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Get faster at matching terms Terms in this set (83)Managers The people who plan, organize, lead, and control the operation of an organization Management The process of planning, organizing, leading, and controlling a business's financial, physical, human, and information resources in order to achieve its goals What are the differences between management effectiveness and management efficiency? Efficiency = achieving the greatest level of output with a given amount of input What are the 4 functions of Management? 1. Planning Planning determining what the business needs to do and the best way to achieve it What are the three types of plans? 1. Strategic Plans What are the 5 steps of the planning process? step 1. Goals are established for the organization Organizing -
determining how to use existing resources to implement the plan Leading (or directing) That portions of a manager's job concerned with guiding and motivating employees to meet the firm's objectives What are the 3 abilities a managers must have relating to leading? 1.
Authority to give orders The management process which involves interactions between managers and their subordinates is: Leading Controlling That portion of a manager's job concerned with monitoring the firm's performance and, if necessary, acting to bring it in line with the firm's goals. what are the control process steps? 1. Management establishes standards (often for financial performance) Many management problems can be approached in: rational What are the 3 levels of management? 1. Top management Top managers Responsible for the overall performance and effectiveness of the firm Set general policies, formulate strategies, and approve all significant decisions Represent the company in dealings with other firms and with government bodies What are common titles for top managers? President
Middle management Responsible for implementing the strategies of and working toward the goals set by top managers What are common titles for middle managers? Plant manager First-line manager Responsible for supervising the work of employees who report to them Ensure employees understand and are properly trained in company policies and procedures What are common titles for first-line managers? Supervisor What are the 5 areas of management? 1. Marketing Managers Human resource managers hire employees Operations Managers Responsible for a company's system for creating
goods and services: Information managers Responsible for designing and implementing various systems to gather, process and distribute information Marketing Managers development, pricing, promotion, and distribution of products and services Financial Managers Plan and oversee its financial resources Research and development managers need information about projected costs and revenues of any proposed changes in products and services Public relations managers review and sometimes write news releases.
Different levels in an organization require what? different combinations of managerial skills What are Mintzberg's 3 Managerial Roles? interpersonal, informational, decisional What are the 3 Interpersonal roles? 1. figurehead What are the 3 informational roles? 1. Monitor What are the 4 decision-making roles? 1. entrepreneur Technical skills Skills associated with performing specialized tasks within a firm Technical skills are especially important for first-line managers. Human relations skills Skills in understanding and getting along with people Conceptual skills Abilities to think in the abstract, diagnose and analyze various situations, and see beyond the present situation Time management skills Skills associated with the productive use of time What are the 4 leading causes of wasted time? 1. Paperwork What are the 3 basic decision characteristics? 1. Problem/ Opportunity Decision-making skills Skills in defining problems and selecting the best courses of action Problem decisions there is a specific problem that must be solved Opportunity decisions there is no specific problem but rather an opportunity presents itself Programmed decisions those that are made frequently and are highly structured
non-programmed decisions those that are made infrequently and are poorly structured What are the 6 steps in the rational decision making process? 1. Recognizing and defining the decision situation What are the 6 steps in the rational decision making process? book 1. Recognize that a decision is necessary Recognizing and Defining the Decision Situation Some stimulus indicates that a decision must be made. The stimulus may be positive or negative Identifying the alternatives of effective action Both obvious and creative alternatives are desired. In general, the more important the decision, the more alternatives should be generated Evaluating alternatives Each alternative is evaluated to determine its feasibility, its satisfactoriness, and its consequences. Selecting the best alternative Consider all situational factors and choose the alternative that best fits the manager's situation Implementing the chosen alternative The chosen alternative is implemented into the organization system. Following up and evaluating the results At some time in the future, the manager should ascertain the extent to which the alternative chosen in step 4 and implemented in step 5 was worked What are the 4 behavioural aspects of decision making? 1. Organizational politics Organizational politics the action that people take as they try to get what they want Risk propensity how much a manager is willing to gamble when making decisions Strategic Management The process of helping an organization maintain an effective alignment with its environment
Goals Objectives that a business plan to attain Strategic Goals performance objectives that a firm plans to achieve Strategy The broad set of organizational plans for implementing the decisions made for achieving organizational goals What are the 4 main purposes in goal setting? 1. Provides direction, guidance, and motivation for all managers Vision (or purpose) A statement indicating why an organization exist and what kind or organization it wants to be Mission statement An organization's statement of how it will achieve its purpose in the environment in which it conducts its business Long term goals five or more years Intermediate Goals One to five years Short term goals Less than one year SMART goals goals that are Specific, Measurable, Achievable, Relevant, and Time-framed Strategy Formulation Creation of a broad program for defining and meeting an organization's goals What are the steps in the strategy formulation? Step 1. Setting strategic goals Strategy formulation involves, in order, (1) setting strategic goals,
The final step in strategy formulation is to? match the organization and its environment Strategic goals Long-term goals derived directly from the firm's mission statement SWOT analysis identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation The term SWOT analysis stands for the identification of strengths, weaknesses, opportunities, and threats. SWOT Analysis (slide) Internal Strength What is the final step in strategy formulation? Matching company strengths to environmental opportunities pportunities and threats are factors external to the firm and are assessed using environmental analysis ... An organizational analysis involves looking for ________, while an environmental analysis involves looking for ________. strengths and weaknesses; threats and opportunities In a SWOT analysis, strengths and weaknesses are factors that are ________ to the firm, while opportunities and threats are factors that are ________ to the firm. internal; external The purpose of ________ strategy is to determine the businesses the firm will be in and how these businesses will relate to each other. Corporate What is corporate culture? The shared experiences, stories, and beliefs that characterize a firm ... strategy takes place at the level of the business unit or product line and focuses on a firm's competitive position. Sets with similar termsBUS 201 - CH 689 terms simranpatara Chapter 541 terms kimsuhswag Management CH. 656 terms abrahamxx Chapter 6 Managing the Business Entreprise61 terms tiff_l Sets found in the same folder
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What is the management of a company is responsible for quizlet?The four functions of management are planning (determining organizational goals and the means for achieving them), organizing (deciding where decisions will be made, who will do what jobs and tasks, and who will work for whom), leading (inspiring and motivating workers to work hard to achieve organizational goals), and ...
What is performance management and what should a performance management system do quizlet?Performance Management. managers ensure that employees' activities and outputs are congruent with organizational goals. Performance Feedback. provides employees information regarding their performance effectiveness.
Which level of management is responsible for the routine work of a group of employees?First-line managers are responsible for carrying out the actions and plans that the middle managers identified. In other words, they are generally responsible for the day-to-day activities of the employees who do the routine work of the business.
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Which level of management is responsible for the overall performance and effectiveness of the firm quizlet?
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