Management Fundamentals Unit 1
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Questions and Answers

What are objectives?

A clear, specific, and measurable goal or target that one aims to achieve.

What is planning?

The process of setting objectives and determining how to best accomplish them.

Why do managers plan?

To become better at what they are doing, stay action-oriented, and anticipate future needs.

What are the benefits of planning? (Select all that apply)

<p>Improves time management</p> Signup and view all the answers

Corporate strategy sets the direction for individual business units within a company.

<p>False</p> Signup and view all the answers

What is an organization?

<p>Groups of people working together to achieve a common outcome or purpose.</p> Signup and view all the answers

Who are Managers?

<p>People who support, supervise, and help activate the work efforts and performance of others.</p> Signup and view all the answers

Define ethical behavior.

<p>Ethical behavior refers to conduct that aligns with moral principles, integrity, and societal norms, promoting fairness, honesty, respect, and responsibility in individual and collective actions.</p> Signup and view all the answers

What factors can influence individual ethics?

<p>All of the above</p> Signup and view all the answers

What are the functions of management?

<p>Leading</p> Signup and view all the answers

Ethics are standards of behavior that govern what is considered morally wrong.

<p>False</p> Signup and view all the answers

A major consideration in the relationship of the employee to the firm is ____________.

<p>Conflicts of interest</p> Signup and view all the answers

Legal consequences can result from non-compliance with regulations related to social responsibility.

<p>True</p> Signup and view all the answers

The purpose of corrective action is to document issues as they arise and keep a history of __________ related issues.

<p>performance</p> Signup and view all the answers

Match the management approach with its description:

<p>Scientific Method = Regulation, simplification, and consistency in the workplace Administrative Principles = Viewing organizations as communities without dominance Bureaucratic Organization = Rigid, rational organization focusing on logic and order</p> Signup and view all the answers

Match the following perspectives on social responsibility:

<p>Arguments against social responsibility = Reduced business profits; Higher business costs; Dilution of business purpose; Too much social power for business; Lack of public accountability Arguments in favor of social responsibility = Adds long-run profits; Better public image; Avoids more government regulation; Businesses have resources and ethical obligation; Better environment; Public wants it</p> Signup and view all the answers

What is delegation?

<p>Delegation is the process of entrusting work to others by giving them the right to make decisions and take action.</p> Signup and view all the answers

Which steps are involved in delegation?

<p>All of the above</p> Signup and view all the answers

Specialization refers to breaking down the organization's overall task into smaller component parts.

<p>True</p> Signup and view all the answers

Control ensures that the organization is making satisfactory progress toward attaining its ______.

<p>goals</p> Signup and view all the answers

Match the following external controls on businesses with their descriptions:

<p>Government Regulations = Imposed by local, regional, or national authorities on aspects like environmental protection and labor practices Industry Standards and Certifications = Established benchmarks for quality, safety, and ethical practices within the industry Market Competition = Forcing businesses to innovate, improve products, and maintain competitive pricing Consumer Demand and Feedback = Influencing businesses based on customer preferences and feedback</p> Signup and view all the answers

What are some examples of external controls that financial institutions and investors may impose on businesses?

<p>financial reporting requirements, performance targets, adherence to specific business plans</p> Signup and view all the answers

Which stakeholders can act as external controls on businesses?

<p>Advocacy groups</p> Signup and view all the answers

Planning and controlling in an organization are independent of each other.

<p>False</p> Signup and view all the answers

Control systems ensure that the organization is making satisfactory progress toward attaining its goals and does not deviate too much from acceptable _____________.

<p>performance</p> Signup and view all the answers

Match the following types of control systems with their descriptions:

<p>Feedforward = Controls that focus on pre-task activities like Supplier Qualification and Employee Training Concurrent = Controls that monitor task progress and deal with problems as they arise Feedback = Controls that analyze completed work and aim for improvement in future tasks</p> Signup and view all the answers

What is a Cash Cow in the BCG Matrix?

<p>A business unit/product that has a large market share in a mature, slow-growing industry; requires little investment and generates cash that can be used to invest in other business units.</p> Signup and view all the answers

Define a Star in the BCG Matrix.

<p>A business unit/product that has a large market share in a fast-growing industry; may generate cash but requires investment to maintain its lead.</p> Signup and view all the answers

Describe a Question Mark in the BCG Matrix.

<p>A business unit with small market share in a high growth market; requires resources to grow market share, and whether it will succeed and become a star is unknown.</p> Signup and view all the answers

What does a Dog represent in the BCG Matrix?

<p>A business unit with a small market share in a mature industry; does not require substantial cash but ties up capital.</p> Signup and view all the answers

The BCG Matrix categorizes business units/products based on growth rate and market share.

<p>True</p> Signup and view all the answers

What is the main purpose of the 5 Forces analysis?

<p>Analyze the competitiveness of an industry</p> Signup and view all the answers

According to Maslow's Hierarchy of Needs, what motivates individuals?

<p>A hierarchy of needs, from basic physiological needs to higher-level needs like belonging, esteem, and self-actualization.</p> Signup and view all the answers

Differentiate between Hygiene Factors and Motivators in Herzberg's Two-Factor Theory.

<p>Hygiene Factors (extrinsic) cause dissatisfaction when absent; Motivators (intrinsic) contribute to satisfaction and motivation.</p> Signup and view all the answers

Which theory focuses on the relationship between behavior and consequences?

<p>Skinner's Reinforcement Theory</p> Signup and view all the answers

What is the coaching habit 'A.W.E. Question' intended for?

<p>Encouraging deeper thinking and exploring additional possibilities.</p> Signup and view all the answers

Study Notes

Management Fundamentals

  • An organization is a group of people working together to achieve a common outcome or purpose.
  • A manager is someone who directly supports, supervises, and helps activate the work efforts and performance accomplishments of others.
  • Management is the process of planning, organizing, leading, and controlling resources to achieve organizational goals and objectives efficiently and effectively.
  • The four functions of management are planning, organizing, leading, and controlling.
  • There are different levels of management, including top-level, middle, and front-line managers.

Purpose of Corrective Action

  • To encourage communication and provide opportunities for employees to correct issues as they arise.
  • To establish and maintain efficient and effective working conditions and a safe working environment.
  • To help solve issues before they worsen and to preserve team morale.
  • To treat all employees in a fair and consistent manner.
  • To document issues as they arise and keep a history of performance-related issues.

Evolution of Management

  • Management practices date back to ancient times, influencing societies and organizations since the beginning of time.
  • Studying the past helps illuminate the future.
  • Management thinking can be traced back to documented examples as far back as 5,000 B.C.

Theories of Management

  • Classical approaches to management assume people are rational and driven by economic concerns.
  • The scientific method aims to regulate, simplify, and increase efficiency and productivity.
  • Administrative principles focus on designing jobs perfectly using time studies to ensure highest productivity.
  • Bureaucratic organizations are characterized by a clear division of labor, well-defined levels of authority, and formal rules and procedures.

Behavioral Approaches to Management

  • The Hawthorne Studies revealed that people perform differently when they know they are being observed and studied.
  • Maslow's Theory of Human Needs is a pyramid of needs that describes human motivation.
  • Theory X and Theory Y describe different managerial approaches to motivation and behavior.

Implications of IT within Organizations

  • Facilitation of communication and information sharing.
  • Flattening of organizational structures.
  • Faster decision-making and increased coordination and control.

Problem Solvers and Ethical Behavior

  • Problem avoiders do not want to confront problems and may ignore data indicating a problem.
  • Problem solvers resolve problems as they occur.
  • Problem seekers anticipate problems before they occur and see them as opportunities.
  • Ethical behavior involves conduct that aligns with moral principles, integrity, and societal norms, promoting fairness, honesty, respect, and responsibility.

Factors Influencing Individual Ethics

  • Family and upbringing.
  • Cultural background.
  • Religion and spirituality.
  • Education and knowledge.
  • Personal experiences.
  • Legal system.
  • Peers and social networks.
  • Media and information consumption.
  • Economic status.
  • Organizational culture.
  • Biological and psychological factors.
  • Age and life stage.

Corporate Social Responsibility

  • The commitment of businesses to contribute positively to society through ethical behavior, sustainable practices, and initiatives that benefit stakeholders beyond profit maximization.
  • Arguments against social responsibility include reduced profits, higher costs, and dilution of business purpose.
  • Arguments in favor of social responsibility include long-run profits, better public image, and avoiding government regulation.

Perspectives on Social Responsibility

  • Growing awareness among the general public about social, environmental, and ethical issues.
  • Reputation and trust are enhanced through socially responsible behavior.
  • Laws and regulations are being enacted to address issues such as environmental protection, labor rights, and consumer protection.
  • Socially responsible behavior is essential for long-term sustainability.### Leadership and Planning

What is a Leader?

  • A leader is someone who leads or commands a group, organization, or country
  • A leader can see how things can be improved and rallies people to move towards a better vision
  • A person can be a leader without being a manager

Personality Traits of a Leader

  • The "trait approach to leadership" identifies five significant personality traits in the workplace
  • The Five Big Personality Traits are:
    • Extraversion: outgoing, talkative, assertive, and seeking social interaction
    • Agreeableness: cooperative, empathetic, polite, and sensitive to the feelings of others
    • Conscientiousness: organized, responsible, reliable, and efficient
    • Emotional Stability: calm, stable, and able to manage stress and emotions
    • Openness to experience: curious, open-minded, and appreciative of art and ideas

Approaches to Planning

  • Inside-Out Planning: focuses on current production, policies, and improving existing processes
  • Outside-In Planning: considers the external environment and competitive opportunities
  • Top-Down Planning: sets broad objectives and guidelines for lower-level management
  • Bottom-Up Planning: involves all stakeholders in the planning process

Levels of Strategic Planning

  • Corporate Strategy: sets the overall direction for the company and allocates resources
  • Business Strategy: identifies how a division or business unit will compete in products or services
  • Functional Strategy: guides activities within a specific area of operations

Tools and Techniques

  • Forecasting: making assumptions about future events
  • Contingency Planning: identifying alternative courses of action for changing circumstances
  • Benchmarking: comparing internal processes with external best practices
  • Goal Setting: setting specific, measurable, achievable, relevant, and timely goals

Competitive Advantage

  • Sustainable Competitive Advantage (SCA): a competitive advantage that is difficult for competitors to imitate
  • Strategic Intent: focusing all organizational energies on a unifying and compelling goal### Emotional Stability and Motivation
  • A person who is emotionally stable tends to have better job performance
  • A person who is not emotionally stable may have poorer job performance
  • A manager's role is to create conditions for employees to feel motivated and inspired to work hard

Types of Motivational Rewards

  • Intrinsic rewards: internal psychological or emotional benefits derived from engaging in an activity (e.g. personal satisfaction)
  • Extrinsic rewards: valued outcomes provided by someone else (e.g. monetary incentives)

Theories of Motivation

  • Content perspectives: focus on identifying specific needs and factors that motivate individuals
    • Maslow's Hierarchy of Needs: arranged from basic physiological needs to higher-level needs like self-esteem and self-actualization
    • Herzberg's Two-Factor Theory: distinguishes between hygiene factors (extrinsic factors) and motivators (intrinsic factors)
  • Process perspectives: concerned with cognitive processes, decision-making, and psychological mechanisms underlying motivation
    • Vroom's Expectancy Theory
    • Adam's Equity Theory
    • Locke's Goal Setting Theory
    • Skinner's Reinforcement Theory

Reinforcement Theory

  • Basic premise: behaviors followed by desired outcomes will be repeated
  • Examines the relationship between behavior and its consequences, with an emphasis on the role of reinforcement in shaping and maintaining behavior

Strategies for Motivating Employees

  • Recognition and rewards
  • Clear goals and expectations
  • Employee development and growth opportunities
  • Communication and feedback
  • Empowerment and autonomy
  • Team building and collaboration
  • Work-life balance

Organizing as a Management Function

  • Organizing: the process of deciding how to group people, activities, and resources to work together to accomplish a goal
  • Organizational structure: the system of tasks, workflows, reporting relationships, and communication channels that link together diverse individuals and groups

Departmentalization

  • The process of grouping jobs or activities within an organization according to a logical set or pattern
  • Types of departmentalization: functional, product, geographic, customer, and matrix departmentalization
  • Flat organizations with fewer or no levels of management between management and staff-level employees
  • Wider spans of control, with managers responsible for a larger number of subordinates
  • Increased empowerment and decentralization of decision-making

Control Process/System

  • The process of assessing, regulating, or directing one or more organizational activities to facilitate the achievement of goals
  • External controls: government regulations, industry standards, market competition, consumer demand and feedback, financial institutions and investors, and social and ethical expectations

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An introductory quiz on the basics of management, covering the definition of an organization and the role of a manager.

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