MIE201 Unit 3 Terms questions well answered 2024

MIE201 Unit 3 Termsmanagement - correct answer the process used to accomplish organizational goals through planning, organizing, leading, and controlling effective management - correct answer management with an intended result efficient management - correct answer using resources wisely and in a cost-effective way planning - correct answer forecasting events and determining the best course of action strategical planning - correct answer plans that establish long-range objectives and overall strategy or course of action by which the firm fulfills its mission (typically 1 year or longer) tactical planning - correct answer short-range plans designed to implement the activities and objectives specified in the strategic plan (typically less than 1 year)—ever changing market requires short-run or tactical plans to deal with a changing environment operational planning - correct answer short-term plans that specify what actions individuals, work groups, or departments need to accomplish in order to achieve the tactical plan, and ultimately the strategic plan crisis management - correct answer deals with potential disasters such as product tampering, oil spills, fires, earthquakes, computer viruses, or airplane crashes (40% of small businesses don't reopen after disaster) contingency plan - correct answer alternate plan utilized because of a crisis mission statement - correct answer a brief statement of why an organization exists; what the organization aims to accomplish for customers, investors, and other stakeholders