Shared Flashcard Set

Details

Understanding Business Ch. 7
RCC BUS 10. Nickels
37
Business
Undergraduate 1
01/16/2014

Additional Business Flashcards

 


 

Cards

Term
Four Functions of Managment
Definition

Planning

Organizing

Leading

Controlling

Term
Define: Planning
Definition
A management function that includes anticipating
trends and determining the best strategies and tactics to achieve organizational goals and objectives
Term
Define: Organizing
Definition
A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives.
Term
Define: Leading
Definition
Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives.
Term
Define: controlling
Definition
A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.
Term
What should a mision statement address?
Definition
• The organization's self-concept.
• Its philosophy.
• Long-term survival needs.
• Customer needs.
• Social responsibility.
• Nature of the product or service
Term
Define: Objectives
Definition
Specific, short-term statements detailing how to
achieve the organization's goals.
Term
Define: SWOT Analysis
Definition
analyzes the organization's strengths and weaknesses, and the opportunities and threats it faces, usually in that order.
Term
Define: Strategic Planing
Definition
done by top management and determines the major goal of the organization and the policies, procedures, strategies, and resources it will need to achieve them.
Term
Policies vs. Strategies
Definition

Policies  - are broad guidelines for action

 

strategies  - determine the best way to use resources

Term

Define: Tactical planning

 

Example

Definition

the process of developing detailed, short-term statements about what is to be done, who is to do it, and how

 

If the strategic plan of a truck manufacturer, for example, is to sell more trucks in the South, the tactical plan might be to fund more research of southern truck drivers' wants and needs, and to plan advertising to reach them

Term
Define: Operational planning
Definition
the process of setting work standards and schedules necessary to implement the company's tactical objectives by focusing on specific supervisors, department managers, and individual employees.
Term
Define: Contingency planning
Definition
the process of preparing alternative courses of action the firm can use if its primary plans don't work out
Term
The order of the 4 forms of planning in order
Definition

Strategic

Tactical

Operational

Contingency

Term
series of steps in the rational decision-making model
Definition
1. Define the situation.
2. Describe and collect needed information.
3. Develop alternatives.
4. Develop agreement among those involved.
5. Decide which alternative is best.
6. Do what is indicated (begin implementation).
7. Determine whether the decision was a good one, and follow up.
Term
PMI System
Definition
listing all the Pluses for a solution in one
column, all the Minuses in another, and the Implications in a third.
Term
Define: Top management
Definition
the highest level, consists of the president and other key company executives who develop strategic plans
Term

Abbreviation Translation

CEO

COO

CFO

CIO

CKO

Definition

chief executive officer (CEO)

chief operating officer (COO)

chief financial officer (CFO)

chief information officer (CIO)

chief knowledge officer (CKO)

Term
CEOs are responsible for?
Definition
introducing change into an organization.
Term
COO is responsible for?
Definition
putting the CEO's changes into effect
Term
The CFO is responsible for?
Definition
obtaining funds, planning budgets, collecting funds, and so on
Term
CIO or CKO is responsible for?
Definition
getting the right information to other managers so they can make correct decisions
Term
Define: Middle management
Definition
general managers, division managers, and branch and plant managers (in colleges, deans and department heads) who are responsible for tactical planning and controlling.
Term
Define: Supervisory management
Definition
those directly responsible for supervising workers and evaluating their daily performance
Term
The three skills managers need
Definition

1. Technical skills -  the ability to perform tasks in a specific discipline or department


2. Human relations skills


3. Conceptual skills  - let the manager picture the organization as a whole and see the relationships among its various parts.

Term
Order of the three skills for the three managment positions fro most needed to least
Definition

Top: Conceptual, Human Relations, Technical

Middle: Tech/human/coneptual are equal

Supervisors: Technical, Human Relations, Conceptual

Term
Good Leaders Must:
Definition

Communicate a vision and rally others around that vision

 

Establish corporate values

 

Promote corporate ethics

 

Embrace change

 

Stress accountability and responsibility.

Term
Define: Busnisess Transparency
Definition
the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders.
Term
Define: Autocratic leadership
Definition
malting managerial decisions without consulting others. Gives the manager the most authority and the the least amount of freedom to employees
Term
Define: Participative (democratic) leadership
Definition

involves managers and employees working together to make decisions.

 

Generally, the most effective and with happiest employees

 

Term
Define: free-rein leadership
Definition

managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives

 

best when used with professionals and creative types

Term
Define: knowledge management
Definition
Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm
Term
What are the 5 steps to the controlling process?
Definition

1. Establishing clear performance standards.

2. Monitoring and recording actual performance or results.


3. Comparing results against plans and standards.


4. Communicating results and deviations to the appropriate employees.


5. Taking corrective action when needed and providing positive feedback for work well done.

Term
Standards must be
Definition
specific, attainable, and measurable
Term
External vs. Internal Customers
Definition

external customers - Dealers, who buy products to sell to others, and ultimate customers, who buy products for their own personal use.

 

internal customers - Individuals and units within the firm that receive services from other individuals or units.

Term
Define: CORPORATE SCORECARD
Definition

 

measures financial progress, return on investment, and all else that needs to be managed for the firm to reach its ultimate goal, profits

Term
Productive Managers have
Definition
High focus and high energy
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