Understanding Canadian Business - Management and Leadership

A set of vocabulary flashcards based on the concepts covered in the Management and Leadership chapter of the Understanding Canadian Business lecture.

Management functions

The process used to accomplish organizational goals through planning, directing, organizing, and controlling.

PDOC

An acronym representing the four functions of management: Planning, Directing (Leading), Organizing, and Controlling.

SWOT Analysis

An analysis of an organization’s Strengths, Weaknesses, Opportunities, and Threats.

Planning

A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals.

Controlling

The management function that involves establishing clear standards to determine whether an organization is progressing toward its goals.

Leadership Styles

Different approaches to leading a team, including Autocratic, Participative (Democratic), and Free-rein.

Strategic Planning

The setting of broad, long-range goals by top managers and outlining how the company will achieve these objectives.

Tactical Planning

The identification of specific, short-range objectives by lower managers.

Operational Planning

The process focused on setting work standards and schedules to meet the company's objectives.

Contingency Planning

Prepares alternative courses of action that may be used if primary plans fail.