Org and Mgmt - Study Guide PDF

Organization & Management – Final Exam Study Guide Part I: Business Management Functions Objective: Understand the core functions of management and their application in business. Planning: o Purpose: To set goals, outline strategies, and prepare for future scenarios....

Organization & Management – Final Exam Study Guide Part I: Business Management Functions Objective: Understand the core functions of management and their application in business. Planning: o Purpose: To set goals, outline strategies, and prepare for future scenarios. o Key Points: ▪ Involves goal setting and determining methods to achieve them. ▪ Reduces uncertainty and involves decision-making processes. ▪ Importance of vision and mission statements for all business sizes. ▪ Distinction between operational (short-term) and strategic (long-term) planning. Organizing: o Purpose: To structure work and resources to meet organizational goals. o Key Points: ▪ Involves arranging work, resources, and personnel. ▪ Efficiency is a primary benefit; includes organizing all types of resources. ▪ Organizational charts detail both hierarchy and job functions. Leading: o Purpose: To guide, motivate, and empower employees. o Key Points: ▪ Directing and motivating are central to leadership. ▪ Leadership qualities can be developed; not everyone is born a leader. ▪ Various leadership styles suit different contexts. Controlling: o Purpose: To monitor and adjust activities to meet objectives. o Key Points: ▪ Involves checking if activities align with plans and correcting deviations. ▪ Equal importance to other management functions for ensuring strategic execution. Study Tips: Memorize the distinctions between planning types and leadership styles. Understand the sequential nature of management functions - how they integrate. Do Now: 1. Match the Management Function: o Write down the four management functions (Planning, Organizing, Leading, Controlling) on a piece of paper. Next to each, jot down one key characteristic or task associated with that function. o Example: ▪ Planning - Setting Goals ▪ Organizing - Structuring Resources ▪ Leading - Motivating Employees ▪ Controlling - Monitoring Performance 2. Leadership Style Scenarios: o Present a brief scenario where a manager must decide on a leadership style. Decide if an autocratic or a transformational approach would be more appropriate and why. Part II: Business Organization Objective: Recognize different business structures and their characteristics. Matching Terms and Definitions: o Study terms and definitions to understand the nuances of each business type. o Focus on the legal, financial, and operational implications of each structure. Study Tips: Use flashcards for matching exercises. Draw organizational charts for corporations and partnerships to understand structure. Do Now: 1. Identify the Business Structure: o Given a brief description of a business scenario, identify which type of business organization it represents (Sole Proprietorship, Partnership, Corporation, LLC, Franchise, Non-Profit). o Example: "A group of friends decide to start a restaurant together, sharing profits and responsibilities." (Answer: Partnership) 2. Business Structure Pros and Cons: o List a business structure on the board (e.g., Corporation) and ask students to write one advantage and one disadvantage of this structure. Discuss briefly. Part III: Human Resource Management & Technology in Business Management Objective: Grasp HRM processes and the role of technology in business. Human Resource Management: o Key Processes: Recruitment, development, appraisal, compensation, and termination. o Legal Considerations: Understand acts like the Civil Rights Act and Affirmative Action. Technology in Business: o Role: Essential for operations, communication, and innovation. o Advantages and Disadvantages: Balance between efficiency, cost, privacy, and job impact. Study Tips: Create a timeline of HR processes from recruitment to termination. List examples of technology used in business and discuss both positive and negative aspects. Do Now: 1. HRM Process Identification: o Given a scenario involving an HR activity (e.g., conducting interviews for new hires), identify which HRM function it relates to (Recruitment, Selection, Development, etc.). 2. Tech in Business Brainstorm: o List one way technology can benefit business management (e.g., faster communication through email) and one potential disadvantage (e.g., privacy concerns). Part IV: The Intersection of Personal Management Skills and Corporate Ethics/Social Responsibility Objective: Link personal skills to broader ethical practices and CSR. Essay Structure: o Introduction: Define personal management skills and their relevance to ethics and CSR. o Body: ▪ Time Management: Ethical decision-making under time constraints. ▪ Stress Management: Ethical behavior in high-pressure scenarios. ▪ Professional Growth: Cultivating an ethical culture through development. ▪ Communication Skills: Promoting transparency and integrity. ▪ Relationship Building: Enhancing community engagement through trust. o Conclusion: Summarize how these skills contribute to ethical corporate environments. Study Tips: Brainstorm examples or scenarios for each skill to illustrate their impact on ethics and CSR. Practice concise writing, focusing on clarity and coherence within a limited word count. General Advice: Review all provided answers and explanations multiple times. Use mnemonic devices or acronyms for remembering lists or sequences. Engage in group study sessions for discussion and deeper understanding. Practice writing summaries or short essays to refine your thoughts on complex topics.