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busniess chapter #7
Term | Definition |
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1. Management | The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources. |
2. Planning | A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives. |
3. Organizing | 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. |
4. Leading | Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives. |
5. Controlling | 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. |
6. Vision | An encompassing explanation of why the organization exists and where it’s trying to head. |
7. Mission statement | An outline of the fundamental purposes of an organization. |
8. Goals | The broad, long-term accomplishments an organization wishes to attain. |
9. Objectives | Specific, short-term statements detailing how to achieve the organization’s goals. |
10. SWOT analysis | A planning tool used to analyze an organization’s strengths, weaknesses, opportunities, and threats. |
11. strategic planning | The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals. |
12. tactical planning | The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done. |
13. operational planning | The process of setting work standards and schedules necessary to implement the company’s tactical objectives. |
14. contingency planning | The process of preparing alternative courses of action that may be used if the primary plans don’t achieve the organization’s objectives. |
15. decision making | Choosing among two or more alternatives. |
17. Brainstorming | Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas. |
18. PMI | Listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column. |
19. Top management | The highest level of management, consisting of the president and other key company executives who develop strategic plans. |
20. middle management | The level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling. |
21. supervisory management | Managers who are directly responsible for supervising workers and evaluating their daily performance. |
22. technical skills | Skills that involve the ability to perform tasks in a specific discipline or department. |
23. human relations skills | Skills that involve communication and motivation; they enable managers to work through and with people. |
24. conceptual skills | Skills that involve the ability to picture the organization as a whole and the relationships among its various parts. |
25. Staffing | A management function that includes hiring, motivating, and retaining the best people available to accomplish the company’s objectives. |
26. Transparency | The presentation of a company’s facts and figures in a way that is clear and apparent to all stakeholders. |
27. autocratic leadership | Leadership style that involves making managerial decisions without consulting others. |
28. participative (democratic) leadership | Leadership style that consists of managers and employees working together to make decisions. |
29. free-rein leadership | Leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives. |
30. enabling | Giving workers the education and tools they need to make decisions. |
31. knowledge management | Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm. |
32. external customers | Dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use. |
33. internal customers | Individuals and units within the firm that receive services from other individuals or units. |