Intro to Business in Canada - Midterm 2 Study Deck (Chapter 6, 8, 9, 10, 11)

management

The process of planning, organizing, leading, and controlling a business’s financial, physical, human, and information resources to achieve its goals.

Planning

The portion of a manager’s job concerned with determining what the business needs to do and the best way to achieve it.

Organizing

The portion of a manager’s job concerned with mobilizing the necessary resources to complete a particular task.

Leading

(or directing) That portion of a manager’s job concerned with guiding and motivating employees to meet the firm’s objectives.

Controlling

That portion of a manager’s job concerned with monitoring the firm’s performance and, if necessary, acting to bring it in love with the firm’s goals.

What are the four Management activities? POLC

Planning, Organizing, Leading and Controlling.

What are the three interpersonal roles?

Figurehead, Liaison, and Leader.

What are the three informational roles?

Sending information to people outside the unit

What are the four decision making roles?

Entrepreneur, Disturbance Handler, Resource allocator, and Negotiator.

Technical Skills

Skills associated with performing specialized tasks within a firm.

Human relations skills

Skills in understanding and getting along with people.

Conceptual Skills

Ability to think in the abstract, diagnose, and analyze various situations, and see beyond the present situation.

Time Management Skills

Skills associated with the productive use of time.

Decision-Making Skills

Skills in defining problems and selecting the best course of action.

What are the behavioral aspects of decision-making?

Organization politics, Intuition, Escalation of Commitment, Risk Propensity

Strategic Management

The process of helping an organization maintain an effective alignment with its enviroment.

Goals

objectives that a business plans to attain

Strategy

The broad set of organizational plans for implementing the decisions made for achieving organizational goals.

What are the four main purposes of a goal?

Provide direction, help allocate resources, define corporate culture, and helps managers assess performance.

Vision

(or purpose) A statement indicating why an organization exists and what kind of organization it wants to be.

Mission Statement

an organization’s statement of how it will achieve its purpose in the environment in which it conducts business.

SMART Goals

Specific, Measurable, Achievable, Results-oriented, and Time-Framed

Strategy formulation

creation of a broad program for defining and meeting an organization’s goals

Strategic goals

Long-term goals derived from the firm’s mission statement.

SWOT analysis

identification and analysis of an organizations strengths and weaknesses and environmental opportunities and threats as part of strategy formulation.

Internal Factors (Organizational Analysis)

Strengths and Weaknesses

External Factors (environmental analysis)

Opportunities sand threats