Management 1010

MANAGEMENT
process of planning, organizing, leading, and controlling an organization’s resources to achieve its goals
PLANNING
management process of determining what an organization needs to do and how best to get it done
ORGANIZING
management process of determining how best to arrange an organization’s resources and activities into a coherent structure
LEADING
management process of guiding and motivating employees to meet an organization’s objectives
TOP MANAGER
manager responsible for a firm’s overall performance and effectiveness
MIDDLE MANAGER
manager responsible for implementing the strategies and working toward the goals set by top managers
FIRST-LINE MANAGER
manager responsible for supervising the work of employees
TECHNICAL SKILLS
skills needed to perform specialized tasks
HUMAN RELATIONS SKILLS
skills in understanding and getting along with people
CONCEPTUAL SKILLS
abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation
DECISION-MAKING SKILLS
skills in defining problems and selecting the best courses of action
TIME MANAGEMENT SKILLS
skills associated with the productive use of time
STRATEGIC MANAGEMENT
process of helping an organization maintain an effective alignment with its environment
GOAL
objective that a business hopes and plans to achieve
STRATEGY
broad set of organizational plans for implementing the decisions made for achieving organizational goals
MISSION STATEMENT
organization’s statement of how it will achieve its purpose in the environment in which it conducts its business
LONG-TERM GOAL
goal set for an extended time, typically five years or more into the future
INTERMEDIATE GOAL
goal set for a period of one to five years into the future
SHORT-TERM GOAL
goal set for the very near future
CORPORATE STRATEGY
strategy for determining a firm’s overall attitude toward growth and the way it will manage its businesses or product lines
BUSINESS (OR COMPETITIVE) STRATEGY
strategy, at the business-unit or product-line level, focusing on improving a firm’s competitive position
FUNCTIONAL STRATEGY
strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
STRATEGY FORMULATION
creation of a broad program for defining and meeting an organization’s goals
STRATEGIC GOAL
goal derived directly from a firm’s mission statement
SWOT ANALYSIS
identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
ENVIRONMENTAL ANALYSIS
process of scanning the business environment for threats and opportunities
ORGANIZATIONAL ANALYSIS
process of analyzing a firm’s strengths and weaknesses
STRATEGIC PLAN
plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals
TACTICAL PLAN
generally short-term plan concerned with implementing specific aspects of a company’s strategic plans
OPERATIONAL PLAN
plan setting short-term targets for daily, weekly, or monthly performance
CONTINGENCY PLANNING
identifying aspects of a business or its environment that might entail changes in strategy
CRISIS MANAGEMENT
organization’s methods for dealing with emergencies
CORPORATE CULTURE
the shared experiences, stories, beliefs, and norms that characterize an organization