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Chapter 7 Important Vocab


Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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Chapter 7 Vocab
Management: The process of planning, organizing, leading, and controlling a business
financial, physical, human and information resources in order to achieve its goals
Planning: That portion of a managers job concerned with determining what the business
needs to do and the best way to achieve it
Organizing: That portion of a managers job concerned with mobilizing the necessary
resources to complete a particular task.
Leading: That portion of a managers job concerned with guiding and motivating
employees to met the firms objectives
Controlling: That portion of a managers job concerned with monitoring the firms
performance and, acting to bring it in line with the firms goals
Senior Managers: Those managers responsible for a firms overall performance and
effectiveness and for developing long range plans for the company
Middle Managers: Those managers responsible for implementing the decisions made by
top managers
First- line Managers: Those managers responsible for supervising the work of employees
Technical Skills: Skills associated with performing specialized tasks within a firm
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 course of
action
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