BOH4M - Functions of Management Final Review

The primary goal of planning is to set objectives and determine the best course of action to achieve them, which involves identifying the most effective ways to utilize resources and allocate tasks to achieve organizational goals.

These concepts are forms of bias or unfair treatment that can occur in the workplace, and implementing inclusive policies helps to combat and prevent them, ensuring equal opportunities and fair treatment for all employees.

Scientific management focuses on efficiency through time and motion studies, administrative management emphasizes organizational structure and processes, and bureaucratic management advocates for clear hierarchies and rules. These approaches can be applied in different contexts, such as McDonald's using scientific management to streamline operations.

<p>Entrepreneurs are typically innovative, risk-taking, visionary, and resilient, which enables them to identify opportunities, take calculated risks, and adapt to changing circumstances. These characteristics are exemplified in entrepreneurs like Elon Musk.</p> Signup and view all the answers

<p>These standards provide frameworks and methodologies for organizations to implement quality management systems, improve processes, and achieve continuous improvement, ultimately leading to enhanced customer satisfaction and competitiveness.</p> Signup and view all the answers

<p>Leaders play a critical role in motivating and managing employees by setting a clear vision, providing direction, and empowering employees to achieve organizational goals. Strong visionary leadership is exemplified in leaders like Tim Cook, who inspire and motivate employees to work towards a common purpose.</p> Signup and view all the answers

<p>The functions of management are interdependent and interconnected, with planning providing direction, organizing allocating resources, leading motivating employees, and controlling evaluating performance. Effective integration of these functions is essential for achieving organizational goals.</p> Signup and view all the answers

<p>Implementing inclusive policies and training programs can lead to a more diverse and inclusive organizational culture, improved employee outcomes, and enhanced business performance. The effectiveness of these initiatives can be measured and evaluated through metrics such as employee engagement, retention, and customer satisfaction.</p> Signup and view all the answers

<p>The primary goal of JIT is to minimize inventory by receiving goods only as needed. This benefits companies like Walmart by reducing inventory costs and ensuring that shelves are stocked efficiently.</p> Signup and view all the answers

<p>Collaboration tools like Slack and Microsoft Teams enhance teamwork in remote work environments by providing a platform for team members to communicate, share files, and collaborate on projects in real-time.</p> Signup and view all the answers

<p>A functional organizational structure groups employees by specialized roles, whereas a divisional organizational structure is organized by products, services, or geography.</p> Signup and view all the answers

<p>In a monopolistic competition, many companies with differentiated products compete with each other. This differs from perfect competition, where many companies with identical products compete.</p> Signup and view all the answers

<p>The four main functions of Human Resource Management are Recruitment and Selection, Training and Development, Performance Management, and Compensation and Benefits. These functions contribute to a company's overall success by attracting, developing, and retaining top talent.</p> Signup and view all the answers

<p>A flat organizational structure has few hierarchical levels, allowing for faster decision-making and increased flexibility. This structure can foster a culture of innovation and collaboration.</p> Signup and view all the answers

<p>A functional team consists of members from the same department, whereas a cross-functional team consists of members from different departments. Cross-functional teams can foster innovation by bringing together diverse perspectives and expertise.</p> Signup and view all the answers

<p>Automation, enabled by software like RPA, streamlines tasks and processes, allowing employees to focus on higher-value tasks and transforming the nature of work in the office.</p> Signup and view all the answers