Intro to Management Exam 1 Flashcards

Concepts From Study Guide

1
Q

What are the Four Management Functions?

A

1) Planning
2) Organizing
3) Leading
4) Controlling

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2
Q

Define what PLANNING is in the Four Management Functions.

A

You set goals and decide how to achieve them.
Example: You decide you want to earn a B in the class, so you strategize.

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3
Q

Define what ORGANIZING is in the Four Management Functions.

A

You arrange tasks, people, and other resources to accomplish the work.
Example: The class has weekly homework assignments and four exams. So, you have to find time to study and read the required materials.

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4
Q

Define what LEADING is in the Four Management Functions.

A

You motivate, direct, and otherwise influence people to work hard to achieve the organization’s goals.
Example: The ability to motivate oneself to complete tasks/homework in order to get a good grade on an exam.

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5
Q

Define what CONTROLLING is in the Four Management Functions.

A

You monitor performance, compare it with goals, and take corrective action as needed.
Example: Seeing what grade you received from each of the exams.

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6
Q

What does EFFICIENCY mean?

A

Efficiency is “the means”. The means of attaining the organization’s goals. To be efficient means to use resources, people, money, raw materials, and the like-wisely and cost-effectively.

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7
Q

What does EFFECTIVENESS mean?

A

Effectiveness is “the ends.” Regarding the organization’s ends and goals. Being effective means achieving results, making the right decisions, and successfully carrying them out so that they achieve the organization’s goals.

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8
Q

Name the different types of Employees.

A

Top Managers, Middle Managers, First-Line Managers and Team Leaders.

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9
Q

What does TOP MANAGER mean?

A

They determine the overall direction.
They determine what the organization’s long-term goals should be for the next 1-5 years with the resources they expect to have available.
They make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it.
Example: The Dean of UNL

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10
Q

What does MIDDLE MANAGER mean?

A

They implement policies and plans.
Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the First-Line managers below them.
They are critical for organizational success because they implement the strategic plans created by the CEOs and Top Managers.
Example: The Department Chair of a University

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11
Q

What does FIRST-LINE MANAGERS mean?

A

They direct daily tasks.
Make short-term operating decisions, directing the daily tasks of nonmanagerial personnel, who are, of course, all those people who work directly at their jobs but don’t oversee the work of others.

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12
Q

What does TEAM LEADERS mean?

A

They facilitate member’s activities to help teams achieve their goals.
Team leaders see to it that their team members have everything they need to be successful.

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13
Q

What does NON-MANAGERIAL EMPLOYEES mean?

A

They either work alone or with others on a variety of teams.
They do not formally supervise or manage other people, and they are the bulk of a company’s workforce.

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14
Q

What is the CLASSICAL Viewpoint?

A

It emphasizes ways to manage work more efficiently, assuming that people are rational.
It had two branches scientific and administrative.

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15
Q

What is the BEHAVIORAL Viewpoint?

A

It emphasizes the importance of understanding human behavior and motivating employees toward achievement.

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16
Q

What is the QUANTITATIVE Viewpoint?

A

The application to management of quantitative techniques and, such as statistics and computer simulations.
Two branches of quantitative management are operations management and evidence-based management.

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17
Q

What is SCIENTIFIC MANAGEMENT in the Classical Viewpoint?

A

Emphasizes the study of work methods to improve the productivity of individual workers.
Taylors Principles:
1) Scientifically study each part of the task.
2) Carefully select workers with the right abilities.
3) Give workers the training and incentives to do the task properly.
4) Use scientific principles to plan the work methods.

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18
Q

What is ADMINISTRATIVE MANAGEMENT in the Classical Viewpoint?

A

Is concerned with managing the the total organization.

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19
Q

What is Douglas McGregor’s concept of THEORY X?

A

Represents a pessimistic, negative view of workers
In this view, workers are considered to be irresponsible, to be resistant to change, to lack ambition, to hate work, and to want to be led rather than to lead.

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20
Q

What is Douglas McGregor’s concept of THEORY Y?

A

Represents a human relations outlook- an optimistic, positive view of workers as capable of accepting responsibility, having self-direction and self-control, and being imaginative and creative.

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21
Q

What are the Historical Viewpoints?

A

Classical, Behavioral, and Quantitative.

22
Q

What is the SYSTEMS VIEWPOINT?

A

Perspective that regards the organization as a system of interrelated parts. You can look at your organization as
1) A collection of subsystems; part of making up the whole system.
2) A part of a larger environment

23
Q

What are the Contemporary Viewpoints?

A

System, Contingency, and Quality.

24
Q

What is the CONTINGENCY VIEWPOINT?

A

Emphasizes that a manager’s approach should vary according to, that is, be contingent on the individual and the environmental situation.

Contingent meands depending on certian circumstances.

25
Q

What is the QUALITY-MANAGEMENT Viewpoint?

A

Three approaches. It includes
1) Quality
2) Quality Control
3) Quality Assurance

26
Q

What does SYNERGY mean?

A

Situation in which the economic value of separate, related businesses under one ownership and management is greater together than the business is worth separately.
Example: When a drummer, guitarist, and bassist play together, they play a better version of the song than if they were to do it playing alone.

27
Q

What is an INTERNAL STAKEHOLDER/ENVIRONMENT?

A

Consists of employees, owners, and the board of directors.

28
Q

What is an EXTERNAL STAKEHOLDER/ENVIRONMENT?

A

People or groups in the organization’s external environment that are affected by it. (Those who do not directly work with a company but are affected somehow by the actions and outcomes of the business.
This environment consists of a task environment and a general environment.
Example: A supplier

29
Q

What is the TASK ENVIRONMENT in the External Stakeholder/Environment?

A

Eleven groups that present you with daily tasks to handle:
1) Customers
2) Competitors
3) Suppliers
4) Distributors
5) Strategic Allies
6) Employee Organizations
7) Local Communities
8) Financial institutions
9) Government Regulators
10) Special-Interest Groups
11) Mass Media

30
Q

What is the UTILITARIAN APPROACH to Ethics?

A

Is guided by what will result in the greatest good for the greatest number of people.
“The greatest good for the greatest number”

31
Q

What is the INDIVIDUAL APPROACH to Ethics?

A

Is guided by what will result in the individual’s best long-term interests, which ultimately are in everyone’s self-interest.
The assumption here is that you will act ethically in the short run to avoid others harming you in the long run.

32
Q

What is the MORAL-RIGHTS APPROACH to Ethics?

A

Is guided by respect for the fundamental rights of human beings, such as those expressed in the U.S. Constitution Bill of Rights.
We all tend to agree that denying people the right to life, liberty, privacy, health and safety, and due process is unethical.

33
Q

What is the JUSTICE APPROACH to ethics?

A

It is guided by respect for impartial standards of fairness and equity. One consideration here is whether an organization’s policies, such as those governing promotion or sexual harassment cases, are administered impartially and fairly regardless of gender, age, sexual orientation, etc.
Fairness can often be a hot issue.

34
Q

What is a MULTINATIONAL CORPORATION?

A

A business firm with operations in several countries.

35
Q

What is GLOBAL OUTSOURCING?

A

Use of suppliers outside of the United States to provide labor, goods, or services.

36
Q

What is IMPORTING?

A

The company buys goods outside the country and resells them domestically.

37
Q

What is EXPORTING?

A

The company produces goods domestically and sells them outside the country.

Domestic means home country

38
Q

What is COUNTERTRADING?

A

Bartering goods for goods.

39
Q

What is LISCENSING?

A

Company X allows a foreign company to pay it a fee to make or distribute X’s product or service.

40
Q

What is FRANCHISING?

A

A company allows a foreign company to pay it a fee and a share of the profit in return for using the first company’s brand name and a package of materials and services.

41
Q

What are JOINT VENTURES?

A

Strategic alliance with a foreign company to share the risks and rewards of starting a new enterprise together in a foreign country.

42
Q

What are WHOLLY OWNED SUBSIDIARIES?

A

Totally owned and controlled by an organization.

43
Q

What is a GREENFIELD VENTURE?

A

A foreign subsidiary that the owning organization has built from scratch.

44
Q

What are ETHNOCENTRIC MANAGERS?

A

“We Know Best”
Believe that their native country, culture, language, and behavior are superior to all others.
They tend to think that they can export the managers and practices of their home countries anywhere in the world and that they will be more capable and reliable.

45
Q

What are POLYCENTRIC MANAGERS?

A

“They Know Best”
Take the view that native managers in the foreign offices best understand native personnel and practices, and so the home office should leave them alone.
Attitude is nearly the opposite of Ethnocentric Managers

46
Q

What are GEOCENTRIC MANAGERS?

A

“What’s Best Is What’s Effective, Regardless of Origin”
Accept that there are differences and similarities between home and foreign personnel and practices and that they should use the most effective techniques.
Being an Ethnic- or Polycentric manager takes less work. But the payoff for being a geocentric manager can be far greater.

47
Q

What does BRICS stand for?

A

Brazil, Russia, India, China, and South Africa

48
Q

Why are BRICS Countries important?

A

They hold 40% of the world’s population. By comparison, the United States has just about 4.3% of the world’s population.
They bring together the world’s most important developing countries.

49
Q

What is a LOW CONTEXT CULTURE?

A

Culture in which shared meanings are primarily derived from written and spoken words.

50
Q

What is a HIGH CONTEXT CULTURE?

A

Culture in which people rely heavily on situational cues for meaning when communicating with others, relying on nonverbal cues as to another person’s official position, status, or family connections.
Ex: Body language

51
Q
A