Principles of Management Chapter 4
Homework
Chapter 4- Key Terms
1. Budget- A single-use plan for an operation from its beginning to its end
2. Business-level strategy- Answers the question” How do we compete?” It focuses on how each product line or business unit within an organization competes for customers
3. Contingency plan- An alternatives goal and course or courses of action to reach that goal, if and when circumstances and assumptions change so drastically as to make an original plan unusable
4. Core values- Values that should never change; “bedrock principles”
5. Corporate-level strategy- Answers the questions: “What business are we in?” and “What business should we be in?”
6. Forecasting- A planning technique used by an organization’s managers to concentrate on developing predictions about the future
7. Functional-level strategy- Focuses on the major activities of the company: human resources management, research and development, marketing, finance, and production
8. Grand strategy- The overall framework or plan of action developed at the corporate level to achieve an organization’s objectives. There are five basic grand strategies- growth, integration, diversification, retrenchment, and stability
9. Management by objectives (MBO)- A techniques that emphasizes collaborative setting by managers and their subordinates
10. Mission- A clear, concise, written declaration of an organization’s central and common purpose; its reason for existence
11. Mission statement- A formalized, written mission communicated to all organizational members
12. Operational plan- The first-line manager’s tool for executing daily, weekly, and monthly activities. Operational plans fall into major categories: single-use and standing plans
13. Plan- The end result of the planning effort; commits individuals, departments, entire organizations, and the resources of each to specific courses of action for days, months, and years into the future
14. Planning-Preparing for tomorrow, today
15. Policy- A
Chapter 4- Key Terms
1. Budget- A single-use plan for an operation from its beginning to its end
2. Business-level strategy- Answers the question” How do we compete?” It focuses on how each product line or business unit within an organization competes for customers
3. Contingency plan- An alternatives goal and course or courses of action to reach that goal, if and when circumstances and assumptions change so drastically as to make an original plan unusable
4. Core values- Values that should never change; “bedrock principles”
5. Corporate-level strategy- Answers the questions: “What business are we in?” and “What business should we be in?”
6. Forecasting- A planning technique used by an organization’s managers to concentrate on developing predictions about the future
7. Functional-level strategy- Focuses on the major activities of the company: human resources management, research and development, marketing, finance, and production
8. Grand strategy- The overall framework or plan of action developed at the corporate level to achieve an organization’s objectives. There are five basic grand strategies- growth, integration, diversification, retrenchment, and stability
9. Management by objectives (MBO)- A techniques that emphasizes collaborative setting by managers and their subordinates
10. Mission- A clear, concise, written declaration of an organization’s central and common purpose; its reason for existence
11. Mission statement- A formalized, written mission communicated to all organizational members
12. Operational plan- The first-line manager’s tool for executing daily, weekly, and monthly activities. Operational plans fall into major categories: single-use and standing plans
13. Plan- The end result of the planning effort; commits individuals, departments, entire organizations, and the resources of each to specific courses of action for days, months, and years into the future
14. Planning-Preparing for tomorrow, today
15. Policy- A