Entrepreneurial Management Chapter 4

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary role of management in an organization?

To oversee daily operations

To develop marketing strategies

To monitor employee performance

To allocate resources to achieve organizational goals (correct)

What is the difference between efficiency and effectiveness?

Efficiency is achieving the best possible result, while effectiveness is using the least resources

Efficiency is a short-term goal, while effectiveness is a long-term goal

Efficiency is a long-term goal, while effectiveness is a short-term goal

Efficiency is using the least resources, while effectiveness is achieving the best possible result (correct)

What is the primary function of top management?

To develop strategic plans (correct)

To supervise daily operations

To develop tactical plans

To evaluate employee performance

What is the purpose of contingency planning?

To respond to unexpected opportunities or challenges Signup and view all the answers

What is the role of supervisory management?

To supervise daily operations Signup and view all the answers

What is the primary difference between tactical and operational planning?

Tactical planning is for short-term goals, while operational planning is for daily operations Signup and view all the answers

What is the role of middle management?

To implement tactical plans Signup and view all the answers

What are the four types of planning in management?

Strategic, tactical, operational, and contingency Signup and view all the answers

What is the primary purpose of controlling and following in an organization?

To assess the organization's progress toward achieving its goals Signup and view all the answers

Which of the following managerial skills involves the ability to perform tasks in a specific discipline or department?

Technical Skills Signup and view all the answers

What is one of the trends that will affect management in the future?

The growing use of information technology Signup and view all the answers

What is the primary characteristic of an organization?

Having a distinct purpose Signup and view all the answers

What is the primary goal of staffing in an organization?

To accomplish the company's objectives Signup and view all the answers

What is the primary role of a leader in an organization?

To communicate a vision and gathering others around that vision Signup and view all the answers

What is crisis management in the context of management trends?

A type of management trend that involves responding to unexpected events Signup and view all the answers

Why is it important for companies to treat their employees well and offer fair pay?

Because many people are not willing to work at companies unless they are treated well Signup and view all the answers

Study Notes

Management and Leadership

Management is the process of developing and allocating resources to achieve organizational goals.
Managers are responsible for developing and implementing management plans to achieve organizational goals.
The four functions of management include:
- Expecting problems or opportunities and designing plans to deal with them
- Coordinating and allocating resources needed to implement plans
- Guiding personnel through implementation
- Reviewing results and making necessary changes

Planning

Planning involves expecting potential problems or opportunities and designing plans to deal with them
There are four basic types of planning:
- Strategic planning (1-5 years): Top management, broad and general, long-term goals
- Tactical planning (less than 1 year): Middle management, mid-range goals
- Operational planning (current): Supervisory management, implementing specific goals
- Contingency planning (urgent): Top and middle management, meeting challenges and opportunities

Management Levels

Top management: Highest level, consists of president and key company executives who develop strategic plans
Middle management: Includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling
Supervisory management: Those directly responsible for supervising workers and evaluating daily performance

Controlling and Solving Problems

Controlling involves assessing the organization's progress toward achieving its goals and making corrections
Managers take the following steps to solve problems:
- Identify the problem
- Analyze the problem
- Develop alternative solutions
- Choose a solution
- Implement the solution
- Evaluate the solution

Managerial Skills

Conceptual skills: Ability to picture the organization as a whole and the relationship among its various parts
Human relations skills: Ability to communicate and motivate, enabling managers to work through and with people
Technical skills: Ability to perform tasks in a specific discipline or department

Trends in Management

Four important trends in management today are:
- Crisis management
- Outside directors
- The growing use of information technology
- The increasing need for global management skills

Organization

An organization is a deliberate arrangement of people to accomplish a specific purpose that individuals cannot accomplish alone
Common characteristics of organizations include:
- Having a distinct purpose (goal)
- Being composed of people
- Having a deliberate structure

Staffing

Staffing involves recruiting, hiring, motivating, and retaining the best people to accomplish the company's objectives
Recruiting good employees is critical, and many people are not willing to work at companies unless they are treated well with fair pay

Leadership

Leaders must:
- Communicate a vision and gather others around that vision
- Establish corporate values
- Promote corporate ethics
- Control change

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Learn about the role of management, its process, and the responsibilities of managers in achieving organizational goals.