Management Functions and Theories Quiz

Study Notes

Management

Management involves coordinating and overseeing the work performance of individuals.

Functions of Management

Planning: steps needed to reach the goal.
Leading: influencing and motivating subordinates.
Organizing: assigning tasks, setting aside funds.
Controlling: evaluating and correcting the performance.
Staffing: filling in the right job.

Types and Theories of Management

Scientific Management Theory: step-by-step, scientific methods (Founder: Frederick W. Taylor).
General Administrative Theory: manager's functions (Founder: Henry Fayol).
Total Quality Management: management philosophy (Founders: W. Edwards Deming and Joseph M. Juran).
Organizational Behavior (OB) Approach: conduct and demeanor of people at work (Supporters: Robert Owen, Mary Parker Follett, Hugo Munsterberg, Chester Barnard).

The Manager

Responsible for the entire organization.
Decisions on pay.

Levels of Managers

Top Level Managers: administrative functions (Board of Directors, President, Vice President, and CEO).
Middle Level Managers: functions dictated by top level managers (General Managers, Branch Managers, and Department Managers).
Lower Level Managers: referred to as supervisors or operative level managers.

Skills of Effective Manager

Technical Skills: understand how things work within the company.
Human Skills: skill to interact with people from inside and outside the organization.
Conceptual Skills: plan, strategize, and think ahead into the future.

Manager's Roles (Interpersonal Roles)

Figurehead: head of the organization.
Leader: provides direction for the organization.
Liaison: main contact of the organization.
Monitor: scans the environment and looks for information.
Disseminator: provides relevant information to the organization.
Spokesman: sends out information outside the organization.
Entrepreneurial Skills: business opportunities and initiating new products.
Disturbance Handler: internal and external pressures that compromise the team or organization.
Resource Allocator: provides funding and other resources.
Negotiator: provides contracts and attainment.

PEST Analysis

Political Legal Environment: complex laws, regulations, and government agencies.
Economic Environment: economic system, business cycle, and economic effect.
Socio-Cultural Environment: attitudes, expectations, desires, and degree of education.
Technological Environment: improvements in methods, machines, and materials (innovation).

SWOT Analysis

Strengths: things your company does well.
Opportunities: things your company lacks.
Weaknesses: competitors in your area, emerging needs of your product.
Threats: emerging competitors, changing customers, attitude, and regulatory environment.

International Business

Outsourcing: global sourcing, countries with the cheapest sources of labor and supplies.
Importing and Exporting: importing refers to buying goods, services; exporting refers to selling goods from other countries.
Strategic Alliance: involves two or more firms and involves partnership.
Licensing and Partnership: arrange of foreign company to manufacture or market.
Joint Venture: partners agree to form a separate, independent organization.
Wholly Owned Facilities: one third or multinational companies enter foreign markets.

Description

Test your knowledge on management functions including planning, leading, organizing, controlling, and staffing. Explore different types and theories of management such as Scientific Management Theory.