BUS 121 Chapter 7-8

These flashcards cover key management concepts and terminology based on the lecture notes.

Autocratic leadership

making managerial decisions without consulting others. My way or the highway

Brainstorming

The process of generating as many solutions to a problem as possible in a short period without censoring ideas.

Contingency planning

The process of preparing alternative courses of action that may be used if primary plans don't achieve organizational objectives.

Decision making

Choosing among two or more alternatives.

Empowerment

Giving frontline workers the responsibility, authority, freedom, training, and equipment to respond quickly to customer requests.

Free-rein leadership

Someone who tells you this is what we're going to do, but the steps to get there are made by you. They trust you to figure out how to get there

Human relations skills (Mid Level)

Skills that involve communication and motivation; enabling managers to work through and with people.

Knowledge Management

Finding the right information, keeping it accessible, and making it known to everyone in the firm.

Participative (democratic) leadership

Consult with their team before doing anything but they make the right call (empowerment)

SWOT analysis

A planning tool to analyze an organization's strengths, weaknesses, opportunities, and threats.

Bureaucracy

An organization with many layers of managers who set rules and regulations and oversee decisions.

Chain of command

A line of authority that moves from the top of a hierarchy to the lowest level

Economies of scale

The situation in which companies can reduce production costs by purchasing raw materials in bulk

Formal organization

The structure that details lines of responsibility, authority, and position, shown on organization charts

Hierarchy

A system in which one person is at the top of the organization, with a ranked ordering of managers responsible to that person

Matrix organization

An organization where specialists from different parts are brought together for specific projects while remaining part of a line-and-staff structure.

Real time

The present moment or actual time in which something takes place.

Span of control

The optimal number of employees a manager supervises or should supervise; that number varies. Biggest: Type of work being done

Virtual corporation

A temporary networked organization made up of replaceable firms that join and leave as needed.

Management today is diff than before due to do

•Diversity

•The way they management, less order giving more empowerment

Vision Statement

More than a goal where you want to go; strategic planning phase (planning)

•Purpose + value + destination

Mission Statement

outlines the organizations fundamental purposes. Such as its philosophy, its self-concept phase, and the nature of the product or service

SWOT Analysis

Snapshot of where your business is in a specific day. Done by CIO, CFO, CEO (strategic)

•Strengths (internal)

•Weaknesses (internal

•Opportunities (external, outside industry competition)

•Threats (external)

What style does today’s manager generally find most effective?

It depends, think about what managers you have had and if they were effective or not

Conceptual (Top Level)

Big picture thinking. Long term. the ability to perfom tasks in a specific disciple or department

Human Relation (Mid Level)

The ability to establish relationship. How well do you relate with others

Technical (Front Line)

The ability to do the job itself

Tactical (Front Level)

Lower level managers; frontline managers work together to put organization in the best place possible

Operational (Mid Level)

Daily tasks and decisions

What is an organizational chart?

Visual devise that shows relationship among people and divides the orgs work, shows who is accountable on specific work, and who reports them

What are the key components of the controlling function?

1. Establish clear standards

2. Monitor and record performance

3. Compare results against standards

4. Communicate results

5. If needed, take corrective action

Internal Customers

individuals and units within the firm that receive services from other individuals or units

External Customers

dealers who buy products to sell to others, and ultimate customers (or end users) who buy products for their own personal use

Job Enrichment

a motivational strategy that emphasizes motivating the worker through the job itself. Opposite job specialization.

What was the primary goal of “mass production”?

The idea behind mass production was to make a large number of a limited variety of products at very low cost

Mass Production

less human effort, less manufacturing space, less investment in tools and less engineering time to develop a new product

Yet what are the keys to success in today’s business world?

•Remaining flexible and adapting to the changing times

•Stay open

Division of Labor

determining the work to be done, then diving the work among the workers (production, marketing, and finance)

Unity of Command

each worker reports to 1 and only 1 boss

Pyramid-shaped organization

consists of frontline workers, middle management, supervisory management, and frontline workers. Now its flipped upside down

Job Specialization

dividing task into smaller jobs

Departmentalization

the diving of organizational functions into separate units

Centralized

an organizational structure in which decision-making authority is maintained at the top level of management at the company’s headquarters

Decentralized

an organizational structure in which decision-making authority is delegated to lower-level managers more familiar with local conditions than headquarters management could be

Tall

the pyramidal organization has many levels, smaller SOC

Flat

has fewer levels, larger SOC; broad span

6 ways to departmentalize

product, function, customer groups, geographic, process, hybrid

Line

directly affects the companies goals

Staff

employees who advice and assist line personnel in meeting their goals

Transparency

The presentation of the company's facts and figures in a way that is clear and apparent to all stakeholders

Benchmarking

Comparing an organization’s practices, processes, and products against the world’s best

Outsourcing

Assigning one or more functions such as accounting, production, security, maintenance, and legal work to outside organizations

What are 4 ways to structure an organization?

(1) centralization versus decentralization, (2) breadth of span of control, (3) tall versus flat organizational structures, and (4) type of departmentalization.

Organization Culture

consists of the widely shared values within an organization that foster unity and cooperation to achieve common goals.

Inverted Organization

places employees at the top of the hierarchy; managers are at the bottom to train and assist employees