Management Fundamentals Study Sheet PDF

Unit 1: Management Fundamentals Lesson 1: Management Fundamentals (Organization) ​ What is an Organization? ○​ A structured group of people working together to achieve specific goals. Key Characteristics Purpose – create and deliver goods or service Division of Labour – assign tasks to...

Unit 1: Management Fundamentals Lesson 1: Management Fundamentals (Organization) ​ What is an Organization? ○​ A structured group of people working together to achieve specific goals. Key Characteristics Purpose – create and deliver goods or service Division of Labour – assign tasks to individuals based on roles and expertise Hierarchy of Authority – a structured management system with levels of responsibility ​ Two Performance Measures of Productivity: ○​ Efficiency: Doing things right with minimal resources. ○​ Effectiveness: Doing the right things to achieve goals. Lesson 2: Management Fundamentals (Managers) ​ What is a Manager? ○​ A person who coordinates and oversees work to achieve organizational goals. ​ Three Levels of Managers: ○​ Top Manager (Executives, strategic decision-makers) ○​ Middle Manager (Bridges top management and teams) ○​ Team Leader (Supervises daily tasks) ​ Five Types of Managers: ○​ Functional, General, Line, Staff, and Project Managers (explain three) ​ Four Functions of Management: ○​ Planning, Organizing, Leading, Controlling ​ Upside-down Pyramid Suggests: ○​ Employees serve customers, managers support employees. Lesson 6: Corporate Social Responsibility ​ Corporate Social Responsibility (CSR): ○​ Commitment to ethical operations benefiting society and the environment. Unit 2: Planning Lesson 1: Why and How Managers Plan ​ Five Steps of Planning (in order): ○​ Define Objectives ○​ Determine Current Status ○​ Develop Premises ○​ Identify Alternatives ○​ Implement & Evaluate ​ Three Benefits of Planning: ○​ Provides direction, improves coordination, and reduces uncertainty. Lesson 2: Types of Plans Used by Managers ​ Strategic Plans: Long-term goals ​ Tactical Plans: Medium-term actions to support strategy ​ Operational Plans: Short-term, detailed processes Lesson 3: Planning Tools and Techniques ​ Key Planning Tools: ○​ Forecasting, Contingency Planning, Scenario Planning ​ Benchmarking: ○​ Comparing performance against industry standards. Lesson 4: Implementing Plans to Achieve Results ​ SMART Goals: Specific, Measurable, Achievable, Relevant, Time-bound Lesson 5: Introduction to Strategic Management ​ Strategic Management: ○​ The process of formulating and executing strategies. ​ Competitive Advantage: ○​ Unique value that makes an organization stand out. ​ Three Levels of Strategies: ○​ Corporate, Business, Functional Lesson 6: The Strategic Management Process ​ Three Phases: Formulation, Implementation, Evaluation ​ Mission Statement: Defines the organization's purpose. ​ SWOT Analysis: Strengths, Weaknesses, Opportunities, Threats Unit 3: Organizing Lesson 2: Introduction to Human Resource ​ Human Resource Management (HRM): Managing people within an organization. ​ Key HR Functions (define three): ○​ Recruitment & Selection, Training & Development, Compensation & Benefits, Employee Relations, Health & Safety ​ Four Categories of Labour: ○​ Unskilled, Semi-Skilled, Skilled, Professional Lesson 3: Forms of Compensation ​ Forms of Compensation: ○​ Hourly Wages, Salary, Salary + Commission, Straight Commission, Bonus, Performance-Based Pay, Fee for Service, Royalty, Stock Options Lesson 4: Health and Wellness ​ Health: Double Loss, Sick Pay ​ Occupational Health and Safety Act & Canada Labour Code Rights: ○​ Right to Know, Right to Participate, Right to Refuse Lesson 5: Rights in the Workplace ​ Employment Standards Act: ○​ Establishes employment conditions. ​ Key Vocabulary: Discrimination, Employment Equity, Affirmative Action, Pregnancy Discrimination, Comparable Worth, Workplace Privacy, Sexual Harassment ​ Employee Rights: Workplace protections and fair treatment. Lesson 6: Employability Skills ​ Four Main Categories (with examples): ○​ Fundamental (e.g., communication), Social & Emotional (e.g., adaptability), Personal Management (e.g., self-motivation), Teamwork (e.g., collaboration) Lesson 7: Controlling ​ Steps in the Control Process (in order): 1.​ Establish Standards 2.​ Measure Performance 3.​ Compare with Standards 4.​ Take Corrective Action Unit 4: Leading Lesson 1: The Nature of Leadership ​ Leadership: ○​ Influencing people toward goals. ​ Types of Power: ○​ Legitimate, Reward, Coercive, Expert, Referent ​ Leadership Traits: ○​ Confidence, Integrity, Communication Skills, Decision-making Ability Lesson 2: Leadership Styles ​ Four Leadership Styles: ○​ Autocratic, Democratic, Laissez-faire, Transformational Lesson 3: Issues in Leadership Development ​ Transformation vs. Transactional vs. Moral Leadership: ○​ Transformational: Inspires change ○​ Transactional: Focuses on rewards and punishments ○​ Moral: Based on ethics and values Lesson 4: Communication ​ Elements of the Communication Process: ○​ Sender, Message, Channel, Receiver, Feedback Lesson 5: Perception and Personalities ​ Perceptions: ○​ Psychological Contract (Balanced vs. Unbalanced) ○​ Ethnocentrism: Belief in cultural superiority ​ Personality Theories: ○​ Myers-Briggs, Big Five Traits Lesson 6: Attitudes, Emotions, Moods and Stress ​ Three Components of Attitudes: Cognitive, Affective, Behavioral ​ Stress Types: Constructive vs. Destructive ​ Moods vs. Emotions: ○​ Moods: Long-lasting, generalized feelings ○​ Emotions: Intense, short-term reactions Lesson 7: Extrinsic vs. Intrinsic Rewards ​ Extrinsic: Tangible rewards (salary, bonuses) ​ Intrinsic: Psychological rewards (job satisfaction) Lesson 8: Understanding Motivation through Needs and Rewards ​ Maslow’s Hierarchy (Managerial Application): ○​ Self-actualization, Esteem, Social, Safety, Physiological ​ Herzberg’s Two-Factor Theory: ○​ Satisfier Factors: Increase motivation (e.g., achievement) ○​ Hygiene Factors: Prevent dissatisfaction (e.g., salary)