BA-101 Chapter 7

Vision statement definition

Defines the way an organization will look in the future. Vision is a long-term view

Mission Statement definition II

Definition of an organization's purpose, values, and core goals, it provides a framework for all other plans. It succinctly describes why the organization exists.

Strategic planning definition

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

SWOT analysis definition

Method of studying organization resources and capabilities to assess the firm's strengths and weaknesses and scanning its environment to identify opportunities and threats.

Objectives definition

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

Goals definition

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

What are the four aspects of organizing in management?

1) Allocating resources, assigning tasks, and establishing procedures for accomplishing goals 2) Preparing a structure (organization chart) showing lines of authority and responsibility 3) Recruiting, selecting, training, and developing employees 4) Placing employees where they'll be most effective

What are the seven aspects of the rational decision-making model?

1) Define the situation 2) Describe and collect needed information 3) Develop alternatives 4) Develop agreement among those involved 5) Decide which alternative is best 6) Do what is indicated 7) Determine whether the decision was a good one and follow up

What are the five aspects of leading in management?

1) Guiding and motivating employees to work effectively to accomplish organizational goals and objectives 2) Giving assignments 3) Explaining routines 4) Clarifying policies 5) Providing feedback on performance

What are the four characteristics that makes a great CEO?

1) Keep global business issues in mind and be a citizen of the world 2) Identify and manage risks before they grow 3) Change strategies and models with the times 4) Skillfully manage relationships with governments as government involvement rises

What are the four aspects of controlling in management?

1) Measuring results against corporate objectives 2) Monitoring performance relative to standards 3) Rewarding outstanding performance 4) Taking corrective action when necessary

What are the six fundamental purposes to the mission statement?

1) Organization's self-concept 2) Its philosophy 3) Long-term survival needs 4) Customer needs 5) Social responsibility 6) Nature of the product or service.

What are the four aspects of planning in management?

1) Setting organizational goals 2) Developing strategies to reach those goals 3) Determining resources needed 4) Setting precise standards

What are the 9 reasons why you would do planning?

1) To asses the company's position (strengths and weaknesses), and the opportunities and threats it faces. 2) To set goals, establish priorities, and develop strategies 3) To plan the deployment of resources needed to attain the goals selected 4) To give firm direction 5) To make sure the goals of all parties are aligned 6) To ensure that different functional areas have coordinated efforts 7) To outline potential alternative actions the firm can take 8) To project costs 9) To evaluate performance

Organization Chart definition

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

Decision making definition

Choosing among two or more alternatives

Mission statement definition

Outlines the organization's fundamental purposes.

What are the four functions of management?

Planning, leading, organizing, and controlling.

What is the SWOT acronym for?

S) Strengths-Internal W) Weaknesses-Internal O) Opportunities-External T) Threats-External

Tactical Planning definition

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

Contingency planning definition

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

Operational Planning definition

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

Problem solving definition

The process of solving the everyday problems that occur; less formal than decision making and needs quicker action

Management definition

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