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Terms in this set (56)4 basic management functions 1) Planning Management The process of coordinating people and other resources to achieve the goals of an organization. 1) Material Most organizations make use of four kinds of resources: (4) Material resources The tangible, physical resources an organization uses. Human resources Perhaps the most important resources of any organization - people. In fact, some firms live by the philosophy that employees are their most important assets. Financial resources The funds an organization uses to meet its obligations to investors and creditors. Informational resources Type of resources needed to adapt to change, the business must gather information about competitors and changes to the industry in order to learn from the failures and successes of others. Planning In its simplest form, is establishing organizational goals and deciding how to accomplish them. It is often referred to as the "first" management function because all other management functions depend on planning. Mission A statement of the basic purpose that makes that organization different from others. Strategic planning process Involves establishing an organization's major goals and objectives and allocating resources to achieve them. Goal Is an end result that an organization is expected to achieve over a one- to ten-year period. Objective A specific statement detailing what an organization intends to accomplish over a shorter period of time Optimization As part of goal-setting, the manager responsible for two departments must strike a balance between conflicting goals. This balancing process is called what? SWOT analysis The identification and evaluation of a firm's strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors that affect a company's capabilities. Strengths refer to a firm's favorable characteristics and core competencies. Core competencies Approaches and processes that a company performs well that may give it an advantage over its competitors. These core competencies may help the firm attract financial and human resources that increase the firm's capacity to produce products that satisfy customers. Plan An outline of the actions by which an organization intends to accomplish its goals and objectives. Strategic plan A company's broadest plan, developed as a guide during the strategic planning process for major policy setting and decision making. They are set by the board of directors and top management and are generally designed to achieve the organization's long-term goals. Tactical plan A smaller scale plan developed to implement a strategy. Most cover a one- to three-year period. If the plan will take five years to complete, the firm may develop five of these plans, one covering each year. They may be updated periodically as dictated by conditions and experience. Their more limited scope permits them to be changed more easily than strategies. Operational plan A type of plan designed to implement tactical plans. Operational plans are usually established for one year or less and deal with how to accomplish the organization's specific objectives. Contingency plan A plan that outlines alternative courses of action that may be taken if an organization's other plans are disrupted or become ineffective. Organizing The grouping of resources and activities to accomplish some end result in an efficient and effective manner.
Leading The process of influencing people to work toward a common goal Motivating The process of providing reasons for people to work in the best interests of an organization Directing The combined processes of leading and motivating Controlling The process of evaluating and regulating ongoing activities to ensure that goals are achieved. 1) Setting standards The control function includes three steps: Managers can be classified in two ways: 1) According to their level within an
organization Top manager An upper-level executive who guides and controls an organization's overall fortunes. They represent the smallest of the three groups. In terms of planning, they are generally responsible for developing the organization's mission. They also determine the firm's strategy. Middle managers Make up the largest group of managers in most organizations. A manager who implements the strategy and major policies developed by top management. They develop tactical and operational plans, and they coordinate and supervise the activities of first-line managers. First-line manager A manager who coordinates and They spend most of their time working with and motivating their employees, answering questions, and solving day-to-day problems. Most are former operating employees who were promoted into management. Financial manager Primarily responsible for an organization's financial resources. Operations manager Manages the systems that convert resources into goods and services.
Marketing manager Responsible for facilitating the exchange of products between an organization and its customers or clients. Human resources manager Charged with managing an organization's human resources programs. He or she engages in human resources planning, designs systems for hiring, training, and evaluating the performance of employees, and ensures that the organization follows government regulations concerning employment practices. Administrative manager Also called a general manager, is not associated with any specific functional area, but provides overall administrative guidance and leadership. Variety of skills that managers need (5) 1) Conceptual Conceptual skills Involve the ability to think in abstract terms. It allows a manager to see the "big picture" and understand how the various parts of an organization or idea can fit together. Analytical skills The ability to identify problems correctly, generate reasonable alternatives, and select the "best" alternatives to solve problems Interpersonal skills Involve the ability to deal effectively with other people, both inside and outside an organization. Examples of interpersonal skills are the ability to relate to people, understand their needs and motives, and show genuine compassion. Technical skills
Involve specific skills needed to accomplish a specialized activity. Communication skills Both oral and written, involve the ability to speak, listen, and write effectively. Leadership Has been defined broadly as the ability to influence others. It is different from management in that it strives for voluntary cooperation, whereas a manager may have to depend on coercion to change employee behavior. Autocratic leadership Task- oriented leadership style in which workers are told what to do and how to accomplish it without having a say in the decision- making process Participative leadership Leadership style in which all members of a team are involved in identifying essential goals and developing strategies to reach those goals 1) Consultative Participative leaders can be classified into three groups: Consultative leaders Consultative leaders discuss issues with workers but retain the final authority for decision making Consensus leaders Seek input from almost all workers and make final decisions based on their support Democratic leaders Give final authority to the group Entrepreneurial leadership Is personality dependent. Although each entrepreneur is different, this leadership style is generally task-oriented, driven, charismatic, and enthusiastic.12 This personality tends to take initiative, be visionary, and be forward-looking. Their enthusiasm energizes and inspires employees. Decision making Is the act of choosing one alternative from a set of alternatives.1 The managerial decision-making process involves four steps (1) identifying the problem or opportunity Problem The discrepancy between an actual condition and a desired condition—the difference between what is occurring and what one wishes would occur. Satisfice Managers may choose solutions to problems on several levels. This word describes solutions that are only adequate and not ideal. When lacking time or information, managers often make this decision. Total quality management The coordination of efforts directed at improving customer satisfaction, increasing employee participation, strengthening supplier partnerships, and facilitating an organizational atmosphere of continuous quality improvement. Benchmarking The process of evaluating the products, processes, or management practices of another organization for the purpose of improving quality. Four basic steps of benchmarking: 1) Identifying objectives Sets with similar termsChapter 6: Understanding the Management Process46 terms cblwong Chapter 651 terms Jainee_Patel Bus Org Test Chapter 644 terms nisha0113 Business Chapter 656 terms rroth7 Sets found in the same folderChapter 1 - Exploring the world of business and ec…70 terms exxieburn Chapter 2 - Being ethical and socially responsible31 terms exxieburn Chapter 3 - Exploring Global Business41 terms exxieburn Chapter 4 - Choosing a form of business ownership52 terms exxieburn Other sets by this creatorChapter 7 - Consumers, Producers, and the Efficien…19 terms exxieburn Chapter 1 - Ten Principles of Economics24 terms exxieburn Chapter 6 - Supply, Demand, and Government Policies15 terms exxieburn Chapter 5 - Elasticity and Its Application26 terms exxieburn Other Quizlet setsAccounting II Final Exam28 terms lbower1 chapter 1 LIIS11 terms madelineehector10 healthcare finance midterm52 terms senecahart1 MGT 415 Exam 1 (Ch. 1-3)98 terms crh293 Related questionsQUESTION The chapter identifies five kinds of incentive pay organizations may use to reward individual performance. Give me two. 2 answers QUESTION What is the term that refers to when the stock size falls below the minimum stock size required to produce MSY on a continuing basis? 4 answers QUESTION One of the five basic business processes is the warehousing cycle 15 answers QUESTION bausch & lomb has a large share of the fast growing contact lens market. Their contact lens product is an example of a/an 3 answers What is the first management function because all other management functions depend on it?In its simplest form, is establishing organizational goals and deciding how to accomplish them. It is often referred to as the "first" management function because all other management functions depend on planning.
What is the first management function?Planning provides basis of control-Planning is the first function of management. The other functions like organising, staffing, directing and controlling etc.
What is the first primary function of management that precedes all other functions?Planning is the first primary function of management that precedes all other functions. The planning function involves the decision of what to do and how it is to be done? So managers focus a lot of their attention on planning and the planning process.
Who defines first management function?According to George & Jerry, “There are four fundamental functions of management i.e. planning, organizing, actuating and controlling”. According to Henry Fayol, “To manage is to forecast and plan, to organize, to command, & to control”.
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Is called the first management function because all of the management functions depend on it?
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