Business Dynamics Ch 7

management

the process used to accomplish organizational goals through planning, organizing, leading, & controlling people

planning

setting goals, develop strategies, determine resources needed

organizing

allocating resources, assigning tasks, establishing procedures

leading

give assignments & motivate employees

controlling

measuring results against corporate objectives

vision

broad explanation of why a company exists

mission statement

outlines the organizations fundamental purpose

goals

broad, long term accomplishments

objectives

specific short term how to achieve organizations goals

SWOT analysis

tool used to analyze an organizations strengths, weaknesses, opportunities, and threats

strategic planning

done by top management determines goals, policies, procedures, strategies, & resources

tactical planning

develop short term statements about what is to be done

operational planning

setting work standards and schedules

contingency planning

preparing alternative courses of actions the firm can use

decision making

choosing two or more alternatives

problem solving

quick action to solve everyday issues

brainstorming

coming up with as many solutions as possible

technical skills

ability to perform tasks in a specific field

human relations skills

communication and motivation

conceptual skills

plan, organize, controlling, systems development

staffing

hiring

transparency

presentation of a company's facts and figures to stakeholders

autocratic leadership

making decisions without consulting others

participative leadership

managers & employees make decisions

free rain leadership

managers set objectives and employees do whatever to complete them

empowerment

allowing employees to make decisions without the manager

enabling

giving workers tools needed to make decisions

external customers

dealers who buy products to sell to others

internal customers

individuals within a firm that receive services from other individuals