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STC-BusinessNow Ch9
| Question | Answer |
|---|---|
| Management | The process of planning, organizing, leading, and controlling people and other available resources to accomplish organizational goals and objectives. |
| 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 works together to achieve the organization’s goals and objectives. |
| Leading | Creating a vision for an organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives. |
| Empowerment | Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests. |
| 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 of they are not. |
| Vision | An encompassing explanation of why the organization exists and the direction it’s trying to go. |
| Goals | The broad, long-term accomplishments an organization wishes to attain. |
| Objectives | Specific statements that detail how to achieve an organization’s goal in the short-term. |
| SWOT analysis | A planning tool used to analyze an organization’s strengths, weaknesses, opportunities, and threats. |
| PEST analysis | An analysis f outside factors that could affect a business: political, economic, social, and technological. |
| Strategic planning | The process of determining the major long-term 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 be used if the primary plans don’t achieve the organization’s objectives. |
| Organization chart | A visual device that shows relationships among people and divides the organization’s work; it shows who reports to whom. |
| Top management | The 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 (first-line) management | Managers who are directly responsible for supervising workers and evaluating their daily performance. |
| Span of control | The optimal number of subordinates (employees) a manager supervises. |
| Transparency | The presentation of a company’s facts and figures in a way that is clear and apparent to all stakeholders. |
| 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 as various parts. |
| Staffing | A management function that includes hiring, motivating, and retraining the best people available to accomplish a company’s objectives. |
| Work-life balance | A person’s control over the interactions between his or her work life and family and personal life. |
| Total quality management (TQM) | A management strategy whereby quality goods are ensured at every phase of the production process. |
| Autocratic leadership | A leadership style that involves making managerial decisions without consulting others. |
| Participative (democratic) leadership | A leadership style that consists of managers and employees working together to make decisions. |
| Free-rein leadership | A leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives. |
| Theory X managers | Managers that believe the average person dislikes work, has relatively little ambition, and wishes to avoid responsibility, so workers must be forcefully directed or threatened with punishment. |
| Theory Y managers | Managers who believe most people like work and naturally work toward goals to which they are committed. People are capable of using imagination and creativity to solve problems. Each worker is stimulated by rewards unique to that worker. |
| Theory Z | A management theory tat focuses on trust and intimacy within the work group. |
| Downsizing | The elimination of many management jobs, and other types of jobs, by using cost-cutting methods and technology, such as computers. |
| Rightsizing | Downsizing that takes place with careful matching of resources to needs. |
| Mission statement | An outline of the fundamental purposes of an organization. |
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