Home
Subjects
Solutions
Create
Log in
Sign up
Upgrade to remove ads
Only ₩37,125/year
Review terms and definitions
Focus your studying with a path
Take a practice test
Get faster at matching termsHow do you want to study today?
Flashcards
Learn
Test
Match
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
Effectiveness = achieving organizational goals that have been set
What are the 4 functions of Management?
1. Planning
2. Leading
3. Organizing
4. Controlling
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
2. Tactical Plans
3. Operational Plans
What are the 5 steps of the planning process?
step 1. Goals are established for the organization
step 2. Managers identify whether a gap exists
step 3. Managers develop plans to achieve the desired objective
step 4. The plans that have been decided upon are implemented.
step 5. The effectiveness of the plan is assessed.
Organizing
-
determining how to use existing resources to implement the plan
- arranging jobs in a structure to create an efficient task system
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
2. Ability to guide employees
3. Power to motivate subordinates
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)
2. Measure actual performance against standards
3. Assess if the measured performance match standards
If yes, continue current activities
If no, adjust performance or standards
Many management problems can be approached in:
rational
logical
objective
systematic
interpersonal skills
abstract conceptual thinking
What are the 3 levels of management?
1. Top management
2. Middle management
3. First-line 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
Vice-president
Treasurer
Chief operating officer (COO)
Chief executive officer (CEO)
Chief Financial officer (CF))
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
Operations manager
Division manager
Regional sales 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
Office manager
Group leader
Sales Manager
What are the 5 areas of management?
1. Marketing Managers
2.
Financial Managers
3. Operations Managers
4. Human Resource Managers
5. Information Managers
Human resource managers
hire employees
train employees
evaluate employees performance
decide how they should be compensated
deal with labour unions
Operations Managers
Responsible for a company's system for creating
goods and services:
- production control
- inventory control
- quality control
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.
They also sponsor corporate events to help maintain and improve the image and identity of their organization or client.
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
2. leader
3. liaison
What are the 3 informational roles?
1. Monitor
2. Disseminator
3. Spokesperson
What are the 4 decision-making roles?
1. entrepreneur
2. disturbance handler
3. resource allocator
4. negotiator
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
2. The telephone
3. Meetings
4. Email
What are the 3 basic decision characteristics?
1. Problem/ Opportunity
2. Programmed
3. Under several different Risk Conditions
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
2. Identifying alternatives
3. Evaluating alternatives
4. Selecting the best alternative
5. Implementing the chosen alternative
6. Following up and
evaluating the results
What are the 6 steps in the rational decision making process? book
1. Recognize that a decision is necessary
2. Identify possible alternatives
3. Evaluate alternatives
4. Select the best alternatives
5. Implement the chosen alternatives
6. Evaluate the effectiveness of the decision
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
factors such as legal restrictions, moral and ethical norms, and available
technology can limit their alternatives
Evaluating alternatives
Each alternative is evaluated to determine its feasibility, its satisfactoriness, and its consequences.
Not all alternatives can be done due to legal or financial barriers, limited human, material, and information resources.
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.
Consideration during the implementation is employees resistance to change for reasons such as; insecurity, inconvenience, and fear of the unknown
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
2. Escalation of commitment
3. Intuition
4. Risk propensity
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
2. Goal setting helps firms allocate resources
3. Help define corporate culture
4. Helps managers assess performance
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
Step 2. Analyzing the organization and its environment (SWOT)
Step 3. Matching the organization to its environment
Strategy formulation involves, in order,
(1) setting strategic goals,
(2) analyzing the organization and its environment
(3) matching the organization and its environment.
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
Internal Weaknesses
External Opportunities
External Threats
What is the final step in strategy formulation?
Matching company strengths to environmental opportunities
Minimizing the impact of threats and company weaknesses
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 6
89 terms
simranpatara
Chapter 5
41 terms
kimsuhswag
Management CH. 6
56 terms
abrahamxx
Chapter 6 Managing the Business Entreprise
61 terms
tiff_l
Sets found in the same folder
Business Principles Ch.2
60 terms
quizlette836525
MB105- chapter 10
30 terms
cas20026
BUS 200 Midterm
87 terms
k_mander
Intro to Business
36 terms
A2daj85
Other sets by this creatorBaladodiffusions - noms
40 terms
tkolber
Baladodiffusions - verbes
15 terms
tkolber
Baladodiffusions - adjectifs
14 terms
tkolber
Tour - the Senate
20 terms
tkolber
Other Quizlet setsROBERT SERVICE The Cremation of Sam McGee - Select…
11 terms
gcb2003PLUS
Unit 1 post lab
21 terms
flashcards08
Stress Adaptation (chapter 1)
33 terms
kmontilla7
Ch. 3 Quiz And HW
26 terms
matthew_sutnick