2: Managing and business

Question 1

Is power…

1. The ability to get things done; or
2. The right to do something or the right to request and expect antoehr person to do something?

Answer 1

Power is the ability to get things done

Question 2

There are two which can be delegated to subordinates, but one which cannot. Which are which?

Responsibility
Accountability
Authority

Answer 2

Responsibility and Authority can be delegated to subordinates, but accountability cannot.

Question 3

What is one pro and one con of delegation

Answer 3

Pro:
- Relieves senior or less important tasks
- Upskill / develop junior
- Brings together skills and ideas

Cons:
- No supervision = inferior product
- Manager only delegates boring work
- Inadequte training

Question 4

What is a functional manager?

Answer 4

It is a hybrid of a line manager and staff manager

Question 5

What is the difference between a staff manager and line manager?

Answer 5

The staff manager acts in an advisory role to the line manager? For example, the IT manager advises the production manager.

Question 6

Is a project manager a temporary or permanent team manager?

Answer 6

Temporary

Question 7

What is the question you must be asking when “inward-looking”?

Answer 7

Does the business focus on internal operations

Question 8

Which are the two markets that directly contrast from one another?

Answer 8

Consumer markets vs Industrial markets

Question 9

What are the four P’s of marketing?

Bonus question: What are the additional three P’s for the service industry?

Answer 9

Product
Promotion
Place
Price

Additional three P’s for the service industry:
People
Processes
Physical evidence

Question 10

What are the four V’s for Operations?

Answer 10

Volume
Variety
Variation in demand
Visibility

Question 11

What are the main factors to consider for procurement?

Answer 11

Quality
Quantity
Price
Lead times (the time it takes from order to delivery of the goods)

Question 12

What are the four C’s that can be used to evaluate the effectiveness of HRM

Answer 12

Commitment (employees’ motivation, loyalty and job satisfaction)
Competence (looking at skills, abilities and potential)
Congruence (do management and employees share the same vision and goals)
Cost-effectiveness (operational efficiency and productivity)

Question 13

What does HRM stand for

Answer 13

Human Resources Management

Question 14

What are Tuckman’s stages of development?

Answer 14

Forming
Storming
Norming
Performing