Understanding Business Chapter 7

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 the structure of the organization and creating conditions and systems in which everyone and everything works 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.

SWOT analysis

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

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.

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.

objectives

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

goals

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

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.

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.

management

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