MIE 201 Exam 3 (Chapters 6, 7, 9, and 10) Questions With Solutions 100% Solved
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Course
MIE 201
Institution
MIE 201
MIE 201 Exam 3 (Chapters 6, 7, 9, and 10)
Questions With Solutions 100% Solved
Mission Declaration of an organization's fundamental purpose and basic philosophy.
"What business are we in?".
Goals The result that a firm wishes to achieve. Includes 3 key components: an attribute
sought, a targ...
MIE 201 Exam 3 (Chapters 6, 7, 9, and 10)
Questions With Solutions 100% Solved
Mission Declaration of an organization's fundamental purpose and basic philosophy.
"What business are we in?".
Goals The result that a firm wishes to achieve. Includes 3 key components: an attribute
sought, a target to be achieved, and a time frame.
Objectives The ends or results desired by an organization, derived from the organization's
mission. Objectives are usually measurable such as profits.
Strategic plans Establish the long-range objectives and overall strategy or course of action
by which the firm fulfills its mission. Generally cover periods of one year or longer.
Tactical plans Short range and designed to implement the activities and objectives
specified in the strategic plan. Usually cover a period of one year or less, helping to stay on
course for strategic plans.
, MIE 201 Exam 3 (Chapters 6, 7, 9, and 10)
Questions With Solutions 100% Solved
Operational plans Very short term and specify what actions specific individuals, work
groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the
strategic plan. Apply to month, week, or even day periods.
Crisis management/Contingency planning Deals with potential disasters such as product
tampering, oil spills, fire, earthquake, computer viruses, or even a reputation crisis.
Organizing Structuring of resources and activities to accomplish objectives in an efficient
and effective manner.
Directing Motivating and leading employees to achieve organizational objectives. Telling
employees what to do and when to do it through the implementation of deadlines and
encouragement.
Controlling Process of evaluating and correcting activities to keep the organization on
course. Involves five activities: measuring performance, comparing present performance with
standards or objectives, identifying deviations from the standards, investigating the causes of
deviations, and taking corrective action when necessary.
, MIE 201 Exam 3 (Chapters 6, 7, 9, and 10)
Questions With Solutions 100% Solved
Top managers Include the president and other top executives, such as the chief executive
officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have
overall responsibility for the organization.
CEO Chief executive officer. Manages the overall strategic direction of the company and
plays a key role in representing the company to stakeholders.
COO Chief operations officer. Responsible for daily operations of the company. Reports
to the CEO and is often considered number 2 in command.
CPO Chief privacy officer.
Middle managers Responsible for tactical and operational planning that will implement
the general guidelines established by top management.
First-line managers Those who supervise workers and the daily operations of the
organization. Responsible for implementing the plans established by middle management and
directing workers' daily performance on the job.
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