business chapter 7
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
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
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
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
PMI
Listing all the pluses for a solution in one column, the minuses in another column, and the implications in the third column
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
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.
Mission statement
Written declaration of purpose that affirms the highest priorities of the organization. An outline of the fundamental purposes of an organization
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.
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
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.
Internal customers
Individuals and units within the firm that receive services from other individuals or units
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
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
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
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.
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
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