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Best Practices in Management > All > Flashcards

All Flashcards

1
Q

vision

A

A clear, distinctive, and specific view of what a company would like to achieve in the future.

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2
Q

mission statement

A

Defines the organization’s goals, values, and reason for existence.

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3
Q

innate attributes

A

Part of your personality.

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4
Q

leader

A

To express the vision of an organization, to influence others, to provide a “call to action,” and to establish the expected culture for an organization.

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5
Q

typology

A

Identifies the sources and types of power to influence others that may be at the disposal of leaders.

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6
Q

Reward power

A

The power people have because others believe they can bestow rewards or outcomes, such as money or recognition, that others desire

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7
Q

Coercive power

A

The power people have because others believe they can inflict pain or withhold or take away something they value

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8
Q

Referent power

A

The power people have because others want to associate with or be accepted by them

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9
Q

Expert or resource power

A

The power people have because others believe they have and are willing to share expert knowledge or access to resources, such as information, time, or materials

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10
Q

Legitimate power

A

The power people have because others believe they possess the “right” to influence them and that they ought to obey

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11
Q

“Great Man” theory of leadership

A

The assumption that leadership capabilities are rooted in characteristics possessed by individuals.

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12
Q

Core Traits of a leader

A

Drive, leadership motivation, honesty and integrity, self-confidence, cognitive ability, knowledge of the business. Other traits: charisma, creativity/ originality, and flexibility/ adaptiveness.

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13
Q

Drive

A

a high level of effort, including a strong desire for achievement as well as high levels of ambition, energy, tenacity, and initiative

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14
Q

Leadership motivation

A

an intense desire to lead others

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15
Q

Honesty and integrity

A

a commitment to the truth (not being deceitful), where word and deed correspond

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16
Q

Self-confidence

A

an assurance in one’s self, one’s ideas, and one’s ability

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17
Q

Cognitive ability

A

conceptually skilled, capable of exercising sound judgment, having strong analytical skills, and possessing the capacity to think strategically and multi-dimensionally

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18
Q

Knowledge of the business

A

a high degree of understanding of the company, industry, and technical matters

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19
Q

Behavioral Theory

A

Based on the premise that behavior can be conditioned as a result of experiences within the environment; anyone can be trained to act in a preferred way.

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20
Q

contingency theory

A

Predicts that effective leaders are those whose personal traits match the needs of the situation in which they find themselves.

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21
Q

Contingency model of leadership

A

focuses on the interaction of leadership style and the situation (later called situational control). Key areas: leader’s personality, the task itself, and whether the leader can exert control over the group.

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22
Q

Least preferred coworker

A

Scale to determine which traits a leader least likes in a coworker. (low score bad)

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23
Q

Transactional theories

A

Based on an exchange between the leader and the follower. The relationship is a positive one and benefits both parties. To work, the goals of the organization and the individual must be aligned.

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24
Q

transformational leadership

A

Enhances motivation and morale by connecting the employee’s sense of identity to a project and the collective identity of the organization.

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25
Q

theory of transformational leadership components

A

individualized consideration, intellectual stimulation, inspirational motivation, and idealized influence

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26
Q

Individualized consideration

A

The degree to which the leader attends to each follower’s concerns and needs and acts as a mentor or coach.

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27
Q

Intellectual stimulation

A

The degree to which the leader challenges assumptions, takes risks, and solicits followers’ ideas.

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28
Q

Inspirational motivation

A

The degree to which the leader articulates a vision that is appealing and inspiring to followers.

29
Q

Idealized influence

A

The degree to which the leader provides a role model for high ethical behavior, instills pride, and gains respect and trust.

30
Q

Autocratic leader

A

One with absolute power.

31
Q

managers responsibilities

A

Managers are responsible for working with other people to efficiently and effectively complete activities that meet the goals of their organization through the execution of four fundamental management functions: planning, organizing, leading, and controlling.

32
Q

management process

A

Planning, organizing, negotiating, and controlling are considered the four main functions of managers.

33
Q

planning

A

Managers develop the roadmap or series of objectives that must be met to achieve the goals of the organization. Planning is not a static process, and managers must be willing to adapt to a changing internal and external environment.

34
Q

Organizing

A

Using resources in the most effective way, assigning tasks, delegating responsibilities, and determining who is reportable to whom in the organization. The two most important resources the manager has are people and money. Managers must effectively match the resources to the plan, coordinate all activities, and evaluate the results.

35
Q

negotiate

A

Managers must be influential leaders who can negotiate between parties, complete tasks, and lead employees. Individual employees and various departments must work together to form a cohesive group, united to meet the organization’s goals.

36
Q

Controlling

A

Monitoring progress and correcting for any veering off path. Managers must be willing and able to correct any employee misbehavior as well as to adapt to any changes in the path toward a goal or any changes in the external environment that may influence completion of the organization’s goal.

37
Q

Long-range planning

A

development. They work with the leaders of the organization to determine the principal objectives that must be met to meet the mission of the organization while staying focused on the ideals and values of the organization.

38
Q

Controlling

A

Managers evaluate and take corrective action concerning the allocation and use of human, financial, and material resources. Managers are responsible for overseeing many employees and sometimes multiple departments. Supplies are limited. The manager must make sure that the right amount and type of resources get to the correct employees and that they are efficiently and effectively used to meet the goals of the organization.

39
Q

Environmental scanning

A

Managers must continually watch for changes in the business environment and monitor business indicators. Managers must track profit and loss statements, cash flow statements, stock trends, and other indicators to follow their organization’s progress in garnering and protecting market share.

40
Q

Supervision

A

Managers continually oversee the work of their subordinates. Managers are ultimately responsible for the actions of employees under their supervision. They must walk a fine line between being controlling and being too laissez-faire, a management style that endorses a hands-off approach and group decision-making.

41
Q

Coordinating

A

Managers often must coordinate the work of others both inside the work unit and out.

42
Q

Customer relations and marketing

A

Managers must monitor customer satisfaction and develop policies on how to handle customer complaints. They also watch how effective the organization’s marketing plan is and whether dollars are correctly spent to reach the market that will most likely buy their product.

43
Q

Community relations

A

Contact must be maintained and nurtured with representatives from various constituencies outside the company, including state and federal agencies, local civic groups, and suppliers.

44
Q

Internal consulting

A

Some managers make use of their technical expertise to solve internal problems, acting as inside consultants for organizational change and development.

45
Q

Monitoring products and services

A

Managers get involved in planning, scheduling, and tracking the design, development, production, and delivery of the organization’s products and services.

46
Q

Skills necessary to be an effective manager

A

technical skills, communication or human relations skills, and conceptual skills

47
Q

Leaders

A

Motivates and Empowers; Strategic Visionary; Not Concerned with Process; Influencer; Decision Maker, Sets the Direction; Eyes the Horizon

48
Q

Managers

A

Manager of Processes; Resource Allocator; Reduces the Risks; Eyes Bottom Line

49
Q

spokesperson role

A

managers present information to people outside their organizations

50
Q

entrepreneur role

A

managers seek to improve their businesses, adapt to changing market conditions, and react to opportunities as they present themselves

51
Q

resource allocator role

A

managers making decisions about who gets what, how much, when, and why

52
Q

final decisional role (negotiator)

A

Managers spend considerable amounts of time in negotiations: over budget allocations, labor and collective bargaining agreements, and other formal dispute resolutions.

53
Q

WISE goals

A

Written, integrated, synergistic, expansive

54
Q

Balanced scorecard

A

For perspective are represented in a balanced scorecard. Financial, customer, internal business process, learning and growth.

55
Q

objectives

A

Short, measurable actions, are usually written to provide more detail.

56
Q

strategy

A

Action plan for a company defines its competitive advantage and delineates how it will achieve economic, social, and environmental performance objectives

57
Q

Strategic management process

A

Strategic objectives and analysis, formulation, implementation, and evaluation and control.

58
Q

Strategic objectives and analysis

A

An evaluation called a SWOT analysis is commonly used to perform both a thorough internal investigation of an organization to assess its strengths (S) and weaknesses (W) and an appraisal of the external competitive environment looking for any opportunities (O) or threats (T).

59
Q

PESTLE

A

Used to evaluate political, economic, social, technological, environmental, and legal factors that may affect an organization’s strategy.

60
Q

Strategic formulation

A

Goals and objectives are written based on the information obtained from the PESTLE and SWOT analyses.

61
Q

Goals

A

Broad, primary outcomes the organization is hoping to achieve.

62
Q

Strategic implementation

A

Sometimes referred to as strategic execution, this stage is when the planning stops, and the action begins.

63
Q

Strategic evaluation and control

A

Because internal and external conditions are always changing, this stage is crucial. Performance measurements (determined by the nature of the goal) will help determine if critical milestones are being met. Corrective actions are taken if the actual result varies from the strategic plan. Reexamining the goals or the measurement criteria to determine success may be necessary. If it becomes apparent that the strategy is not working according to plan, then new plans need to be formulated (see step 2) or organizational structures adjusted. Personnel may need to be retrained or shifted to other duties. The strategic management process may need to be reexamined or even redeveloped.

64
Q

Six stages in the execution of strategy

A

Developing strategy, through planning, to aligning the organization with the strategy, to planning operations, monitoring, and learning, and finally testing and adapting the strategy.

65
Q

Operational strategies

A

The methods companies use to reach their objectives. A focus on maximizing both efficiency and effectiveness is vital.

66
Q

Operational strategies categories

A

Developing a well-integrated company using corporate strategies, producing products and services with a focus on customer satisfaction, maximizing the organization’s core competencies, and creating a system to measure competitive priorities.

67
Q

Corporate strategies

A

Made up of interconnected parts concentrated on driving the company mission.

68
Q

essential components of corporate strategy

A

allocation of resources, organizational design, portfolio management, and strategic trade-offs.

Best Practices in Management (2 decks)

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