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48 Cards in this Set
- Front
- Back
Management |
The process designed to achieve an organization's objectives by using its RESOURCES effectively and efficiently in a changing environment. |
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Effectively |
Having the intended results. (Get It Done) |
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Efficiently |
Accomplishing the objectives with a minimum of resources. (not to waste) |
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Managers |
Those individuals in organization's who make decisions (utlilize resources) about the use of resources and who are concerned with planning, organizing, staffing, directing, and controlling the organization's activities to reach its objectives. |
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5 Things Managers Do: |
Planning, Organizing, Staffing, Directing, and Controlling |
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Planning |
The process of determining the organization's objectives and deciding how to accomplish them, the first function of management. -Activities to achieve the organization's objecives |
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The Importance of Management |
Crucial for a successful business -Resources acquisition and coordination (resources: people, raw materials, money, and equipment)
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Organizing |
Resources and activities to achieve the organization's objectives |
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Staffing |
The organization with qualified people. |
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Directing |
Employees' activities toward achievement of objectives |
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Controlling |
The organization's activities to keep it on course. |
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Mission |
The statement of an organization's fundamental purpose and basic philosophy. |
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A well-developed misson statement will answer 5 basic questions. |
1.) Who are we? 2.) Who are our customers? 3.) What is our operating philosophy? (beliefs, values, ethics, etc) 4.) What are our core competencies and competitive advantages? 5.) What are our responsibiliites with respect to being a good stewards if environment, financial, and human resources. |
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Goals |
The result that a firm wishes to achieve. (almost always have multiple goals) |
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Objectives |
The end or results desired by an organization, derive from the organization's mission. |
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Plans (Three Types) |
Strategic, Tactical, and Operational |
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Strategic Plans |
Those plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission. |
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Tactical Plans |
Short-range plans designed to implement the activities and objectives specified in the strategic plan. |
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Operational Plans |
Very short-term plans that specify what actions individuals, work groups, or departments need to accomplish in order to acheive the tactical plan and ultimately the strategic plan. |
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Crisis Management (Contigency Planning) |
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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Organizing |
The structuring of resources and activities to accomplish objectives in an efficient and effective manner. |
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Staffing |
The hiring of people to carry out the work of the organization. |
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Downsizing |
The elimination of a significant number of employees from an organization. |
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Directing |
Motivating and leading employees to achieve organizational objectives |
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Controlling |
The process of evaluating and correcting activities to keep the organizations on course. |
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Types of Management |
1) Top Management 2) Middle Management 3) First Line (Supervisory Management) |
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Top Managers |
The president and other top executives of a business, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operation officers (COO), who have overall responsibility for the organization. |
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Common Organizational Objectives |
1.) Profit 2.) Competitive Advantage 3.) Efficiency 4.) Growth 5.) Service 6.) Ethics 7.) Community Responsibility |
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Middle Managers |
Those members of an organization responsible for the tactical planning that implements the general guidelines established by top management. |
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First-Line Managers |
Those who supervise both workers and the daily operations of an organization. |
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Financial Managers |
Those who focus on obtaining needed funds for the successful operation of an organization and using those funds to further organizational goals. |
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Production and Operations Managers |
Those who develop and administer the activities involved in transforming resources into goods, services, and ideas ready for the marketplace. |
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Human resources managers |
Those who handle the staffing function and deal with employees in a formalized manner. |
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Marketing Managers |
Those who are responsible for planning, pricing, and promoting products and making them available to customers. |
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Information technology managers (IT) |
Those who are responsible for implementing, maintaining, and controlling technology applications in business, such as computer networks. |
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Areas of Management |
1.) Finance 2.) Production 3.) HR 4.) Marketing 5.) IT 6.) Administration |
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Administrative Management |
Those who manage an entire business or a major segment of a business; they are not specialists but coordinate the activities of specialized managers. |
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Skills Needed By Managers |
1.) Leadership 2.) Technical Expertise 3.) Conceptual Skills 4.) Analytical Skills 5.) Human Relations Skills |
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Leadership |
The ability to influence employees to work toward organizational goals. |
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Technical Expertise |
The specialized knowledge and training needed to perform jobs that are related to particular areas of management. |
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Conceptual Skills |
The ability to think in abstract terms and to see how parts fit together to form the whole. -The ability to think creatively-needed by all managers- especially important for top managers. |
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Human Relations Skills |
The ability to deal with people, both inside and outside the organizations. |
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Agenda |
A calender, containing both specific and vague items, that covers short-term goals and long-term objectives. |
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Networking |
The building of relationships and sharing of information with colleagues who can help managers achieve the items on their agendas. |
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Types of Leaders |
1.) Autocratic Leaders 2.) Democratic Leaders 3.) Free-rein Leaders |
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Six Steps to Decision Making |
1.) Recognize & Define the decision situation 2.) Develop options 3.) Analyze options 4.) Select the best option 5.) Implement the decision 6.) Monitor the consequences |
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The Reality of Management |
1.) Not a cut and dried process. 2.) Managers spend a lot of time: - establishing and updating the agenda - a calender that covers short-term goals and long-term objectives. 3.) Networking - building relationships and sharing info with colleagues who can help managers achieve the items on the agenda. 4.) Confronting the complex challenges of today's business world. |
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Analytical Skills |
The ability to identify relevant issues, recognize their importance, understand the relationships between them, and perceive the underlying causes of a situation. -Most important for top level managers -Required in complex situations where the solutions unclear. |