Business Dynamics Chapter 7

objectives

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

enabling

giving workers the education and tools that they need to make decisions

skills needed to be a manager

-Usually task oriented -Good problem solvers -Time management skills -Human relations skills -Technical aspects of business

6 D's of Decision Making

1. Define the situation 2. Describe and collect needed information 3. Develop alternatives 4. Decide which alternative 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.

PMI

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

mission statement

Outlines the organization's fundamental purposes. It includes: The organization's self-concept Its philosophy Long-term survival needs Customer needs Social responsibility Nature of the product or service

goals

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

leading

a management function that includes creating a vision for the organization and communicating, guiding, training, coaching, and motivating others to achieve goals and objectives in a timely manner

organization

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 goals and objectives

brainstorming

coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas

external customers

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

knowledge management

finding the right information, keeping it in a readily accessible place, making information known to everyone in the firm

manager

gets things done through workers, financial resources, information, and equipment

empowerment

giving employees the authority to correct a problem without first checking with management

top management

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

internal customers

individuals and units within the firm what receive services from other individuals or units

autocratic

leadership style that means making managerial decisions without consulting others

free-rein

leadership style where managers set objectives and employees are free to do whatever is appropriate to accomplish those

democratic/participative

leadership style where managers/workers make decisions together

Supervisory Management

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

SWOT analysis

stands for strengths, weaknesses, opportunities, or challenges

controlling

the function of management that establishes clear standards to determine whether a organization is progressing towards its goals, rewarding people for doing a good job, and taking corrective action if not

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

transparency

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

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