Modern Approaches to Management

Question 1

the process of planning and organizing the resources and activities of a business to achieve specific goals in the most effective and efficient manner possible

Answer 1

management

Question 2

key management issues

Answer 2

1. understanding/responding to the external environment
   2.developing a culture
2. developing and empowering employees
3. creating climate of excellence
4. finding competitive advantage
5. managing change
6. applying new technology
7. establishing vision, mission, and goals
8. improving strategic thinking

Question 3

adopts an approach to management that balances scientific methodology with humanistic psychology. It uses emerging technologies and statistical analysis to make decisions, streamline operations and quantify performance

Answer 3

modern management theory

Question 4

“management is art of getting things done through people”

Answer 4

modern concept of management

Question 5

major modern approaches used for work management

Answer 5

1. quantitative approach
2. system approach
3. contingency or situational approach

Question 6

4 modern management theories

Answer 6

1. the scientific management theories
2. administrative management theories
3. the general systems theory
4. X&Y management theory

Question 7

a method of improving efficiency in the workforce. As its name implies, this management theory uses scientific methods to assess work processes.

Answer 7

The Scientific Management Theory.

Question 8

The scientific method consists of three steps:

Answer 8

1. observation
2. experimentation
3. analysis

Question 9

five vital principles of scientific management

Answer 9

1. replacing rules of thumb with science (organized knowledge)
2. obtaining harmony in the group action, rather than discord
3. achieving cooperation of human beings, rather chaotic individualism
4. working for maximum output, rather than restricted output
5. developing all workers to the fullest extent possible for their own and their company’s highest prosperity

Question 10

attempts to find a rational way
to design an organization as a whole.

Answer 10

Henri Fayol’s Administrative Management Theory

Question 11

features of administrative management

Answer 11

• formalized administrative structure
• division of labor
• proper information flow
• defines role and responsibility
• official record

Question 12

the set of general rules that guide the managers to manage an organization

Answer 12

The General Systems Theory

Question 13

Contingency approach to managing

Answer 13

1. contingency audit
2. develop the intervention strategy
3. implement the change strategy
4. evaluate results and update the GCT data base

Question 14

are part of motivational theories. Both the theories, which are very different from each other, are used by managers to motivate their employees.

Answer 14

X and Y management theories

Question 15

gives importance to supervision

Answer 15

theory x

Question 16

stresses on rewards and recognition.

Answer 16

theory y

Question 17

types of business organization

Answer 17

• limited companies
• sole traders
• partnerships
• cooperatives

Question 18

The corporation so formed is treated in English law as a separate entity, independent of its members. The corporation, or ‘company’, as it is generally called, is capable of owning property, employing people, making contracts, and of suing or being sued

Answer 18

limited companies

Question 19

two categories of limited companies

Answer 19

• Public Limited Companies
• Private Limited Companies

Question 20

the system of rules, practices, and processes by which a firm is directed and controlled

Answer 20

corporate governance

Question 21

essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community

Answer 21

corporate governance

Question 22

the structure of rules, practices, and processes used to direct and
manage a company

Answer 22

corporate governance

Question 23

The board of directors must treat shareholders, employees,
vendors, and communities fairly and with equal consideration.

Answer 23

fairness

Question 24

The board should provide timely, accurate, and clear information about such things as financial performance, conflicts of interest, and risks to shareholders and other stakeholders.

Answer 24

transparency

Question 25

The board and management must determine risks of all kinds and how best to control them. They must act on those recommendations to manage them. They must inform all relevant parties about the existence and status of risks

Answer 25

risk management

Question 26

The board is responsible for the oversight of corporate matters
and management activities.

Answer 26

responsibility

Question 27

The board must explain the purpose of a company’s activities
and the results of its conduct.

Answer 27

accountability

Question 28

the principles of corporate governance

Answer 28

• fairness
• transparency
• risk management
• responsibility
• accountability

Question 29

4P’s of corporate governance

Answer 29

*People
*Process
*Performance
*Purpose

Question 30

this approach suggests various mathematical and statistical formulas to solve the management issue

Answer 30

quantitative approach

Question 31

this approach suggest to split the main tasks to into small inter-related units to manage all the units separately

Answer 31

system approach

Question 32

provides the suggestion of using different methodologies in different situation

Answer 32

contingency or situational approach

Question 33

various metrics used in this approach are theory of probability, sampling analysis, correlation analysis, time series analysis, ratio analysis, variance analysis etc.

Answer 33

quantitative approach

Question 34

this approach work on the concept that single style of leadership cannot be applied to all the situations

Answer 34

contingency or situational approach

Question 35

4 C’s of modern marketing

Answer 35

• customer
• communication
• convenience
• cost

Question 36

3 scientific method of scientific management theory

Answer 36

• observation
• experimentation
• analysis

Question 37

the primary force influencing corporate governance

Answer 37

board of directors

Question 38

value creation

Answer 38

• position
• human resource

Question 39

functions of management

Answer 39

• planning
• organizing
• leading
• controlling
• staffing

Question 40

demographic profiles

Answer 40

• age
• gender
• civil status
• monthly income