Final Exams Review Flashcards
What is Management?
It involves coordinating and overseeing the work activities of others so that their activities are completed efficiently and effectively.
What are the Different Types of Management Skills?
1) Technical skills are job-specific knowledge and techniques needed to proficiently perform specific tasks.
2) Human skills are the ability to work well with other people individually and in a group.
3) Conceptual skills are the ability to think and to conceptualize about abstract and complex situations.
What are the 4 Management Functions based on the traditional view?
Planning: Determining goals and ways to achieve them.
Organizing: Deciding where decisions will be made, who will do what jobs and tasks, and who will work for whom.
Leading: Inspiring and motivating to achieve goals.
Controlling: Monitoring progress and taking corrective actions.
What are the 3 Managerial Roles?
Interpersonal
Informational
Decisional
What is Strategic Management?
It is concerned with deciding on strategy and planning how that strategy is to be put into effect.
It can be thought of as having three main elements within it . . .
There is strategic analysis, in which the strategist seeks to understand the strategic position of the organisation.
There is a strategic choice stage which is to do with formulation of possible courses of action, their evaluation, and the choice between them.
Finally, there is a strategic implementation stage which is to do with planning how the choice of strategy can be put into effect.
What does the “EASIER” approach to managing change stands for?
Envision, Activate, Support, Install, Ensure and Recognise
What are the strategic fundamental questions to determine where the firm will go and where it should go?
What is our business?
Who are our customers?
What do our customers want?
What should our business be?
What is SWOT?
An analytical tool that should be used to categorize significant environmental factors both internal and external to the organization.
Should not be viewed as a static analytical tool with emphasis solely on its output. It should be used as a dynamic part of the management and business development process.
What is PESTLE Analysis?
PESTLE Analysis stands for:
Political
Economic
Social
Technological
Legal
Environmental
These are used to identify external factors
What is Porter’s 5 Forces Model?
Provides a structure for management thinking about the competitive environment.
Useful insights into the nature of the industry will usually emerge from such analysis.
It can help to define strategic segment boundaries; reveal insights about the key forces in the competitive environment; and reveal which forces can be transformed into advantageous ones by operating proactively upon them, such as by creating switching costs, or establishing stronger barriers to entry by building strong brand names.
Needs to be complemented by other competitive analysis frameworks.
What are the roles of a manager as a planner?
Establishes objectives, which are statements of what needs to be achieved and when.
Identifies alternative courses of action for achieving objectives.
Makes decisions about the best courses of action for achieving objectives.
Formulates necessary steps and ensures effective implementation of plans.
Constantly evaluates the success of their plans and take corrective action when necessary.
What are the 3 types of plans that a manager must be aware of?
Strategic
Formulation of objectives, often based on the organization’s mission.
Tactical
Intermediate-range (one to three years), designed to develop relatively concrete and specific means to implement the strategic plan.
Operational
Assumes the existence of organization-wide or subunit goals and objectives and specifies ways to achieve them.
Short-range (less than a year), designed to develop specific action steps that support the strategic and tactical plans.
Why is it important to set an organizational vision and mission?
Communicate Purpose to Stakeholders
Foundation for Strategy
High-Level Guide
What is strategizing?
Process of perceiving, analysing, and shaping competitive situations in which performance depends on the interaction between one’s one decisions and of those of others.
What are the 5 organization types according to Mintzberg?
Entrepreneurial Structure: Typical to a new, small start-up company.
Machine Bureaucracy: Typical in a very large, typically mature, and the technical core is often oriented to mass production.
Professional Bureaucracy: Distinguished by the size and power of the technical core, which is made up of highly skilled professionals, such as hospitals, universities, law firms, and consulting firms.
Diversified Form: Typical in an extremely large and is subdivided into product or market groups.
Adhocracy: Develops in a complex, rapidly changing environment.
The design goal is frequent innovation and meeting continually changing needs, as in the aerospace and defense industries.
