Business chapter 7
decision making
choosing among two or more alternatives
what are external customers
dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use
what is knowledge management
finding the right information, keeping the info in a readily accessible place, and making the info known to everyone in the firm
What are the four levels of management
- Top management - middle management - supervisory (first-line) management -non-supervisory
What should a mission statement address?
- the organization's self-concept - it's philosophy - long-term survival needs - customer needs - social responsibility - nature of the product or service
What is a CEO and what do they do?
-Chief executive officer -they introduces change into an organization
What is a COO and what do they do?
-Chief operating officer -they implement CEO's changes
In a mission statement there is :
-Organization's self-concept -nature of the product or service -customer needs
what is a CFO and what of they do?
-chief financial officer -they obtain funds, plans budget, collect funds, etc.
what is a CIO and what do they do?
-chief information officer -they get the right info to the right people so decisions can be made
Managers considered as top management would be :
-chief operational officer -chief financial officer -chief executive officer
what should a leader possess
-communicate a vision and rally other around that vision -establish corporate values -promote corporate ethics -embrace change -stress accountability and responsibility
External customers include:
-dealers -end users
What following takes are associated with the planning g function of management?
-determining resources needed -developing strategies to reach the goals -setting organizational goals
In order to motivate and create the environment needed to motivate themselves, a leader must:
-embrace change -communicate a vision -establish corporate values
Autocratic leadership is effective institution such as:
-emergencies -working with new, unskilled workers
Supervising managers are those directly responsible for:
-evaluating first line workers daily performance -worker's daily performance
Internal customers of a company like Toyota would include:
-payroll department employees -their assembly line employees
Organizing functions of management is associated with:
-preparing a structure showing laws of authority and responsibility -staffing the organization -allocating resources, assigning tasks -establishing procedures for accomplished goals
what are the four types of executives
-rationalists -humanists -politicists -culturists
What is the control function of management:
-rewards people for work well done -takes corrective action where necessary -measures performance relative to the planned objectives and standards
What are the four types of planning
-strategic -tactical -operational -contingent
After using SWOT how do we get to our goal
-strategic planning -tactical planning -operational planning -contingency planning
Objectives
Specific, short-term statements detailing how to achieve the organization's goals
Conceptual skills are used by managers to:
-picture the organization as a whole -see the interrelations among an organization's departments -delegate work fairly among workers
what are the four functions of management
-planning -leading -organizing -controlling
Managers classified as middle management include:
-plant managers -division managers -general managers
what does SWOT stand for?
-strengths -weaknesses -opportunities -threats it faces
What is decided top management during strategic planning?
-what products or services to sell -when to serve customers -which customers to serve
what are today's managers like:
-younger and more progressive -emphasis on teams and team building -managers need to be skilled communicators and team players
What are the five steps of a control process
1. Establishing clear performance standards 2. Monitoring and recording actual performance or results 3. Comparing results against plans and standards 4. Communicating results and deviations to appropriate employers 5. Taking corrective action when needed and providing positive feedback
What is the rational decision making model
1.define the situation 2.describe and collect needed info 3.develop alternatives 4.decide which alternatives is best 5.do what is indicated 6.determine whether the decision was a good one and follow up
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 they structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives
what is staffing
A management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives
Controlling
A management function that involves establishing clear standards to determine wether 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
SWOT analysis
A planning tool used to analyze an organization's strengths,weaknesses, opportunities, and threats
What is the rational decision making model
A series of steps managers often follow to make logical, intelligent, and well-founded decisions
Vision
An encompassing explanation of why the organization exists and where it's trying to head
Mission statement
An outline of the fundamental purposes of an organization
Brainstorming
Coming up with as many solutions as possible in a short period of time with no censoring of ideas
Human relation skills involve what?
Communication and motivation; they enable managers to work through and with people
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
What does PMI stand for?
Listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third
Who performs tactical planning in an organization?
Managers or teams of managers at lower levels
What is supervisory management
Managers who are directly responsible for supervising workers and evaluating their daily performance
A S.W.O.T Analysis is a ___ tool to analyze an organization's strength, weaknesses, other factors, threats
Planning
What is human reactions skills
Skills that involve communication and motivation; they enable managers to work through and with people
What is technical skills
Skills that involve the ability to perform tasks in a specific discipline or department
What are conceptual skills
Skills that involve the ability to picture the organization as a whole and the relationships among its various parts
What is the type of planning done mostly by top management?
Strategic planning
Goals
The broad, long-term accomplishments an organization wishes to attain
A operational plan is:
The department's managers tool for setting daily and weekly standards and schedules to meet the company's tactical objectives
top management
The highest level of management, consisting of the president and other key company executives who develop strategic plans.
What is 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
What is staffing
The part of management function of organizing that includes hiring, motivating, and retaining the best peoplem
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, short-term statements about what is to be done, who is to do it, and how it is to be done
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
Problem solving
The process of solving the everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action
management
The process used to accomplish organizational goals throguh planning, organizing, leading, and controlling people and other organizational resources
what is enabling
giving workers the education and tools they need to make decisions
what is an internal customer
individuals and units within the firm that receive services from other individuals or units
what is a participative (democratic) leadership
leadership style that consists of managers and empoyess working together to make decisions
what is an autocratic leadership
leadership style that involves making managerial decisions without consulting others
what is a free-reign leadership
leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives
what is transparency
the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders