CHAPTER 7 Flashcards
(31 cards)
Management
The process of planning, organizing, leading,
and controlling to meet organizational goals.
Planning
Establishing objectives and goals for an organization and determining the best ways to accomplish them.
Strategic Plans
Plans that establish the actions and the resource allocation required to accomplish strategic goals; they’re usually defined for periods of two to five years and developed by top managers.
Mission Statement
A brief statement of why an organization exists; in other words, what the organization aims to accomplish for customers, investors, and other stakeholders.
Values Statement
A brief articulation of the principles that guide a company’s decisions and behaviors.
Goal
A broad, long-range target or aim.
Objective
A specific, short-range target or aim.
Organizing
The process of arranging resources to carry out the organization’s plans.
Management Pyramid
An organizational structure divided into top, middle, and first-line management.
Top Managers
Those at the highest level of the organization’s management hierarchy; they are responsible for setting strategic goals, and they have the most power and responsibility in the organization.
Middle Managers
Those in the middle of the management hierarchy; they develop plans to implement
the goals of top managers and coordinate the work of first-line managers.
First-line Managers
Those at the lowest level of the management hierarchy; they supervise the operating employees and implement the plans set at the higher management levels.
Leading
The process of guiding and motivating people to work toward organizational goals.
Autocratic Leaders
Leaders who do not involve others in decision-making.
Democratic Leaders
Leaders who delegate authority and involve employees in decision-making.
Participative Management
A philosophy of allowing employees to take part in planning and decision-making.
Laissez-faire Leaders
Leaders who leave most decisions up to employees, particularly those concerning day-to-day matters.
Employee Empowerment
Giving employees the power to make decisions that apply to their specific aspects of work.
Coaching
Helping employees reach their highest potential by meeting with them, discussing problems that hinder their ability to work effectively, and offering suggestions and encouragement to overcome these problems.
Mentoring
A process in which experienced managers guide less experienced colleagues in nuances of office politics, serving as role models for appropriate business behavior and helping to negotiate the corporate structure.
Organizational Culture
A set of shared values and norms that support the management system and that guide management and employee behavior.
Controlling
The process of measuring progress against goals and objectives and correcting deviations if results are not as expected.
Benchmarking
Collecting and comparing process and performance data from other companies.
Balanced Scorecard
A method of monitoring the performance from four perspectives: finances, operations, customer relationships, and the growth and development of employees and intellectual property.
