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Definition
| a process designed to achieve an organization's objectives by using it's resources effectively and efficiently in a changing environment. |
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| having the intended result |
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| accomplishing the objectives with a minimum of resources |
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| 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. |
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Term
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| the process of determining the organization's objectives and deciding how to accomplish them. |
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Term
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| the statement of an organization's fundamental purpose and basic philosophy. |
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Definition
1. Planning
2. Organizing
3. Staffing
4. Directing
5. Controlling |
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Term
| A well-developed mission statement will answer five basic questions: |
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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? |
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| A goals three key components: |
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Definition
1. an attribute sought (profits, customer satisfaction, product quality)
2. a target to be achieved
3. time frame |
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| 3 general types of plans for meeting objectives: |
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1. strategic
2. tactical
3. operational |
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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. |
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Definition
| Short-range plans designed to implement the activities and objectives specified in the strategic plan. (usually 1yr or less) |
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| 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) |
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| Crisis Management (or Contingency Planning) |
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Definition
| an element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus, or airplane crash. |
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| the structure of resources and activities to accomplish objectives in an efficient and effective manner. |
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| Reasons why Organizing is Important |
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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. |
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Term
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Definition
| the hiring of people to carry out the work of the organization. |
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Term
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Definition
| the elimination of a significant number of employees from an organization |
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Definition
| the process of evaluating and correcting activities to keep the organization on course. |
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| Control involves 5 activities: |
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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 |
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Term
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Definition
1. Top Management
2. Middle Management
3. First-Line or Supervisory Management |
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Term
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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. |
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Term
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| those members of an organization responsible for the tactical planning that implements the general guidelines established by top management. |
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Term
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Definition
| those who supervise workers and the daily operations of an organization. |
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