Midterm Flashcards
is the art and science of attainment of organisational goals in an effective and efficient manner through planning, organising, leading, and controlling organisational resources.
Management
The most fundamental and basic of all management function
Involves a rational approach in selecting and achieving goals and objectives and deciding on the actions to achieve them.
Strongly implies managerial innovation.
Bridges the gap from where we are and to where we want to go.
Planning
states what the organisation aspires to become in the future.
Vision
reflects the organisation’s past and present by stating why the organisation exists and what role it plays in society.
Mission
are the more specific aims that organisations pursue to reach their visions and missions
Goals/Objectives
Outcomes that relate to improving firm’s financial performance
Financial Objectives
is the direction and scope of an organisation over the long-term. It helps achieve an advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and fulfil stakeholder expectations.
Strategy
are general statements which are formulated by an organisation for the guidance of its personnel.
Policies
refers to a comprehensive set of instructions that prescribes a certain way of performing a process, or part of a process, in relation to time.
Procedures
it reflects a managerial decision that a certain action must – or must not – be taken.
Rules
are collections of projects that are managed as a group to achieve efficiencies of scale.
Programs
They are also control devices.However, making a _______ is clearly planning
Budget
Describe what an organisation excels at and what separates it from the competition:
A strong brand, loyal customer base, a strong balance sheet, unique technology and so on
For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. It must then decide how to use those results to attract new investors. capital.
Strengths
Stop an organisation from performing at its optimum level.
They are areas where the business needs to improve to remain competitive:
A weak brand, higher-than-average turnover,high levels of debt, an inadequate supply chain or lack of capital.
Weakness
Refer to favourable external factors that could give an organisation a competitive advantage.
For example, if a country cuts tariffs, a car manufacturer can export its cars into a newmarket, increasing sales and market share
Opportunities
Refer to factors that have the potential to harm an organisation.
For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield.
Other common threats include things like rising costs for materials, increasing competition, tight labour supply and so on.
Threats
A bar chart that is used to schedule, manage, monitor specific tasks and resources in a project
It’s a type of bar chart showing the start and finish dates of a project’s elements such as resources, planning, and dependencies.
It consists of a list of tasks and bars depicting each task’s progress.
The horizontal bars of different lengths represent the project timeline, which can include task sequences, duration, and the start and end dates for each task
Gantt Chart
The numbered circles represent tasks or milestones in a project.
The arrows show the sequence of these tasks.
The time to do a task is shown near the arrow. The critical path in the chart at the left is drawn with red arrows.
Display task dependencies, showing which tasks need to be done before others can be started
PERT - CPM
PERT stands for
Program Evaluation and Review Technique.
is simply a graphical representation of steps. It shows steps in sequential order and is widely used in presenting the flow of algorithms, workflow or processes. Typically, a ______ shows the steps as boxes of various kinds, and their order by connecting them with arrows.
Flowchart
It is a visualisation tool for categorising the potential causes of a problem.
This tool is used in order to identify a problem’s root causes.
The name comes from the diagram design, which looks much like a skeleton of a fish.
Are typically worked right to left, with each large “bone” of the fish branching out to include smaller bones, each containing more detail.
Cause and Effect Diagram or Fishbone Diagram
Includes all tasks performed in a workflow and each person who performs that task.
It is used to help a team of people plan and understand how to accomplish a task.
By breaking down a project into small tasks and making it clear who is responsible for each step, a team is better able to communicate and complete a project more efficiently.
helps with organisation and can be used to define entire company processes.
Process Mapping
They are the one doing the strategic matters
The establish rules, programs
They establish the vision and mission of the company
Top Managers (strategic managers)
They dissect the vision and mission that the top managers made to make it easier to understand
Department managers
Middle Managers (tactical planning)
