Chapter 7: Management Functions

A collection of vocabulary flashcards based on the essential management concepts outlined in Chapter 7 notes.

Managers' roles

The evolving responsibilities of managers in organizations, shifting from directive to collaborative.

Empower

To give employees freedom and authority to make their own decisions.

Controlling

Management function that involves setting standards and takin actions to ensure objectives are met.

Planning

The function of management where goals and strategies are developed to meet organizational objectives.

SWOT Analysis

A tool for assessing Strengths, Weaknesses, Opportunities, and Threats of an organization.

Strategic Planning

The long-term process of determining major goals and the strategies required to achieve them.

Tactical Planning

The short-term process of developing specific actions to execute the strategies.

Operational Planning

The creation of specific work standards and schedules to meet tactical objectives.

Decision Making

The process of selecting the best alternative from several options.

Autocratic Leadership

A style where leaders make decisions unilaterally without input from others.

Participative Leadership

A style that incorporates input and feedback from employees affecting decisions.

Free-Rein Leadership

A style where employees have the freedom to make decisions within set objectives.

Vision Statement

A declaration of an organization's purpose and direction for the future.

Mission Statement

An outline of an organization's fundamental purposes, including self-concept and customer needs.

Goals

Broad, long-term achievements that an organization aims to attain.

Objectives

Specific, short-term targets that help achieve organizational goals.

Technical Skills

The ability to perform specific tasks and activities in a particular discipline.

Human Relations Skills

Communication and interpersonal abilities that enable effective interaction with people.

Conceptual Skills

The ability to understand complex relationships and visualize the organization as a whole.

Staffing

The process of hiring and retaining personnel to achieve organizational goals.

Recruiting

The process of attracting and selecting qualified candidates for job openings.

Crisis Planning

Preparing for unpredictable and sudden changes in the business environment.

Leadership Style

The manner in which a leader guides, motivates, and directs employees.

Empowerment

Providing employees with the authority and responsibility to make decisions.

Transparency

Clear communication of facts and figures within an organization to stakeholders.

Customer Satisfaction

The measurement of how well an organization's products and services meet or exceed customer expectations.

Performance Standards

Criteria established to assess the achievement of organizational goals.

Monitoring Performance

The ongoing process of assessing company operations against standards set.

Corporate Ethics

The principles and moral values that guide the actions of an organization.

Vision Creation

The process of developing a forward-looking strategy that inspires employees.

Flexibility in Planning

The ability of an organization to adapt plans based on changing circumstances.

Leadership Traits

Characteristics that are commonly associated with effective leaders.

Continuous Improvement

The ongoing effort to improve products, services, or processes.

Driving Innovation

Encouraging creative thinking and new ideas within an organization.

Strategic Alignment

Ensuring that all organizational activities are aligned with the company's goals.

Decision-Making Process

A series of steps followed to make informed decisions.

Quality Control

The process of ensuring that products and services meet established standards.

Organizational Culture

The shared values, beliefs, and practices that shape the behavior of members in an organization.

Crisis Management

Strategies and actions taken to manage a company's response to emergencies.

Market-Based Companies

Organizations that prioritize customer feedback and adaptability in their operations.

Big Data

Extensive data sets that can be analyzed computationally to reveal patterns.

Feedback Mechanism

Systems in place to receive insights about performance and effectiveness.

Employee Motivation

The internal and external factors that stimulate desire and energy in employees.

Corrective Action

Steps taken to fix deviations from planned performance.

Corporate Values

The core principles and standards that dictate behavior within the organization.

Adaptability

The ability to adjust to new conditions and challenges in the business environment.

Horizon Goals

Long-term goals that guide an organization's strategic direction.

Key Performance Indicators (KPIs)

Measurable values that demonstrate how effectively an organization is achieving key business objectives.

Change Management

The approach to transitioning individuals, teams, and organizations to a desired future state.

Collaborative Environment

A workplace culture that encourages teamwork and shared responsibility.

Innovation Strategy

The plan of actions and resources to encourage growth and positive change within an organization.

Performance Review

An evaluation of an employee's work performance against established standards.