MIE 201 EXAM 3 (CHAPTERS 6 - 10) STUDY GUIDE
Management - Answers - Process designed to achieve an organization's objectives by
using its resources effectively and efficiently in a changing environment.
Effectively - Answers - Having the intended result
Efficiently - Answers - Accomplishing the objectives with a minimum of resources
Managers - Answers - Make decisions about the use of the organizations resources and
are concerned with planning, organizing, directing, and controlling the organization's
activities to reach objectives.
Staffing - Answers - Hiring people to carry out the work of the organization.
Downsizing - Answers - Elimination of significant numbers of employees from an
organization.
Planning - Answers - The process of determining the organization's objectives and
deciding how to accomplish them, the first function of management.
Mission - Answers - Declaration of an organization's fundamental purpose and basic
philosophy. "What business are we in?".
Goals - Answers - The result that a firm wishes to achieve. Includes 3 key components:
an attribute sought, a target to be achieved, and a time frame.
Objectives - Answers - The ends or results desired by an organization, derived from the
organization's mission. Objectives are usually measurable such as profits.
Strategic plans - Answers - Establish the long-range objectives and overall strategy or
course of action by which the firm fulfills its mission. Generally cover periods of one year
or longer.
Tactical plans - Answers - Short range and designed to implement the activities and
objectives specified in the strategic plan. Usually cover a period of one year or less,
helping to stay on course for strategic plans.
Operational plans - Answers - Very short term and specify what actions specific
individuals, work groups, or departments need to accomplish in order to achieve the
tactical plan and ultimately the strategic plan. Apply to month, week, or even day
periods.
, Crisis management/Contingency planning - Answers - Deals with potential disasters
such as product tampering, oil spills, fire, earthquake, computer viruses, or even a
reputation crisis.
Organizing - Answers - Structuring of resources and activities to accomplish objectives
in an efficient and effective manner.
Directing - Answers - Motivating and leading employees to achieve organizational
objectives. Telling employees what to do and when to do it through the implementation
of deadlines and encouragement.
Controlling - Answers - Process of evaluating and correcting activities to keep the
organization on course. Involves five activities: measuring performance, comparing
present performance with standards or objectives, identifying deviations from the
standards, investigating the causes of deviations, and taking corrective action when
necessary.
Top managers - Answers - Include the president and other top executives, such as the
chief executive officer (CEO), chief financial officer (CFO), and chief operations officer
(COO), who have overall responsibility for the organization.
CEO - Answers - Chief executive officer. Manages the overall strategic direction of the
company and plays a key role in representing the company to stakeholders.
COO - Answers - Chief operations officer. Responsible for daily operations of the
company. Reports to the CEO and is often considered number 2 in command.
CPO - Answers - Chief privacy officer.
Middle managers - Answers - Responsible for tactical and operational planning that will
implement the general guidelines established by top management.
First-line managers - Answers - Those who supervise workers and the daily operations
of the organization. Responsible for implementing the plans established by middle
management and directing workers' daily performance on the job.
Financial manager - Answers - Focus on obtaining the money needed for successful
operation of the organization and using that money in accordance with goals.
Production and operations manager - Answers - Develop and administer the activities
involved in transforming resources into goods, services, and ideas ready for the
marketplace.
Human resources manager - Answers - Handle the staffing function and deal with
employees in a formalized manner.
Management - Answers - Process designed to achieve an organization's objectives by
using its resources effectively and efficiently in a changing environment.
Effectively - Answers - Having the intended result
Efficiently - Answers - Accomplishing the objectives with a minimum of resources
Managers - Answers - Make decisions about the use of the organizations resources and
are concerned with planning, organizing, directing, and controlling the organization's
activities to reach objectives.
Staffing - Answers - Hiring people to carry out the work of the organization.
Downsizing - Answers - Elimination of significant numbers of employees from an
organization.
Planning - Answers - The process of determining the organization's objectives and
deciding how to accomplish them, the first function of management.
Mission - Answers - Declaration of an organization's fundamental purpose and basic
philosophy. "What business are we in?".
Goals - Answers - The result that a firm wishes to achieve. Includes 3 key components:
an attribute sought, a target to be achieved, and a time frame.
Objectives - Answers - The ends or results desired by an organization, derived from the
organization's mission. Objectives are usually measurable such as profits.
Strategic plans - Answers - Establish the long-range objectives and overall strategy or
course of action by which the firm fulfills its mission. Generally cover periods of one year
or longer.
Tactical plans - Answers - Short range and designed to implement the activities and
objectives specified in the strategic plan. Usually cover a period of one year or less,
helping to stay on course for strategic plans.
Operational plans - Answers - Very short term and specify what actions specific
individuals, work groups, or departments need to accomplish in order to achieve the
tactical plan and ultimately the strategic plan. Apply to month, week, or even day
periods.
, Crisis management/Contingency planning - Answers - Deals with potential disasters
such as product tampering, oil spills, fire, earthquake, computer viruses, or even a
reputation crisis.
Organizing - Answers - Structuring of resources and activities to accomplish objectives
in an efficient and effective manner.
Directing - Answers - Motivating and leading employees to achieve organizational
objectives. Telling employees what to do and when to do it through the implementation
of deadlines and encouragement.
Controlling - Answers - Process of evaluating and correcting activities to keep the
organization on course. Involves five activities: measuring performance, comparing
present performance with standards or objectives, identifying deviations from the
standards, investigating the causes of deviations, and taking corrective action when
necessary.
Top managers - Answers - Include the president and other top executives, such as the
chief executive officer (CEO), chief financial officer (CFO), and chief operations officer
(COO), who have overall responsibility for the organization.
CEO - Answers - Chief executive officer. Manages the overall strategic direction of the
company and plays a key role in representing the company to stakeholders.
COO - Answers - Chief operations officer. Responsible for daily operations of the
company. Reports to the CEO and is often considered number 2 in command.
CPO - Answers - Chief privacy officer.
Middle managers - Answers - Responsible for tactical and operational planning that will
implement the general guidelines established by top management.
First-line managers - Answers - Those who supervise workers and the daily operations
of the organization. Responsible for implementing the plans established by middle
management and directing workers' daily performance on the job.
Financial manager - Answers - Focus on obtaining the money needed for successful
operation of the organization and using that money in accordance with goals.
Production and operations manager - Answers - Develop and administer the activities
involved in transforming resources into goods, services, and ideas ready for the
marketplace.
Human resources manager - Answers - Handle the staffing function and deal with
employees in a formalized manner.
