Fundamentals of management

Question 1

Management

Answer 1

Management is the process of planning, organizing, leading, and controlling resources (such as people, finances, and materials) to achieve specific goals effectively and efficiently within an organization.

Question 2

What is a person responsible for supervising the use of an organization’s resources to meet its goals

Answer 2

Manager

Question 2

Organization

Answer 2

Organization refers to a structured group of people working together to achieve common goals.

Question 3

Manager

Answer 3

A manager is a person who is responsible for overseeing a team to ensure that tasks are completed efficiently and goals are achieved effectively.

Question 4

What are recourses in management

Answer 4

Resources include people, skills, know-how, experience, machinery, raw materials,
computers, IT, patents, financial capital, and loyal customers and employees

Question 5

Organizational performance

Answer 5

Organizational performance refers to how well an organization is achieving its goals and objectives. It is a measure of how effectively and efficiently the organization is functioning in various aspects

Question 6

High and low effectiveness

Answer 6

Effectiveness in management refers to how well a manager achieves the desired goals and outcomes for their team or organization.

Low effectiveness means the manager struggles to meet objectives or deliver outcomes as expected.
High effectiveness indicates that the manager consistently achieves goals and delivers successful results for their team or organization.

Question 7

High and low efficiency

Answer 7

Efficiency in management relates to how well a manager utilizes resources to achieve those goals.

Low efficiency implies that the manager uses excessive resources or wastes time and effort in achieving objectives.
High efficiency suggests that the manager optimally utilizes resources, minimizing waste and achieving objectives in a cost-effective and timely manner.

Question 8

Efficiency in management

Answer 8

A measure of how well or how productively resources are used to achieve a goal

Question 9

Effectiveness in management

Answer 9

A measure of the appropriateness of the goals an organization is pursuing
and the degree to which they are achieved.

Question 10

Managerial task

Answer 10

Managers at all levels in all organizations perform each of the four
essential managerial tasks of planning, organizing, leading, and
controlling

Question 11

The function of planning in management

Answer 11

Choosing appropriate organizational goals and courses of action to best achieve those goals

Question 12

The function of organizing in management

Answer 12

Establishing task and authority relationship that allows people to work together to achieve organization goal

Question 13

The function of leading in management

Answer 13

Motivate coordinate and energize individuals and groups to work together to achieve organizational goals

Question 14

The function of controlling in management

Answer 14

Establish accurate measuring and monitoring systems to evaluate how well the organization has achieved its goals

Question 15

Planning in management

Answer 15

Process of identifying and selecting
appropriate organizational goals and courses of action

Question 16

Steps in the planning process in management

Answer 16

1.Deciding which goals the organization will pursue
2.Deciding what courses of action to adopt to attain those goals
*3.Deciding how to allocate organizational resources

Question 17

Organizing in management

Answer 17

Task managers perform to create a structure of working relationships
that allow organizational members to interact and cooperate to
achieve organizational goals

Question 18

Factors in organization

Answer 18

1. Involves grouping people into departments according to the kinds of
   job-specific tasks they perform
   2.Managers lay out lines of authority and responsibility
2. Decide how to coordinate organizational resources

Question 19

Factors in planning

Answer 19

• Complex, difficult activity
• Strategy to adopt is not always immediately clear
• Done under
  uncertainty

Question 20

Organizational structure

Answer 20

A formal system of task and reporting relationships that coordinates
and motivates members so that they work together to achieve
organizational goals

Question 21

Leading in management

Answer 21

Articulating a clear organizational vision for its members to accomplish,
and energize and enable employees so that everyone understands the
part they play in achieving organizational goals

Question 22

Factors in leading

Answer 22

• Leadership involves using power, personality, and influence,
  persuasion, and communication skills
• Outcome of leadership is highly motivated and committed workforce

Question 23

Controlling

Answer 23

Task of managers is to evaluate how well an organization has
achieved its goals and to take any corrective actions needed to
maintain or improve performance

Question 24

The controlling process outcome in management

Answer 24

The outcome of the control process is the ability to measure performance accurately and regulate organizational efficiency and effectiveness

Question 25

Decisional roles in management

Answer 25

Roles associated with methods managers use in planning strategy and utilizing resources.

Question 26

Decisional roles of managers in an organization

Answer 26

1.Entrepreneur—deciding which new projects or programs to initiate and to invest resources in. 2. Disturbance handler—managing an unexpected event or crisis. 3. Resource allocator—assigning resources between functions and divisions, setting the budgets of lower managers. 4.Negotiator—reaching agreements between other managers, unions, customers, or shareholders.

Question 27

Interpersonal roles in management

Answer 27

Roles that managers assume to provide direction and supervision to both employees and the organization as a whole.

Question 28

Interpersonal roles of managers in and organization

Answer 28

1.Figurehead—symbolizing the organization’s mission and what it is seeking to achieve. 2. Leader—training, counseling, and mentoring high employee performance. 3. Liaison—linking and coordinating the activities of people and groups both inside and outside the organization.

Question 29

Informational roles in management

Answer 29

Roles associated with the tasks needed to obtain and transmit information in the process of managing the organization.

Question 30

Informational roles of managers in an organization

Answer 30

1.Monitor—analyzing information from both the internal and external environment. 2.Disseminator—transmitting information to influence the attitudes and behavior of employees. 3.Spokesperson—using information to positively influence the way people in and out of the organization respond to it.

Question 31

Levels of management

Answer 31

CEO Top managers Middle managers First line managers Departments in research and development, marketing and sales, manufacturing, accounting, materials managerial

Question 32

Areas of managers in departments

Answer 32

A group of managers and employees who work together and possess similar skills or use the same knowledge, tools, or techniques

Question 33

Levels of management defined

Answer 33

1. Chief executive officer (CEO) is company’s most senior and important manager The CEO is responsible for making major corporate decisions, managing the overall operations and resources of the company, and acting as the main point of communication between the board of directors and the corporate operations. * Central concern is creation of a smoothly functioning top management team * CEO, COO, Department heads 2.Top managers – * Responsible for the performance of all departments and have cross-departmental responsibility. * Establish organizational goals and monitor middle managers * Decide how different departments should interact * Ultimately responsible for the success or failure of an organization 3.Middle managers- Supervise first-line managers. Responsible for finding the best way to organize human and other resources to achieve organizational goals 4. First line managers - Responsible for daily supervision of the non-managerial employees who perform many of the specific activities necessary to produce goods and services

Question 34

Relative Amount of Time That Managers Spend on the Four Managerial Functions

Answer 34

1.Top managers- Spend majority of time in planning and organizing and less time in leading and controlling 2.Middle managers- Spend majority of time in leading(the most time spent) planning and organizing and less time in controlling First line managers- Spend majority of time in leading(the most time spent) planning and organizing and less time in controlling

Question 35

What is the trend of the time spent in managerial functions

Answer 35

The higher in manager position the less time the is spent in leading and more time in planning controlling and organizing

Question 36

What is the trend of the time spent in managerial skills

Answer 36

Time spent on human skills is the same for every level of managers while the higher the position in management the more time spent on conceptual skill and less time in technical skills

Question 37

Core competency

Answer 37

Specific set of departmental skills, abilities, knowledge and experience that allows one organization to outperform its competitors

Question 38

Restructuring

Answer 38

Involves simplifying, shrinking, or downsizing an organization’s operations to lower operating costs

Answer 39

Advantages restructuring an organization are increased efficiency, improved strategy, enhanced financial arrangements, and a boost in profits. It can also help the organization to optimize processes, improve communication, and lower operating costs. ​On the flip side, restructuring may lead to loss of skilled workers, decreased productivity, and it isn't a guaranteed fix for all organizational issues. Can reduce the morale of remaining employees

Question 40

Outsourcing

Answer 40

Contracting with another company, usually in a low cost country abroad, to perform a work activity the company previously performed itself Increases efficiency by lowering operating costs, freeing up money and resources that can now be used in more effective ways

Question 41

Empowerment

Answer 41

Involves giving employees more authority and responsibility over the way they perform their work activities

Question 42

Self-managed teams

Answer 42

Groups of employees who assume collective responsibility for organizing, controlling, and supervising their own work activities

Question 43

What is the biggest challenge for management in a Global Environment

Answer 43

Global Crisis Management

Question 44

Challenges for Management in a Global Environment

Answer 44

1.Rise of Global Organizations. 2.Building a Competitive Advantage 3.Maintaining Ethical Standards 4.Managing a Diverse Workforce 5.Utilizing Information Technology and Technologies 6.Global Crisis Management

Question 45

Competitive Advantage

Answer 45

Ability of one organization to outperform other organizations because it produces desired goods or services more efficiently and effectively than its competitors

Question 46

Building blocks of competitive advantages

Answer 46

Efficiency Innovation Quality Responsiveness to customers

Question 47

Building competitive advantages

Answer 47

1.Increasing efficiency Reduce the quantity of resources used to produce goods or services 2. Increasing Quality Improve the skills and abilities of the workforce Introduce total quality management 4.Increasing speed, flexibility, and innovation How fast a firm can bring new products to market How easily a firm can change or alter the way they perform their activities 5.Innovation Process of creating new or improved goods and services that customers want Developing better ways to produce or provide goods and services

Question 48

Turnaround Management

Answer 48

Difficult and complex management task Done under conditions of great uncertainty Risk of failure is greater for a troubled company More radical restructuring necessary

Question 49

Maintaining Ethical and Socially Responsible Standards

Answer 49

Managers are under considerable pressure to make the best use of resources Too much pressure may induce managers to behave unethically, and even illegally

Question 50

Managing a Diverse Workforce

Answer 50

To create a highly trained and motivated workforce managers must establish HRM procedures that are legal, fair and do not discriminate against organizational members

Question 51

Global Crisis Management may be the result of

Answer 51

Natural causes Manmade causes International terrorism Geopolitical conflicts

Question 52

Global crisis management

Answer 52

The strategic planning and coordination of efforts to effectively respond to and mitigate widespread crises or emergencies that have the potential to significantly impact multiple regions or countries around the world.