Chapter 7

Question 1

Management

Answer 1

The process of planning, organizing, leading and controlling to meet organizational goals

Question 2

Planning

Answer 2

Establishing objectives and goals for an organization and determining the best ways to accomplish them

Question 3

Strategic plans

Answer 3

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

Question 4

Mission statement

Answer 4

A brief statement of why an organization exists; in other words, what the organization aims to accomplish for customers, investors and other stakeholders

Question 5

Values statement

Answer 5

A brief articulation of the principles that guide a company’s decisions and behaviors

Question 6

Goal

Answer 6

A broad, long-range target

Question 7

Objective

Answer 7

A specific, short-range target

Question 8

Organizing

Answer 8

The process of arranging resources to carry out the organization’s plans

Question 9

Management pyramid

Answer 9

An organizational structure divided into top, middle and first-line management

Question 10

Top managers

Answer 10

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

Question 11

Middle managers

Answer 11

Those in the middle of the management hierarchy; they develop plans to implement the goals of top managers and coordinate the work of the first-line managers

Question 12

First-line managers

Answer 12

Those at the lowest level of the management hierarchy; they supervise the operating employees and implement the plans set by higher management levels

Question 13

Leading

Answer 13

The process of guiding and motivating people to work toward organizational goals

Question 14

Autocratic leaders

Answer 14

Leaders who do not involve others in decision-making

Question 15

Democratic leaders

Answer 15

Leaders who delegate authority and involve employees in decision-making

Question 16

Participative management

Answer 16

A philosophy allowing employees to take part in decision-making

Question 17

Laissez-faire leaders

Answer 17

Leaders who leave most decisions up to employees, particularly those concerning day-to-day matters

Question 18

Employee empowerment

Answer 18

Giving employees the power to make decisions that apply to their specific aspects of work

Question 19

Coaching

Answer 19

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

Question 20

Mentoring

Answer 20

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

Question 21

Organizational culture

Answer 21

A set of shared values and norms that support the management system and that guide management and employee behavior

Question 22

Controlling

Answer 22

Management function of keeping company’s activities on track toward previously established goals

Question 23

Benchmarking

Answer 23

Collecting and comparing process and performance data from other companies

Question 24

Balanced scorecard

Answer 24

A method monitoring the performance from four perspectives: finances, operations, customer relationships and the growth and development of employees and intellectual property

Question 25

Crisis management

Answer 25

Procedures and systems for minimizing the harm that might result from some unusually threatening situations

Question 26

Interpersonal skills

Answer 26

Skills required to understand other people and to interact effectively with them

Question 27

Technical skills

Answer 27

The ability and knowledge to perform the mechanics of a particular job

Question 28

Administrative skills

Answer 28

The technical skills necessary to direct an organization, including scheduling, researching, analyzing data, and managing projects

Question 29

Conceptual skills

Answer 29

The ability to understand the relationship of parts to the whole

Question 30

Decision-making skills

Answer 30

The ability to identify a decision situation, analyze the problem, weigh the alternatives, choose an alternative, implement it, and evaluate the results

Question 31

Cognitive automation

Answer 31

AI technology that aims to help professionals and managers with complex questions that present some of the most daunting decision scenarios

Question 32

What are the roles of management?

Answer 32

Interpersonal roles, Informational roles, and Decisional roles

Question 33

What does the planning function consist of?

Answer 33

Defining mission, vision and values; Performing SWOT analysis; Developing forecasts; Analyzing the competition; Establishing goals and objectives; and developing action plans

Question 34

What does the leading function consist of?

Answer 34

Developing an effective leadership style; Coaching and mentoring; Managing change; building a positive organizational structure

Question 35

What does the controlling function consist of?

Answer 35

The control cycle- establishing performance standards; measuring performance; comparing performance; and responding as needed

Question 36

What are the essential management skills?

Answer 36

Interpersonal; technical; conceptual; and decision-making