Chapter 7 assignment Business

Conceptual Skills

Ability to see the organization as a whole and visualize how it fits into the broader environment.

PMI

Decision-making tool for weighing the pros and cons of a decision.

Technical Skills

Knowledge of and proficiency in completing specific tasks.

Free-rein leader

Leader who favors autonomy and allows group members to make decisions and take action as needed.

Democratic Leader

Leader who involves subordinates in goal setting, problem solving, and decision making.

Autocratic Leader

Leader who maintains individual control over all decisions and accepts little input from subordinates.

Goals

Long-term, measurable accomplishments to be achieved by the firm within a specified time frame.

Middle Management

People within a company who are in charge of departments or groups but below those in charge of the whole company.

Contingency Plan

Plan that establishes alternate courses of action if existing plans are disrupted or become ineffective.

Strategic Plan

Plan that establishes organization's major goals and objectives and allocates resources to achieve them.

Tactical Plan

Plan that translates general goals developed by strategic managers into more specific objectives and activities.

Objectives

Statements of short-term, specific outcomes that are to be achieved by the firm.

Vision

The answer to the question, "Why does this organization exist"?

Transparency

The full, accurate, and timely disclosure of pertinent information to stakeholders of the firm.

Top Management

The most senior staff of an organization; i.e., Vice President, CEO, COO.

Mission Statement

Written declaration of purpose that affirms the highest priorities of the organization.