MIE201 Unit 3 Terms verified to pass 2023/2024

MIE201 Unit 3 Terms management - 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 vision statement - correct answer a brief and inspirational expression of what a company aspires to be (helps motivate) values statement - correct answer A brief articulation of the principles that guide a company's decisions and behaviors organizing - correct answer Structuring of resources and activities in an efficient and effective manner directing - correct answer motivating and leading employees to achieve organizational objectives controlling - correct answer evaluating and correcting activities to keep the organization on course positives of planning - correct answer -Lays groundwork for other functions -Specifies how to meet objectives -Objectives are measurable statements on common issues such as profit, competitive advantage, and growth positives of organizing - correct answer -Helps create synergy -Establishes lines of authority -Improves communication -Helps avoid the duplication of resources -Improves competitiveness by speeding up decision making synergy - correct answer the interaction or cooperation of two or more organizations, substances, or other agents to produce a combined effect greater than the sum of their separate effects positives of directing - correct answer -Determination and administration of rewards and recognition -Provides incentives -Asking employees to contribute ideas for improving the business -tells employees what to do, the deadlines, and provides encouragement to do so