AFM 132 - Chp 5 - management

Question 1

What’s the importance of managers?

Answer 1

managers give direction to their organizations, provide leadership and decide how to use organizational resources to accomplish organizational goals

Question 2

What are the core functions of mangement

Answer 2

1. plan
2. organize
3. lead
4. control

Question 3

What is the success of an organization based on?

Answer 3

management’s ability to adapt to the fast-changing business environment around them

Question 4

how can time decision be made to drive an organization towards its goals?

Answer 4

proper planning and management of resources (money, assets, information, and people)

Question 5

What does management place a greater emphasis now? and how it be supported or comoplicated?

Answer 5

management today place greater emphasis on leading its people and how to manage a multigenerational and diverse workforce to work towards a common goal - management fo these resources be supported and complicated by tech and increasing global nature of the world of work

Question 6

What following questions should be considered when working within an established organization or launching a new business and why?

Answer 6

1. where are we now?
   - examines the current situation of an organization and involves an assessment of the external environment
2. where do we want to be?
   - consider where you want to has as an organization - shape desires + goals for the future
3. how can we get there from here?
   - organization can address and close any gaps to meet its goals

Question 7

what’s the purpose in the planning process?

Answer 7

identifies where to head with a business strategy to gain a competitive advantage in the marketplace - what’s decided in the planning stages will cascade down to the other core management function

Question 8

what are the steps to a planning process?

Answer 8

defining a vision, mission statement, and values - provides direction for where the organization will head and ensures everyone is on the same page

Question 9

define a vision

Answer 9

describes why an organization exists and where it wants to be by articulating an attractive future - aims to inspire all employees to make decision and take actions that drive towards the vision - roadmap for an organization

Question 10

define a mission statement

Answer 10

describes the current purpose and what they do - typically address why a business exists and what makes the business unique

Question 11

vision vs mission statement

Answer 11

vision = long-term goal for an organization

mission statement highlights its current purpose

Question 12

Define values

Answer 12

fundamental beliefs that can guide decision making - help define how employees represent themselves and how to engage with others

Question 13

what are the strategies to ensure that values are embraced in an organization?

Answer 13

1. are these values communicated to all employees
2. are they prominent?
3. are they modelled by leaders within the organization

Question 14

SMART goals

Question 15

define goals

Answer 15

targets or accomplishments a business wants to achieve that should align with their vision and mission

Question 16

define a contingency plan

Answer 16

recognize courses of action to take when original plans don’t go as anticipated - recognizes how the future is uncertain and helps keep the organization flexible and mitigate risks

Question 17

What are the questions to ask when designing the structure of an organization?

Answer 17

how to allocate resources and assigning tasks

what will be the design processes and procedures - how info will flow within an organization

Question 18

define an organizational chart

Answer 18

provides a glimpse of people are organized - chart details the number of employees and various functions

Question 19

what’s the point of C-suite roles?

Answer 19

drives the company towards its vision while supporting a strong company culture

Question 20

why are organizations reducing levels of middle management?

Answer 20

1. employees are more educated and skilled - requiring less supervision - they can be empowered to make decision to work towards company goals
2. companies are collapsing to organize around the customer - fewer layers of management - they can be more responsive and adapt quickly to every changing customer needs

Question 21

What skills and knowledge should employees possess? and how does this change through employees to top management?

Answer 21

1. human skills - interpersonal skills required to interact
2. technical skills - knowledge + ability to perform tasks in a specific discipline
3. conceptual skills - where an employee can see the big picture through analytical + critical thinking skills

less of technical skills from employee to middle to top management

Question 22

What’s the main purpose of the “organize” management function

Answer 22

to arrange your resources and people to work towards company goals

Question 23

What are the traits of successful leaders

Answer 23

1. drive
2. cognitive ability
3. self-confidence
4. honesty + integrity
5. leadership motivation

Question 24

What are leaders relied on and how do they best draw them out?

Answer 24

leaders are relied on to maximize the efforts of others and draw the best in them - done through engagement, motivation and empowerment

Question 25

What are needs on the maslow’s hierarchy of needs

Answer 25

1. physiological - basic human needs to survive
2. safety - address our need for security + stability at home or at work
3. love/belonging - recognize our social need to belong + be accepted and how interpersonal relationships can motivate our behaviour
4. esteem - highlights our need for respect + to be recognized by others
5. self-actualization - suggest that employees can perform to their fullest potential - with base needs met, they’re motivated by growth and development opportunities

Question 26

What are the different types of leadership style?

Answer 26

1. autocratic leadership - making decision without consulting others
2. democratic leadership - involved managers + employees who work together to share perspectives + make informed decision
3. laissez-faire leadership - involves managers setting goals/targets that employees are free to accomplish in the manner they wish

Question 27

pros + cons of autocratic leadership/

Answer 27

pros - effective when people need to follow direction + managing new employees

cons - reduce employee morale + job satisfaction - doesn’t empower employees to become self-directed or take responsibility

Question 28

pros + cons of democratic leadership

Answer 28

pros - help build consensus + increase job satisfaction, effective when it comes to idea generation or creativity

cons - slow down the decision making process

Question 29

pros + cons of laissez-faire leadership

Answer 29

pros - effective when managing experience designated professionals with the prerequisite knowledge + training to expertly handle certain responsibility - empowers employees the most

cons - not effective with newbies

Question 30

What’s the control process?

Answer 30

1. establish clear goals - financial + non-financial measures
2. monitor + record performance -
3. compare results against standards
4. communicate results
5. if needed, take corrective action - if goals are not met

control is a continuous process

Question 31

What factors to look at for a holistic view of the organization

Answer 31

1, financial
2. customer
3. business processes
4. learning + growth

Question 32

What’s the importance of a balanced scorecard

Answer 32

suggests for a balanced view towards organizational effectiveness - looking at long-term performance + success for an organization

Question 33

What are some challenges to implementing a balance scorecard approach

Answer 33

too much time spent measuring and not acting on what the measure are telling them

Question 34

define a balance scorecard

Answer 34

a method of control that looks at both financial + non-financial measure through the assessment of financial, customers, business processes and learning + growth