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Chapter 8
Unit 3-Definitions
| Term | Definition |
|---|---|
| Planning | Clearly setting out the goals for an organisation and how they are going to be achieved. |
| SWOT analysis | A management technique used to assess a business in terms of its internal strengths and weakness and also its external opportunities and threats. |
| Mission Statements | Short but precise, usually one to two sentences, statements used by companies to summarise "who we are, what we do, and where we are headed". |
| Strategic Plan | A long term plan for the whole business usually covering five or more years. It is drawn up by top management and can also be referred to as a corporate plan. |
| Tactical Plan | A plan which breaks down the strategic plan into shorter, more specific and manageable steps, usually one or two year periods. It is also drawn up by top management. |
| Operational Plan | A short term plan which sets targets for weeks or months ahead. It is drawn up by departmental managers. |
| Contingency Plan | A special plan prepared to cope with an emergency if it happens or an unexpected circumstance. EG: a fire drill, a sudden surge in demand from customers. |
| A SMART Plan | An effective plan must be specific, measurable, agreed (supported by all staff), realistic, and timed. |
| Organising | The process of bringing people and resources together effectively to implement plans. |
| Organisational Structures | Structures which identify the different departments and management functions in an organisation. They can be functional, product, geographic, or matrix (team based). |
| Functional structure | A organisational structure which divides a business into different departments according to the management functions of marketing,production, HR, finance etc. It is a typical and very common type of structure. |
| Product structure | A management structure which organises a business based on the product it makes. |
| Geographic structure | A management structure which divides the organisation according to the geographical markets it serves. |
| Matrix Structure | A management structure whereby staff are brought together into teams to achieve a clearly stated goal, such as launching a new product. |
| Chain of command | How decisions are flow from the top of an organisational chart right through to the bottom. In other words, who reports to who in a business. |
| Span of control | The number of people reporting directly to the manager. |
| Delayering | Process of reducing the number of layers in the organisational structure of a business. It is often done to quickly cut costs or to respond more quickly to the changing market needs. |
| Controlling | The continuous monitoring and checking of results to see if they are in line with the goals and targets set out in the plans. The main types are: stock control, quality control, credit control, and financial control. |
| Stock Control | Process in which a company ensures that they have the right quantity and type of goods in stock at the right time, without having to pay stockholding costs (for too much stock), such as insurance, security, rent or obsolescence. |
| Buffer Stock | The minimum level of stock that should be held. Once stock levels fall below this, more stock should be ordered. |
| Just-in-time (JIT) | Type of stock control system in which stocks of raw materials, components or finished goods are delivered just when they are needed, no sooner or no later. |
| Quality Control | Ensuring that the quality standards expected by customers are properly met. |
| Credit Control | Monitoring which customers are sold goods on credit and for how long and making sure they pay on time. |
| The Credit Controller | The person responsible for managing credit given to debtors and collecting payments. |
| Financial Control | The monitoring of the business's financial affairs to ensure it is profitable and always has enough money to pay its bills. |
Created by:
paulsutton97
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