58 Questions
According to the classical model of management, what are the five classical functions of managers?
Planning, organizing, coordinating, deciding, and controlling
What do contemporary behavioral models argue about managerial behavior?
It is less systematic, more informal, less reflective, more reactive, and less well organized
What is one key difference between the classical model and contemporary behavioral models of managerial behavior?
Level of formality and organization
What was the classical model of management largely unquestioned for after the 1920s?
More than 70 years
What percentage of managerial activities last less than nine minutes?
10%
Which category do Henry Mintzberg's managerial roles fall into?
Interpersonal, informational, and decisional
What type of information do managers prioritize?
Current, specific, and ad hoc
In what areas can predictive analytics be applied?
Sales, marketing, and finance
What does business intelligence analytics offer in terms of capabilities?
Visual tools for performance data, ad hoc query creation, and drill down for detailed views
What is the accuracy rate of FedEx's predictive analytics in predicting customer responses, revenue generation, and customer attrition?
65-90%
What is the primary focus of managers in their communication preferences?
Flexibility and quick responses
What is the key purpose of building and maintaining a diverse network of contacts for managers?
To execute personal and organizational goals
What is the main focus of big data analytics in e-commerce?
Personalized recommendations and decision support
What do informational roles position managers as?
Information disseminators and spokespersons
What do managers prioritize in terms of communication flexibility?
Oral over written communication
What is the focus of decisional roles according to Henry Mintzberg's classification?
Making choices that affect the organization
What is the purpose of executive support systems (ESS)?
To help C-level executive managers focus on important performance information
What are the four dimensions of firm performance in the balanced scorecard framework?
Financial, business process, customer, and learning and growth
What are key performance indicators (KPIs) used for in the balanced scorecard framework?
Measuring performance on each dimension of firm performance
What is the purpose of regression analysis for Progressive Insurance?
To identify factors closely correlated with insurance losses for specific customer groups
What is the focus of decision support systems for senior management?
Important performance information affecting the overall profitability and success of the firm
What does the balanced scorecard framework aim to operationalize?
A firm’s strategic plan
What is the purpose of BI analytics in large enterprise systems?
To analyze data from large corporate databases
What is a key aspect of the balanced scorecard framework?
Focusing on more than just financial performance
What is the primary focus of ESS?
Delivering important performance information to C-level executive managers
What is the role of simulation software for Progressive Insurance?
To test whether pricing arrangements will enable the company to make a profit
What is the purpose of defining small groups of customers, or “cells,” for Progressive Insurance?
To identify the best customers for its products
Why is the balanced scorecard framework considered 'balanced'?
It causes managers to focus on more than just financial performance
What are the five classical functions of managers according to the classical model?
Planning, organizing, coordinating, deciding, and controlling
What is the primary difference between the classical model and contemporary behavioral models of managerial behavior?
Systematic vs. informal and reactive behavior
What did Henri Fayol and other early writers first describe as the classical functions of managers?
Planning, organizing, coordinating, deciding, and controlling
What is the focus of contemporary behavioral models in understanding managerial functions and roles?
Studying managers in daily action
What does the classical model of management largely describe?
Formal managerial functions
What do contemporary behavioral scientists argue about the behavior of managers as compared to the classical model?
Less systematic and more informal
What is the primary focus of the classical model of management?
Describing formal managerial functions
What is the primary emphasis of contemporary behavioral models in understanding managerial behavior?
Daily action of managers
What did the classical model of management dominate for a long time?
Management thought
What do contemporary behavioral models argue about the behavior of managers compared to the classical model?
Less systematic and more informal
What is one key indicator of customer performance for an online retail firm in the balanced scorecard framework?
Average length of time required to deliver a package to a consumer
What is the primary focus of executive support systems (ESS)?
To help C-level executive managers focus on important performance information
What is the purpose of using simulation software for Progressive Insurance?
To test pricing arrangements for profitability
What is the framework for operationalizing a firm’s strategic plan by focusing on measurable outcomes on four dimensions of firm performance?
Balanced scorecard
What is the primary focus of predictive analytics?
Modeling future events and behaviors using historical data
What is the focus of business intelligence (BI) analytics in large enterprise systems?
Analyzing data from large corporate databases
What is the main purpose of building and maintaining a diverse network of contacts for managers?
To execute personal and organizational goals
What is a key purpose of regression analysis for Progressive Insurance?
To identify factors closely correlated with insurance losses for specific customer groups
What is the key aspect of big data analytics in e-commerce?
Integration of data from social media and customer transactions
What do the balanced scorecard key performance indicators (KPIs) measure for a firm?
Performance on four dimensions: financial, business process, customer, and learning and growth
What is the primary focus of managers in their communication preferences?
Prioritizing oral over written communication for flexibility and quick responses
What is the role of decision support systems (DSS) for senior management?
To help senior managers focus on important performance information
What do business intelligence analytics offer in terms of capabilities?
Visual tools for performance data, ad hoc query creation, and drill down for detailed views
What is the main focus of intensive modeling tools in business intelligence (BI) analytics?
Analyzing data from large corporate databases
What is the focus of decisional roles according to Henry Mintzberg's classification?
Making choices that affect the organization's strategy and objectives
What is the purpose of defining small groups of customers, or “cells,” for Progressive Insurance?
To identify the best customers for its products
What is the purpose of BI analytics in large enterprise systems?
To provide insights for strategic decision-making
What are the three categories into which Henry Mintzberg classified managerial behavior?
Interpersonal, informational, and decisional
What do managers prioritize in terms of communication flexibility?
Current, specific, and ad hoc information
What is the accuracy rate of FedEx's predictive analytics in predicting customer responses, revenue generation, and customer attrition?
65-90%
Study Notes
Managerial Roles and Business Intelligence
- Managers engage in over 600 activities daily, without respite, and struggle to fulfill their extensive responsibilities.
- Managerial activities are short-lived, with most lasting less than nine minutes and only 10% exceeding an hour.
- Managers prioritize current, specific, and ad hoc information, favoring oral over written communication for flexibility and quick responses.
- Building and maintaining a diverse network of contacts is crucial for managers to execute their personal and organizational goals.
- Henry Mintzberg classified managerial behavior into 10 roles, falling into three categories: interpersonal, informational, and decisional.
- Interpersonal roles involve managers as figureheads, leaders, and liaisons within the organization.
- Informational roles position managers as information disseminators and spokespersons, centralizing and redistributing vital information.
- Business intelligence analytics offer capabilities such as visual tools for performance data, ad hoc query creation, and drill down for detailed views.
- Predictive analytics use statistical analysis and historical data to model future events and behaviors, with applications in sales, marketing, and finance.
- FedEx employs predictive analytics to predict customer responses, revenue generation, and customer attrition with an accuracy rate of 65-90%.
- Predictive analytics are also utilized in credit scoring, healthcare, and direct marketing campaigns to identify potential high-cost patients and promising customers.
- Big data analytics, incorporating data from social media and customer transactions, are increasingly integrated into predictive analytics for personalized recommendations and decision support in e-commerce.
Managerial Roles and Business Intelligence
- Managers engage in over 600 activities daily, without respite, and struggle to fulfill their extensive responsibilities.
- Managerial activities are short-lived, with most lasting less than nine minutes and only 10% exceeding an hour.
- Managers prioritize current, specific, and ad hoc information, favoring oral over written communication for flexibility and quick responses.
- Building and maintaining a diverse network of contacts is crucial for managers to execute their personal and organizational goals.
- Henry Mintzberg classified managerial behavior into 10 roles, falling into three categories: interpersonal, informational, and decisional.
- Interpersonal roles involve managers as figureheads, leaders, and liaisons within the organization.
- Informational roles position managers as information disseminators and spokespersons, centralizing and redistributing vital information.
- Business intelligence analytics offer capabilities such as visual tools for performance data, ad hoc query creation, and drill down for detailed views.
- Predictive analytics use statistical analysis and historical data to model future events and behaviors, with applications in sales, marketing, and finance.
- FedEx employs predictive analytics to predict customer responses, revenue generation, and customer attrition with an accuracy rate of 65-90%.
- Predictive analytics are also utilized in credit scoring, healthcare, and direct marketing campaigns to identify potential high-cost patients and promising customers.
- Big data analytics, incorporating data from social media and customer transactions, are increasingly integrated into predictive analytics for personalized recommendations and decision support in e-commerce.
Explore the daily activities and extensive responsibilities of managers, as well as the classifications of managerial behavior by Henry Mintzberg. Discover the crucial role of business intelligence analytics, including predictive analytics and big data analytics, in decision-making processes and strategic planning.
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