AI Chapter 7: Management Roles, Functions, and Skills (Video Notes)

Vocabulary flashcards covering key terms and concepts from the video notes on management roles, functions, and skills.

Management

The interrelated tasks of planning, organizing, leading, and controlling to meet organizational goals, performed through interpersonal, informational, and decisional roles.

Interpersonal roles

Managerial roles that involve interacting with others, such as leading, building relationships, and acting as a liaison.

Informational roles

Managerial roles that involve gathering, receiving, and sharing information within and outside the organization.

Decisional roles

Managerial roles that involve making decisions, allocating resources, and solving problems.

Planning function

The process of developing strategies, establishing goals and objectives, and translating them into action plans.

Strategic planning

Long-range planning (usually two to five years) that outlines goals and a course of action to reach them.

Mission statement

A brief statement of why an organization exists, outlining its purpose and scope for customers, investors, and stakeholders.

Values statement

A brief articulation of the principles that guide a company’s decisions and behaviors.

Goal

A broad, long-range target that an organization aims to achieve.

Objective

A specific, short-range target designed to help achieve a goal.

SWOT analysis

A framework for evaluating Strengths, Weaknesses, Opportunities, and Threats to a firm.

Strengths

Positive internal factors that contribute to an organization’s success.

Weaknesses

Negative internal factors that hinder an organization’s success.

Opportunities

Positive external factors that could help generate additional revenue or growth.

Threats

Negative external factors that could impede reaching goals.

Forecasting

The act of predicting future conditions to inform planning, using quantitative or qualitative methods.

Quantitative forecasts

Forecasts based on historical data and statistical methods.

Qualitative forecasts

Forecasts based on expert judgment and subjective assessment.

Action plans

Detailed steps and allocations of resources required to implement strategic and operational goals.

Organizing function

Arranging resources to carry out the organization’s plans and determining authority and responsibilities.

Management pyramid

An organizational structure divided into top, middle, and first-line management levels.

Top managers

Highest-level managers who set strategic direction, major policies, and long-term plans.

Middle managers

Managers who translate strategic goals into tactical plans for divisions or facilities.

First-line managers

Supervise nonmanagement employees and implement the plans set by higher levels.

Organizing

The process of arranging resources to carry out the organization’s plans and determining authority.

Leading function

The process of influencing and motivating people to work toward organizational goals.

Autocratic leadership

A leadership style where the manager makes decisions with little or no input from others.

Democratic leadership

A leadership style that involves sharing decision-making authority and seeking input from others.

Laissez-faire leadership

A leadership style where managers provide minimal direction, allowing employees to make many decisions.

Employee empowerment

Giving employees the authority to make decisions related to their work.

Coaching

A leadership practice of meeting with employees to discuss problems and develop solutions.

Mentoring

A long-term developmental relationship where an experienced leader guides a less-experienced employee.

Organizational culture

The set of shared values, norms, and practices that shape behavior within an organization.

Change management

The process of guiding and implementing organizational change, including planning and stakeholder involvement.

Lewin’s three stages

A model of change consisting of unfreezing the status quo, making the change, and freezing new behaviors.

Crisis management

Plans and actions to minimize harm and communicate effectively during and after a crisis.

Benchmarking

Collecting and comparing an organization’s processes and performance with those of industry leaders.

Balanced scorecard

A multi-perspective performance measurement system: finances, customers, internal processes, and learning/growth.

Key performance indicators (KPIs)

Quantitative measures used to assess how well an organization is achieving its standards.

Controlling function

The management activity of keeping an organization on track toward established goals.

Control cycle

A four-step process: establish standards, measure performance, compare to standards, and respond as needed.

Crisis communication plan

A plan outlining who speaks for the company, how updates are communicated, and through which channels during a crisis.

Cognitive automation

AI-powered technology that augments management decision-making by handling data-intensive tasks and supporting human judgment.

Decision-making skills

The ability to recognize problems, analyze options, choose the best course, implement it, and evaluate results.

Interpersonal skills

Skills used to communicate, motivate, and lead others effectively.

Technical skills

Proficiency with tools, processes, and methods required to perform a job.

Administrative skills

Technical abilities for directing an organization, including scheduling, researching, and project management.

Conceptual skills

The ability to understand the relationships among parts of a system and to see the big picture.

Decision-making process (six steps)

Recognize problem, identify options, analyze options, select best, implement, monitor results.