MANAGEMENT: FUNCTIONS AND STYLES

Question 0

What does Business planning mean?

Answer 0

Business planning means establishing an organization’svision, mission, goals, and objectives. One’s vision for a company expresses why the organization exists and where it’s headed in the future. In a sense, it’s the “inspired poetry” that precedes a company’s mission statement.

Question 1

What Is Management?

Answer 1

Management is the process of planning, organizing, leading, and controlling people and resources to accomplish organizational goals and objectives.

Question 2

A mission statementshould address the following?

Answer 2

Customer needs to be filled
The company’s philosophy and goals
The company’s self-concept
Plans for the company’s long-term survival
The nature of the company’s products and/or services
How the company will be socially responsible
Basic policies for the treatment of employees

Question 3

A mission statement should?

Answer 3

set the stage for accomplishing the company’s goals and objectives.

Question 4

Goals can be thought as?

Answer 4

a company’s intended long-term accomplishments.

Question 5

Objectives are?

Answer 5

specific statements outlining how long-term achievement goals will be realized.

Question 6

SWOT is an acronym for?

Answer 6

Strengths, Weaknesses, Opportunities, and Threats.

Question 7

A SWOT analysis observes?

Answer 7

operations and gathers information to keep doing what’s working best, fix what isn’t working, scan the horizon for opportunities, and identify both internal and external threats.

Employee efforts to organize a union are likely to be seen as an internal threat. A competitor’s successful new product line could pose an external threat.

Question 8

A company’s micro environmentis made up of?

Answer 8

customers, suppliers, distributors, and immediate competitors.

Question 9

A company’s macro environment can be thought of as?

Answer 9

as political, social, economic, and technological factors—the “big picture

Question 10

PEST is an acronym for?

Answer 10

Political, Economic, Social, and Technological factors

Question 11

There are four forms of planning, what are they?

Answer 11

1. Strategic planning
2. Tactical planning
3. Operational planning
4. Contingency planning

Question 12

Strategic planning is?

Answer 12

devoted to establishing organizational goals.

Question 13

Tactical planning works out?

Answer 13

specific approaches to fulfilling objectives that should lead to fulfilling the organization’s goals.

Question 14

Operational planning sets up?

Answer 14

work schedules, routine work procedures, and timetables

Question 15

Contingency planning takes account of?

Answer 15

what could go wrong and how to deal with what could go wrong.

Question 16

People at every level of a business organization will require three basic kinds of skills. What are they? (THC)

Answer 16

1. Technical skills
2. Human relations skills
3. Conceptual skills

Question 17

What is Technical skills?

Answer 17

amount to what one needs to know to carry out particular tasks, such as marketing, applying information technology to inventory control, or operating a machine lathe.

Question 18

What is Human relations skills?

Answer 18

are what one needs to lead and motivate lower-level managers or employees

Question 19

What is Conceptual skills?

Answer 19

are mainly the requisites of upper-level managers. One needs conceptual skills to plan, organize, and control business operations.

Question 20

Keys to good leadership include the following:

Answer 20

1-Communicating a vision that gains the enthusiastic support of managers and employees
2-Establishing company values, including company concern for customers, employees, and the environment
3-Promoting corporate ethics by modeling social responsibility and above-board ethical internal and external communication
4-Being open to change. A company that doesn’t change with the times will run out of time.

Question 21

The key aspects of controlling include the following:

Answer 21

1-Establishing clear performance standards
2-Monitoring and recording actual performance
3-Comparing results against plans and standards
4-Communicating both positive and negative results to the responsible employees

Question 22

an effective manager takes on three kinds of responsibility:

Answer 22

1. Models the ethical behavior expected in a well-run workplace. He or she sets the ethical tone for mutual respect among employees, consideration for customers, and responsibility to the community.
2. Helps employees maintain a healthy work-life balance. To be happy and productive, all of us must find a livable balance between living and making a living. Ideally, a good manager will help his or her employees maintain minimal conflict between family and workplace obligations.
3. Works to assure top-quality products and services. One approach to this ideal is total quality management (TQM). In the TQM philosophy, quality is maintained at every level of production, attention to customer needs is constantly fine-tuned with an eye to improvement, and every employee is inspired to do whatever can be done to improve products, services, and responsiveness to customer needs

Question 23

There are three main styles of management.

Answer 23

autocratic leadership,
participative leadership,
and free-rein leadership

Question 24

Theory X assumes the following:

Answer 24

• The average person doesn’t like work and will avoid it whenever possible.
• Because they don’t like work, employees must be forced, directed, or threatened with punishment.
• The average worker prefers to avoid responsibility, prefers being directed, and chooses security over ambition.
• The key employee motivators are fear and money

Question 25

Theory Y assumes the following:

Answer 25

• People seek work because they want to contribute; working is as natural as play.
• People will naturally work toward goals to which they’re committed.
• The level of employee commitment is a function of perceived rewards resulting from the required effort.
• Most people actually seek responsibility—maybe because most people seek positive self-esteem