Podcast
Questions and Answers
Which of the following is not one of the three core processes of business discussed?
Which of the following is not one of the three core processes of business discussed?
What are common obstacles to strategic implementation at the C-suite level?
What are common obstacles to strategic implementation at the C-suite level?
What is a key element that managers must ensure aligns with the strategic goals of an organization?
What is a key element that managers must ensure aligns with the strategic goals of an organization?
What is emphasized as a part of maintaining strategic control?
What is emphasized as a part of maintaining strategic control?
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What does the 'People' aspect of the Triple Bottom Line emphasize?
What does the 'People' aspect of the Triple Bottom Line emphasize?
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In the context of the Career Readiness Model, which activity is recommended to understand a potential employer's business best?
In the context of the Career Readiness Model, which activity is recommended to understand a potential employer's business best?
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Which of the following is an example of an external stakeholder?
Which of the following is an example of an external stakeholder?
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What is a primary goal of the stakeholder value perspective in business?
What is a primary goal of the stakeholder value perspective in business?
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Which of the following factors is NOT included in the PESTLE analysis?
Which of the following factors is NOT included in the PESTLE analysis?
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In the context of stakeholder management, who are internal stakeholders?
In the context of stakeholder management, who are internal stakeholders?
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What is the primary role of a manager in an organization?
What is the primary role of a manager in an organization?
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Which of the following is NOT one of the four principal functions of a manager?
Which of the following is NOT one of the four principal functions of a manager?
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In the planning function of management, which activity is typically performed?
In the planning function of management, which activity is typically performed?
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Which function of management focuses on arranging tasks and resources?
Which function of management focuses on arranging tasks and resources?
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What does the controlling function of management primarily involve?
What does the controlling function of management primarily involve?
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In leading, which of the following actions are managers expected to take?
In leading, which of the following actions are managers expected to take?
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Which type of organization typically has the primary goal of making a profit?
Which type of organization typically has the primary goal of making a profit?
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How would you define the term 'leading' in the context of management?
How would you define the term 'leading' in the context of management?
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What is the primary focus of efficiency in a managerial context?
What is the primary focus of efficiency in a managerial context?
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Which of the following is a component of managerial human skills?
Which of the following is a component of managerial human skills?
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Which managerial role involves resolving conflicts and unexpected issues?
Which managerial role involves resolving conflicts and unexpected issues?
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What is the challenge of managing for globalization primarily concerned with?
What is the challenge of managing for globalization primarily concerned with?
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Which type of manager is responsible for overseeing multiple departments within an organization?
Which type of manager is responsible for overseeing multiple departments within an organization?
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What does effectiveness measure in a management context?
What does effectiveness measure in a management context?
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Which skill set includes the ability to organize and plan effectively?
Which skill set includes the ability to organize and plan effectively?
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What is an essential element of building a competitive advantage?
What is an essential element of building a competitive advantage?
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Which process involves assessing what was noticed and its significance?
Which process involves assessing what was noticed and its significance?
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Which distortion in perception leads to making assumptions about individuals based on group characteristics?
Which distortion in perception leads to making assumptions about individuals based on group characteristics?
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What concept describes how expectations influence behavior to bring about expected outcomes?
What concept describes how expectations influence behavior to bring about expected outcomes?
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Which of the following is a positive outcome of high employee engagement?
Which of the following is a positive outcome of high employee engagement?
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What is a main source of stress related to balancing work and personal life?
What is a main source of stress related to balancing work and personal life?
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Which strategy is effective in reducing workplace stress?
Which strategy is effective in reducing workplace stress?
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What key aspect does resilience in the workplace primarily involve?
What key aspect does resilience in the workplace primarily involve?
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Which of the following is NOT mentioned as a way managers can improve employee engagement?
Which of the following is NOT mentioned as a way managers can improve employee engagement?
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What is the primary purpose of brainstorming in group problem-solving techniques?
What is the primary purpose of brainstorming in group problem-solving techniques?
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Which type of power is derived from one's formal position in an organization?
Which type of power is derived from one's formal position in an organization?
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Which of the following is most effective in gaining commitment from others?
Which of the following is most effective in gaining commitment from others?
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What does emotional intelligence primarily involve?
What does emotional intelligence primarily involve?
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Which dimension of the Big Five personality traits describes someone who is responsible and achievement-focused?
Which dimension of the Big Five personality traits describes someone who is responsible and achievement-focused?
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Which component of attitudes reflects how we feel about a person or situation?
Which component of attitudes reflects how we feel about a person or situation?
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What term describes the belief in one's ability to influence their own fate?
What term describes the belief in one's ability to influence their own fate?
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Which group behavior aspect involves shared expectations and standards?
Which group behavior aspect involves shared expectations and standards?
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In organizational behavior, how is perception primarily defined?
In organizational behavior, how is perception primarily defined?
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What is a key distinction between management and leadership?
What is a key distinction between management and leadership?
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Study Notes
Principles of Management Summary
- Semester 1 course material
- Chapters cover Introduction to Management, Management Theory, Environment & Stakeholders, Global Management, Managerial Decision Making, Leadership and Management, Managing Individual Differences & Behaviours, Strategic Management, Controlling, and Organizational Change.
Introduction to Management
- Management role in non-profit and for-profit organizations
- Four principal functions of a manager: planning, organizing, leading, and controlling
- Efficiency and effectiveness measurement: Output/Input and outcome/intended outcome
- Managerial skills: Conceptual, Human, and Technical
- Managerial roles: Interpersonal, Informational, and Decisional
Management Theory
- Scientific Management: Frederick Taylor's principles
- Administrative Management: Max Weber's Bureaucracy, formal rules and procedures
- Behavioural Management: Mary Parker Follet's ideas on employee empowerment, interdepartmental teams
- Human Relations Movement: Elton Mayo's ideas on employee motivation, fostering good relations, leadership
Environment & Stakeholders
- Triple Bottom Line (People, Planet, Profit)
- Stakeholder management: Considering interests of internal and external stakeholders
- PESTLE Model (Political, Economic, Social, Technological, Legal, Environmental) for evaluating business environments
Global Management
- Reasons for international expansion: Availability of supplies, lower labor costs, new markets, access to capital, avoidance of tariffs
- Methods of expansion: Global outsourcing, importing/exporting, countertrading, licensing, franchising, joint ventures, wholly owned subsidiaries, greenfield ventures
- Globalization and interconnectedness, promotion via organizations like WTO, World Bank, and IMF
- Trading blocs (EU, NAFTA, CAFTA) and trade barriers (tariffs, quotas, embargoes)
Managerial Decision Making
- Types of decisions: Strategic, Operations, Financial, HR-related
- Rational decision-making model
- Nonrational decision-making models (Intuition, Satisficing)
- Ethical decision-making (using decision-making trees)
- Evidence-based decision making that integrates data analytics and AI
Leadership and Management
- Differentiating between manager and leader
- Power sources: Legitimate, Reward, Coercive, Expert, Referent, Informational
- Influencing tactics (Rational Persuasion, Inspirational Appeals, Consultation, Ingratiation, Personal Appeals, Exchange, Coalition tactics, Pressure, Legitimating tactics)
Managing Individual Differences & Behaviours
- Organizational Behaviour (OB) principles, including personality traits, values, attitudes, perception, groups, teamwork, and dynamics
- Big Five Dimensions (Extroversion, Agreeableness, Conscientiousness, Emotional Stability, Openness to Experience)
- Core Self-Evaluations (CSE) for personality traits like self-efficacy and self-esteem
- Emotional Intelligence (EI) and its role in effective management
- Importance of Cultural awareness that incorporates Hofstede's model and GLOBE
Strategic Management
- Strategic positioning strategies (Few Needs, Many Customers; Broad Needs, Fewer Customers; Broad Needs, Many Customers)
- Levels of strategy (Corporate, Business, Functional)
- Tools like VRIO analysis, PESTLE analysis, Porters Five Forces, BCG Matrix, and SWOT analyses
- Steps in developing strategy
Controlling
- Core function for aligning organizational activities with goals
- Controlling process steps: Establishing standards, Measuring performance, Comparing performance, and Taking corrective action.
- Control types: Input (feedforward control), Concurrent, and Output (feedback control)
- Techniques like the Balance Scorecard
Organizational Change
- Definition: movement of an organization from the present state to a desired future state
- Types of change: Reactive and proactive
- Driving forces: Internal and external (Technological Advancements, Market Competition, Regulatory Changes)
- Models of change (Lewin's Change Model, OD, Innovation Systems)
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Description
Test your knowledge on core business processes and strategic management. This quiz covers topics related to stakeholder perspectives, strategic alignment, and the importance of the Triple Bottom Line. Prepare to explore various strategic concepts and their implications in business operations.
