chapter 7 (NMM) - NMM AEM 1200 Intro to Bus Mgmt Chapter 7...

NMM – AEM 1200 Intro to Bus Mgmt
Chapter 7: Management, Leadership and Employee Empowerment
Functions of management
• Planning
o Process of setting objectives to meet the organizational goals
o Difference between goals and objectives = goals are broad, long-term
achievements, whereas objectives are specific, short-term plans
o SWOT analysis = strengths, weaknesses, opportunities and threats
o Four types of planning
 Strategic  broad, long-range planning that outlines the goals of the
organization
 Tactical  specific, short-term planning that lists organizational
objectives
 Operational  part of tactical planning and involves setting specific
timetables and standards
 Contingency  developing an alternative set of plans in case the first set
doesn’t work out
o Decision making process
 Define the situation
 Describe and collect needed information
 Develop alternatives
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