Quiz 1 Flashcards
(20 cards)
Creating goods and services
Production/Manufacturing
Promoting and selling products or services.
Sales and Marketing
Managing financial transactions and records.
Finance and Accounting
Recruiting, training, and managing personnel.
Human Resources
Innovating and improving products/services.
Research and Development
Addressing customer inquiries and issues.
Customer Service
Managing the flow of goods and services.
Information Technology: Handling
Supply Chain Management
Handling technology infrastructure and systems
Information Technology
An M’s of management where it refers to the workforce or personnel within an organization
Manpower
An M’s of management where it involves the resources and raw materials needed for production.
Materials
An M’s of management where it encompasses the tools, equipment, and technology used in operations.
Machine
An M’s of management where it refers to the processes and procedures employed to achieve goals.
Methods
An M’s of management where it involves the financial resources required for various business activities
Money
What are the functions of management?
- Planning
- Directing
- Organizing
- Controlling
Involves setting goals, defining strategies, and outlining tasks to achieve objectives efficiently. It’s essentially the process of deciding what needs to be done and how to do it.
Planning
Focuses on arranging resources, tasks, and people to implement the plans effectively. This includes establishing roles, responsibilities, and relationships within the organization
Organizing
Involves motivating, guiding, and influencing individuals or teams to achieve organizational goals. It includes communication, motivation, and leadership.
Directing
Encompasses monitoring, evaluating, and adjusting activities to ensure that the organization is moving toward its goals. This involves measuring performance, comparing it with objectives, and taking corrective actions as needed
Controlling
What are the main functions of an organization?
- Production
- Sales and marketing
- Finance and accounting
- Research and development
- Customer Service
- Human Resources
- Information Technology
What are the 5 M’s of Management?
- Manpower
- Money
- Machine
- Methods
- Materials
