Podcast
Questions and Answers
What is one of the primary responsibilities of the board of directors in a company?
What is one of the primary responsibilities of the board of directors in a company?
Which of the following describes the efficiency aspect of management?
Which of the following describes the efficiency aspect of management?
Who is typically recognized as the main decision-maker in a company in the United States?
Who is typically recognized as the main decision-maker in a company in the United States?
What characteristic is required for board members in a listed company?
What characteristic is required for board members in a listed company?
Signup and view all the answers
Which type of manager is primarily responsible for implementing organizational strategies in a company?
Which type of manager is primarily responsible for implementing organizational strategies in a company?
Signup and view all the answers
In a sole proprietorship, who assumes the responsibility for managing the company?
In a sole proprietorship, who assumes the responsibility for managing the company?
Signup and view all the answers
How many members are required at a minimum for a board of directors?
How many members are required at a minimum for a board of directors?
Signup and view all the answers
Which of the following captures the essence of effectiveness in management?
Which of the following captures the essence of effectiveness in management?
Signup and view all the answers
Which characteristic is primarily associated with mechanistic organizations?
Which characteristic is primarily associated with mechanistic organizations?
Signup and view all the answers
What is the primary focus of human resource management?
What is the primary focus of human resource management?
Signup and view all the answers
Which type of leadership involves a lack of direction and allows subordinates to make decisions?
Which type of leadership involves a lack of direction and allows subordinates to make decisions?
Signup and view all the answers
What is the purpose of performance appraisal in human resource management?
What is the purpose of performance appraisal in human resource management?
Signup and view all the answers
Which type of control occurs before an activity begins?
Which type of control occurs before an activity begins?
Signup and view all the answers
Which statement best describes transformational leadership?
Which statement best describes transformational leadership?
Signup and view all the answers
What aspect distinguishes organic organizations from mechanistic ones?
What aspect distinguishes organic organizations from mechanistic ones?
Signup and view all the answers
Which element is NOT typically a part of the decruitment process?
Which element is NOT typically a part of the decruitment process?
Signup and view all the answers
What major difference exists between management and leadership?
What major difference exists between management and leadership?
Signup and view all the answers
Which of the following is a common misconception about transactional leadership?
Which of the following is a common misconception about transactional leadership?
Signup and view all the answers
What is the primary function of top managers within an organization?
What is the primary function of top managers within an organization?
Signup and view all the answers
Which management skill is defined as the ability to work effectively with people in both individual and group contexts?
Which management skill is defined as the ability to work effectively with people in both individual and group contexts?
Signup and view all the answers
What type of planning involves establishing goals for the long term?
What type of planning involves establishing goals for the long term?
Signup and view all the answers
Which of the following roles involves the manager actively seeking information that may be of value?
Which of the following roles involves the manager actively seeking information that may be of value?
Signup and view all the answers
What is the main disadvantage of work specialization in an organization?
What is the main disadvantage of work specialization in an organization?
Signup and view all the answers
How does decentralization benefit an organization?
How does decentralization benefit an organization?
Signup and view all the answers
Which of these is NOT a characteristic of effective goals?
Which of these is NOT a characteristic of effective goals?
Signup and view all the answers
What does the chain of command in an organization clarify?
What does the chain of command in an organization clarify?
Signup and view all the answers
Which type of departmentalization groups jobs based on geographical location?
Which type of departmentalization groups jobs based on geographical location?
Signup and view all the answers
What role does a 'spokesperson' perform in an organization?
What role does a 'spokesperson' perform in an organization?
Signup and view all the answers
In which way do managers ensure effective controlling of their teams?
In which way do managers ensure effective controlling of their teams?
Signup and view all the answers
What is the purpose of planning within management functions?
What is the purpose of planning within management functions?
Signup and view all the answers
Which managerial role involves being the initiator of change within the organization?
Which managerial role involves being the initiator of change within the organization?
Signup and view all the answers
Which term describes the extent to which jobs are standardized in an organization?
Which term describes the extent to which jobs are standardized in an organization?
Signup and view all the answers
Study Notes
Management and Administrators
- Management is crucial in all organizations, regardless of size, location, or work area.
- Company owners decide who manages the business.
- Sole proprietorships: The owner manages.
- Larger companies: An administrative body (individuals, legal entities, or a board of directors) manages.
-
Board of Directors functions:
- Directs and drives company policy (strategic responsibility).
- Controls management matters (supervisory responsibility).
- Serves as a link with owners (communication responsibility).
-
Board of Directors Characteristics:
- Listed company boards are elected by shareholders.
- Minimum board size: 3 members.
- Members can be internal (executive, CEO, managers) or external (independent, blockholder).
- Board must appoint a chairman, vice-chair(s), and a secretary.
-
Decision-Making Concentration:
- A single individual (CEO in US, director ejecutivo, presidente ejecutivo, or consejero delegado in Spain) holds maximum decision-making responsibility.
Manager's Job Nature
- Managers coordinate and oversee others to achieve organizational goals.
- Management involves:
- Efficiency: Maximizing output with minimal inputs.
- Effectiveness: Completing activities that achieve goals.
-
Types of Managers (by hierarchical level):
- First-line managers: Manage non-managerial employees.
- Middle managers: Translate organizational strategy into action (e.g., regional manager, store manager).
- Top managers: Set organization-wide strategy and goals (e.g., president, CEO).
-
Types of Managers (by scope of activities):
- Functional managers: Manage a department with a single function (e.g., sales manager, finance manager).
- General managers: Manage departments with different functions to achieve a common goal (e.g., regional manager).
Manager Skills
-
Katz's Managerial Skills:
- Technical skills: Job-specific knowledge & techniques.
- Interpersonal skills: Working effectively with others.
- Conceptual skills: Seeing the organization as a whole, strategically thinking, solving complex problems.
-
Mintzberg's Managerial Roles:
-
Interpersonal: People-oriented and ceremonial duties.
- Figurehead
- Leader
- Liaison
-
Informational: Collecting, receiving, and disseminating information.
- Monitor
- Disseminator
- Spokesperson
-
Decisional: Making decisions / choices.
- Entrepreneur
- Disturbance handler
- Resource allocator
- Negotiator
-
Interpersonal: People-oriented and ceremonial duties.
Management Functions
- Planning: Establishing goals, strategies, and plans.
- Organizing: Arranging work to accomplish goals.
- Leading: Guiding people toward goals.
- Controlling: Monitoring performance and making corrections.
-
Planning Details:
- Breadth: Strategic vs. operational
- Time frame: Long-term vs. short-term
- Specificity: Directional vs. specific
- Frequency: Single-use vs. standing
- Goals: Desired outcomes (individual, group, or organization).
-
Effective Goal Characteristics:
- Specific & measurable
- Linked to rewards
- Challenging but realistic
- Defined time period
- Cover key result areas
Organizing
- Organizational Structure: Formal arrangement of jobs.
- Organizational Chart: Visual representation of structure.
-
Key Organizational Structure Elements:
- Work specialization
- Departmentalization (functional, geographical, product, process, customer)
- Chain of command
- Span of control
- Centralization/decentralization
- Formalization
- Work Specialization: Dividing tasks into specialized jobs.
- Departmentalization: Grouping jobs to coordinate work.
- Chain of Command: Line of authority from top to bottom.
- Span of Control: Number of employees a manager can effectively manage.
- Centralization/Decentralization: Decision-making authority levels.
- Formalization: Standardization of jobs and behavior.
- Organizational Forms: Mechanistic and organic organizations.
- Mechanistic: Rigid and tightly controlled.
- Organic: Adaptive and flexible.
Leading
- Human Resource Management: Using HR effectively to achieve goals.
-
HRM Activities:
- Recruiting
- Decruitment
- Selection
- Orientation
- Training/development
- Performance appraisal
- Compensation
Controlling
-
Control Types:
- Feedforward: Before activity
- Concurrent: During activity
- Feedback: After activity
- Control Process: Measuring, comparing, and correcting performance.
Leadership
- Leadership: Influencing others to achieve goals.
-
Leadership Styles:
- Autocratic
- Democratic
- Laissez-faire
-
Management vs. Leadership:
- Management: Stability, organization (positional power)
- Leadership: Vision, change (personal power)
-
Transformational vs. Transactional Leadership:
- Transactional: Clarifying roles, rewards
- Transformational: Inspiring vision, values, relationships
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz explores the roles and responsibilities of management within organizations, emphasizing the significance of the Board of Directors. It covers the dynamics of decision-making within companies, including the characteristics and functions of a board. Test your knowledge on how management influences business operations.
