Business exam review 2

Business exam review 2 - Business Enterprise - BUS 1750...

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Business Enterprise - BUS 1750 Exam 2 Review - Chapters 7-11 Chapter 7 Understand the “functions of management” - What Managers Do & Why (4 primary Planning- Strategic Planning -mission statement, business objectives and goals, strategies to realize objectives and goals, resources(money and people), “what needs to be done” Tactical Planning Operational Planning – implement strategic plan tactics, coordinate and allocate resources establish methods and procedures, establish timeline, evaluate and review it, “who, what, and when?” Contingency Planning- alternative course of action, modify results Planning: Create Vision Set visions, goals, objectives Vision/mission-why organization exists, purpose of organization Goals- broad, long term aims Objectives- specific, short term statements Questions of planning 1. What is the situation now? 2. Where do we want to go? 3. How can we get there from here? Organizing- Process of allocating and coordinating resources (money and people) to carry out operational plan (to implement strategic plan) Develop a situation for division, departments, positions, people, and activities that formalizes division of labor based on specialization Leading- Process of guiding and motivating others toward achieving business objectives and goals Controlling- Process of implementing and monitoring plans and assessing progress toward business objectives and goals and adjusting … Understand: leadership styles, managerial roles, managerial skills, & the decision making
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This note was uploaded on 04/04/2008 for the course BUS 1750 taught by Professor Reck during the Spring '07 term at Western Michigan.

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Business exam review 2 - Business Enterprise - BUS 1750...

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