Understanding Management Functions

A collection of flashcards capturing key terms and concepts related to management functions, planning strategies, and organizational structure.

Planning

The process management uses to determine the organization's direction and the steps needed to achieve specific goals.

Controlling

The function of ensuring that organizational standards are met through monitoring performance and making necessary adjustments.

Organizing

The process of structuring the organization to ensure tasks and relationships are clearly defined.

Leading

The process of creating a vision for the organization and inspiring staff to achieve objectives.

Vision Statement

A brief description outlining why the organization exists and where it is headed.

Objectives

Specific, focused statements detailing how goals will be achieved.

Contingency Planning

Planning that provides alternative courses of action if the original plan fails due to changing circumstances.

Participatory Planning

Planning that involves stakeholders in order to utilize their insights and garner their support for the plan.

Benchmarking

The process of using the highest industry standards as planning objectives to measure success.

SWOT Analysis

A strategic planning tool that identifies Strengths, Weaknesses, Opportunities, and Threats related to a business.

Corporate Culture

The common beliefs and values of a company that guide its operations and strategic planning.

Sustainable Competitive Advantage

A long-term advantage that is not easily replicated by competitors.

Strategic Plan

A plan that outlines an organization's long-term goals and the strategies for achieving them.

Matrix Structure

An organizational structure that divides work output into projects or tasks while aligning resources across functional departments.

Human Resources Management

The process of recruiting, training, and maintaining employees, as well as ensuring their development and satisfaction.

Job Specialization

The degree to which tasks are divided into distinct roles, each requiring specific expertise.

Self-Managed Teams

Work teams that set their own schedules and responsibilities, enhancing employee empowerment.