Unit 5

Balanced scorecard approach

method of control that looks at financial/non financial measures

Contingency plans

planned courses of action to take when your original plans don't go as hoped

Autocratic leadership

making decisions without consulting others

Democratic leadership

managers and employees work together to share perspectives and make informed decisions

Laissez faire leadership

managers set goals that employees can do whatever to accomplish them

Conceptual skills

considers whether an employee can see the big picture through their analytical and critical thinking skills

Human skills

interpersonal skills required to interact with stakeholders and maintain/develop relationships

Technical skills

the knowledge and ability to perform tasks within a specific discipline

Maslow's hierarchy of needs

motivation of employees to fulfill their needs

Mission statement

describes the current purpose for an organization and what the company does

Vision

describes why an organization exists and where it wants to be in the future

what is in a balanced scorecard

financial
customers
business processes
learning
growth

what are the core functions of management

plan
organize
lead
control

values

fundamental beliefs that guide decision making

why is organization important

allocate resources
assign tasks
cross functional teams
encourage collaboration

3 skills of employees

human
technical
conceptual

traits of successful leaders

drive
cognitive ability
self confidence
honestly
integrity
leadership motivation

maslow's hierarchy of needs in order from bottom to top

physiological
safety
love/belonging
esteem
self actualization

when is autocratic leadership effective

need to follow directions
managing new employees

challenges to autocratic leadership

reduce employee morale and job satisfaction
employees aren't self directed or take responsibility

when is democratic leadership effective

builds consensus
increases job satisfaction
boosts idea generation/creativity

challenges to democratic leadership

slows down decision making process

when is laissez faire effective

dealing with professionals who already have knowledge and training

steps in the control process

1. establish standards
2. monitor/record performance
3. compare results
4. communicate results
5. take action
6. feedback