Management WOB Test 2 Flashcards Preview

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Flashcards in Management WOB Test 2 Deck (24):
1

Managerial Roles

Patterns and activities that carry out functions of management

2

4 functions of managers

Planning
Organizing
Controlling
Leading

3

The four functions of managers can help increase ------- and -----.

Efficiency and effectiveness

4

Being efficient and effective helps managers reach ----- and -----.

Missions and objectives

5

Mission statement

Brief statement that says what the organization aims to accomplish

6

Vision Statement

Brief expression of what a company wants to be

7

Value statement

Explains principals of companies decisions and behaviors

8

SWOT stands for...

Strength
Weakness
Opportunity
Threat

9

Strength

A Positive internal factor

10

Weakness

Negative internal factor

11

Opportunity

Ways to generate new revenue

12

Threat

Negative forces that could stop firm from achieving objectives

13

Qualitative Forecast

Based on judgement which has no numbers

14

Quantitative Forecast

Involves numbers

15

Goal vs Objective

Goal- broad long term target

Objective- specific short term target

16

What does SMART stand for in Smart Goals?

Specific
Measurable
Attainable
Relevant
Time limited

17

Cognitive Intelligence

Involves reasoning and rational skills

18

Emotional Intelligence

Involves measure of a persons awareness

19

Social Intelligence

Understanding of social situations

20

3 types of leadership skills

Autocratic
Democratic
Laiszee Fair

21

Autocratic

Managers make decisions and pass them down the chain of command

22

Democratic

Managers share decision making authority

23

Laisez Fair

Managers acts as advisor and supporter

24

Benchmarking

Collecting and comparing data against other companies

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