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Ch. 5 Management

Business Essentials

The process of planning, organizing, leading, and controlling a firm’s financial, physical, human, and information resources to achieve its goals is called? Management
Management process of determining what an organization needs to do and how best to get it done is called? Planning
Management process of determining how best to arrange resources and activities in a coherent structure is called? Organizing
Guiding and motivating employees to meet the organization’s objectives is called? Leading
management process of monitoring a organization’s performance to make sure goals are achieved is called? Controlling
Top managers are responsible for? Performance of the firm
What do middle managers do? Implement strategies set by the top manager
What do first line managers do? Supervise employees
A statement of how a business will achieve its purpose is called what? A mission statement
What is the time frame for a long term goal? 5 years or more
What is the time frame for a intermediate term goal? one to five years
Objective that a business hopes and plans to achieve is called what? Goals
Broad set of organizational plans for implementing the decisions made for achieving organizational goals is called a what? Strategy
President, CEO, CFO are all examples of what level of management? Top Manager
Plant manager, operations manager, division manager are all examples of what level of management? Middle Manager
Supervisor, office manager, project manager, group leader are all examples of what level of management? First Line Manager
Created by: BSHSbusiness