FSE2202 BUSINESS MANAGEMENT CHAPTER 7 STUDY GUIDE EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED

FSE2202 BUSINESS MANAGEMENT CHAPTER 7 STUDY GUIDE

EXAM QUESTIONS AND ANSWERS WITH COMPLETE

SOLUTIONS VERIFIED


What are the 4 functions of management

•Planning

•Organizing

•Leading

•Controlling

Define each of the four functions of management

•Planning

- A management function that includes anticipating trends and determining the best

strategies and tactics to achieve organizational goals and objectives

•Organizing

- A management function that includes designing the structure of the organization and

creating conditions and systems in which everyone and everything work together to

achieve the organization's goals and objectives

•Leading

- Creating a vision for the organization and guiding, training, coaching, and motivating

others to work effectively to achieve the organizations goals and objectives

•Controlling

- A management function that involves establishing clear standards to determine

, whether or not an organization is progressing toward its goals and objectives, rewarding

people for doing a good job, and taking corrective action if they are not

Give examples of each of the 4 functions of management

Define vision

An encompassing explanation of why the organizations exists and where it's trying to

head

Define mission statement

An outline of the fundamental purposes of an organization

Define goals

The broad, long-term accomplishments an organization wishes to attain

Define objectives

Specific, short term statements dealing how to achieve the organizations goals

Contract a goal vs. and objective

•Goal

-Broad

-Long term accomplishments

•Objectives

-Specific

-Short term statements

- How to achieve goals

What is a SWOT analysis?

A planning tool used to analyze organizations strengths, weaknesses, opportunities,

and threats