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Chapter 6
Business: A Changing World 8th edition
24
Business
Undergraduate 3
02/19/2012

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Term
Management
Definition
a process designed to achieve an organization's objectives by using it's resources effectively and efficiently in a changing environment.
Term
Effectively
Definition
having the intended result
Term
Efficiently
Definition
accomplishing the objectives with a minimum of resources
Term
Managers
Definition
those individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing, and controlling the organization's activities to reach it's objectives.
Term
Planning
Definition
the process of determining the organization's objectives and deciding how to accomplish them.
Term
Mission
Definition
the statement of an organization's fundamental purpose and basic philosophy.
Term
Management Functions
Definition
1. Planning
2. Organizing
3. Staffing
4. Directing
5. Controlling
Term
A well-developed mission statement will answer five basic questions:
Definition
1. Who are we?
2. Who are our customers?
3. What is our operating philosophy (basic beliefs, values, ethics, etc.)?
4. What are our core competencies and competitive advantages?
5. What are our responsibilities with respect to being a good steward of environmental, financial, and human resources?
Term
A goals three key components:
Definition
1. an attribute sought (profits, customer satisfaction, product quality)
2. a target to be achieved
3. time frame
Term
3 general types of plans for meeting objectives:
Definition
1. strategic
2. tactical
3. operational
Term
Strategic Plans
Definition
Developed by the highest managers; Plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission. (2-10 yrs or even longer)

Include plans such as add products, purchase companies, sell segments of business, issue stock, and move into international markets.
Term
Tactical Plans
Definition
Short-range plans designed to implement the activities and objectives specified in the strategic plan. (usually 1yr or less)
Term
Operational Plans
Definition
Very short-term. Specify what actions, individuals, work groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic plan. (could be one month, one week, or even a day)
Term
Crisis Management (or Contingency Planning)
Definition
an element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus, or airplane crash.
Term
Organizing
Definition
the structure of resources and activities to accomplish objectives in an efficient and effective manner.
Term
Reasons why Organizing is Important
Definition
1. Helps create synergy
2. establishes lines of authority
3. improves communication
4. helps avoid duplication of resources
5. improves competitiveness by speeding up decision making.
Term
Staffing
Definition
the hiring of people to carry out the work of the organization.
Term
Downsizing
Definition
the elimination of a significant number of employees from an organization
Term
Controlling
Definition
the process of evaluating and correcting activities to keep the organization on course.
Term
Control involves 5 activities:
Definition
1. measuring performance
2. comparing present performance with standards or objectives
3. identifying deviations from standards
4. investigating the causes of deviations
5. taking correction action when necessary
Term
Levels of Management
Definition
1. Top Management
2. Middle Management
3. First-Line or Supervisory Management
Term
Top Managers
Definition
the president and other top executives of a business, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have overall responsibility for the organization.

Planning is their prime job.
Term
Middle Managers
Definition
those members of an organization responsible for the tactical planning that implements the general guidelines established by top management.
Term
First-Line Managers
Definition
those who supervise workers and the daily operations of an organization.
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