Business - Chapter 7

_____________ is a key management function because the success of the other functions depend on it.

Planning

______________ is the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders.

Transparency

________ is a broad explanation of why the organization exists and where it is trying to go.

Vision

Choosing two or more alternatives

Decision Making

Giving workers the education and tools they need to make decisions.

Enabling

Dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use.

External customers

Skills that involve communication and motivation, they enable managers to work through and with people.

Human relation skills

________ customers are individuals and units within the firm that receive services from other individuals or units.

Internal

Individuals and units within the firm that receive services from other individuals or units.

Internal customers

Creating a vision for the organization and guiding, training, coaching and motivating others to work effectively to achieve the organization's goals and objectives.

Leading

In organizations, _________ strive to produce order and stability, whereas __________ embrace and manage change.

Managers, leaders

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

Objectives

The level of management that includes general managers, divisional managers, and branch and plant managers who are responsible for tactical planning and controlling.

Middle Management

An outline of the fundamental purposes of an organization.

Mission Statement

What becomes the foundation for setting specific goals and objectives?

Mission Statement

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

SWOT Analysis

Managers who are directly responsible for supervising workers and evaluating their daily performance.

Supervisory Management

What should a Mission Statement address?

-The organization's self-concept -Its philosophy -Long term survival needs -Customer needs -Social responsibility -Nature of the product or service

_____________ is creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives.

Leading

Two or more workers assigned to solve a specific problem.

Problem Solving Teams -EX: Why aren't customers buying our service contracts?

A management function that includes hiring, motivating and retaining the best people available to accomplish the company's objectives.

Staffing

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

Management

A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

Planning -Planning teams help monitor the environment, find business opportunities, and watch for challenges. -Planning is a key management function because accomplishing the other functions depends heavily on having a good plan.

The process of solving the everyday problems that occur. This is less formal than decision making and usually calls for quicker action.

Problem Solving.

Done by top management and determines the major goals of the organization and the policies, procedures, and resources it will need to achieve them.

Strategic Planning -Policies are broad guidelines for action, and strategies determine the best way to use resources. -At the strategic planning stage, top managers of the company decide which customers to serve, when to serve them, what products or services to sell, and the geographic areas in which to compete.

4 Forms of Planning

-Strategic -Tactical -Operational -Contingency

The tasks of knowledge managers include:

-Making information known to everyone in the organization -Finding the right information -Keeping information in a readily accessible place

What tasks are associates with the controlling function of managers?

-Monitoring performance against standards -Measuring results against corporate objectives -Taking corrective action when necessary

A __________________ leadership style is effective in emergencies and when absolute followership is needed.

Autocratic

Listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column

PMI

Highest level of management, consisting of the president and other key company executives who develop strategic plans.

Top Management

The process of setting work standards and schedules necessary to implement the company's tactical objectives.

Operational Planning -Whereas strategic planning looks at the organization as a whole, operational planning focuses on specific supervisors, department managers, and individual employees. -The operational plan is the department manager's tool for daily and weekly operations. EX: An operational plan may include the specific dates for certain truck parts to be completed and the quality specifications they must meet.

The process of developing detailed, short-term statements about what is to be done, who is to do it, and how.

Tactical Planning -Managers or teams of managers at lower levels of the organization normally make tactical plans. Such plans can include setting annual budgets and deciding on other activities necessary to meet strategic objectives. -EX: If the strategic plan of a truck manufacturer is to sell more trucks in the South, the tactical plan might be to fund more research of southern truck drivers' wants and needs, and to plan advertising to reach them.

Skills that involve the ability to perform tasks in a specific discipline or department.

Technical skills

Leadership style that involves making managerial decisions without consulting others.

Autocratic Leadership

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

Brainstorming

Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm.

Knowledge management

Characteristics of problem solving

-Problem solving is less formal than decision making -Problem solving usually calls for quicker action

Autocratic leadership is effective in situations such as:

-Working with new, unskilled workers -Emergencies

The first step in the decision making process is to define the situation. Rank the steps in the process with the next step on the top and last step on the bottom of the list.

1. Describe and collect needed information 2. Develop alternatives 3. Decide which alternative is best 4. Do what is included (begin implementation) 5. Determine whether the decision was a good one, and follow up

Five steps of the 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 employees 5. Taking corrective action when needed and providing positive feedback

Skills that involve the ability to picture the organization as a whole and the relationship among its various parts.

Conceptual Skills

Managers at the top of the organization need more __________ skills, while first line managers need more ____________ skills.

Conceptual, technical

The process of preparing alternative courses of action the firm can use if the primary plans don't work out.

Contingency Planning -The economic and competitive environments change so rapidly that it's wise to have alternative plans of action ready in anticipation of such changes. -EX: If a company doesn't meet its goals by a certain date, the contingency plan may call for more advertising or a cut in prices at that time. -Crisis planning is a part of contingency planning that anticipates sudden changes in the environment.

A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding the people for doing a good job, and taking corrective action if they are not.

Controlling

Measuring results against corporate objectives, monitoring performance relative to standards, rewarding outstanding performance, and taking corrective action when necessary are all tasks associated with the _____________________ function of management

Controlling

Giving workers the authority and responsibility to respond to customers without checking with a manager is _______________

Empowerment

Leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives.

Free-Rein Leadership

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

Goals

The definition of ________________ ________________ states: the process of setting work standards and schedules necessary to implement the company's tactical objectives.

Operational Planning

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 organization's goals and objectives.

Organizing

The management function that designs the structure of the organization and creates conditions and systems that work together to achieve goals and objectives is ____________

Organizing

Leadership style that consists of managers and employees working together to make decisions.

Participative (democratic) leadership

A SWOT analysis is a ______________ tool to analyze an organization's strengths and weaknesses, opportunities and threats.

Planning

The management function that anticipates trends, then determines strategies and tactics to achieve them is _____________.

Planning

Setting shorter term, specific plans such as annual budgets and deciding on other activities necessary to meet strategic objectives are tasks associated with ____________ planning.

Tactical

An encompassing explanation of why the organization exists and where it's trying to head.

Vision -Gives the organization a sense of purpose and a set of values that unite workers in a common destiny.

The management function known as organizing does which of the following? (More than 1 answer) a. Designs the structure of the organization b. Creates an organization chart showing lines of responsibility and authority c. Places employees and resources where they will be effective in achieving the organization's goals d. Sets the organization's long term and short term goals

a, b, c