Functions of management
What are the four main functions of management?
What are planning, organizing, leading, and controlling?
A short-term plan that focuses on day-to-day activities.
What is an operational plan?
This is the simplest form of business ownership.
What is a sole proprietorship?
The chain of command in an organization is called its ___.
What is organizational structure?
Which type of business has unlimited liability?
What are sole proprietorships and partnerships?
This function of management involves motivating and directing employees.
What is leading?
A plan that covers 1–5 years and includes goals for growth.
What is a tactical plan?
In this form, two or more people share profits, risks, and decisions.
What is a partnership?
This structure groups employees by similar tasks or roles.
What is a functional structure?
Which function of management involves setting a vision and goals?
What is planning?
Measuring performance and taking corrective action is part of which function?
What is controlling?
What is a contingency plan used for?
What is preparing for unexpected events or emergencies?
A business that is legally separate from its owners.
What is a corporation?
A business analyzing its political, economic, social, technological, environmental, and legal factors is using what?
What is PESTEL analysis?
CSR stands for what, and why is it important?
What is Corporate Social Responsibility; it helps businesses act ethically and sustainably.
Assigning resources and arranging tasks falls under this function.
What is organizing?
Strategic planning usually spans how many years?
What is 3–5 years (sometimes longer)?
Buying into an existing brand to open your own location.
What is a franchise?
Deciding whether to produce in-house or outsource is part of what?
What is operations/strategic planning?
Lean management focuses on reducing ___.
What is waste?
When managers create long-term objectives and strategies, they are doing this.
What is planning?
Deciding whether to expand internationally is an example of what type of planning?
What is strategic planning?
A business run for the benefit of members who share profits and decisions equally.
What is a cooperative?
A structure that combines functional and product-based divisions is called what?
What is a matrix structure?
What is TQM, and what does it emphasize?
What is Total Quality Management; it emphasizes continuous improvement and customer satisfaction.