Exam 1--Intro to Business Management

Bureaucracy has taken on negative connotations in popular culture. It is associated with excessive paperwork, apathy and unresponsiveness, slowness in responding to problems, and inflexibility. But most organizations use most or all of the principles, because the principles promote

decisions for efficiency and effectiveness instead of favoritism and incompetence

What is the first step in the planning cycle?

determine what is to be accomplished during the planning period

According to Mintzberg, there are four primary types of management decision roles. These include the following:

entrepreneur, resource allocator, and negotiator

Frank and Lillian Gilbreth most noted for

studying time and motion studies

The Gantt chart is a tool that provides a visual (graphic) representation of

what occurs over the course of a project

Taylor's Four Principles of Scientific Management included what?

1) look at each job or task scientifically to determine "one best way" to perform the job. 2) hire the right workers for each job, and train them to work at maximum efficiency. 3) monitor worker performance and provide instruction and training needed. 4) divide the work between management and labor so that management can plan and train and workers can execute the task efficiently.

_______________________________________ analysis looks at the forces driving an industry's profitability. An analyst might use it to compare the relative merits of two industries.

Michael porter's five forces

Over a period of time, a company can make many transitions. Before each transition, management scanned the environment to choose

a goal and to plan

What does vision mean?

a statement of an organization's overarching aspirations of what it hopes to achieve or to become

What is organizational structure?

a system that outlines how certain activities are directed in order to achieve the goals of an organization

The systems approach to management to

akin to the Circle of Life in Disney's movie The Lion King

__________________ refers to the technique of comparing performance to similar efforts. The comparison may be to other companies in the same industry, to other industries, or to other time periods.

benchmarking

Principles from the _________________________________________ were originally designed to prevent favoritism and incompetence.

bureaucratic school of management

The five components of industry environment are:

customers competitors suppliers regulations advocacy or support groups

Companies strive to provide a product or service that is distinct, or _________ in some way from their competitors.

differentiated

Controlling may be the most important management function. The control process is also described as--

feedback loops

A ___________________ does not change or flex when sales or some other activity increases or decreases.

fixed budget

The alternative to viewing management as a process is to

focus on people

Strategic management's first function is deciding ___________________. The second function is to make sure that ____________________________________________.

how to compete the people in the organization support the strategy

An ______________________ is a method for a company to assess its market position relative to its competitors.

industry analysis

Which is a limitation of scientific management?

knowledge-based work can't be observed and broken down for efficiencies like manual labor

Managers encourage, support, and foster talented employees. The managers who focus in this area are

middle managers

Mayo predicted that a group with _________________________________ would have very little chance of succeeding at the task.

negative behaviors and fewsocial bonds

A(n) ____________________ is a detailed plan to use to provide a clear picture of how a team, section or department will contribute to the achievement of the organization's strategic goals.

operational plan

Resources are always scarce in organizations, and managers need to make sure the resources they have are used effectively. _______________ helps managers determine where resources are most needed so they can be allocated where they will provide the most benefit.

planning

Management activities are often grouped into four categories. These are:

planning organizing leading controlling

What does death by planning mean?

planning can delay or prevent action

Management as a process means:

planning, organizing, leading, and controlling resources and people to meet organizational goals

Companies need consistency in their HR practices to avoid charges of discrimination. Senior management usually approves broad guidelines for HR activities, like hiring and firing, performance appraisals, promotions, and discipline. These are called _____________

policies

Planning is:

process of continual adjustment

Many companies forbid smoking at work. This is an example of a _____________.

regulation

SWOT Analysis stands for:

s-strength w-weaknesses o-opportunities t-threats

The advantage of a ___________________ is that it can be very specific in how it addresses the needs of a particular situation.

single-use plan

______________________________ decides how best to attain a company's mission and vision through the coordinated efforts to achieve specific goals and objectives.

strategic management

Some managers set long-term goals and define strategies to achieve them. These are

top-level managers

A military organization is very structured. Ranks are very clear, defining who can give and who must take orders. This is an example of

vertical management