CLEP Exam - Principles of Management 2024

planning -->The act of determining the organization's goals and defining the means for achieving them. One of the five basic functions of managers. decision-making process - 1st step -->Define the problem decision-making process - 2nd Step -->Identify limiting factors. decision-making process - 3rd Step -->Develop and potential alternatives. decision-making process- 4th step -->Analyze the alternatives. extrinsic rewards -->Are externally administered. Praise, a promotion, office décor, and desirable assignments are all examples of extrinsic rewards. intrinsic rewards -->Are self-administered. Are rewards that provide a sense of achievement and accomplishment. They are internally administered, meaning that they are not reliant on the behaviors of other people. tactical goals -->Are specific work goals that middle-level managers derive from the broader strategic goals. strategic goal -->Is an organization-wide, long-term goal devised by a top-level manager. operational goals -->Specific, measurable results expected from first-level managers, work groups, and individuals. organizational chart -->A pictorial display of the official lines of authority and communication with in an organization. decision tree -->A diagram that analyzes hiring, marketing investment, equipment purchases, pricing, and similar decisions. Decision trees assign probabilities to each possible outcome and calculate payoffs fore each decision path. brainstorming -->An idea-generating process that encourages the development of alternative s while withholding criticism of these alternatives. classical management theory -->A theory developed during the Industrial Revolution, that proposes "one best way" to perform tasks. Classical manger theory developed into two separate branches: the "classical scientific school" and the "classical administrative school". behavioral school -->Focuses on the human-based elements of work, believing that increased understanding of such behaviors as group interaction, motivation, and conflict resolution will lead to increased productivity. quantitative approach school of management -->Using quantitative techniques, such as statistics, information models, and computer simulations, to improve decision making. Was born from research conducted during World War II. contingency school of management -->Doesn't believe that there is one best way or group of ways to manage; it takes a flexible approach to management that depends on a given situation. Summed up in "it all depends approach". quality school of management -->Strives to continuously improve performance to deliver high-quality goods or services to the marketplace. Considers the following in it theory: organization makeup, quality of goods and services, continuous improvements in goods and services, employees working in teams and developing openness and