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Business 208 test 2

Business test

QuestionAnswer
Management The process used to accomplish organizational goals through planning, organizing, leading and controlling people and other organizational resources
Vision More than a goal, it’s a broad explanation of why the organization exists and where it’s trying to go.
Mission Statement Outlines the organization’s fundamental purposes. It includes: the organization’s self–concept its philosophy long–term survival needs customer needs social responsibility nature of the product or service
Goals The broad, long-term accomplishments an organization wishes to attain
Objectives Specific, short-term statements detailing how to achieve the organization’s goals.
SWOT Analysis Strengths, Weaknesses, Opportunities, and threats of a company.
Strategic Planning Done by top management and determines the major goals of the organization and the policies, procedures, strategies and resources it will need to achieve them.
Tactical Planning The process of developing detailed, short-term statements about what is to be done, who is to do it and how.
Operational Planning The process of setting work standards and schedules necessary to implement the company’s tactical objectives.
Contingency Planning The process of preparing alternative courses of action the firm can use if its primary plans don’t work out.
Decision Making Choosing among two or more alternatives.
Problem Solving The process of solving the everyday problems that occur; less formal than decision making and needs quicker action.
Top Management The highest level, consists of the president and other key company executives who develop strategic plans.
Middle Management Includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.
Supervisory Management Those directly responsible for supervising workers and evaluating daily performance.
Chief Executive Officer (CEO Introduces change into an organization
Chief Operating Officer (COO) Implements CEO’s changes
Chief Financial Officer (CFO) Obtains funds, plans budgets, collects funds, etc.
Chief Information Officer (CIO) Gets the right information to the right people so decisions can be made.
Technical Skills The ability to perform tasks in a specific discipline or department
Human Relations Skills Skills that involve communication and motivation; they enable managers to work through and with people
Conceptual Skills Skills that involve the ability to picture the organization as a whole and the relationship among its various parts
Staffing Recruiting, hiring, motivating and retaining the best people available to accomplish the company’s objectives
Transparency The presentation of the company’s facts and figures in a way that is clear and apparent to all stakeholders.
Autocratic Leadership Making managerial decisions without consulting others
Participative or Democratic Leadership Managers and employees work together to make decisions.
Free-Rein Leadership Managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives.
Enabling Giving workers the education and tools they need to make decisions
Knowledge Management Finding the right information, keeping the information in a readily accessible place and making the information known to everyone in the firm
External Customers Dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own use.
Internal Customers Individuals and units within the firm that receive services from other individuals or units.
Created by: BWLAXPLAYER
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