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50 terms

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

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
STUDY
PLAY
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