Business in Action Ch 7 BUSN100 Guiding the Enterprise: Leadership, Organization, and Operations

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1. Explain the importance of management and identify the three vital management roles 2. Describe the planning function and outline the strategic planning process 3. Describe the organizing function and differentiate among top, middle, and first- line management 4. Describe the leading function, leadership style, and organizational culture 5. Describe the controlling function and explain the four steps in the control cycle 6. Identify and explain four important types of managerial skills

Process of planning, organizing, leading, and controlling to meet organizational goals

Management

Behavioral patterns and activities involved in carrying out the functions of management; includes interpersonal, informational, and decisional roles

Managerial Roles

To help managers avoid information overload, many companies now use _________ ____________to present carefully filtered highlights of key performance parameters. The latest generation of software makes it easy to customize screens to show each manager the specific summaries he or she needs to see.

Executive Dashboards

Establishing objectives and goals for an organization and determining the best ways to accomplish them

Planning

Plans that establish the actions and the resource allocation required to accomplish strategic goals; they're usually defined for periods of two to five years and developed by top managers

Strategic Plans

A brief statement of why an organization exists; in other words, what it aims to accomplish for customers, investors, and other stakeholders

Mission Statement

A brief and inspirational expression of what a company aspires to be

Vision Statement

Specific firms have their own varia-tions of the _____ _____ _____, but these six steps offer a good general model. The circular arrangement is no coincidence, by the way. Strategic planning should be a never- ending process, as you establish strategies, measure out-comes, monitor changes in the busi-ness environment, and make adjust-ments as needed.

Strategic Planning Prociess

Brief articulation of the principles that guide a company's decisions and behaviors

Values Statement

Identifying a firm's strengths, weak-nesses, opportunities, and threats is a common strategic planning technique.

SWOT Analysis

Broad, long- range target

Goal

pecific, short- range target or aim

Objective

Plans that define the actions and the resource allocation necessary to achieve tactical objectives and to support strategic plans

Tactical Plans

Plans that lay out the actions and the resource allocation needed to achieve operational objectives and to support tactical plans

Operational Plans

Process of arranging resources to carry out the organization's plans

Organizing

Organizational structure divided into top, middle, and first- line management

Management Pyramid

Those at the highest level of the organization's management hierarchy; they are responsible for setting strategic goals, and they have the most power and responsibility in the organization

Top Managers

Those in the middle of the management hierarchy; they develop plans to implement the goals of top managers and coordinate the work of first- line managers

Middle Managers

Those at the lowest level of the management hierarchy; they supervise the operating employees and implement the plans set at the higher management levels

First-Line Managers

Process of guiding and motivating people to work toward organizational goals

Leading

Leaders who do not involve others in decision making

Autocratic Leaders

Leaders who delegate authority and involve employees in decision making

Democratic Leaders

Philosophy of allowing employees to take part in planning and decision making

Participative Management

Leaders who leave most instances of decision making up to employees, particularly concerning day- to- day matters

Laissez-Faire Leaders

Granting decision- making and problem- solving authorities to employees so they can act without getting approval from management

Employee Empowerment

Helping employees reach their highest potential by meeting with them, discussing problems that hinder their ability to work effectively, and offering suggestions and encouragement to overcome these problems

Coaching

Experienced managers guiding less-experienced colleagues in nuances of office politics, serving as a role model for appropriate business behavior, and helping to negotiate the corporate structure

Mentoring

A set of shared values and norms that support the management system and that guide management and employee behavior

Organizational Culture

Process of measuring progress against goals and objectives and correcting deviations if results are not as expected

Controlling

Criteria against which performance is measured

Standards

Collecting and comparing process and performance data from other companies

Benchmarking

A measure of how closely a product conforms to predetermined standards and customer expectations

Quality

Method of monitoring the performance from four perspectives: finances, operations, customer relationships, and the growth and development of employees and intellectual property

Balanced Scorecard

Procedures and systems for minimizing the harm that might result from some unusually threatening situations

Chrisis Management

Skills required to understand other people and to interact effectively with them

Interpersonal Skills

Ability and knowledge to perform the mechanics of a particular job

Technical Skills

Technical skills in information gathering, data analysis, planning, organizing, and other aspects of managerial work

Administrative Skills

Ability to understand the relationship of parts to the whole

Conceptual Skills

Ability to identify a decision situation, analyze the problem, weigh the alternatives, choose an alternative, implement it, and evaluate the results

Decision-Making Skills

An executive ___________ is an informational tool that assists managers in decision-making by presenting filtered highlights of various performance parameters.
A. guage
B. master plan
C. early warning system
D. dashboard
E. performance assessment

D. Dashboard

In order to be effective, organizational goals and objectives should be specific, _______, atainable, relevant and time-limited.
A. transferable
B. intentional
C. measurable
D. major
E. critical

C. measurable

Managerial roles fall into one of three categories: interpersonal informational, and _________.
A. directional
B. instructional
C. influential
D. cnceptual
E. decisional

E. decisional

A(n) ______ plan is designed to implement _________ plans.
A. operational; strategic
B. strategic; operational
C. strategic; tactical
D operational; tactical
E tactical; operational

D. operational; tactical

The first step in a decision-making process is to ________.
A. generate options or alternatives
B. monitor the results
C. recognize and define the problem
D implement the decision
E. select the best or optimum option

C. recognize and define the problem

Each of the following would be included in the strategic planning process for a business EXCEPT ________.
A. define the company's mission, vision and values
B. perform a SWOT analysis
C. establish goals and objectives
D. develop action plans
E. determine staffing requirements

E. determine staffing requirements

Establishing organizational goals and determining the best methods for acomplishing those goals would be part of the _____ function of management.
A. planning
B. analytical
C. organizing
D. leading

A. planning

What does SWOT stand for

strengths, weaknesses, opportunities and threats

Inspirational
Visionary
Emotional side of guiding

are traits of ___________

Leadership

Raitional
Intellectual
Practical

are traits of ____________

Management

Name the 3 leadership styles.

Democratic
Autocratic
Laissez-Faire

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