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Chapter 12

Chapter 12.docx

6 Pages
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Department
Commerce
Course Code
COMMERCE 1B03
Professor
Rita Cossa

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Description
Chapter 12 Resources - A general term that incorporates human resources, natural resources, and financial resources Management is becoming more progressive. Managers are educated to guide, train, support, motivate, and coach employees rather than tell them what to do. Management - The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources Planning - A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives Organizing - A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization’s goals and objectives Leading - Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives Controlling - a management function that involves establishing clear standards to determine whether or not an organization is progressing towards its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not Vision - an encompassing explanation of why the organization exists and where it’s trying to head Values - a set of fundamental beliefs that guide a business in the decisions they make - guide strategic planning through to day-to-day decisions by being mindful of how all stakeholders will be treated Mission statement - an outline of the fundamental purposes of an organization - usually developed by top management, with some input from employees, depending on the size of the company - should address: 1. the organization’s self-concept 2. company philosophy and goals 3. long-term survival 4. customer needs 5. social responsibility 6. the nature of the company’s product or service Goals - the broad, long-term accomplishments an organization wishes to attain Objectives - specific, short-term statements detailing how to achieve the organization’s goals SWOT analysis - a planning tool used to analyze an organization’s strengths, weaknesses, opportunities, and threats Strategic planning - the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals Tactical planning - the process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done - the responsibility of managers or teams of managers at lower levels of the organization, whereas strategic planning is the responsibility of the top managers of the frim Operational planning - the process of settling work standards and schedules necessary to implement the company’s tactical objectives - focuses on the specific responsibilities of supervisors, department managers, and individual employees Contingency planning - the process of preparing alternative courses of action that may be used if the primary plans don’t achieve the organization’s objectives Crisis planning - involves reacting to sudden changes in the environment Decision making - choosing among two or more alternatives - seven Ds of decision making 1. define the situation 2. describe and collect needed information 3. develop alternatives 4. develop agreement among those involved 5. decide which alternative is best 6. do what is indicated 7. determine whether the decision was a good one and follow up Problem solving - the process of solving the everyday problems that occur - less formal than decision making and usually calls for quicker action - made up of two or more workers who are given an assignment to solve a specific problem Brainstorming - coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas PMI - listing all the pluses for a solution in one column, all the minuses in another, and the interesting in a third column - Pluses for
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