Exam 1 (Chapters 1 & 2) Flashcards
1
Q
What are the 4 Managerial Major Roles?
A
- planning
- organizing
- leading
- controlling
2
Q
Management
A
the process of managing, pursuing organizational goals by planning, organizing, controlling, and leading with a goal of efficiency and effectiveness
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
4
Q
What are management’s two basic sides?
A
- “hard” - consists of planning, budgeting, strategy formulation, decision-making and measuring results
- “soft” - “ - managing people, hiring, evaluation, motivation, counseling, coaching, etc.
5
Q
“Why is the soft side of management so hard?“
A
Soft issues are often more difficult than hard ones
6
Q
Drucker’s Five Managerial Activities
A
- Sets Objectives
- Organizes Work
- Motivates and Communicates with Others
- Measures Results
- Develops the abilities of people, including their own
7
Q
Informational
A
managing by information
8
Q
Interpersonal
A
managing through people
9
Q
Decisional
A
managing through action
10
Q
Mintzberg’s 10 Managerial Roles (INFORMATIONAL)
A
- Monitor
- Disseminator
- Spokesperson
11
Q
Mintzberg’s 10 Managerial Roles (INTERPERSONAL)
A
- Figurehead
- Leader
- Liaison
12
Q
Mintzberg’s 10 Managerial Roles (DECISIONAL)
A
- Entrepreneur
- Disturbance Handler
- Resource Allocator
- Negotiator
13
Q
Monitor
A
Seek and acquire work related info
14
Q
Disseminator
A
Communicate/disseminate info to others within organization
15
Q
Spokesperson
A
Communicates/transmits info to outsiders
16
Q
Figurehead
A
Perform social/legal duties, act as social leader
17
Q
Leader
A
Direct and motivate subordinates, train employees
18
Q
Liaison
A
Establish and maintain contacts
19
Q
Entrepreneur
A
Identify new ideas and initiate improvement projects
20
Q
Disturbance Handler
A
Deals with and corrects problems and disputes
21
Q
Resource Allocator
A
Decide where to apply resources
22
Q
Negotiator
A
Defends business interests
23
Q
One of the keys to developing the managerial mindset is….
A
understanding the appropriate use of delegation.
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
25
To develop effective management styles, we need to know our:
-- Strengths and weaknesses
– Personal style
– Preference for such things as order, creativity, frequent interaction with others, and tolerance for ambiguity
26
What are the three broad categories of skills that are necessary for managers to succeed?
1. Technical Skills
2. Human Skills
3. Conceptual Skills
27
Technical Skills
- acquired through education and experience
| - are more critical for lower-level managers than for higher level managers
28
Human Skills
- the skills necessary for working with others in a constructive manner and for communicating clearly
- important at all levels of management
29
Conceptual Skills
- 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
30
Emotional Intelligence
the ability to understand and interpret the emotional state of others, it is also a key skill
31
The elements of visionary leadership include:
- 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
The elements of management include:
- 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
Entrepreneurship[
the process of innovating with products or services for the purpose of creating wealth for the entrepreneur while adding value to society
34
Entrepreneur
an individual who starts, organizes, manages, and assumes the risks and responsibilities of a business or enterprise
35
Intrapreneurship
the entrepreneurial process conducted within an established organization
36
Intrapreneur
a manager within a firm tasked with fostering innovation through entrepreneurial activities
37
What are the eight basic stages in starting a new venture or business?
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
Discovery
Identify a needed new product or service
39
Evaluating the Market
Identify the appropriate market niche
40
Structuring the Venture
Decide form of venture (start yup, buy, franchise) and legal structure
41
Strategic Planning
Establish mission, objectives and strategies
42
Operational and Financial Planning
Plan for producing and marketing the product/service
43
Creating the Business Plan
Estimate the revenue and expenses, cash flow needs, and needed investments
44
Financing the Venture
Locate and secure initial investment
45
Implementing
Manage the launch and initial operation
46
Reverse Delegation
subordinates ask for their manager's assistance even when they are capable of completing the task
47
Ineffective Delegation
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
Emotional Intelligence
our ability to identify and control our emotions to achieve positive outcomes in our relationship
49
What are the two major management styles, which play out differently in the workplace according to D. Quinn Mills?
1. ODS (Organize, Delegate, and Supervise) which is directive
2. GEM (Goals, Empower, Measurement) which is empowering
50
Traditional directive management employs the ODS (Organize, Delegate, Supervise) approach, which takes two forms:
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
The empowered management style utilizes the GEM (Goals, Empowerment, Measurement) approach
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
The empowering manager follows a four-step approach
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
Linkert's Management Systems
1. Exploitative Authoritative Organization
2. Benevolent Authoritative Organization
3. Consultative Organization
4. Participative Organization
54
Scientific Management
a theory based on time-and-motion studies to eliminate wasted movement and improve labor productivity
55
Gantt Chart
provides a graphic schedule for planning and tracking progress on different tasks in a project
56
Business Ethics
represent the standards for right and wrong that govern how business people act
57
Managerial applications of ethics can include
- 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
Ethics
- supply the basis for decisions about what is right or wrong for humans
- the study of morality
59
Applied Ethics
moral philosophy applied to questions of right versus wrong arising in practical situation
60
To help managers make personal ethical judgments, many companies have
adopted mission statements, hired ethics officers, developed corporate mottos, and established ethics codes and other policies
61
Moral Minimum
businesses have a duty to obey the law in pursuing that profit
62
Utilitarianism
a pragmatic philosophical approach that seeks the "greatest good for the greatest number of people."
63
Duty-based ethics ("Deontology")
maintains that ethical conduct is adhering to a rule or rules that are universally regarded as moral, regardless of the consequences
64
Virtue Ethics
a philosophical approach to ethics that focuses on moral character as the basis for moral action
65
Relativism
the view that morality is not absolute and ethical standards should be adjusted according to societal norms, or the law
66
Justice Ethics
maintains that ethical decisions should be made on the basis of equity, fairness, and impartiality.
67
Egoism
maintains that the pursuit of self-interest should be the basis of morality.
68
Ethical Misconduct
conduct widely deemed to be unethical is prevalent in the business workplace
69
Corporate Social Responsibility (CSR)
a perspective which asserts that the responsibility of businesses is to the larger society in which they operate.
70
The arguments in support of CSR are broadly divided into two strands:
moral and economic
71
Moral Argument
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
Economic Argument
an appeal to enlightened self-interest: social responsibility brings real economic benefits to businesses that pursue it.
73
Sustainable Management
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
Social Critics
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
Free-market critics
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
