chp 7 Flashcards
(17 cards)
Management
The achievement of organizational objectives
through the use of people and other
resources. The skills and principles of
management apply in both profit and not-for-
profit organizations.
Technical skills
ability to
understand and use the knowledge and tools
of a specific discipline or activity.
Human skills
interpersonal skills
managers need to motivate and lead
employees to accomplish identified objectives.
Conceptual skills,
especially by top
managers, involve the ability to see the big
picture by acquiring, analyzing, and
interpreting information.
Managerial functions
Managers in any organization must perform
the essential functions of planning, organizing,
directing, and controlling.
Strategic plans
set primary objectives and
strategies for how to allocate resources to
achieve them.
Tactical plans
involve implementing the
activities specified by the strategic plan.
Operational plans
create detailed standards
that guide implementation of tactical plans
Contingency planning
allows a firm to quickly
resume operations and communications with
the public after a crisis.
Programmed
involves imple, common, and decisions frequently occurring problems for which
solutions have already been determined.
nonprogrammed decision
involves a complex
and unique problem or opportunity with
important consequences for the organization.
Leadership styles
- autocratic,
- democratic, or
- free-rein styles.
List and define each of the three skills successful managers must have
i. Technical skills: the manager’s ability to understand and use
techniques, knowledge, and tools of a specific discipline or
department.
ii. Human skills: the people skills such as communicating, motivating,
and leading effectively.
iii. Conceptual skills: the ability of a manager to see the organization as
a unified whole and to understand how each part of the organization
fits in and interacts with the other parts. Important components include
the skills needed to acquire, analyze, and interpret information.
- Define and explain the six steps in the strategic planning process.
(1) Define the organization’s mission: translating the organization’s vision
into an enduring statement of company purpose, highlighting the
scope of operations, the markets to be served, and how it will set itself
apart from competition.
(2) Assess the organization’s competitive position: SWOT analysis and
forecasting are two important techniques.
(3) Set objectives for the organization: concrete statements of specific
objectives for profit, customer relations, social responsibility, etc.
(4) Creating strategies for competitive differentiation: human resource
management, product innovation, technology and financial
management are sources, as is relationship management.
(5) Develop an action plan: specify methods and deploy the resources
necessary to implement the intended plans.
(6) Monitoring and adapting strategic plans: establishing methods of
securing feedback about actual performance, and ongoing use of
SWOT and forecasting.
What are the five steps in the decision-making process?
1 Recognition of a problem or opportunity.
(2) Development of alternative courses of action.
(3) Evaluation of alternatives.
(4) Selection and implementation of chose alternative.
(5) Follow-up to determine effectiveness of decision
What is planning? Name and define the four types of plans.
(1) Strategic plans: establish overall objectives, position the organization within
its environment for both the short-and long-term.
(2) Tactical plans: Implement activities and allocate resources to reach strategic
objectives.
(3) Operational plans: set quotas, standards, or schedules to implement tactical
plans.
(4) Contingency plans: prepare for emergencies.
What is corporate culture? What is leadership? How are they related?
