations skills

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

what qualities must standards possess to measure performance result?

standards must be specific, attainable and measurable.

Management

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

Planning

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

Staffing

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

decision making

Choosing among two or more alternatives.

what are the five steps of the control function?

Controlling incorporates (1) setting clear standards (2) monitoring and recording performance, (3) comparing performance with plans and standards (4) communicating results and deviations to employees (5) providing positive feedback for a job well done and taking corrective action if necessary.

What is knowledge management?

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

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

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

what's the difference between a manager and a leader?

a manager plans, organizes, and controls functions within an organization. a leader has vision and inspires others to grasp that vision, establishes corporate values, emphasizes corporate ethics, and doesn't fear change.

SWOT analysis

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

Mission Statement

an outline of the fundamental purposes of an organization

Brainstorming

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

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

external customers

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

Decision Making Process

define describe develop decide do

what leadership style is best?

depends on the people being led and the situation.

four types of planning

strategic, tactical, operational, contingency

What skills do managers need?

technical, interpersonal, conceptual

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

Transparency

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

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 detailed, short-term statements about what is to be done, who is to do it, and how it is to be done

problem solving

the process of finding solutions to difficult or complex issues in a quick fashion.

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

Three levels of management

top managers, middle managers, supervisory managers