Questions and Answers
What is step 1 in the planning process according to the text?
Identify opportunities and threats
What is the purpose of controlling in management?
To measure actual performance against standards
What is the primary function of organizing in management?
Establishing a business structure
What is the final step in the planning process?
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What does the control process involve?
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Why is it important to identify alternative plans of action in the planning process?
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What is the purpose of drawing up a budget in the planning process?
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What is the key aspect of the control process in management?
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How does organizing contribute to achieving business objectives?
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Why is evaluating and comparing actual performance against standards important in the control process?
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Study Notes
- Leading in management involves activities like authority, power, delegation, responsibility, and accountability.
- Leadership competencies include management attention, trust, and self-management.
- Additional management functions include coordination, decision making, communication, motivation, delegation, and discipline.
- Managerial competencies encompass communication, planning, teamwork, strategic action, global awareness, and self-management.
- Steps of planning involve identifying opportunities, formulating objectives, making assumptions, choosing a final plan, and implementing it.
- Controlling in management involves setting standards, measuring performance, evaluating deviations, and taking corrective action.
- Organizing is the function where a business structure is established through task distribution, resource allocation, and activity coordination to achieve business objectives.
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