Understanding Business Chapter 7 Reduced

Planning

Management function that includes antcipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

Operational Planning

Process of setting work standards and schedules necessary to implement company's tactical objectives.

Objectives

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

Directing

Telling workers what to do to reach goals

Ohio State

Winning by 21 and then lost 34-21 ( actual score 34-27)

Three Leadership Styles

1. Autocratic 2. Participative (Democratic) 3. Free-Rein

Five Things that Leaders Must Be AbleTo Do

1. Communicate vision 2. Set values 3. Promote corporate ethics 4. Embrace change 5. Stress accountability and responsibility

Rational Decision Making 7 D's

1. Define 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 needed 7. Determine if the decision was good and follow-ip

Five Steps in Controlling

1. Establish clear standards 2. Monitor and record performance 3. Compare results against standards 4. Communicate results 5. Corrective actions as needed

Six Points in Mission Statement

1. Organization self-concept 2. Philosophy 3. Long-term survival needs 4. Customer needs 5. Social responsibility 6. Nature of product or service

Four Functions of Management

1. Planning 2. Organizing 3. Leading 4. Controlling

Four Forms of Planning

1. Strategic 2. Tactical 3. Operational 4. Contingency

Three Categories of Skills for Managers

1. Technical 2. HR 3. Conceptual

Four Levels of Management

1. Top 2. Middle 3. Supervisory 4. Non-supervisory

Browns

2nd place in conference and then fell to last but were not defeated

Goals

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

Brainstorming

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

Knowledge Management

Finding right info, keeping info in a readily accessible place, and making info knwon to everyone in firm.

Empowerment

Giving employees the authority to make a decision without consulting the manager and the responsibility to react quickly to customer requests

Internal Customers

Individuals and units within firm that recieve 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 w/out 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.

Middle Management

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