MGMT

Planning

Setting objectives and determining a course of action to achieve those objectives.

Strategic planning

Long-term goals.

Tactical planning

Mid-term goals.

Operational planning

Short-term goals.

Organizing

Arranging resources (human, financial, physical) to implement the plan.

Leading

Motivating and influencing people to achieve organizational goals.

Controlling

Monitoring performance and making adjustments as needed.

Top Managers

Oversee the entire organization (e.g., CEO, COO) and establish organizational goals.

Middle Managers

Oversee specific departments or units and implement policies and plans.

First-Line Managers

Supervise employees directly involved in production and ensure day-to-day operations run smoothly.

Mintzberg’s Managerial Roles

Includes Interpersonal, Informational, and Decisional roles.

Technical Skills

Knowledge and proficiency in a specific field.

Human Skills

Ability to work with and understand people.

Conceptual Skills

Ability to see the organization as a whole and understand how different parts are interconnected.

Gantt Chart

A scheduling tool used to represent the timing of tasks in a project.

Punctuated Equilibrium Theory

Organizations experience long periods of stability punctuated by brief periods of significant change.

Environmental Scanning

Monitoring and interpreting external and internal factors to identify opportunities and threats.

General Environment

Broad societal forces (economic, technological, political) affecting the organization.

Task Environment

Specific factors directly affecting the organization (suppliers, customers, competitors).

Artifacts

Visible and tangible elements of organizational culture.

Espoused Values

Explicitly stated beliefs and values of an organization.

Basic Assumptions

Unconscious beliefs that guide behavior in an organization.

Workplace Deviance

Behavior that violates organizational norms and threatens its well-being.

Social Responsibility

The obligation of organizations to act in ways that benefit society.

Shareholder Model

Focuses on maximizing shareholder value.

Stakeholder Model

Focuses on meeting the needs of all stakeholders.

Four Types of Social Responsibilities

Economic, Legal, Ethical, Discretionary.

SMART Goals

Specific, Measurable, Achievable, Relevant, Time-bound goals.

SWOT Analysis

A tool for evaluating internal strengths and weaknesses, external opportunities and threats.

BCG Matrix

A tool to analyze a business's product portfolio based on growth and market share.

Porter’s Five Forces

Framework for analyzing competitive forces in an industry.

Technology Cycle

The cycle of technological innovation from introduction to maturity to decline.

Organizational Decline

When an organization fails to adapt to changes and begins to lose effectiveness.

Change Agent

A person responsible for managing change and overcoming resistance in the organization.

Multinational Corporations (MNCs)

Companies that operate in multiple countries.

Direct Foreign Investment (DFI)

Investment by a company in foreign markets.

Trade Barriers

Restrictions such as tariffs, quotas, and regulations.

Global Consistency

Standardizing operations across countries.

Hofstede’s Model of Cultural Differences

Analyzes key dimensions of culture affecting management in global contexts.

Cross-training

Training team members in multiple roles.

Self-managing teams

Teams that manage their own work and decision-making.

Cohesiveness

The strength of the bonds between team members.

Stages of Team Development

Forming, Storming, Norming, Performing, and Adjourning stages.

Diversity

The presence of differences in characteristics such as race, gender, age, culture.

Affirmative Action

Policies to promote the employment of disadvantaged groups.

Glass Ceiling

Invisible barriers preventing women and minorities from advancing.

Surface-Level vs. Deep-Level Diversity

Surface-Level Diversity is observable characteristics; Deep-Level Diversity includes values and beliefs.