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Final Management Exam: Chapter 1 Terms in this set (47)Organizations Collections of people who work together and coordinate their actions to achieve a wide variety of goals and desired future outcomes? Management The planning, organizing, leading, and controlling of human and other resources to achieve organizational goals efficiently and effectively? Organizational Performance A measure of how efficiently and effectively managers use available resources to satisfy customers and achieve organizational goals? Efficiency A measure of how productively resources are used to achieve a goal? Effectiveness A measure of the appropriateness of the goals that managers have selected for the organizations and of the degree to which the organization achieves those goals? Low efficiency/High effectiveness Manager chooses the right goals to pursue, but does a poor job of using resources to achieve those goals. High efficiency/High effectiveness Manager chooses the right goals to pursue and makes good use of resources to achieve these goals. Low efficiency/Low effectiveness Manager chooses the wrong goals to pursue and makes poor use of resources.
High efficiency/Low effectiveness Manager chooses inappropriate goals, but makes good use of resources. Planning, Organizing, Leading, and Controlling What are the 4 Managerial tasks? Planning Identifying and selecting appropriate organizational goals and courses of action? 1) deciding which goals the organization will pursue 2) deciding what strategies to adopt to attain those goals 3) deciding how to allocate organizational resources to pursue the strategies that attain those goals 3 steps involved in planning: Strategy Cluster of decisions concerning what organizational goals to pursue, what actions to take, and how to use resources to achieve these goals? Low-cost strategy A way of obtaining customers by making decisions that allow an organization to produce goods or services more cheaply than its competitors so that it can charge lower prices than they do? Differentiation A way of obtaining customers by making decisions that allow an organization to produce goods or services that are unique and new compared to its competitors? Organizing Structuring working relationships so organizational members interact and cooperate to achieve organizational goals? Organizational Structure A formal system of task and reporting relationships that coordinates and motivates members so that they work together to achieve organizational goals? Vision A short, succinct, and inspiring statement of what the organization intends to become and the goals it is seeking to achieve? Leading Managers articulate a clear organizational vision for the organization's members to accomplish and they energize and enable employees so that everyone understands the part he or she plays in achieving organizational goals? Controlling Evaluating how well an organization is achieving its goals and taking action to maintain or improve performance? 1) by level or hierarchy 2) by type of skill 2 main ways organizations group their managers: 1) first-line managers 2) middle managers 3) top managers 3 levels of management: Department A group of managers and employees who work together because they possess similar skills and experience or use the same kind of knowledge, tools, or techniques to perform their jobs? First-line Manger A manager who is responsible for the daily supervision of nonmanagerial employees? Middle Manager A manager who supervises first-line managers and is responsible for finding the best way to use resources to achieve organizational goals? Top Manager A manager who establishes organizational goals, decides how departments should interact, and monitors the performance of middle managers? Chief Executive Officer (CEO) A company's most senior and important manger, the one all other top managers report to? Top management team A group composed of the CEO, the COO, the president, and the heads of the most important departments? Education and Experience What 2 things must managers possess in order to recognize and develop the personal skills they need to put organizational resources to their best use? Conceptual Skills The ability to analyze and diagnose a situation and to distinguish between cause and effect? Human Skills The ability to understand, alter, lead, and control the behavior of other individuals and groups? Technical Skills The job-specific knowledge and techniques required to perform an organizational role? Core Competency The specific set of departmental skills, knowledge, and experience that allows one organization to outperform another? Restructuring Downsizing an organization by eliminating the jobs of large numbers of top, middle, and first-line managers and nonmanagerial employees? Outsourcing Contracting with another company, usually abroad, to have it perform an activity the organization previously performed itself? Empowerment The expansion of employee's knowledge, tasks, and decision-making responsibilities? Self-Managed Team A group of employees who assume collective responsibility for organizing, controlling, and supervising their own work activities? Global Organizations Organizations that operate and compete in more than one country? 1) building a competitive advantage 2) maintaining ethical standards 3) managing a diverse workforce 4) utilizing new information systems and technologies 5) practicing global crisis management 5 major challenges for managers in today's world: Competitive Advantage The ability of one organization to outperform other organizations because it produces desired goods or services more efficiently and effectively than its competitors? Total Quality Management (TQM) A major thrust to improving quality where employees are often organized into quality control teams and are responsible for finding new and better ways to perform their jobs? Speed How fast a company can bring new products to the market? Flexibility How easily a company can change or alter the way they perform their activities to respond to the actions of their competitors? Agile Competitors What do you call a company that has speed and flexibility? Innovation The process of creating new or improved goods and services that customers want or developing better ways to produce or provide goods and services? Turnaround Management The creation of a new vision for a struggling company using a new approach to planning and organizing to make better use of a company's resources to allow it to survive, and eventually prosper? Caveat Emptor "Buyer Beware"? Sets found in the same folderThe 5 Utilities of Marketing5 terms sn305779 Chapter 15: Distributing Products16 terms aymayy History of Management Thought19 terms Jack_Considine1 Intro to Business35 terms alyhuntley Other sets by this creatorUnit #2- Real Estate24 terms kjrobinson Unit #1 - Real Estate87 terms kjrobinson Chem Final32 terms kjrobinson Consumer Economics Final69 terms kjrobinson Recommended textbook solutions Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions
Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions
Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Other Quizlet setsCH19 Physical Security15 terms BigFudgePsych Ventricles and CSF25 terms Madalyn_Grafton FHB L5 DNA and Chomosome Structure19 terms ryanouillette Respiratory78 terms mherrera9133PLUS Related questionsQUESTION Human resource management involves training, motivating, and retaining competent employees. 15 answers QUESTION Acute pain is usually what type of pain? 11 answers QUESTION The first step in creating a leisure and recreation business is identifying your customers. 15 answers QUESTION Secondary search is a more thorough search than the primary and should be performed by a different company than the one that did the primary. If the crew finds a victim, what should they report to the IC ? 3 answers Is a measure of how well resources are used?Resource utilization is the measure of how much of your available resources you are currently using. It can help you to plan how to utilize your resources more effectively to ensure that your organization is being as productive as possible.
What measures the appropriateness of the goals selected by management for the organization and the degree to which the organization accomplishes these goals?Efficiency is a measure of the appropriateness of the goals that managers have selected for the organization to pursue and the degree to which the organization achieves those goals.
What is a measure of how efficiently and effectively managers use available resources to satisfy customers and achieve company goals?Organizational performance is measured by the effectiveness and efficiency of its managers' work of using available resources to satisfy customers and achieve organizational goals.
Is a measure of how well resources are used by the organization is fulfilling its purpose?Efficiency is defined as a measure of how productively resources are used to achieve a goal.
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A measure of how productively resources are used to achieve a goal is known as
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