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Management and Leadership (Planning and Decision Making (Strategic…
Management and Leadership
Four Functions of Management
Management
The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.
Four Principles
Leading
Planning
Organizing
Controlling
Planning and Decision Making
Vision: An encompassing explanation of why the organization exists and where it’s trying to head.
Mission statement: An outline of the fundamental purposes of an organization.
Goals: The broad, long-term accomplishments an organization wishes to attain.
SWOT analysis: A planning tool used to analyze an organization’s strengths, weaknesses, opportunities, and threats.
Strategic planning: Determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.
Tactical planning: Developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done.
Operational planning: Setting work standards and schedules necessary to implement the company’s tactical objectives.
Contingency planning: Preparing alternative courses of action that may be used if the primary plans don’t achieve the organization’s objectives.
Decision making: Choosing among two or more alternatives.
Problem solving: The process of solving the everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action.
PMI: Listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column.
Organizing
Top management: The highest level of management, consisting of the president and other key company executives who develop strategic plans.
Middle management: The level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.
Supervisory management: Managers who are directly responsible for supervising workers and evaluating their daily performance.
Technical Skills
Human relations skills
Conceptual skills
Staffing: Includes hiring, motivating, and retaining the best people available to accomplish the company’s objectives.
Leading
Transparency: The presentation of a company’s facts and figures in a way that is clear and apparent to all stakeholders.
Autocratic leadership: Leadership style that involves making managerial decisions without consulting others.
Participative (democratic) leadership: Leadership style that consists of managers and employees working together to make decisions.
Free-rein leadership: Leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives.
Knowledge management: Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm.
Controlling
External customers: Dealers, who buy products to sell to others, and ultimate customers, who buy products for their own personal use.
Internal customers: Individuals and units within the firm that receive services from other individuals or units.