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What is management?
Getting work done through others.
What is the first step in the planning function?
Establishment of objectives.
What are planning premises?
Assumptions about the likely shape of events in the future.
What is the purpose of choosing an alternative course of action in planning?
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What are derivative plans?
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Planning is only necessary for businesses.
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Which of the following is NOT a step in the planning function?
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According to Urwick, planning is a mental predisposition to do things in an _________ way.
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What is the significance of securing cooperation in planning?
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Theory Z management promotes a job for life and emphasizes employee well-being.
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The concept of cultural pluralism supports the complete assimilation of smaller groups into the dominant culture.
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One of the principles of Total Quality Management is to break down barriers between departments.
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Horace Kallen wrote an essay arguing in favor of complete Americanization of immigrants.
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Total Quality Management encourages the use of numerical quotas as a standard for workforce evaluation.
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Dr. W. Edwards Deming is credited with the development of the foundation principles that underpin Theory Z.
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A pluralistic society is defined as one where different groups coexist without any interaction.
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One of the fourteen points in Total Quality Management is to drive out fear in the workplace.
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Countertrade exclusively involves the exchange of money for goods.
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A multinational corporation operates only in its home country.
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The variant of countertrade known as buyback involves a firm taking a percentage of a plant’s output as partial payment.
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Sophisticated technology is not a characteristic of a multinational corporation.
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Switch trading involves one company selling its obligation to purchase goods in a certain country to another company.
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Offset agreements require a company to make a hard currency purchase in the future without specifying the product.
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A key advantage of being a multinational corporation is limited innovation.
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Multinational corporations have a tendency to maintain a static structure without branches in various countries.
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Management ethics is defined as the set of moral principles that governs the actions of an individual or an organization.
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Immoral management actively supports ethical behavior and moral judgments.
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Amoral management is a mindset that disregards ethical considerations in decision-making.
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International business only involves the trade of physical goods.
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Intentional amoral management refers to individuals who are simply inattentive to moral implications in decision-making.
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Moral management adheres to ethical principles and strives to make moral decisions.
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Business ethics applies ethical principles solely to the relationships between consumers and companies.
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The three levels of moral judgment as characterized by Carroll include immoral, amoral, and moral management.
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Strategic plans are designed with the entire organization in mind and begin with an organization's mission.
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Contingency planning is used to create ongoing plans for frontline managers.
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Tactical plans are about what is going to happen and support strategic plans.
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Operational plans can only be single-use plans, not ongoing plans.
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Defining success involves setting both short-term and long-term goals.
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While planning, organization often fails due to lack of resources rather than poor planning.
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The first step in the planning process is to put the plan into motion.
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Successful planning is primarily about managing resources and priorities in an organized way.
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Contingency plans are made only when something unexpected happens.
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Setting objectives is the least important step in the planning process.
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Long-range objectives typically extend beyond the current fiscal year of an organization.
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Management by Objectives (MBO) focuses on collective goal setting between management and employees.
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Identifying alternatives is the final step of the planning process.
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Objectives should be vague and broadly defined to allow flexibility.
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The mission of an organization can be defined in terms of its products or services.
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Implementation of the plan is considered when all other functions of management are set aside.
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Study Notes
What is Management?
- Management is about getting work done through other people, regardless of the organization's type.
- "Management" also refers to the people who oversee these organizations, known as managers.
Managerial Planning
- Planning involves looking ahead to set future courses of action.
- This systematic activity determines who will do what, how, and when in a specific job.
- "Well plan is half done" is a statement highlighting the importance of planning.
Planning Definitions
- Urwick defines planning as a thinking first approach, guided by facts rather than assumptions.
- Koontz & O'Donell state that planning defines what to do, how to do it, and who will do it. Planning bridges the gap between the current state and desired future state.
Steps in the Planning Function
- Establishment of Objectives: Planning starts with defining goals and objectives for what is to be achieved. These objectives provide direction for various activities and efforts. They can be expressed in quantitative or qualitative terms.
- Establishment of Planning Premises: Planning premises are assumptions about future events that influence planning. They help identify potential deviations from plans and address causes of such deviations.
- Choice of Alternative Course of Action: After considering forecasts and establishing planning premises, multiple alternative courses of action need to be evaluated. Each alternative should be weighed in light of resources available and organizational needs.
- Formulation of Derivative Plans: Derivative plans support the main plan by outlining sub-plans or secondary plans. Their role is to assist and expedite the achievement of the primary plan. Derivative plans provide a time schedule and task sequence.
- Securing Co-operation: Once plans are finalized, gaining the cooperation and confidence of those who will implement the plans is important. This builds trust and a shared understanding of the goals.
Total Quality Management (TQM)
- Deming's 14 points define the principles of TQM
- Focus on continuous improvement of products and services, driving out fear, and breaking down barriers between departments
- TQM requires a constant pursuit of quality, breaking away from mass inspection and awarding contracts based solely on the lowest price
Theory Z
- "Japanese Management" style promoted by Dr. William Ouchi in the 1980s
- Focused on increasing employee loyalty through job security and well-being
- Derived inspiration from Deming's 14 points
- Emphasized stable employment, high productivity, and high employee morale
Pluralistic Society
- Refers to societies where diverse religious, ethnic, and cultural groups coexist
- Cultural pluralism allows smaller groups to maintain their unique identities within a larger society
- Horace Kallen is credited with originating the concept of cultural pluralism
- Cultural pluralism embraces acceptance of diverse cultures within a shared framework of laws and values
Management Ethics
- Concerned with principles of right and wrong in managerial actions
- Business ethics applies ethical principles to business relationships and activities
- Managerial ethics guide managers in their conduct and decision-making
- Three levels of ethical judgment: immoral management, amoral management, and moral management
- Immoral management actively opposes ethical behavior
- Moral management actively strives to follow ethical principles
- Amoral management is indifferent to ethical considerations
International Business
- Involves cross-border trade of goods, services, technology, capital, and knowledge
- Global corporations face challenges of political risk, economic risk, cultural risk, and legal risk
- Countertrade uses goods and services as payment instead of money
- Variants include barter, switch trading, counter purchase, buyback, and offset
Multinational Corporation
- Operates in its home country and other countries around the world
- Maintains a central office in one country
- Characterized by: high assets and turnover, network of branches, centralized control, continuous growth, sophisticated technology, skilled workforce, forceful marketing, and high-quality products
- Offers advantages such as efficiency, development, employment, and innovation
Planning
- Outlines future courses of action to achieve objectives
- Essential for managing resources and priorities in an organized way
- Types of plans: Strategic, tactical, operational, and contingency
- Strategic plans are high-level, focusing on the overall organization's mission
- Tactical plans translate strategic plans into specific action plans for different parts of the organization
- Operational plans are detailed plans made by frontline managers
- Contingency plans are activated when unexpected events happen or changes are needed
Planning Process
- Key steps: Recognizing the need for action, Objectives, Developing premises, Identifying alternatives, Examining alternatives, Selecting an alternative, Formulating supporting plans, Implementing the plan
- Objectives define the intended goal, providing direction for managerial efforts
- Missions define the purpose of an organization
- Long-range objectives extend beyond the current fiscal year
- Short-range objectives are derived from long-range objectives
- Management by Objectives (MBO) improves performance by defining clear goals agreed upon by both management and employees
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Description
This quiz covers the fundamentals of management including its definition and the role of managers. It also explores the importance of managerial planning and the key steps involved in the planning function. Test your understanding of these essential concepts in management.
