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Questions and Answers
What is the main purpose of monitoring in a task?
What is the main purpose of monitoring in a task?
What does the term 'SHOULD-ACT-Comparison' primarily involve?
What does the term 'SHOULD-ACT-Comparison' primarily involve?
What is typically compared in an ACT-ACT Comparison?
What is typically compared in an ACT-ACT Comparison?
What is a likely outcome of monitoring tasks in a business setting?
What is a likely outcome of monitoring tasks in a business setting?
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Why might someone be induced to act differently during a monitoring process?
Why might someone be induced to act differently during a monitoring process?
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What is a key factor in creating an appropriate organization according to the task analysis?
What is a key factor in creating an appropriate organization according to the task analysis?
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What aspect enhances the understanding of a company's structure?
What aspect enhances the understanding of a company's structure?
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Which of the following best defines a network in the context of company structure?
Which of the following best defines a network in the context of company structure?
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Which statement is NOT true regarding structure design options?
Which statement is NOT true regarding structure design options?
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What is an important consideration for companies during structure design?
What is an important consideration for companies during structure design?
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What primarily deals with the theory of investment decisions?
What primarily deals with the theory of investment decisions?
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Which of the following best describes financing decisions?
Which of the following best describes financing decisions?
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What is a key component of the finance process?
What is a key component of the finance process?
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What does equity primarily refer to in financing?
What does equity primarily refer to in financing?
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Which of the following is NOT a part of financial analysis?
Which of the following is NOT a part of financial analysis?
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What is the primary objective of controlling in human resources?
What is the primary objective of controlling in human resources?
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Which aspect is emphasized as more important than historical data?
Which aspect is emphasized as more important than historical data?
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In HR controlling, what is a key action described for improving profitability?
In HR controlling, what is a key action described for improving profitability?
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What role does historical data play in HR controlling?
What role does historical data play in HR controlling?
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What does effective management control within HR structures aim to achieve?
What does effective management control within HR structures aim to achieve?
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What is the primary focus of human resources management?
What is the primary focus of human resources management?
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What does the human resources function primarily deal with?
What does the human resources function primarily deal with?
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Which of the following is NOT a core task of human resources management?
Which of the following is NOT a core task of human resources management?
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What is the goal of personnel recruitment within human resources?
What is the goal of personnel recruitment within human resources?
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Which aspect is NOT related to the goals of human resources?
Which aspect is NOT related to the goals of human resources?
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What method can be used in personnel selection to evaluate applicants?
What method can be used in personnel selection to evaluate applicants?
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What type of resource planning is critical in human resources management?
What type of resource planning is critical in human resources management?
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In the context of human resources, what is meant by 'life cycle of personnel'?
In the context of human resources, what is meant by 'life cycle of personnel'?
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What is a key purpose of financial planning?
What is a key purpose of financial planning?
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Which concept distinguishes management from controlling?
Which concept distinguishes management from controlling?
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What is typically the first step in the investment process?
What is typically the first step in the investment process?
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Which aspect does operational controlling primarily focus on?
Which aspect does operational controlling primarily focus on?
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Which of the following is NOT a common reason for accounting regulations?
Which of the following is NOT a common reason for accounting regulations?
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What is a significant component of the accounting cycle?
What is a significant component of the accounting cycle?
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In the context of investment types, which one is primarily equity-based?
In the context of investment types, which one is primarily equity-based?
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Which factor is most likely to influence financial analysis outcomes?
Which factor is most likely to influence financial analysis outcomes?
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Study Notes
Management Techniques
- Management by Objectives: Superior and subordinate level managers develop shared goals for all management levels. Only objectives are set, not rules for achieving.
- Management by Exception: Employees work independently until pre-set tolerances are exceeded or unforeseen events require higher-level intervention. All members of an organization must be aware of set targets and tolerances for variation. Clear definitions of responsibilities are crucial, as is an information system that signals exceptions.
- Management by Delegation: Entrepreneurial decision-making is shifted to the organizational level where such decisions can be handled most effectively. Job descriptions, definition of exceptional cases, and reduction of hierarchies are key aspects. Vertical hierarchy relationships only are considered.
Problem Solving Process
- The process involves six distinct phases:
- Analysis of the situation
- Objectives
- Measures
- Resources
- Implementation
- Evaluation of results
- Planning
- Planning involves defining which personnel or entities participate.
- Planning procedures are important; how plans are outlined.
- Planning tools support and shape the overall planning process.
Task Assignment and Authority
- Delegation of tasks includes all institutional, procedural, and instrumental decisions that express the will of a superior, transferring it to subordinates.
- Authority is defined as the ability of person A to influence the behavior of person B. This prompts person B to act in a way they wouldn't otherwise.
Types of authority
- Professional authority: Know-how and capabilities.
- Institutional authority: Legal basis, company organization, social standards.
- Personal authority: Employee treatment, enforcement power.
Monitoring
- The monitoring process compares actual results to targeted results, determining target fulfillment.
Organization Basics
- Organization principles outline the structure of a company, assigning tasks to specific positions.
- Elementary tasks are assigned to a position.
- Departments are groups of positions performing related actions.
- Organizational structures show the positioning of departments and teams.
- Characteristics of a task: operating object, material resources, location, ranking, phase, functional relationships, time, person.
Positions
- A workplace is a specific location where tasks are performed.
- Departments combine related positions under one authority.
- Competencies are defined rights and authorizations to complete all actions for a task's fulfillment.
- Responsibility is the accountability of fulfilling a task.
Congruence Principle
- Organizational theory principle emphasizing the match between tasks, competencies, and responsibilities.
- Phenomena of increasing specialization can exist in a company, with upsides of increased productivity, and downsides of increased organizational complexity and the potential for costs of coordination due to technical circumstances or monotone work.
Structure Design
- Structure design outlines allocating tasks based on the tasks' analysis to match appropriate organizational structures.
- Approach options include operation-oriented, object-oriented, and region-oriented.
- Line Centers & Staff Units, and Matrix Structures are organizational design options.
Networks
- Companies operate with internal and external perspectives.
- Consideration of interactions and connections (networks) is crucial for planning and understanding companies.
- Interactions are characterized by value-creation stages, duration of cooperation, and level of coordination.
Human Resources (HR)
- HR management addresses personnel as a production factor, focusing on long-term success, and individual and social goals.
- Theory X perspectives on personnel and work are about avoidance of work, responsibility, and security.
- Theory Y perspectives on personnel and work emphasize work's naturalness, assuming that people seek responsibility.
- Performance conditions: these, both subjective (employee skills and abilities) and objective (immediate working conditions) are significant for workforce productivity.
HR Processes
- Personnel recruitment: Planning, channels, selection, and applicant decisions are needed to fill vacancies. Core principles for recruitment include market outlook, flexibility, talent matching, and human dignity.
- Personnel deployment: Well-defined employee onboarding, job allocation, and time management are critical components. Essential stages include Headcount planning, personnel planning, qualitative personnel planning and temporal planning.
- Personnel management: Leadership styles vary, from autocratic to democratic, influencing employee work and cooperation. Key is motivating staff with incentives, both monetary and non-monetary, satisfying employee needs and expectations.
Personal Appraisal
- Personal appraisal systems assess employee performance and behavior, utilizing specified criteria and scoring, appraisal meetings, and necessary documentation.
- Appraisal systems use evaluation criteria, group leaders, and time limits.
Organizational Development
- Personnel development planning & measures are identified and monitored to improve organizational performance. HR structures and processes are aligned with aims of improving profitability.
Release Management
- Release management is a process aimed at reducing staff or downsizing. Factors considered are social and operational consequences of staff reductions impacting workforce and operations.
Accounting/Controlling
- Accounting and Controlling activities help track, plan, and improve profitability. Legal and economic reasons make these functions essential to efficient corporate governance.
- Accounting (external) focuses on cost/performance accounting, cost-type accounting, cost-center accounting, and cost-object accounting.
- Controlling (internal) uses key figures, sales/investment/financial plans for tracking and forecasting.
- Different types of controller and manager roles exist, with unique responsibilities and approaches to company management.
Financing and Investment
- Finance is concerned with investment and capital raising. Financial analysis and planning are necessary components to ensure a company’s success in the long term. These entail calculating capital requirements, evaluating financing options.
- Liquidity, profitability, and security of investment contribute to a company’s future, along with its independence. Key activities for the financing/investment process include determining and evaluating investment requirements, deciding on capital volumes and structuring, and evaluating cost-benefit analysis of various financing schemes, and long-term planning.
Controlling
- Controlling tasks involve target-setting, situation forecasting, problem analysis, action planning, resource/action scheduling, and organizational/result forecasting.
- Controlling ensures adherence to business guidelines, provides influence over current and future business decisions, and helps assess the potential for improvement.
- Objectives include assessing potential, identifying success, and measuring liquidity. This is achieved through strategic, profit, financial and operative controls.
Investment Process
- Investment types include Functional (Research & Development, Procurement, Production, Sales), Size (Small, Major), and Capacity (Founding, Expansion, Replacement, Rationalization).
- The typical investment process involves problem definition, search, appraisal, decision, implementation, and monitoring.
Financial Analysis and Planning
- This activity incorporates financial figures, sales plans, personnel plans, production plans, procurement plans, financial plans, and capital needs/investment plans.
Accounting
- Accounting obligations & regulations (HGB) exist to ensure commercial law is followed, with rules and standards affected by international standards and the European Union.
- The accounting cycle includes recording transactions, generating trial balances, correcting/adjusting issues if needed, generating formal reports for financial statements.
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Description
Explore key management techniques such as Management by Objectives, Management by Exception, and Management by Delegation. Additionally, dive into the six phases of the problem-solving process. This quiz will help you understand the essential strategies for effective management.
