BMGT 110 Quiz 2 Study Guide Chapter 7 Management the process used to accomplish organizational goals through planning organizing leading and controlling people and other organizational resources Planning Developing strategies to reach those Setting organizational goals goals Determining resources needed Setting precise standards Organizing Allocating resources assigning tasks and establishing procedures for accomplishing goals Leading Guiding and motivating employees to work effectively to accomplish organizational goals and objectives Giving assignments Explaining routines Clarifying policies Providing feedback on performance Controlling Measuring results against corporate objectives Monitoring performance relative to Preparing a structure organization standards chart showing lines of authority and responsibility Rewarding outstanding performance Taking corrective action when Recruiting selecting training and necessary developing employees Placing employees where they ll be most effective Planning a 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 guiding training coaching and motivating others to work effectively to achieve the organization s goals and objectives Controlling a management function that involves establishing clear standards to determine whether or not 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 head Mission Statement an outline of the fundamental purpose of an organization Its philosophy Long term survival needs The organization s self concept Customer needs Nature of the product or service Social responsibility Goals the broad long term accomplishments an organization wishes to attain Objectives specific short term statement detailing how to achieve the organization s goals SWOT Analysis a planning tool used to analyze an organization s strengths weaknesses opportunities and threats Forms of planning 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 not be used if the primary plans don t achieve the organization s objectives Decision Making choosing among two or more alternatives 1 Define the situation 2 Describe and collect needed information 3 Develop alternatives 4 Develop agreement among those involved 5 Decide which alternative is best 6 Do what is indicated begin implementation 7 Determine whether the decision was a good one and follow up Problem Solving the process of solving the everyday problem that occur Problem solving is less formal than decision making and usually calls for quicker action 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 Organization Chart a visual device that shows relationships among people and divides the organization s work it shows who reports to whom Levels of Management Plant managers Division heads Branch ma U Supervisors Foremen 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 relationship among its various parts Staffing a management function that includes hiring motivating and retaining the best people available to accomplish the company s objectives Leaders must Communicate a vision and rally others around that vision Establish corporate values Promote corporate ethics Embrace change Stress accountability and responsibility Transparency the presentation of a company s facts and figures in a way that is clear and apparent to all stakeholders Autocratic Leadership leadership style that involves making managerial decisions without consulting others Participative Democratic Leadership leadership style that consists of managers and employees working together to make decisions Free rein Leadership leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives Enabling giving workers the education and tools they need to make decisions Knowledge Managers finding the right information keeping the information in a readily accessible place and making the information known to everyone in the firm External Customers dealers who buy products to sell to others and ultimate customers or end users who buy products for their own personal use Internal Customers individuals and units within the firm that receive services from other individuals or units Chapter 8 Economies of Scale the situation in which companies can reduce their production costs if they can purchase raw materials in bulk the average cost of goods goes down as production levels increase Foyal s Principles of Organization Unity of command Hierarchy of authority Division of labor Authority Degree of centralization Subordination of individual interests to the general
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