Management ch. 5
Card Set Information
Management ch. 5
Business Essentials chapter 5
The process of planning, organizing, leading and controlling an organization's resources to achieve its goals.
Management process of determining what an organisation needs to do and how best to get it done
Management process of determining how best to arrange an organisation's resources and activities into a coherent structure.
Management process of guiding and motivating employees to meet an organisation's objectives.
Management process of monitoring an organisation's performance to ensure that it is meeting its goals.
There are three levens of management:
Top management, middle management and first-line management.
Manager responsible for a firm's overall performance and effectiveness.
Manager responsible for implementing the strategies and working toward the goals set by top managers.
Manager responsible for supervising the work of employees.
In any large company, most managers work in one of five areas.
Human resource management, operations management, marketing management, information management, financial management.
Effective managers must learn a number of important skills (7)
Technical skills, human relations skills, conceptual skills, decision-making skills, time management skills, global management skills, technology management skills.
Skills needed to perform specialised tasks.
Human Relations Skills
Skills in understanding and getting along with people.
Abilities to think in the abstract, diagnose and analyse different situations and see beyond the present situation.
Skills in defining problems and selecting the best course of action.
Time management skills
Skills associated with the productive use of time.
Process of helping an organisation maintain an effective alignment with its environment.
Objective that a business hopes and plans to achieve.
Broad set of organisational plans for implementing the decisions made for achieving organisational goals.
Organisation's statement of how it will achieve its purpose in the environment in which it conducts its business.
Goal set for an extended time, typically more than five years.
Goal set for a period of one to five years into the future.
Goal set for the very near future.
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, at the business-unit or product-line level, focusing on improving a firm's competitive positition.
Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity.
Creation of a broad program for defining and meeting an organisation's goals.
Goal derived directly from a firm's mission statement.
Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats.
Process of scanning the business environment for threats and opportunities
Process of analyzing a firm's strengths and weaknesses.
Plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals.
Generally short term plan concernec with implementing specific aspects of a company's strategic plans.
Plan setting short term targets for daily, weekly or monthly performance.
Two common ways of dealing with the unforeseen:
contingency planning and crisis management
Identifying aspects of a business or its environment that might entail changes in strategy.
Organization's methods for dealing with emergencies.
The shared experiences, stories, beliefs and norms that characterize an organization.