Business Management Chapter 1-5

how to complete specific tasks in next 1-52 weeks with resources first-line managers Goal - correct answer aka objective specific commitment to achieve a measurable result w/in a stated period of time 3 types(same as planning) strategic/tactical/operational Strategic Goal - correct answer set up by or for management and focus on objectives for organizations as a whole Tactical Goals - correct answer set up by and for middle managers focus on the actions needed to achieve strategic goals Operational Goals - correct answer set up by and for first-line managers concerned with short-term matters associated with realizing tactical goals Action Goal - correct answer defines the course of action needed to achieve the stated goal Operating Plan - correct answer Typically designed for a one year-plan defines how to conduct your business revenue/cash flow/market share targets Standing Plans - correct answer developed for activities that occur repeatedly over a period of time Policy - correct answer (Standing Plan) outlines the general response to a designated problem or situation Procedure - correct answer (Standing Plan) outlines the response to particular problems or circumstances Rule - correct answer (Standing Plan) designates specific required action Single-Use Plans - correct answer Plans developed for activities that aren't likely to be repeated in the future Program - correct answer (Single-Use Plan) encompassing a range of projects/activities Project - correct answer (Single-Use Plan) less scope and complexity than a program SMART GOAL - correct answer Specific Measurable Attainable Results-Oriented Target Dates Management By Objectives - correct answer Peter Drucker(1954) meant to motivate Steps to MBO - correct answer 1. managers & employees jointly set objectives for the employees 2. managers develop action plans 3. managers & employees periodically review the employees performance 4. manager makes a performance appraisal & rewards the employee according to results Objectives - correct answer Improvement Personal Development Maintenance To be successful w/MBO - correct answer Top Management must be committed must be applied organizationwide objectives must "cascade" Cascade - correct answer Objectives become more specified the lower they are in the organization Organizational - Divisional - Departmental - Individual Planning/Control Cycle - correct answer 2 planning & 2 controlling steps 1. Make the Plan 2. Carry out the plan 3. Control the direction by comparing results w/ the plan 4. Control the direction by taking coercive actions in two ways a. correcting deviations being carried out in the plan (get back on track) b. improving future plans (data for future plans) External Equity - correct answer what the market thinks the people should make based on the markets value of a field Internal Equity - correct answer People who are doing the same job should be paid the same Power Distance - correct answer expresses the degree to which a society's members expect power to be unequally shared Uncertain Avoidance - correct answer expresses the extent to which a society relies on social norms and procedures to alleviate the unpredictability of future events Institutional collectivism - correct answer expresses the extent to which individuals are encouraged and rewarded for loyalty to the group as opposed to pursuing individual goals In-Group collectivism - correct answer extent to which people should take pride in being members of their family, circle of close friends, and their work organization Gender egalitarianism - correct answer extent to which a society should minimize gender discrimination and role inequalities Assertiveness - correct answer extent to which a society expects people to be confrontational and competitive as opposed to tender and modest Future Orientation - correct answer extent to which a society encourages investment in the future, as by planning and saving Performance Orientation - correct answer extent to which society encourages and rewards its