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Management 2060 > Exam 1 (Chapters 1 & 2) > Flashcards

Exam 1 (Chapters 1 & 2) Flashcards

1
Q

What are the 4 Managerial Major Roles?

A
  1. planning
  2. organizing
  3. leading
  4. controlling
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2
Q

Management

A

the process of managing, pursuing organizational goals by planning, organizing, controlling, and leading with a goal of efficiency and effectiveness

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3
Q

What do managers do?

A
  • get things done through other people
  • manage individual contributors
  • indirectly contribute to production and delivery of products and services
  • create a top performing organization
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4
Q

What are management’s two basic sides?

A
  1. “hard” - consists of planning, budgeting, strategy formulation, decision-making and measuring results
  2. “soft” - “ - managing people, hiring, evaluation, motivation, counseling, coaching, etc.
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5
Q

“Why is the soft side of management so hard?“

A

Soft issues are often more difficult than hard ones

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6
Q

Drucker’s Five Managerial Activities

A
  1. Sets Objectives
  2. Organizes Work
  3. Motivates and Communicates with Others
  4. Measures Results
  5. Develops the abilities of people, including their own
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7
Q

Informational

A

managing by information

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8
Q

Interpersonal

A

managing through people

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9
Q

Decisional

A

managing through action

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10
Q

Mintzberg’s 10 Managerial Roles (INFORMATIONAL)

A
  1. Monitor
  2. Disseminator
  3. Spokesperson
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11
Q

Mintzberg’s 10 Managerial Roles (INTERPERSONAL)

A
  1. Figurehead
  2. Leader
  3. Liaison
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12
Q

Mintzberg’s 10 Managerial Roles (DECISIONAL)

A
  1. Entrepreneur
  2. Disturbance Handler
  3. Resource Allocator
  4. Negotiator
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13
Q

Monitor

A

Seek and acquire work related info

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14
Q

Disseminator

A

Communicate/disseminate info to others within organization

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15
Q

Spokesperson

A

Communicates/transmits info to outsiders

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16
Q

Figurehead

A

Perform social/legal duties, act as social leader

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17
Q

Leader

A

Direct and motivate subordinates, train employees

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18
Q

Liaison

A

Establish and maintain contacts

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19
Q

Entrepreneur

A

Identify new ideas and initiate improvement projects

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20
Q

Disturbance Handler

A

Deals with and corrects problems and disputes

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21
Q

Resource Allocator

A

Decide where to apply resources

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22
Q

Negotiator

A

Defends business interests

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23
Q

One of the keys to developing the managerial mindset is….

A

understanding the appropriate use of delegation.

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24
Q

When delegating to an employee, a manager should be sure that the person is….

A

capable of handling the work and is given the authority to complete the task

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25
Q

To develop effective management styles, we need to know our:

A

– Strengths and weaknesses
– Personal style
– Preference for such things as order, creativity, frequent interaction with others, and tolerance for ambiguity

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26
Q

What are the three broad categories of skills that are necessary for managers to succeed?

A
  1. Technical Skills
  2. Human Skills
  3. Conceptual Skills
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27
Q

Technical Skills

A
  • acquired through education and experience

- are more critical for lower-level managers than for higher level managers

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28
Q

Human Skills

A
  • the skills necessary for working with others in a constructive manner and for communicating clearly
  • important at all levels of management
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29
Q

Conceptual Skills

A
  • involve the ability to see the “big picture” and to develop a vision for the company as a whole
  • necessary for higher-level managers and less important for lower-level managers
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30
Q

Emotional Intelligence

A

the ability to understand and interpret the emotional state of others, it is also a key skill

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31
Q

The elements of visionary leadership include:

A
  • Creating vision and strategy
  • Communicating vision and strategy and getting buy-in
  • Motivating action
  • Helping an organization grow, evolve, and adapt to changing circumstances
32
Q

The elements of management include:

A
  • Planning and budgeting
  • Setting direction
  • Organizing and staffing
  • Aligning the efforts of many people
  • Controlling
  • Decision-making and problem solving
  • Motivating and inspiring people
33
Q

Entrepreneurship[

A

the process of innovating with products or services for the purpose of creating wealth for the entrepreneur while adding value to society

34
Q

Entrepreneur

A

an individual who starts, organizes, manages, and assumes the risks and responsibilities of a business or enterprise

35
Q

Intrapreneurship

A

the entrepreneurial process conducted within an established organization

36
Q

Intrapreneur

A

a manager within a firm tasked with fostering innovation through entrepreneurial activities

37
Q

What are the eight basic stages in starting a new venture or business?

A
  1. Discovery
  2. Evaluating the Market
  3. Structuring the Venture
  4. Strategic Planning
  5. Operational and Financial Planning
  6. Creating the Business Plan
  7. Financing the Venture
  8. Implementing
38
Q

Discovery

A

Identify a needed new product or service

39
Q

Evaluating the Market

A

Identify the appropriate market niche

40
Q

Structuring the Venture

A

Decide form of venture (start yup, buy, franchise) and legal structure

41
Q

Strategic Planning

A

Establish mission, objectives and strategies

42
Q

Operational and Financial Planning

A

Plan for producing and marketing the product/service

43
Q

Creating the Business Plan

A

Estimate the revenue and expenses, cash flow needs, and needed investments

44
Q

Financing the Venture

A

Locate and secure initial investment

45
Q

Implementing

A

Manage the launch and initial operation

46
Q

Reverse Delegation

A

subordinates ask for their manager’s assistance even when they are capable of completing the task

47
Q

Ineffective Delegation

A

when a manager delegates without controlling (called abdication by some management experts), or micromanages, or bullies or threatens a subordinate into taking on responsibility.

48
Q

Emotional Intelligence

A

our ability to identify and control our emotions to achieve positive outcomes in our relationship

49
Q

What are the two major management styles, which play out differently in the workplace according to D. Quinn Mills?

A
  1. ODS (Organize, Delegate, and Supervise) which is directive
  2. GEM (Goals, Empower, Measurement) which is empowering
50
Q

Traditional directive management employs the ODS (Organize, Delegate, Supervise) approach, which takes two forms:

A
  1. Autocratic, where the manager makes the decisions and the subordinate is told what to do (ODS-A).
  2. Participative, where the manager seeks the suggestions of subordinates and then decides what is best either with or without reaching consensus (ODS-P)
51
Q

The empowered management style utilizes the GEM (Goals, Empowerment, Measurement) approach

A

This often relies upon empowered teams where the role of the team leader is constrained to making sure decisions are reached, conducting effective meetings, and keeping harmony among team members

52
Q

The empowering manager follows a four-step approach

A
  1. Setting goals
  2. Giving workers the power to make decisions and take actions without prior review
  3. Measuring the results
  4. Rewarding success
53
Q

Linkert’s Management Systems

A
  1. Exploitative Authoritative Organization
  2. Benevolent Authoritative Organization
  3. Consultative Organization
  4. Participative Organization
54
Q

Scientific Management

A

a theory based on time-and-motion studies to eliminate wasted movement and improve labor productivity

55
Q

Gantt Chart

A

provides a graphic schedule for planning and tracking progress on different tasks in a project

56
Q

Business Ethics

A

represent the standards for right and wrong that govern how business people act

57
Q

Managerial applications of ethics can include

A
  • A company’s attitude and conduct toward its employees, customers, community, and stockholders
    –The moral obligation placed on managers in a community to be honest and fair in their dealings with clients or customers and suppliers
    –The principles and standards that determine acceptable conduct in business
    –The study of what is good and evil, right and wrong, and just and unjust in the workplace and in the marketplace
58
Q

Ethics

A
  • supply the basis for decisions about what is right or wrong for humans
  • the study of morality
59
Q

Applied Ethics

A

moral philosophy applied to questions of right versus wrong arising in practical situation

60
Q

To help managers make personal ethical judgments, many companies have

A

adopted mission statements, hired ethics officers, developed corporate mottos, and established ethics codes and other policies

61
Q

Moral Minimum

A

businesses have a duty to obey the law in pursuing that profit

62
Q

Utilitarianism

A

a pragmatic philosophical approach that seeks the “greatest good for the greatest number of people.”

63
Q

Duty-based ethics (“Deontology”)

A

maintains that ethical conduct is adhering to a rule or rules that are universally regarded as moral, regardless of the consequences

64
Q

Virtue Ethics

A

a philosophical approach to ethics that focuses on moral character as the basis for moral action

65
Q

Relativism

A

the view that morality is not absolute and ethical standards should be adjusted according to societal norms, or the law

66
Q

Justice Ethics

A

maintains that ethical decisions should be made on the basis of equity, fairness, and impartiality.

67
Q

Egoism

A

maintains that the pursuit of self-interest should be the basis of morality.

68
Q

Ethical Misconduct

A

conduct widely deemed to be unethical is prevalent in the business workplace

69
Q

Corporate Social Responsibility (CSR)

A

a perspective which asserts that the responsibility of businesses is to the larger society in which they operate.

70
Q

The arguments in support of CSR are broadly divided into two strands:

A

moral and economic

71
Q

Moral Argument

A

proceeds from the assumption that the goal of any economic system should be to further the general social welfare– the purpose of business should transcend maximizing profitability

72
Q

Economic Argument

A

an appeal to enlightened self-interest: social responsibility brings real economic benefits to businesses that pursue it.

73
Q

Sustainable Management

A

managing an organization so that it generates profits for its owners, protects the environment, and improves the lives of the people with whom it interacts.

74
Q

Social Critics

A

One strand of criticism, often associated with the political left, sees corporate sustainability as at best an inadequate response to social and environmental challenges and, at worst, a negative development that can actually hinder efforts to address social and environmental problem

Such critics often fault corporate sustainability efforts for being more about advertising and public relations than about real impact

75
Q

Free-market critics

A

Others, generally free-market advocates often associated with the political right, are skeptical of corporate sustainability because they see it as misguided and based on a flawed understanding of how a free enterprise economy works

Management 2060 (2 decks)

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