Chapter 6:

How should a company prepare for potential disasters like product tampering, fires, earthquakes, computer viruses, or reputation issues?

Crisis Management (Contingency Planning)

Which two management functions of first-line managers spend most of their time performing?

Directing, and Controlling

Areas of management

Finance, Production, Operations, Marketing, Human Resources, Administration.

Which of the five functions does each level of management perform?

Finance, Production & Operations, Human Resources, Marketing, and Administrations.

3 resources managers must acquire and manage

Financial, suppliers, and employees.

Define Leadership

Ability to influence employees to work toward organizational goals.

What does the term "efficiently" mean in the management process?

Accomplishing objectives w/ a minimum use of resources.

The hiring of people to carry out the work of an organization

Staffing

List and describe the three types of leadership style

*Autocratic Leaders:* Makes all of the decisions & then tells the employees what must be done and how to do it. *Democratic Leaders:* Involves their employees in decisions. *Free-rein Leaders:* Let their employees work w/out much interference.

List responsibilities for each area of management:

*Financial Manager:* Obtains the money needed for the successful operation of the organization & using that money to further w/ organizational goals. *Productions and Operations Manager:* Develops & administers the activities involved in transforming resources into goods, services, & ideas ready for the marketplace. *Human Resources Manager:* Handles the staffing function & deals w/ employees in a formalized manner. *Marketing Manager:* Plans, prices, & promotes products & makes them available to customers through advertisements. *Information Technology:* Responsible for implementing, maintaining, & controlling technology applications in business (computer networks). *Administrative Manager:* Manages an entire business/a major segment of a business, doesn't specialize in a particular function but coordinates the activities of specialized managers.

Explain and provide examples for the three general types of plans

*Strategic Plans:* Establish long-range objectives and overall strategy/course of action by which the firm fulfills its mission. *Examples:* Plans to add products, purchase companies, sell unprofitable segments of the business, issue stock, and move into international markets. *Tactical Plans:* Short-range and designed to implement the activities and objectives specified in the strategic strategy. *Examples:* Help keep the organization on the course established in the strategic plan. *Operational Plans:* Very short term & specify what actions specific individuals, work groups, or departments need to accomplish to achieve the tactical plan & ultimately the strategic plan. *Examples:* Executing activities in a month, week, or even a day.

Skills needed as a manager:

*Technical Expertise:* The specialized knowledge and training required to perform jobs related to their area of management. *Conceptual Skills:* Ability to think in abstract terms & to see how parts fit together to form the whole, are needed by all managers, but particularly top level managers. *Analytical Skills:* Ability to identify relevant issues & recognize their importance, understand the relationship between them, & perceive the underlying causes of a situation. *Human Relations Skills:* Ability to deal w/ people, both inside and outside the organization.

List several tips for being a successful leader

-Act as a role model for employees. -Clearly communicate company expectations and missions. -Encourage employee participation and creativity. -Communicate core values. -Listens as much as you speak and encourage feedback.

The controlling Function of management involved the following five activities:

1) Measuring Performance 2) Comparing present performance with standards/objectives 3) Identifying deviation form the standards 4) Investing the douses of deviations 5) Taking corrective action when necessary

What are the 6 steps to effective decision making?

1. Recognizing and defining the decision situation. 2. Developing options to resolve the situation. 3. Analyzing the options. 4. Selecting the best option. 5. Implementing the decision. 6. Monitoring the consequences of the decision.

What is an agenda?

A calendar, containing both specific and vague items, that covers short-term goals and long-term objectives.

What is a mission statement and what questions does it address?

A declaration of an organization's fundamental purpose and basic philosophy. -Who are we? -Who are our customers? -What is our operating philosophy? -What are our core competencies and competitive advantages? -What are our responsibilities w/ respect to being a good steward of environmental, financial, and human resources?

Define management

A process designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment.

The process of evaluating and correcting activities to keep the organization on course

Controlling

Which functions does top management spend the least time doing?

Controlling

Motivating and leading employees to achieve the objectives of the organization

Directing

What does the term "effectively" mean in the management process?

Having the intended result.

What other items are included in a top level manager's compensation package besides salary?

Includes bonuses, long-term incentives, awards, stock, and stock options.

Which level of management experiences the greatest hit during downsizing?

Middle management

Discuss specific tasks you would carry out as a manager when performing the directing function.

Motivating and leading employees to achieve organizational objectives. Examples: -Telling employees what to do and how to do it -Encouraging then to do their work

The structure of resources and activities to accomplish objectives in an efficient and effective manner

Organizing

The process of determining the organization's objectives and deciding how to accomplish them

Plannig

What do top level managers spend most of their time doing?

Planning

Which function is least important to a first-line manager?

Planning

Which three functions do middle managers spend most of their time performing?

Planning, Organizing, Staffing.

Functions of management

Planning, organizing, staffing, controlling, & directing.

Describe the responsibilities of a first-line manager.

Responsible for implementing the plans established by middle management and directing workers' daily performance on the job.

Discuss the middle management's main responsibility.

Responsible for tactical planning that will implement the general guidelines established by top management.

Define goals and list three components that make up a good goal.

Result that a firm wishes to achieve. -An attribute sought -A target to achieve -Time frame

Give details and examples related to the organizing function.

Structures of resources and activities to accomplish objectives in an efficient and effective manner. Examples: -Review plans -Determine what activities are necessary to implement them. -Divide work into small units. -Assign to specific individuals/groups/departments.

What does the term "networking" mean in a business setting?

The building of relationships and sharing of information w/ colleagues who can help managers achieve the items on their agenda.

What does it mean to downsize a company?

The elimination of a significant number of employees from on organization.

Describe an objective. What are four common area am for which businesses see objectives?

The end/result desired by an organization. -Profit -Competitive Advantage -Efficiency -Growth

Provide specific examples of tasks that relate to the staffing function

The hiring of people to carry out the work of the organization Examples: -Determine what skills are needed for specific jobs. -How to motivate and train employees -How much to pay -What benefits to provide -How to prepare employees for higher-level jobs in the firm at a later date.

Levels of Management

Top Management, Middle Management, First-line Management.

What is employee empowerment?

When employees are provided w/ the ability to take on responsibilities and make decisions about their jobs.