Lecture 1. Strategic Management Game Theory

Question 1

An ‘organisation’ is what?

Answer 1

1. Formal entity
2. Common set of objectives
3. Governing body, organisational structure.

Question 2

Goal of management?

Answer 2

Profit, employee welfare, social responsibility, personal goals.

Question 3

What is planning?

Answer 3

Determine goals and how they are to be achieved.

Question 4

What is organising?

Answer 4

Dividing work into individual tasks relatable to structure and staff.

Question 5

What is leading?

Answer 5

Influencing staff to preform tasks efficiently.

Question 6

What is controlling?

Answer 6

Collect info, taking action to correct deviation from plan.

Question 7

Skills of manager?

Answer 7

Technical skills
Human skills
Conceptual skills

Question 8

What skill of manager are most important for a higher role.

Answer 8

Conceptual and human. Technical is least.

Question 9

For a lower role in management what skills are most important.

Answer 9

Human and technical. Conceptual is least.

Question 10

Classical management theory includes what?

Answer 10

Bureaucratic management.

Scientific management.

Question 11

Socio-political approaches include?

Answer 11

Human Relations Movement.

Behaviour science.

Question 12

Cultural approaches include?

Answer 12

Group thinking.

Question 13

What is ‘Bureaucracy’?

Answer 13

The organisational structure in place to control activity.

Question 14

Bureaucracy characters?

Answer 14

Rule following (standard)
Hierarchy
Impersonal relationships
Formal division of responsibility.

Question 15

Bureaucracy examples?

Answer 15

Government
Armed forces
Big corps
Hospitals
Courts

Question 16

What is ‘Scientific Management’?

Answer 16

Analyses workflow processes to improve labour productivity.

Question 17

Characteristics of scientific management?

Answer 17

Scientific methods to determine most efficient way to work.
Match workers to specific jobs, train to work at max efficiency.
Monitor performance, give instructions and supervision to ensure efficiency.

Question 18

What is Human Relations Movement (HRM)?

Answer 18

Social experience, work to satisfy social needs.

LOOK AT REST, DONT UNDERSTAND.

Question 19

Human Relations Movement (HRM) characteristics?

Answer 19

Informal, social working environment.
Enthusiastic employees and they enjoy it.
Employees are equal.
All employees are expected to participate in developing plans and achieving goals.
Tools and courses available for support and training.

Question 20

Human Relations Movement examples?

Answer 20

Art workshops
Marketing company
Starbucks

Question 21

What is Behaviour Science?

Answer 21

Find scientific basis for human behaviour and dev behavioural techniques. (grant rewards).

Question 22

What is ‘Cultural Approaches (CA)’?

Answer 22

Organisational philosophies are as important as formal and informal rules and procedures.
Rules made by teams not individuals.
Teams have morals that lead to behavioural code of conduct.

Question 23

Examples of Cultural Approaches?

Answer 23

SAS.
Sport teams.
Project teams.

Question 24

Will larger companies have more or less rules than smaller companies?

Answer 24

More.

Question 25

What do companies use in highly competitive industries to set them apart?

Answer 25

Cultural Approaches.

Question 26

What do higher skilled jobs rely on most?

Answer 26

Personal motivation and creativity of the worker.

Question 27

What is the purpose of strategy?

Answer 27

Direction.
Coherence.
Assessment and risk analysis.
Make decisions.

Question 28

Choice of industry accounts for how much of the profitability?

Answer 28

8.3%

Question 29

Choice of strategy account for how much of the profitability?

Answer 29

46.4%

Question 30

Whats more important, strategy or industry? By how much?

Answer 30

Strategy, by 5 times.