Business 2020 Chapter 7
Leading
Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organizational goals and objectives
Goals
The broad long term accomplishments a company wishes to attain
Problem Solving
The process of solving everyday problems that occur; less formal than decision making and usually calls for quicker action.
Objective
specific, short term statements detailing how to reach the organizations goals
Decision Making
Choosing between two or more alternatives; at the heart of all management functions
External Customers
Dealers, who buy products to sell to others, and ultimate customers(or end users) who buy products fr their own personal use
Knowledge Management
Finding the right information, keeping it in a readily accessible place, and making sure it is known to everyone in the firm
Internal Customers
Individuals or units within a firm that receive services from other individuals or units
Participative/Democratic
Leadership style that 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 the objectives
Transparency
The presentation of a companies facts and figures in a way that is clear and apparent to all the stockholders
SWOT analysis
a planning tool used to organize an organization's strengths, weaknesses, opportunities and threats
Enabling
giving workers the the tools and education needed to make decisions
Operational Planning
the process is setting work standards and schedules necessary to implement the company's tactical objectives
Human relation Skills
Skills that involve communication and motivation enabling managers to work through and with the 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
Organizing
A management function that involves designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organizational goals and 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 if they are doing a good job, and taking corrective action if they are not
Staffing
A management function that involves hiring, motivating, and retaining the best people available to accomplish the organization's objectives
Organization Chart
A visual representation that shows relationships among people and divides the organization's work; it shows who reports to whom
Brain Storming
Coming up with as many solutions as possible in a short period of time with no censoring of ideas
Top Management
Highest level of management that develop strategic plans
Middle Management
Level of management that includes general managers, plant and branch managers, and division managers who are responsible for tactical planning and controlling
PMI
Listing all Pluses in one column, minuses in another, and implications in a third
Planning
Management function that involves anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives
Supervisory Management
Managers that are directly responsible for supervising workers and evaluating their daily performance
Strategic Planning
The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve these 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 organizations objectives
management
The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources
Vision
an encompassing explanation that explains why the company exists and where it is trying to head
Mission Statement
an outline of the fundamental purpose of the organization
Vision
more than a goal; broad explanation of why the company exists and where its trying to go; gives the organization a sense of purpose and a sense of values that unite workers in a common destiny