Managing for Business Success

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  • manager

    individual in an organization who is responsible for making a group of people more effective and efficient

    effective

    the right things got done and they all contributed to the success

    efficient

    all the activities were performed in the right way and used the fewest possible resources

    management

    process of planning for, organizing, directing, and controlling a company's resources so that it can achieve its goals

    planning

    set goals and determine the best way to achieve them

    organizing

    allocating resources (people, equipment, money) to carry out the company's plans

    directing

    process of providing focus for employees and motivating them to achieve organizational goals

    controlling

    comparing actual to expected performance and taking corrective action when necessary

    strategic planning

    process of establishing an overall plan or course of action for an organization

    SWOT Analysis

    approach used to assess a company's fit with its environment by analyzing its strengths, weaknesses, opportunities, and threats

    goals

    major accomplishments that a company wants to achieve over a long period of time

    objectives

    intermediate-term performance targets that direct the activities of an organization toward the attainment of a goal

    tactical plans

    short-term plans that specify the activities and resources needed to implement a company's strategic plan

    operational plans

    detailed action steps to be taken by individuals or groups to implement tactical plans

    contingency planning

    process of identifying courses of action to be taken in the event that a business is adversely affected by a change

    crisis management

    action plans that outline steps to be taken by a company in case of a crisis

    top managers

    managers who are responsible for health and performance of the organization

    middle managers

    managers that oversee activities of first-line managers

    first-line managers

    managers who supervise employees and coordinate their activities

    restructuring

    process of altering an existing organizational structure to become more competitive under changing conditions

    organizational structure

    organizational arrangement of jobs in an organization that's most appropriate for the company at a specific point in time

    job specialization

    organizing activities into clusters of related tasks that can be handled by an individual or group

    departmentalization

    grouping specialized jobs into meaningful units, such as divisions or departments

    organizational chart

    diagram representing the interrelationships of positions within an organization

    chain of command

    authority and reporting relationships among people working at different levels of an organization

    unity of command

    no employee should report to more than one boss

    span of control

    number of people reporting to a particular manager; number of layers between the top managerial position and the lowest managerial level

    delegation

    process of entrusting work to subordinates; lessens burden of workload; allows subordinates to learn and develop new skills

    centralization

    decision-making process in which most decision making is concentrated at the top

    decentralization

    decision-making process in which most decision making is spread throughout the organization

    leadership style

    particular approach used by a manager to interact with and influence others

    autocratic leadership style

    management style identified with managers who tend to make decisions w/out soliciting input from subordinates; want workers to question your authority

    democratic leadership style

    management style used by managers who generally seek input from subordinates while retaining the authority to make the final decision

    laissez-faire leadership style

    management style used by those who follow a "hands-off" approach and provide relatively little direction to subordinates; provide little guidance

    transactional leaders

    managers who exercise authority based on their rank in the organization and focus their attention on identifying mistakes

    transformational leaders

    managers who mentor and develop subordinates and stimulate them to look beyond personal interests to those of the group

    technical skills

    skills needed to perform specific tasks

    interpersonal skills

    skills used to get along with and motivate other people

    conceptual skills

    skills used to reason abstractly and analyze complex situations

    time-management skills

    skills used to manage time effectively

    decision-making skills

    skills used in defining a problem, analyzing possible solutions, and selecting the best outcome

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