Management Flashcards
(19 cards)
What is Management
The process of guiding the development, maintenance and allocation of resources to gain organisational goals
Who are managers
Managers are the people in the organisation responsible for developing and carrying out the management process
What are the 4 primary functions of managers
Planning
Organising
Leading
Controlling
What is planning
Deciding what needs to be done, identifying when and how it will be done, and determining who should do it
What are the 4 different types of planning
Strategic
Tactical
Operational
Contingency planning
What is strategic planning
Creating long-term (1 to 5 years) and broad goals
Determining the necessary resources to accomplish these goals
What is tactical planning
Shorter time frame (< 1 year) and more specific objectives that support the broader strategic goals
What is operational planning
Creates specific standards, methods, policies and procedures that are used in functional areas of the organisation
What is contingency planning
Identify the alternative courses of action for very unusual or crisis situations
What is organising
Coordinating and allocating a firm’s resources in order to carry out its plans
What are the 3 tiers of managerial hierarchy (Bottom to top)
Supervisory management
Middle management
Top management
What is leading
The process of guiding and motivating others toward the achievement of organisational goals
What is the difference between leaders and managers
Leaders can be anyone in an organisation whereas managers are designated according to the organisational structure
What are the 3 leadership styles of managers
Autocratic
Participative
Free rein
What is corporate culture
The set of attitudes, values and standards of behaviour that distinguishes one organisation from another
What is controlling
The process of assessing the organisation’s progress toward accomplishing its goals
What are the 3 categories of managerial roles
Informational role
Interpersonal role
Decisional role
What are the 3 categories of managerial skills
Technical
Human relations
Conceptual skills
What are the 4 trends that affect management
Crisis management
Outside directors
Growing use of technology
Increasing need for global management skills
