Business Foundations Chapter 7

The Four Functions of Management: Organizing

-allocating resources, assigning tasks, and establishing procedures for accomplishing goals -preparing a structure (organization chart) showing lines of authority and responsibility -recruiting, selecting, training, and developing employees -placing employees where they'll be most effective

The Four Functions of Management: Leading

-guiding and motivating employees to work effectively to accomplish organizational goals and objectives -giving assignments -explaining routines -clarifying policies -providing feedback on performance

top management

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

knowledge management

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

enabling

giving workers the education and tools they need to make decisions

internal customers

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

participative (democratic) leadership

leadership stye the consists of managers and employees working together to make decisions

autocratic leadership

leadership style that involves making managerial decisions without consulting others

free-rein leadership

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

PMI

listing all the Pluses for a solution in one column, all the Minuses in another, and the Implications in a third column

human relations skills

skills that involve communication and motivation; they enable managers to work through and with people

technical skills

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

conceptual skills

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

objectives

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

management

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

supervisory (first-line) management

-managers who are directly responsible for supervising workers and evaluating their daily performance -include supervisors, foremen, department heads, and section leaders

The Four Functions of Management: Controlling

-measuring results against corporate objectives -monitoring performance relative to standards -rewarding outstanding performance -taking corrective action when necessary

The Four Functions of Management: Planning

-setting organizational goals -developing strategies to reach those goals -determining resources needed -setting precise standards

middle management

-the level of management that includes general managers, division managers, branch and plant managers who are responsible for tactical planning and controlling -include plant managers, division heads, and branch managers

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

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 work together to achieve the organization's goals and objectives

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 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

organization chart

a visual device that shows relationships among people and divides the organization's work; it shows who reports to whom

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

decision making

choosing among two or more alternatives

brainstorming

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

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

external customers

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

goals

the broad, long-term accomplishments an organization wishes to attain

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