Midterm

Question 1

Four functions of management

Answer 1

Planning
Organizing
Controlling
Leading

Question 2

What is planning

Answer 2

Defining goals: usually pushed from the top and on down

Goals deliver strategic value

Goals drive plans you put into place

Question 3

What is organizing

Answer 3

How the organization will be structured

Who is responsible for what

Who has authority

Allocating resources

Question 4

Controlling

Answer 4

Most things are accomplished by people

People must be motivated and supportive of plan

Resolving conflicts

Leadership

Question 5

What is leading

Answer 5

How do we get back on track (correction)

Where are we (measurement)

Where do we plan to be? (Evaluate)

Question 6

Definition of management (people)

Answer 6

The people with authority to decide what the goals of the organization should be and how those goals will be achieved

Question 7

Definition of management (process)

Answer 7

The process of planning, organization, leading, and controlling people in the organization. To effectively and efficiently use resources to meet organizational goals

Question 8

Four Types of plans

Answer 8

Strategic plans
Tactical plans
Operational plans
Contingency plans

Question 9

Vertical management

Answer 9

Top down management

Hierarchical relationship

Most companies use this management style

Vertical thinking

Question 10

Types of roles (mintzberg)

Three broad categories

Answer 10

Interpersonal
Informational
Decisions

Question 11

Interpersonal roles (mintzberg)

Answer 11

Figurehead
Leader
Liaison

Question 12

Informational roles

Answer 12

Monitor
Disseminator
Spokesperson

Question 13

Decisions roles

Answer 13

Entrepreneur
Disturbance handler
Resource allocator
Negotiator

Question 14

Figurehead

Answer 14

Externally represent organization

Question 15

Leader

Answer 15

Lead and guide people to organization goals

Question 16

Liaison

Answer 16

Connects people

Question 17

Monitor

Answer 17

Seek information to understand organization and if environment

Question 18

Disseminator

Answer 18

Sharing information between people

Question 19

Spokesperson

Answer 19

Communicate on behalf of organization.

Question 20

Disturbance handler

Answer 20

Taking corrective action during crisis or conflicts

Question 21

Resource allocator

Answer 21

Provides resources to people and units

Question 22

Negotiator

Answer 22

Engages in negotiations with stakeholders inside and outside the organization

Question 23

Four levels of management

Answer 23

Top management
Middle managers
First line managers
Team leaders

Question 24

What is a top manager

Answer 24

Responsible for long term success of company

Mostly setting goals and paying attention to external environment of company

Question 25

Middle manager

Answer 25

Received broad strategic plans Implements tactical and operational plans Encourages, supports, and fosters employees Mainly organizing and leading

Question 26

First line manager

Answer 26

Focused on internal issues Must communicate and be affective leaders Entry level

Question 27

Team leader

Answer 27

Make sure team is operating efficiently Develops timelines for people Distribute work assignments Train their teams Communicate instructions

Question 28

Classical viewpoints | Pros and cons

Answer 28

Pros Clear structure for management Increased productivity and efficiency Increased wages for workers Lead to better working conditions Cons Tends to view humans as cogs within a machine One idea is the best way Simple organization structure No creativity

Question 29

Definition of humanistic approach

Answer 29

The emphasis is on the importance of understanding human behavior and motivating and encouraging employees

Question 30

Describe hawthorn studies

Answer 30

Workers feelings and attitudes affect their work Financial incentives not most important Group norms and behavior play a critical role

Question 31

Definition of scientific management

Answer 31

Scientific methods can be applied to analyzing work and completion Of tasks to maximize efficiency

Question 32

Four principles of scientific management

Answer 32

Study Hire Monitor Divide

Question 33

Operations management

Answer 33

Concerned with physical processes

Question 34

Management science

Answer 34

Use mathematical models and statistical methods to improve decision making

Question 35

Quality control

Answer 35

The strategy for minimizing errors by managing each stage of production

Question 36

Quality assurance

Answer 36

Focuses on the performance of workers

Question 37

Total quality management

Answer 37

Continuous improvement Training customer satisfaction

Question 38

Max Weber’s components of bureaucracy

Answer 38

``` Hierarchical management Division of labor Formal selection process Career orientation and ownership Formal rules and regulations ```

Question 39

Goldberg motion studies

Answer 39

Identified 17 basic motions and applied them to work process

Question 40

Macro environment

Answer 40

``` Laws and regulations Economy Technology Demographics Social values ```

Question 41

Competitive environment

Answer 41

``` Rivers New competitors Customers Substitutes Suppliers ```

Question 42

Internal environment

Answer 42

Culture | Values

Question 43

PESTEL

Answer 43

External analysis ``` Political Economic Social Technological Legal ```

Question 44

SWOT

Answer 44

Internal analysis Internal strengths Internal weaknesses External opportunities External threats

Question 45

Porters 5 forces

Answer 45

``` Profits (higher vs lower) Entrance (difficult vs easy) Rivalry (high vs low) Buyers (weak vs strong) Suppliers (weak bs strong) Substitutes (easy vs hard to switch) ```

Question 46

VRIO

Answer 46

Value Rarity inimitable Organization

Question 47

Mission

Answer 47

Organizations reason for being

Question 48

Vision

Answer 48

Future orientated | aspirations

Question 49

Stakeholder analysis

Answer 49

To understand the groups and individuals who have an interest in the organization and have some influence on the companies strategy and performance

Question 50

Basis of planning

Answer 50

Mission and vision Strategy Goals and objectives

Question 51

Corporate strategy

Answer 51

High level Businesses, markets, industries, Concentration

Question 52

Business strategy

Answer 52

More specific Major actions that strengthen companies competitive advantage Low cost strategy vs differentiation