PBAM Unit 5 Management

Manager

Someone who participates in their competitive environments to better the company and whose work responsibilities are a part of the management process.

Management

The process of planning, organizing, leading, and controlling an organization’s resources to achieve its goals.

Planning

The management process of determining what an organization needs to do and how best to get it done.

Organizing

The management process of determining how best to arrange an organization’s resources and activities into a coherent structure.

Leading

The management process of guiding and motivating employees to meet an organization’s objectives.

Controlling

The management process of monitoring an organization’s performance to ensure that it is meeting its goals.

Top manager

A manager responsible for a firm’s overall performance and effectiveness.

Middle manager

A manager responsible for implementing the strategies and working toward the goals set by top managers.

First line manager

A manager responsible for supervising the work of employees.

Human Resource Manager

A manager responsible for hiring and training employees, evaluating performance, and determining compensation.

Operations managers

Managers responsible for production, inventory, and quality control.

Marketing managers

Managers responsible for marketing products from producers to consumers.

Information managers

Managers who design and implement systems to gather, organize, and distribute information.

Financial managers

Managers who plan and oversee accounting functions and financial resources.

Contingency plan

A plan designed to take a possible future event or circumstance into account.

Crisis Management/Crisis Management Plans

An organization’s methods for dealing with emergencies that require immediate responses.

Corporate Culture

The shared experiences, stories, beliefs, and norms that characterize an organization.

Interpersonal roles

Managerial roles including figurehead, leader, and liaison.

Informational roles

Managerial roles including monitor, disseminator, and spokesperson.

Decisional roles

Managerial roles including entrepreneur, disturbance handler, resource allocator, and negotiator.

Technical skills

Skills needed to perform specialized tasks.

Human Relations skills

Skills in understanding and having a good relationship with people.

Conceptual skills

Abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation.

Decision making skills

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

Time management skills

Skills associated with the productive use of time.

Global Management skills

Skills needed to understand foreign markets, cultural differences, and collaborate with others around the world.

Strategic Management

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

Strategy

A broad set of organizational plans for implementing decisions made to achieve organizational goals.

Goals

Objectives that a business hopes and plans to achieve.

Goal Setting

The process of setting goals to assess performance within the company.

Mission Statement

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

Short term goals

Goals set for the very near future.

Intermediate goals

Goals set for a period of one to five years into the future.

Long term goals

Goals set for an extended time, typically five years or more into the future.

Corporate strategy

Strategy for determining the firm’s overall attitude toward growth and the way it will manage its businesses or product lines.

Business (or competitive) strategy

Strategy focusing on improving a firm’s competitive position at the business-unit or product-line level.

Functional Strategy

Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity.

SWOT Analysis

Identification and analysis of organizational strengths, weaknesses, environmental opportunities, and threats as part of strategy formulation.

Environmental Analysis

The process of scanning the business environment for threats and opportunities.

Organizational Analysis

The process of analyzing a firm’s strengths and weaknesses.

Strategic plan

A plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals.

Tactical plan

A short-term plan concerned with implementing specific aspects of a company’s strategic plans.

Operational plan

A plan setting short-term targets for daily, weekly, or monthly performance.

Managing Change

The process of responding to problems by implementing extensive change in the company's environment.

Vision

A new company's future direction formulated by top management.

Employee appraisal and compensation systems

New systems set up to evaluate and reward