Mgt 111 ch 7

Management

The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.

Planning

management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

Organizing

A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization’s goals and objectives.

Leading

Creating a vision for the organization and communicating, guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives in a timely manner.

Controlling

A management function that involves establishing clear standards to determine whether an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.

Vision

An encompassing explanation of why the organization exists and where it’s trying to go.

Mission statement

An outline of the fundamental purposes of an organization.

Goals

The broad, long-term accomplishments an organization wishes to attain.

Objectives

Specific, short-term statements detailing how to achieve the organization’s goals.

SWOT analysis

planning tool used to analyze an organization’s strengths, weaknesses, opportunities, and threats.

Strategic planning

The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.

Tactical planning

The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done.

Operational planning

The process of setting work standards and schedules necessary to implement the company’s tactical objectives.

Contingency planning

The process of preparing alternative courses of action that may be used if the primary plans don’t achieve the organization’s objectives.

Decision making

Choosing among two or more alternatives

Rational decison making

1. Define situation

2. Describe and collect information

3. Develop alternative

4. Decide which alternative is best

5. Do what is best

6. Determine whether decision was good

Brainstorming

Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas.

PMI

Listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column.

Top management

Highest level of management, consisting of the president and other key company executives who develop strategic plans.

middle management

The level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.

Supervisory management

Managers who are directly responsible for supervising workers and evaluating their daily performance.

Technical skills

Skills that involve the ability to perform tasks in a specific discipline or department.

Human relations skills

Skills that involve communication and motivation; they enable managers to work through and with people.

Conceptual skills

Skills that involve the ability to picture the organization as a whole and the relationships among its various parts.

Staffing

A management function that includes hiring, motivating, and retaining the best people available to accomplish the company’s objectives.

Autocratic leadership

Leadership style that involves making managerial decisions without consulting others.

Empowerment

Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests.

Enabling

Giving workers the education, training, and tools they need to make decisions.

Knowledge management

Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm.

External customer

Dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use.

Internal customer

Individuals and units within the firm that receive services from other individuals or units.

Steps of control

1. Set clear standards

2. Monitor and record performance

3. Compare performance with plans and standards

4. communicate results with employees

5. Provide positive feedback or corrective action