Management Fundamentals Unit 1 Quiz

Unit 1: Management Fundamentals (Organization)

• An organization is a structured group of people working together to achieve specific goals.
• Characteristics include purpose (creating and delivering goods or services) and division of labor (tasks assigned based on roles/expertise).
• A hierarchy of authority is a structured management system with responsibility levels.
• Productivity is measured by efficiency (doing things right, minimal resources) and effectiveness (doing the right things to achieve goals).

Lesson 2: Management Fundamentals (Managers)

• A manager coordinates and oversees work to achieve organizational goals.
• Managers are categorized by levels: top (executives, strategic decision-makers), middle (bridges top and teams), and team leaders (supervising daily tasks).
• Five manager types include functional, general, line, staff, and project managers.
• Management functions are planning, organizing, leading, and controlling.
• Employees serve customers with managers supporting employees (upside-down pyramid).

Lesson 6: Corporate Social Responsibility (CSR)

• Corporate Social Responsibility (CSR) is a commitment to ethical operations benefiting society and the environment.

Unit 2: Planning

• Planning involves five steps: defining objectives, determining current status, developing premises, identifying alternatives, and implementing/evaluating.
• Benefits of planning encompass direction, improved coordination, and reduced uncertainty.
• Types of plans include strategic (long term), tactical (medium-term), and operational (short-term).
• Planning tools encompass forecasting, contingency planning, scenario planning, and benchmarking (comparing performance against industry standards).

Unit 3: Organizing

• Human Resource Management (HRM) manages people within an organization.
• Key HR functions include recruitment/selection, training and development, compensation/benefits, employee relations, and health/safety.
• Labour categories include unskilled, semi-skilled, skilled, and professional.
• Compensation forms include hourly wages, salary, salary + commission, straight commission, bonuses, performance-based pay, and fee for service.

Lesson 4: Employability Skills

• Employability skills categorize skills as fundamental, social/emotional, personal management, and teamwork.

Lesson 7: Controlling

• Controlling steps involve establishing standards, measuring performance, comparing performance with standards, and taking corrective actions.

Unit 4: Leading

• Leadership influences people toward goals.
• Types of power: legitimate, reward, coercive, expert, and referent.
• Leadership traits include confidence, integrity, communication skills, and decision-making ability.
• Leadership styles include autocratic, democratic, laissez-faire, and transformational.

Additional Topics

• Lesson 3: Issues in Leadership Development - Transformational leadership, transactional leadership, and moral leadership are discussed.
• Lesson 4: Communication - Communication elements (sender, message, channel, receiver, and feedback) are covered.
• Lesson 5: Perception and Personalities - Perception, psychological contract, ethnocentrism, and personality theories (Myers-Briggs, Big Five) are discussed.
• Lesson 6: Attitudes, Emotions, Moods and Stress - Details on components of attitudes, stress types, and the differences between moods and emotions are described.
• Lesson 7: Extrinsic vs. Intrinsic Rewards - Extrinsic (tangible) and intrinsic (psychological) rewards are contrasted.
• Lesson 8: Understanding Motivation through Needs and Rewards - Maslow's Hierarchy and Herzberg's Two-Factor Theory are discussed to give understanding to motivations and needs.