Fundamentals of Management Study Notes
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Questions and Answers

What are the four basic management functions?

The four basic management functions are planning, organizing, leading, and controlling.

What are three fundamental management skills?

Three fundamental management skills are technical, interpersonal, and conceptual.

What are the three perspectives of the classical management perspective?

The three perspectives of the classical management perspective are scientific management, administrative management, and the classical management perspective today.

What is the Hawthorne effect?

<p>The Hawthorne effect refers to the tendency for people to behave differently when they know they are being observed or studied.</p> Signup and view all the answers

What are the three perspectives of the quantitative management perspective?

<p>The three perspectives of the quantitative management perspective are management science, operations management, and the quantitative management perspective today.</p> Signup and view all the answers

What is the difference between the general environment and the task environment?

<p>The general environment includes broad economic, technological, political-legal, and socio-cultural factors that affect all businesses. The task environment refers to the specific factors that directly impact an organization's operations, such as competitors, customers, suppliers, regulators, and strategic partners.</p> Signup and view all the answers

What is the difference between ethical leadership and corporate governance?

<p>Ethical leadership involves creating a culture of integrity and ethical behavior within the organization, while corporate governance refers to the system of rules, policies, and practices that guide the conduct of a company and ensure accountability to stakeholders.</p> Signup and view all the answers

What are the two main arguments for social responsibility in organizations?

<p>The two main arguments for social responsibility in organizations are that it benefits society and improves the company's image.</p> Signup and view all the answers

What are the two main arguments against social responsibility in organizations?

<p>The two main arguments against social responsibility in organizations are that it diverts resources from the company's core business and that it gives businesses too much power.</p> Signup and view all the answers

Which of the following are levels of international business activity?

<p>Exporting and importing (A), Direct investment (B), Strategic alliances (C), Licensing (D)</p> Signup and view all the answers

The cultural environment is a factor in the internal environment of a business.

<p>False (B)</p> Signup and view all the answers

What are three determinants of organizational culture?

<p>Three determinants of organizational culture are the organization's founders, the industry in which the organization operates, and the organization's size.</p> Signup and view all the answers

What are the four purposes of organizational goals?

<p>The four purposes of organizational goals are to provide direction, to measure progress, to evaluate performance, and to motivate employees.</p> Signup and view all the answers

What is the difference between strategic plans, tactical plans, and operational plans?

<p>Strategic plans are long-term plans that outline the organization's overall direction, while tactical plans focus on how to implement the strategic plans, and operational plans are short-term plans that detail how to carry out the tactical plans.</p> Signup and view all the answers

What are Porter's generic strategies?

<p>Porter's generic strategies are cost leadership, differentiation, and focus.</p> Signup and view all the answers

What are the three corporate-level strategies?

<p>The three corporate-level strategies are single-product strategy, related diversification, and unrelated diversification.</p> Signup and view all the answers

What is the BCG matrix?

<p>The BCG matrix classifies business units based on their market share and market growth rate.</p> Signup and view all the answers

What are the two types of single-use plans?

<p>The two types of single-use plans are programs and projects.</p> Signup and view all the answers

What are the three types of standing plans?

<p>The three types of standing plans are policies, standard operating procedures, and rules and regulations.</p> Signup and view all the answers

What is the difference between decision making under certainty, risk, and uncertainty?

<p>Decision making under certainty occurs when the outcome of each alternative is known. Decision making under risk occurs when the outcome of each alternative is uncertain, but the probabilities of the outcomes are known. Decision making under uncertainty occurs when the outcome of each alternative is uncertain, and the probabilities of the outcomes are not known.</p> Signup and view all the answers

What are the steps in rational decision making?

<p>The steps in rational decision making are recognizing and defining the decision situation, identifying alternatives, evaluating alternatives, selecting the best alternatives, implementing the chosen alternative, and following up and evaluating the results.</p> Signup and view all the answers

What is the administrative model of decision making?

<p>The administrative model of decision making is a more realistic approach to decision making than the classical model. It recognizes that managers often have incomplete information and limited cognitive abilities.</p> Signup and view all the answers

What is escalation of commitment?

<p>Escalation of commitment is the tendency to continue investing in a failing course of action even when it is clear that the course of action is not working.</p> Signup and view all the answers

What are the three forms of group and team decision making in organizations?

<p>The three forms of group and team decision making in organizations are interacting groups or teams, Delphi groups, and nominal groups.</p> Signup and view all the answers

What are the advantages of group and team decision making?

<p>The advantages of group and team decision making include more information, more perspectives, and greater acceptance of the decision.</p> Signup and view all the answers

What is the role of entrepreneurship in society?

<p>Entrepreneurship plays a vital role in society by creating jobs, fostering innovation, and driving economic growth.</p> Signup and view all the answers

What are the three major ways to finance a new business?

<p>The three major ways to finance a new business are using personal resources, seeking strategic alliances, and obtaining loans.</p> Signup and view all the answers

What is the difference between functional departmentalization, product departmentalization, customer departmentalization, and location departmentalization?

<p>Functional departmentalization groups jobs based on similar skills and activities, while product departmentalization groups jobs based on the products the organization produces. Customer departmentalization groups jobs based on the customers the organization serves, and location departmentalization groups jobs based on the geographic location of the organization.</p> Signup and view all the answers

What is the chain of command?

<p>The chain of command is the line of authority that extends from the top of the organization to the bottom.</p> Signup and view all the answers

What is the difference between a tall organization and a flat organization?

<p>A tall organization has many levels of management, while a flat organization has few levels of management.</p> Signup and view all the answers

What is delegation?

<p>Delegation is the process of assigning tasks to subordinates.</p> Signup and view all the answers

What are the three basic forms of organization design?

<p>The three basic forms of organization design are functional (U-form) design, conglomerate (H-form) design, and divisional (M-form) design.</p> Signup and view all the answers

What is matrix design?

<p>Matrix design is a structure that combines functional and divisional departmentalization.</p> Signup and view all the answers

What are the forces for change in organizations?

<p>The forces for change in organizations can be external, such as changes in technology, competition, economics, or government regulations, or internal, such as changes in strategy, size, technology, or workforce composition.</p> Signup and view all the answers

What are the two main steps in the Lewin model of change?

<p>The two main steps in the Lewin model of change are unfreezing and refreezing.</p> Signup and view all the answers

What are the four main areas of organization change?

<p>The four main areas of organization change are organization structure and design, technology and operations, people, attitudes, and behaviors, and business processes.</p> Signup and view all the answers

What is organization development?

<p>Organization development (OD) is a planned, systematic process of change that uses behavioral science knowledge to improve an organization's effectiveness and health, which can include improving group effectiveness, changing organizational culture, and managing conflict.</p> Signup and view all the answers

What are the three forms of innovation?

<p>The three forms of innovation are radical versus incremental innovations, technical versus managerial innovations, and product versus process innovations.</p> Signup and view all the answers

What is the strategic importance of HRM?

<p>HRM is of strategic importance because it helps an organization attract, develop, and retain a high-quality workforce, which is essential to achieving organizational goals.</p> Signup and view all the answers

What are the three main steps in human resource planning?

<p>The three main steps in human resource planning are job analysis, forecasting human resource demand and supply, and matching human resource supply and demand.</p> Signup and view all the answers

What are the four main methods of selecting human resources?

<p>The four main methods of selecting human resources are application blanks, tests, interviews, and assessment centers.</p> Signup and view all the answers

What are the two main types of training and development?

<p>The two main types of training and development are on-the-job training and off-the-job training.</p> Signup and view all the answers

What are the three main methods of performance appraisal?

<p>The three main methods of performance appraisal are written essays, critical incidents, and graphic rating scales.</p> Signup and view all the answers

What are the three main types of compensation?

<p>The three main types of compensation are wages, salaries, and incentives.</p> Signup and view all the answers

What is the difference between wages and salaries?

<p>Wages are paid on an hourly basis, while salaries are paid on a monthly basis.</p> Signup and view all the answers

What are the two main types of benefits?

<p>The two main types of benefits are legally required benefits and voluntary benefits.</p> Signup and view all the answers

What is the psychological contract?

<p>The psychological contract is a set of unwritten expectations that employees and employers have of each other.</p> Signup and view all the answers

What are the ‘Big Five’ personality traits?

<p>The ‘Big Five’ personality traits are openness to experience, conscientiousness, extraversion, agreeableness, and neuroticism.</p> Signup and view all the answers

What is emotional intelligence?

<p>Emotional intelligence is the ability to perceive, understand, manage, and use emotions.</p> Signup and view all the answers

What are the three work-related attitudes?

<p>The three work-related attitudes are job satisfaction, organizational commitment, and affect and mood in organizations.</p> Signup and view all the answers

What are the four major types of workplace behavior?

<p>The four major types of workplace behavior are performance behaviors, withdrawal behaviors, organizational citizenship, and dysfunctional behaviors.</p> Signup and view all the answers

What is the difference between the needs hierarchy approach and the two-factor theory of motivation?

<p>The needs hierarchy approach proposes that people are motivated by a hierarchy of needs, while the two-factor theory proposes that job satisfaction and dissatisfaction are caused by different sets of factors.</p> Signup and view all the answers

What are the two main components of expectancy theory?

<p>The two main components of expectancy theory are effort-to-performance expectancy and performance-to-outcome expectancy.</p> Signup and view all the answers

What is equity theory?

<p>Equity theory proposes that people are motivated to maintain a balance between their inputs and outputs relative to others.</p> Signup and view all the answers

What is goal-setting theory?

<p>Goal-setting theory proposes that people are more motivated to achieve goals that are specific, challenging, and accepted.</p> Signup and view all the answers

What are the two main types of reinforcement in organizations?

<p>The two main types of reinforcement in organizations are positive reinforcement and negative reinforcement.</p> Signup and view all the answers

What are the three main types of reward systems?

<p>The three main types of reward systems are merit reward systems, incentive reward systems, and team and group incentive reward systems.</p> Signup and view all the answers

What are the popular motivational strategies?

<p>Popular motivational strategies include empowering employees, using flexible work arrangements, and designing rewarding systems.</p> Signup and view all the answers

What is the difference between legitimate power, reward power, coercive power, referent power, and expert power?

<p>Legitimate power is based on the position that a person holds, reward power is based on the ability to give rewards, coercive power is based on the ability to punish, referent power is based on personal characteristics, and expert power is based on knowledge or skills.</p> Signup and view all the answers

What are the situational approaches to leadership?

<p>Situational approaches to leadership argue that the best leadership style depends on the situation. Common situational theories include LPC theory, path-goal theory, and Vroom’s decision tree approach.</p> Signup and view all the answers

What is transformational leadership?

<p>Transformational leadership is a style of leadership that inspires and motivates followers to achieve extraordinary results.</p> Signup and view all the answers

What is strategic leadership?

<p>Strategic leadership is the ability to develop and implement a vision that will position the organization for success.</p> Signup and view all the answers

What is cross-cultural leadership?

<p>Cross-cultural leadership is the ability to lead effectively in a diverse global environment.</p> Signup and view all the answers

What is ethical leadership?

<p>Ethical leadership is the ability to lead in a morally sound and ethical manner.</p> Signup and view all the answers

What is political behavior in organizations?

<p>Political behavior in organizations is the use of power and influence to achieve personal or organizational goals.</p> Signup and view all the answers

What is impression management?

<p>Impression management is the process of influencing the perceptions that others have of us.</p> Signup and view all the answers

Flashcards

Manager's Job

Planning, organizing, leading, and controlling organizational activities.

Management Levels

Different levels of authority and responsibility within an organization (e.g., top, middle, first-line).

Management Skills

Technical, interpersonal, conceptual, and diagnostic skills needed for effective management.

Scientific Management

Management approach focusing on efficiency and productivity through scientific methods.

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Administrative Management

Management approach emphasizing principles and functions of management.

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Hawthorne Studies

Research demonstrating the influence of social and psychological factors on worker productivity.

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Human Relations Movement

Management approach emphasizing the importance of human factors in organizations.

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Management Science

Use of mathematical models and quantitative techniques to solve management problems.

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Operations Management

Management of production processes to improve efficiency and effectiveness.

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Systems Perspective

Viewing organizations as interconnected systems with interdependent parts.

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Contingency Perspective

The best way to manage depends on the specific situation.

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Strategic Management

Process of developing and implementing a plan to achieve organizational goals.

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SWOT Analysis

A framework for evaluating an organization’s strengths, weaknesses, opportunities, and threats.

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Business-Level Strategy

Strategies focused on achieving competitive advantage within a particular industry segment.

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Corporate-Level Strategy

Strategies for managing a broader portfolio of businesses within the overall organization.

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Tactical Planning

Planning that focuses on implementing strategic plans.

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Operational Planning

Planning that focuses on day-to-day activities and tasks.

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Organizational Culture

Shared values, beliefs, and norms that shape employee behavior within an organization.

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Decision Making Under Risk

Situations where the probabilities of different outcomes are known.

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Study Notes

Fundamentals of Management Study Notes

  • Textbook Edition: Eighth Edition
  • Author: Ricky W. Griffin
  • Publisher: Cengage Learning
  • Copyright Years: 2016, 2011
  • Publication Details:
    • ISBN: 978-1-285-84904-1
    • Library of Congress Control Number: 2014937601
  • Printed in Canada
  • Print Number: 01
  • Print Year: 2015
  • Content Disclaimer: Some third-party content may be suppressed from the digital version due to electronic rights. Publisher retains the right to further remove content if necessary

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Part 1: An Introduction to Management

  • Chapter 1: Understanding the Manager's Job

    • Managerial Definitions: Kinds of managers, levels of management, areas of management
    • Management Functions: Planning and decision-making, organizing, leading, controlling
    • Management Skills: Technical skills, interpersonal skills, conceptual skills, diagnostic skills, communication skills, decision-making skills, time management skills
    • Management Styles: Classical perspective, Behavioral perspective, Quantitative perspective, Systems perspective, Contingency perspective
    • Contemporary Issues: Contemporary applied perspectives, contemporary management challenges, service sector

  • Chapter 2: The Environments of Organizations and Managers

    • Organizational Environments: General environment (economic, technological, political-legal), Task environment (competitors, customers, suppliers, regulators, strategic partners), Internal environment (owners, board of directors, employees, physical work environment)
    • Ethical and Social Environment: Individual ethics, managerial ethics, ethical leadership, managing ethical behavior, social responsibility in organizations, international environment (cultural environment, trade controls, economic communities), organizational culture

Part 2: Planning

  • Chapter 3: Planning and Strategic Management

    • Planning in Organizations: Organizational goals, types of organizational plans (strategic, tactical, operational), SWOT analysis, business-level strategies (Porter's generic strategies, product life cycle strategies), corporate-level strategies (single-product, related diversification, unrelated diversification), tactical planning and operational planning

  • Chapter 4: Managing Decision Making

    • Decision-Making Types and Conditions: Decision types, decision-making conditions (certainty, risk, uncertainty), rational perspectives (classical model of decision-making, steps in rational decision-making, evidence-based management), behavioral aspects (administrative model, political forces, intuition, escalation of commitment, risk propensity), ethics, group and team decisions (interacting groups, Delphi groups, nominal groups)

  • Chapter 5: Entrepreneurship and New Venture Management

    • Nature of Entrepreneurship: Entrepreneurial role in society, job creation, innovation, strategy for entrepreneurial organizations, business plan writing, entrepreneurship and international management, organizational structure and financing, performance of entrepreneurial organizations

Part 3: Organizing

  • Chapter 6: Organization Structure and Design

    • Basic Organizing Elements: Job specialization, departmentalization, reporting relationships (chain of command, span of management), distributing authority (delegation), coordination, structural coordination techniques, bureaucratic design, situational influences (core technology, environment, size)
    • Organization Designs: Functional design, conglomerate design, divisional design, matrix design, hybrid designs, emerging issues

  • Chapter 7: Organization Change and Innovation

    • Nature of Change: Forces for change (internal, external), planned vs. reactive change, change process (Lewin's model, participation, education, communication), resistance to change, overcoming resistance, organizational development, organizational innovation (innovation process, forms of innovation),promoting innovation

  • Chapter 8: Managing Human Resources in Organizations

    • Environmental Context of HRM: Strategic importance, legal environment (equal opportunity, compensation, benefits), labor relations, attracting human resources (human resource planning, recruiting, selecting), developing human resources (training, performance appraisal, feedback), maintaining human resources (compensation, benefits), managing workforce diversity, managing labor relations

Part 4: Leading

  • Chapter 9: Basic Elements of Individual Behavior in Organizations

    • Individual Behavior: Psychological contract, person-job fit, personality (Big Five traits, Myers-Briggs), emotional intelligence, attitudes (job satisfaction, organizational commitment), perception (selective perception, stereotyping), stress, creativity, workplace behavior

  • Chapter 10: Managing Employee Motivation and Performance

    • Motivation Theories: Needs hierarchy approach, two-factor theory, expectancy theory (effort-to-performance expectancy, performance-to-outcome expectancy, valence), equity theory, goal-setting theory, reinforcement perspectives
    • Motivational Strategies: Empowerment and participation, alternative work arrangements, variable work schedules, flexible work schedules, job sharing,telecommuting, reward systems (merit, incentive, team and group), and new approaches

  • Chapter 11: Leadership and Influence Processes

    • Leadership Definitions: Nature of leadership, leadership and management, leadership and power, approaches (trait, behavioral, situational, generic-related, contemporary), political behavior, ethical leadership

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