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Related Flashcards
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Cards In This Set
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Define: Management
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A process designed to achieve an organizations objectives by using its resources effectively and efficiently in a changing environment.
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Define: Effectively
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Having the intended result.
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Define: Efficiently
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Accomplishing the objectives with a minimum of resources.
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Define: Managers
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Make decisions about the use of the organizations resources and are concerned with planning, organizing, staffing, directing, and controlling the organizations activities to reach its objectives.
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Every organization in the pursuit of its objectives must accquire what and coordinate their use for what? Give examples. (4)
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Resources (people, raw materials, equipment, money, and information)
To turn out a final good or service.
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To harmonize the use of resources so that the business can develop, produce, and sell products, managers engage in what activities? (5)
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Planning, organizing, staffing, directing, and controlling.
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Define: Planning
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The process of determining the organizations missions, goals, and objectives and deciding how to accomplish them.
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Planning designs what?
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The map that is the groundwork for all other functions.
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Planning involves forecasting and determining what?
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Forecasting- Events
Determining- The best course of actions from a set of options or choices.
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What does the plan specify?
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What should be done, by whom, where, when, and how.
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What types of organizations need to develop plans?
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All of them.
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Define: Mission
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A declaration of an organizations fundamental purpose and basic philosophy.
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A mission statement answers what question?
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What business are we in.
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Good mission statements are what?
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Clear and concise statements that describes an organizatios reason for existence.
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A well-developed mission statement, no matter the size of the business, will answer what five questions?
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1. Who are we?
2. Who are our customers?
3. What is our operating philosophy?
(basic beliefs, values, ethics, etc.)
4. What are our core competencies and
competitive advantages?
5. What are our responsibilities with respect
to being a good steward of environmental,
financial, and human resources?
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