Basic Management SkillsDecision-Making Skills – Skills in defining problems and selecting the best courses of actionTime-Management Skills – Skills associated with the productive use of timeLeading causes of wasted time - (POSSIBLE TEST QUESTION)****PaperworkTelephone CallsMeetingsEmailsSETTING THE GOALS AND FORMULATING STRATEGY: STRATEGIC MANAGEMENTStrategic ManagementProcess of helping an organization maintain an effective alignment with its environmentStrategyBroad set of organizational plan for implementing the decisions made for achieving organizational goalsSETTING BUSINESS GOALSGOALS:The means by which organizations and their managers measure success or failure at every levelObjective that a business hopes and plans to achievePURPOSES OF GOAL SETTINGProvides direction and guidance for managers at all levelsHelps firm allocate resourcesHelps to define corporate cultureHelps managers assess performanceKIND OF GOALSMISSION STATEMENT – (POSSIBLE TEST QUESTION)***Organizations statement of how it will achieve its purpose in the environment in which it conducts its businessLONG-TERM GOALGoal set for an extended time, typically 5 years or more into the futureINTERMEDIATE GOALGoal set for a period of one to five years into the futureSHORT-TERM GOALGoal set for the very near futureFORMULATING STRATEGYSWOT ANALYSISIdentification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as past of strategy formulation.TAMU SWOT ANALYSISSTRENGTHS – TRADITION/CULTURE, COMMUNITY,WEAKNESSES – LOCATION,OPPORTUNITIES – ABILITY TO EXPAND (OPENING TAMU CAMPUSES EVERYWHERE)THREATS – TEXAS UNIVERSITY (TU), LOSING STUDENTS TO OTHER COMPETING SCHOOLS,APPLES STRENGTH – Brand RecognitionAPPLES WEAKNESS – Glass Breaking, Limited ProductAPPLES OPPORTUNITY – New ProductAPPLES THREAT – Samsung, AndroidA HIERARCHY OF PLANSSTRATEGIC PLAN (LONG TERM)Plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals.FOCUS ON THINGS YOU WANT TO DO IN THE LONG-RUNTACTICAL PLANGenerally short-term plan concerned with implementing specific aspects of a company’s strategic plansCONTINGENCY PLANNING AND CRISIS MANAGEMENT (TEST QUESTIONS)***CONTINGENCY PLANNING (back-up plan)Identifying aspects of a business or its environment that might entail changes in strategyWhat is our backup plan if this doesn’t workCRISIS MANAGEMENTOrganizations methods for dealing with emergenciesThe need for companies to identify “how do I deal with this crisis”MANAGEMENT AND THE CORPORATE CULTURECORPORATE CULTURE (TEST QUESTION)****The shared experiences, stories, beliefs, and norms that characterize an organizationHelps define the work and business climate that exists in an organizationTHE AGGIES FIRST GAME IN THE SECMGMT105: 2.21, UNIT 2-Basic Management SkillsoDecision-Making Skills – Skills in defining problems and selecting the best courses of actionoTime-Management Skills – Skills associated with the productive use of time-Leading causes of wasted time - (POSSIBLE TEST QUESTION)****oPaperworkoTelephone CallsoMeetingsoEmails-SETTING THE GOALS AND FORMULATING STRATEGY: STRATEGIC MANAGEMENToStrategic Management Process of helping an organization maintain an effective alignment with its environmentoStrategyBroad set of organizational plan for implementing the decisions made for achieving organizational goals-SETTING BUSINESS GOALSoGOALS:The means by which organizations and their managers measure success or failure at every levelObjective that a business hopes and plans to achieve-PURPOSES OF GOAL SETTINGoProvides direction and guidance for managers at all levelsoHelps firm allocate resourcesoHelps to define corporate cultureoHelps managers assess performance-KIND OF GOALSoMISSION STATEMENT – (POSSIBLE TEST QUESTION)***Organizations statement of how it will achieve its purpose in the environment in which it conducts its businessoLONG-TERM GOAL Goal set for an extended time, typically 5 years or more into the futureoINTERMEDIATE GOALGoal set for a period of one to five years into the futureoSHORT-TERM GOALGoal set for the very near future-FORMULATING STRATEGYoSWOT ANALYSIS Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as past of strategy formulation.TAMU SWOT ANALYSISSTRENGTHS – TRADITION/CULTURE, COMMUNITY,WEAKNESSES – LOCATION, OPPORTUNITIES – ABILITY TO EXPAND (OPENING TAMU CAMPUSES EVERYWHERE)THREATS – TEXAS UNIVERSITY (TU), LOSING STUDENTS TO OTHER COMPETING SCHOOLS,APPLES STRENGTH – Brand Recognition APPLES WEAKNESS – Glass Breaking, Limited ProductAPPLES OPPORTUNITY – New ProductAPPLES THREAT – Samsung, Android-A HIERARCHY OF PLANSoSTRATEGIC PLAN (LONG TERM)Plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals.FOCUS ON THINGS YOU WANT TO DO IN THE LONG-RUNoTACTICAL PLAN Generally short-term plan concerned with implementing specific aspects of a company’s strategic plans-CONTINGENCY PLANNING AND CRISIS MANAGEMENT (TEST QUESTIONS)***oCONTINGENCY PLANNING (back-up plan)Identifying aspects of a business or its environment thatmight entail changes in strategyWhat is our backup plan if this doesn’t workoCRISIS MANAGEMENTOrganizations methods for dealing with emergencies The need for companies to identify “how do I deal with this crisis”-MANAGEMENT AND THE CORPORATE CULTUREoCORPORATE CULTURE (TEST QUESTION)****The shared experiences, stories, beliefs, and norms thatcharacterize an organizationHelps define the work and business climate that exists in an organizationTHE AGGIES FIRST GAME IN THE
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