Business Chapter 8 Key Exam Concepts Cartes

What is the management function of planning.

Defining organizational goals and deciding on action tasks to achieve them.

What is the management function of organizing?

Structuring work and allocating resources to accomplish organizational goals.

What is the management function of leading?

Inspiring and motivating workers to put forth high effort to achieve goals.

What is the management function of controlling?

Monitoring performance, comparing it with goals, and taking corrective action.

What is strategic planning?

Broad, long-term planning conducted by top management to set organizational direction.

What is tactical planning?

Medium-term planning that breaks down strategic goals into specific action steps for departments.

What is operational planning?

Short-term planning that sets daily and weekly targets for lower-level managers and employees.

What does the "S" in SWOT analysis stand for?

Strengths, which are internal capabilities and positive attributes of an organization.

What does the "W" in SWOT analysis stand for?

Weaknesses, which are internal limitations and negative attributes of an organization.

What does the "O" in SWOT analysis stand for?

Opportunities, which are favorable conditions in the external environment.

What does the "T" in SWOT analysis stand for?

Threats, which are unfavorable conditions in the external environment.

What is an autocratic leadership style?

A leadership style where the leader makes decisions unilaterally without consulting subordinates.

What is a democratic leadership style?

A leadership style where the leader involves subordinates in goal setting and decision-making.

What is a laissez-faire leadership style?

A leadership style where the leader gives employees total freedom to make decisions.

What is the primary focus of a leader?

Inspiring change, creating vision, and influencing people to follow.

What is the primary focus of a manager?

Maintaining order, organizing resources, and executing plans.

What is the first step of the controlling process?

Establishing performance standards, targets, or goals.

What is the second step of the controlling process?

Measuring and monitoring actual performance.

What is the third step of the controlling process?

Comparing actual performance against established standards.

What is the fourth step of the controlling process?

Taking necessary corrective action if performance falls short.

What is the fifth step of the controlling process?

Providing feedback and modifying standards if required.

What is the first step in the decision-making process?

Identifying and defining the problem or opportunity.

What is the final step in the decision-making process?

Evaluating the results of the decision taken.

What are technical skills in management?

The ability to perform a specific job or use specialized knowledge and expertise.

What are conceptual skills in management?

The ability to think analytically, visualize the organization as a whole, and understand how its parts fit together.