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BM Chpt. 4

Business Management Chapter 4 Study Guide

QuestionAnswer
Why do so many businesses fail? Lack of Planning
Owners and managers who can effectively plan for a business's future are more likely to be _________ Successful
Planning is a __________ that needs to be done carefully. Management Activity
A written description of the nature of the business, its goals and objective, and how they will be achieved Business Plan
Banks usually require a __________ for a loan Business Plan
Detailed description of products and/or services Nature of Business
Estimation of risk is based on________ Analysis of the Industry
Size, location of business, and background of entrepreneurs is ______ Nature of the Business
Basic results expected in the short and long run. The results are expressed in terms of sales volume or profits. Goals and Objectives
Customers and their demand for the product of service. Pricing, distribution and promotion activities. Comparison of product or service with competitors. Marketing Plan
Investment needed to start and maintain the business. Projected income, expenses, and profit. Cash start-up and cash flow needs. Financial Plan
Legal form of ownership Organization Plan
What are the legal factors of an organizational plan? Licenses, Leases, and Contracts.
Job description and employee skills needed Organization Chart
Buildings, equipment are tools are __________ Physical Facilities
All managers are responsible for preparing a business plan. True or False? False
All managers are involved in planning in some way. True or False? True
____________ is the most important management activity. Planning
____________ sets directions for the business and establishes goals as well as helps managers communicate with employees to coordinate activities. Planning
What are the two levels managers plan on? Strategic Planning and Operational Planning
Long term and provides broad goals and direction for the entire business. Strategic Planning
Short-term and identifies specific goals and activities for each part of the business. Operational Planning
What are the 5 steps in strategic planning? External Analysis, Internal Analysis, Mission, Goals, and Strategies.
Managers study factors outside the firm that affect effective operations: customers, competitors, the economy, and government. External Analysis
Managers study factors inside the business that can affect success: operations, finances, personnel, and other resources. Internal Analysis
Managers agree on the most important purposes or direction for the firm based on information collected. Mission
Managers develop outcomes for the business to achieve that fit within the mission. Goals
Managers identify the efforts expected from each area of the firm in foals are to be achieved. Strategies
Is a SWOT Analysis apart of strategic planning or operational planning? Operational Planning
The examination of the organizations internal Strengths and Weaknesses as well as the external Opportunities and Threats. SWOT Analysis
Things within a business that managers can influence and control to help accomplish the business plan. Internal Factors
Things operating outside of the business that managers cannot control but that may influence the success of the business. External Factors
______ provide direction for a business Goals
A specific statement of a result the business expects to achieve. Goals
"To make a profit" is being _______ Vague
"Increase sales by $25,000 in the next six months" is being Specific
Efective Goals are _________ Achievable, Clearly Communicated, and Consistent with each other and the overall company goals
What are the 6 planning tools? Budgets, Schedules, Standards, Policies, Procedures, and Research.
A written financial plan for business operations developed for a specific period of time. Budgets
A time plan for reaching objectives. They identify tasks to be completed, the sequence of related tasks, and time allotted to complete each task. Schedules
A specific measure against which something is judged. Completed products are examined using the standards to judge whether or not the quality is acceptable. Standards
Guidelines used in making decisions regarding specific, recurring situations. Helps reduce misunderstandings and encourage consistent decisions by managers. Every employee must be evaluated 2x a year. Policies
A sequence of steps to be followed for performing a specific task Procedures
To do a good job of planning managers need a great deal of information. Research
_________ set standards for the amount of time that tasks should take, the number of defective products allowed on an assembly line, and the number of calls a salesperson must make in a day. Standards
A company must be ___________ to carry out the plan and perform work effectively. Organized
________ is concerned with determining how plans can be accomplished most effectively. Organizing.
Organizing involves arranging resources and relationships between departments and employees and defining the responsibility each has for accomplishing work. True or False? True
An illustration of the structure of an organization, major job classifications, and the reporting relations among the organization's personnel. Organization Chart
Shows the major work units that make up a business. They allow the employees to identity which unit they are affiliated with, how it relates to other units, and to whom they are accountable to; identifies lines of authority and formation communication. Purpose
The total work to be done must be divided into units, such as departments Division of Work
The company must provide the necessary equipment and materials for employees to be able to complete their work. Facilities and Working Conditions
The layout of the facilities needs to be arranged so that all work flows _____ Smoothly
___________ have an effect on the morale of workers (lighting, temperature, ventilation, and cleanliness) Working Conditions
Match ___________ to the work that they are prepared to do. You will get better results if you match ___________ with what they like to do. Employees
The obligation to do an assigned task is _______. Tasks are clearly identified so all employees know exactly what they are responsible for. Responsibility
The right to make decisions about work assignments to require other employees to perform assigned tasks. Authority
The authority given to individual employees to make decisions and solve problems they encounter on their jobs with the resources available. These employees must be well trained to be effective decisions makers and problem solvers. Empowerment
The obligation to accept responsibility for the outcomes of assigned tasks. Accountability
No employee reports to more than one supervisor at a time. Unity of Command
The number of employees that any one manager supervises directly. Span of Control
Identifies the relationship among departments and personnel and indicated lines of communication. Types of Organizational Structure
All authority and responsibility can be traced in a direct line from the top executive down to the lowest employee level. Line Organization
Managers hae direct control over the units and employees they supervise but have access to staff specialist for assistance. Line-and-Staff Organization
Organizes employees into temporary work teams to complete specific projects. Matrix Organization
Divides employees into permanent work teams Team Organization
A few top managers do all major planning and decision making. This can cause communication problems because only a few people are making decisions. Employees and other managers start to feel unimportant. Centralized Organization
A large business is divided into smaller operating units, and managers who head the unites have almost total responsibility. Decentralized Organization
One with fewer levels of management than traditional structures. Managers and employees assume many of the responsibilities previously assigned to other levels of management. Flattened Organization
Created by: bartons