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Ch. 6: Business
Understanding Management Process
| Term | Definition |
|---|---|
| management | process of coordinating people and other resources to achieve the goals of an organization |
| material resources | tangible, physical resources an organization uses EX: steel, glass |
| human resources | employees |
| financial resources | funds an organization uses to meet its obligation to investors and creditors |
| information | competency about the external environment in order to adapt to its changes |
| planning | creating organizational goals and deciding how to accomplish them |
| mission | statement of the basic purpose that makes that organization different from others |
| strategic planning process | establishing an organization's major goals and objectives and allocating resources to achieve them |
| goal | end result that an organization is expected to achieve over a one-to ten year period |
| objective | specific statement detailing what an organization intends to accomplish over a shorter time period |
| SWOT analysis | identification and evaluation of a firm's strengths, weaknesses, opportunities, and threats |
| core competencies | approaches and processes that a company performs well that could give advantage over competitors |
| strategic plan | an organization's broadest plan developed as a guide for major policy setting and decision making to achieve long term goals |
| tactical plan | smaller scale plan developed to implement a strategy covering a one to three year period |
| operational plan | type of plan designed to implement tactical plans |
| contingency plans | lists alternatives in case previous plans fails |
| organizing | grouping of resources and activities to accomplish some edn result |
| leading | process of influencing people to work toward a common goal |
| motivating | process of providing reasons for people to work in the best interests of an organization |
| directing | leading + motivating |
| controlling | process of evaluating and regulating ongoing activities to ensure that goals are achieved |
| control function | set standards + measure performance + take corrective action |
| top manager | upper level executive who guides and controls an organization's overall fortunes |
| middle manager | implements that strategy and major policies developed by top management |
| first line management | coordinates and supervises activities or operating employees |
| financial manager | responsible for organization's financial resources |
| operations manager | manages systems that convert resources into goods and services |
| marketing manager | facilitates the exchange of products b/w an organization and its customers or clients |
| human resources manager | manages an organization's human resources programs which hires, trains, and evaluates performance of employees |
| administrative manager | provides overall administrative guidance and leadership |
| conceptual skills | ability to think in abstract terms to see the 'bigger picture' |
| analytic skills | identify problems correctly, generate alternatives, and select best option |
| interpersonal skills | ability to deal effectively with other people inside and outside of organization |
| technical skills | specific skills needed to accomplish specialized activity |
| communication skills | oral and written ability to speak listen and write effectively |
| autocratic leadership | EX: Hitler; task oriented, workers have limited control |
| participative leadership | EX: MLK; members of a team are involved in identifying essential goals and developing strategies to reach those goals |
| entrepreneurial leadership | EX: Steve Jobs; personality-based, manager seeks to inspire workers with a vision |
| benchmarking | process of evaluating the products, processes, or management practices of another organization for the purpose of improving quality |
| total quality management (TQM) | coordination of management to address customer satisfaction, employee participation, supplier partnership, and continuous quality improvement |
Created by:
nnaseem98
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