Chapter 7 - Understanding the Management Process

Question 1

Four Functions of Management

Answer 1

Management: coordinating people and other resources to achieve the goals of an organization.

Planning: establishing the goals and how to accomplish them.

Organizing: grouping resources and activities for more efficiency and effectiveness.

Leading and Motivating: influencing others to work toward and common goal and why they should work in the best interest of the organization.

Controlling: evaluating and regulating activities to ensure the goals are achieved.

Question 2

Types of Strategic Plan

Answer 2

Strategic: broad, to achieve long-term goals (1-5 years), set by board of directors and top management.

Tactical: smaller-scale plan to implement strategic plan, one year or less, may be updated periodically, easier to adjust.

Operational: designed to implement tactical plans, day-to-day focus, deals with how to accomplish specific objectives.

Contingency: outline of alternative courses of action in case other plans got interrupted, used in conjunction to strategic, tactical, and operational plans.

Question 3

Organizing the Enterprise

Question 4

Leading and Motivating

Question 5

Controlling

Question 6

Types of Managers

Question 7

Levels of Management

Question 8

Areas of Management Specialization

Question 9

Key Skills of Successful Managers

Question 10

Styles of Leadership

Question 11

Managerial Decisions-Making

Question 12

Critical Success Factors:

Question 13

SWOT ANALYSIS