Conceptual skills:The ability to see the “big picture” and think about how things will work togetherControlling:The management function that monitors the work effortDirecting:The management function of providing guidance to workers and work projectsExecutive management:Top-level managementFinancial resources:All the sources of money available to a businessFirst-line management:Supervisors who work directly with the employees who carry out the business’s routine workGoals:ObjectivesHuman resources:People who work to produce goods or servicesInformation:Knowledge, facts, or dataInterpersonal skills:The ability to communicate, interact, and build relationships with othersManagement:The process of coordinating resources to accomplish an organization’s goalsManagement function:Groups of activities related to management, i.e., planning, organizing, staffing, directing, and controllingManager:Individual whose job involves carrying out management functionsMaterial resources:Equipment and supplies used by businesses in their operationMid-level management:Managers who report to top-level management and who have supervisors who report to themMiddle management:Mid-level managementOrganizing:The management function of setting up the way the business’s work will be donePlanning:The management function of deciding what will be done and how it will be accomplishedResources:Items that can be used to produce goods and servicesStaffing:The management function of finding workers for the businessStrategic planning:Long-range planning (three to five years) for the company as a wholeStrategies:Plans of action for achieving goals and objectivesSupervisory management:First-line managementTactical planning:Short-range planning (one year) of specific actions the business will takeTechnical skills:Ability to understand the specialized aspects of jobsTop-level management:All managers who are responsible for the operation of the company or a business unitAuthority:Power to influence or control the opinions or behavior of othersAutocratic leadership:A dictatorial leadership style in which the leader relies on her/his positional authority within the organization to ensure that closely supervised employees do exactly as they are told to achieve required resultsDemocratic leadership:A leadership style built on mutual respect between the leader and employees that allows workers to have a say in the operation of the organizationLaissez-faire leadership:A hands-off leadership style in which the leader assumes little or no responsibility, allowing employees to determine their own work behavior and productivity levelLeader:An individual who influences others to achieve goalsLeadership:The ability to guide or direct the actions of others in a desired mannerManagement:The process of coordinating resources to accomplish an organization’s goalsPersonal authority:Authority given to an individual because of personality traits, character, or actions; informal authorityPositional authority:Authority and responsibility officially assigned to an individual who holds a position and/or a title on an organizational chart; formal authoritySituational theory of leadership:A theory of leadership style which holds that each situation is different and requires a different approach, calling upon the leader to analyze the situation and take appropriate action to perform the necessary tasksSubordinates:Lower ranking members of an organization who are required to report to higher ranking supervisors and managersTrait theory of leadership:A theory of leadership style which holds that select individuals are born with all of the traits and characteristics that are necessary to leadSelect from the vocabulary(Links to an external site.).The Importance of Management – FORMAL ASSESSMENTDirections: After reading the following scenario write a memo using 15 of the vocabulary terms from the link above.Scenario: Leanne has just been hired at your company. As a new employee and recent high school grad, she has some basic business background but does not fully understand all managerial concepts. To make sure she’s successful, you decide to give her a brief overview of why the levels of management and leadership structures of a company are so important.Write a summary in memorandum format for Leanne. Your memo does not need to be more than a page long but must contain 15 of your vocabulary words. PLEASE BOLD YOUR WORDS, thanks. You can key your memo on a Word document, Google document, or the text entry box of this assignment. Submit to Canvas when done.Don’t forget proper formatting for a memo! (google it to see what one looks like).