Business EOPA Exam Study Guide with Complete Solutions

Business EOPA Exam Study Guide with Complete Solutions What is management - Answer️️ -It is the process of accomplishing the goals of an organization through the effective use of people and resourses Functions of Management: - Answer️️ -The process of coordinating work activities so that an organization's objectives are achieved efficiently and effectively with and through other people Vision Statement - Answer️️ -expresses what the organization should become, where it wants to go strategically Mission statement - Answer️️ -a statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions Goals - Answer️️ -Things you aim for that take planning and work Objectives - Answer️️ -Tasks that are intended to be accomplished by a specific date, and are stated in specific terms so that they are measurable SWOT analysis - Answer️️ -identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T) Strategic planning - Answer️️ -the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities ©SOPHIABENNETT EXAM SOLUTIONS Saturday, September 7, 2024 6:58 PM Page | 2 Tactical planning - Answer️️ -A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing. Operational planning - Answer️️ -The process of setting work standards and schedules necessary to implement the company's tactical objectives Contingency planning - Answer️️ -The process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives Decision making - Answer️️ -Assessing and choosing among alternatives. Problem solving - Answer️️ -The behavior of individuals when confronted with a situation or task that requires insight or determination of some unknown elements. Brainstorming - Answer️️ -Problem-solving technique that involves considering all possible solutions without making prior evaluative j