Management
the process of providing focus for employees and motivating them to achieve organizational goals.
What is directing
When managers compare actual vs expected performance by reviewing financial statements and taking corrective action when necessary.
What is the controlling function of management
When first line managers set work schedules and delegate task to workers
What is operational planning
Dividing necessary tasks into jobs
What is specialization
a five-step process: (1) establish standards, (2) measure performance, (3) compare actual performance with standards and identify any deviations, (4) determine the reason for deviations, and (5) take corrective action if needed.
What is Control process
The process used to accomplish organizational goals through planning, organizing, leading and controlling people and other organizational resources.
What is Management?
An affirmatiion of a company's fundamental purpose and goals
What is a mission statement
When managers set the rules and make decisions without consulting others
What is autocratic leadership
What is departmentalization
The financial statement that gives a snapshot of the health of the business at a specific point in time
What is a balance sheet
When managers set goals and determine the best way to achieve them.
Planning
An analysis of a company's Strengths, Weaknesses, Opportunities and Threats
What is a SWOT analysis?
Managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives.
What is free-rein/Laissez- faire leadership
When the organization is flat with very few layers between top and lower management with each manager overseeing a large number of workers the span of control is this
What is wide
A financial statement that shows the company's performance over a given period of time
What is an income statement
When managers allocate resources (people, equipment, and money) to carry out the company’s plans.
Organizing
When top managers establish long range goals for the company
What is strategic planning
Managers and employees work together to make decisions.
What is democratic or participative leadership style
When the organization is tall with very several layers between top and lower management with each manager overseeing a small number of workers the span of control is this
What is narrow span of control
A financial statement that shows the difference in amount of cash available at the beginning of a period (opening balance) and the amount at the end of that period (closing balance).
What is a cash flow statement
Planning, Leading/Directing, Organizing and Controlling
What are the four functions of management
When middle managers development and implement the goals and objectives of top managers by planning lower level supervisors activities
What is tactical planning
Can be flat or tall and arrange staff in such a way that best achieves company goals
What is an organizational structure
A visual device that shows relationships among people and divides the organization’s work; it shows who reports to whom.
What is an organization chart