Chapter 1 - Management and the MBA

Question 1

Who is Henri Fayol?

Answer 1

The father of ‘management’. A french mining engineer from the 1916’s who published the founding (seminal) text on management.

Question 2

What are Henri Fayols 6 functions of management?

Answer 2

1. Forecasting and planning
2. Organising
3. Commanding or directing
4. Coordinating
5. Developing outputs
6. Controlling (through feedback)

Question 3

Define the theory of management

Answer 3

There isn’t a single, overarching view

Question 4

Knowledge used to be considered power. What is now considered to be power?

Answer 4

Sharing knowledge and information.

Question 5

What is the new key to leading others?

Answer 5

Self-awareness. Connecting the resources around you.

Question 6

How is value creation a purpose of management?

Answer 6

Managers represent the interests of others (owners, board members, shareholders). So, they need to create value on behalf of these stakeholders.

Question 7

What does the world want from a manager?

Answer 7

1. Decisiveness (make decisions under uncertainty)
2. Dot connector (gather, process and analyse information quickly and thoroughly)
3. Be articulate (communicate effectively on paper and face-to-face)
4. See the big picture (see the strategic connection inherent in every situation)

Question 8

What are the main tasks of first-level managers?

Answer 8

1. Learning from doing (gain hands-on experience)
2. Learning the ropes (doing things in line with the culture)
3. Taking on responsibility and decision making (meet targets, limited staff supervision and development)

Question 9

What are the main tasks of middle managers?

Answer 9

1. Learning from doing (gain hands-on experience)
2. Learning the ropes (doing things in line with the culture)
3. Taking on responsibility and decision making (meet targets, limited staff supervision and development)
4. Have an informed curiosity (hunger for new knowledge and ways of doing things)
5. Self-preservation (manage your self and decisions in line with what is right and what is acceptable)
6. Implement small - to medium-scale change (adjust already exists)

Question 10

What are the main tasks of senior managers?

Answer 10

1. Have an informed curiosity (hunger for new knowledge and ways of doing things)
2. Self-preservation (manage your self and decisions in line with what is right and what is acceptable)
3. Implement small - to medium-scale change (adjust already exists)
4. Stand in place of founder or owner (represent their interests)
5. Translate the vision and set the strategy (set the direction and assume responsibility for everyone’s actions)
6. Keep eyes and ears open (know the external environment and prepare for the future)

Question 11

Summarise what four principles does management involve?

Answer 11

1. Act with thoughtful purpose and intention
2. Represent owners and founders interests
3. Use resources to create value in a socially acceptable way
4. Set the context for future performance

Question 12

Why would anyone do any MBA?

Answer 12

To be able to lead and manage and inspire others who experts in their field. You won’t necessarily be a genius in every field yourself.