Business Intro Chapter 7 Management and Leadership

knowledge management

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

What are 5 steps of the control process.

1.) Establish clear performance standards 2.)Monitor and record 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

Internal customers

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

problem solving

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

participative leadership (democratic leadership)

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

It is wise to have (Blank) plan because economic and competitive environments change rapidly. It is important to anticipate such changes.

contingency

In customer Satisfaction, Traditional forms of measuring success are (Blank)

financial

A trend in planning today is:

-to have planning -find new business opportunities -for planning teams to monitor the environment

Problem-solving techniques include (Blank) and (Blank)- Listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column

(Brainstorming) and (PMI)

Which of the following tasks are associated with the organizing function of management?

-Allocating resources, assigning task, and establishing procedures for accomplishing goals -preparing a structure showing lines of authority and responsibility -staffing the organization -monitoring performance against standards -measuring results against corporate objectives -taking corrective action when necessary

Rational decision-making model

-Define the situation -Describe and collect needed information -Develop alternatives -Decide which alternative is best -Do what is indicated Determine whether the decision was a good one, and follow up

Knowledge management

-Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm -This tries to keep people from reinventing the wheel

Control Function

-Measure performance relative to planned objective -Rewards people for work well done -Takes necessary corrective action

Empowering Workers

-Progressive leaders give employees the authority to make decisions on their own without consulting a manager -Customer needs are handled quickly -Manager's role become less of a boss and more of a coach

Functions included in staffing an organization are

-Retaining -Recruiting -hiring

An organization's vision gives it a:

-Sense of purpose -set of values

Mission statement may include

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

In order to motivate others and create the environment needed to motivate themselves, a leader must

-embrace change -communicate a vision -establish corporate values

The internal customers of a company such as Toyota would include

-their assembly line employees -the payroll department employess

What are the decision-making process is to define the situation.

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

In Top Management, Who introduces change into an organization (1)

Chief executive officer (CEO)

In Top Management, Who obtains funds, plan budgets, collects funds, etc. (3)

Chief financial officer (CFO)

In Top Management, Who receive the right information to the right people so decision can be made (4)

Chief information officer (CIO)

In Top Management, Who Implements CEO's changes (2)

Chief operating officer

Decision making

Choosing among two or more alternatives.

Strategic Planning

Determines the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals

Middle management

Includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.

PMI

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

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

Management

Vision

More than a goal, it's a broad explanation of why the organization exists and where it's trying to go.

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

Objective states

Objectives

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

Conceptual skills

The ability to picture the organization as a whole and the relationship among its various parts (Also delegate work fairly among works).

Goals

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

Top management

The highest level, consists of the president and other key company executives who develop strategic plans.

Supervisory management

Those directly responsible for supervising workers and evaluating daily performance.

Mission Statement

an outline of the fundamental purposes of an organization

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

brainstorming

The CEO is responsible for introducing (Blank) into an organization

change

Human relation skills

communication and motivation; they enable managers to work through and with people. (Which also includes in coaching, delegating, training and development.)

External customers

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

tactical planning

developing detailed, short term statements about what is to be done, who is to do it, and how it is to be done

The trend that gives employees as much freedom as possible to be self-directed and self-motivated is to (Blank) them

empower

Allowing a desk clerk to decide whether to remove an incorrect fee from a customer's bill at checkout is an example of (Blank)

empowerment

Enabling

giving workers the education and tools they need to make decisions

Staffing

hiring, motivating, and retaining the best people available to accomplish the company's objectives

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

Autocratic leadership

making managerial decisions without consulting others

Participative or Democratic Leadership

managers and employees work together to make decisions

Free-rein leadership

managers set objectives and employees are relatively free to do whatever it takes to accomplish those objectives.

contingency planning

preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives

Operational planning

setting work standards and schedules necessary to implement the company's tactical objectives

SWOT

strengths, weaknesses, opportunities, threats

Technology skills (or technical skills)

the ability to perform tasks in a specific discipline or department

Transparency

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