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What is an organization?
A social entity that is goal directed and deliberately structured.
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Define management.
the process of working with people and resources to accomplish organizational goals.
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What are management resources?
People, money, knowledge, information, technology, physical resources
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List 4 key elements that make the current business landscape different from the past.
- Globalization.
- Technological change.
- The importance of knowledge and ideas.
- Collaboration across organizational "boundaries."
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List 8 advantages of the internet.
- Marketplace.
- Means for manufacturing goods and services.
- Distribution channel.
- An information service.
- Drives down costs.
- Speeds up globalization.
- Improves efficiency of decision making.
- Facilitates design of new products, from pharmaceuticals to financial services.
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Define knowledge management.
Practices aimed at discovering and harnessing an organization's intellectual resources
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Define innovation.
The introduction of new goods and services.
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Define quality.
It is the excellence of your product. Referred to as attractiveness, lack of defects, reliability, and long-term dependability.
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Define service.
The speed and dependability with which is organization delivers what customers want.
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Define speed.
Fast and timely execution, response, and delivery of results
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Define cost competitiveness
Keeping costs low to achieve profits and be able to offer prices that attractive to consumers.
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List the 4 functions of management.
Planning, Organizing, Leading, Controlling
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Define planning.
Systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue.
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Define organizing.
Assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve goals.
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Define leading.
Stimulating people to be high performers.
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Define controlling.
Monitoring performance and making needed changes.
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Define top level managers.
Senior executives responsible for the overall management and effectiveness of the organization
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Define middle level managers
Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives.
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Define front line managers.
Lower-level managers who supervise the operational activites of the organization.
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What are the 3 main skills managers need to have?
Technical, conceptual & decision, and interpersonal and communication
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Define technical skill.
The ability to perform a specialized task involving a particular method or process.
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Define conceptual and decision skills.
Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members.
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Define interpersonal and communication skills.
People skills; the ability to lead, motivate, and communicate effectively with others.
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Define emotional intelligence.
The skills of understanding yourself, managing yourself, and dealing effectively with others.
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Define social capital.
Goodwill stemming from your social relationship
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