MGTS1301 Flashcards
Introduction to Management summary
Define management
The art of attaining goals in an effective and efficient manner.
What are the 4 elements of management?
Planning, leading, organizing and controlling.
Levels of management
Top (set objectives), Middle (allocate resources), First (report)
What is feedforward control?
Occurs before an activity, it is most cost effective.
Define concurrent control.
Control that occurs during a task.
What is feedback control
Harm minimisation after a task. It leads to feed forward control but is costly.
Leadership vs Management
Management is attaining goals, leadership is inspiring others.
What are transformational leaders
Transformational leaders inspire others.
Define transactional leadership.
Transactional leaders modify tasks.
5 factors of general environment.
Economic, socio-cultural, political-legal, technological and natural.
What factors impact the task environment?
Workers, suppliers, competitors and customers.
What are the three types of competitive advantage?
Cost leadership, focus and differentiation.
Define SWOT
Strength, weakness, opportunities and threats.
Define the parts of VIRO management.
Valuable, rare, imitable and organized.
What are some organizational concepts?
Authority, responsibility, span, delegation, centralisation and formalisation.
What are the 5 main organisational types.
Division, function, team, matrix and network.
What is the triple bottom line approach?
Focuses on people, profit and planet.
What are the two types of innovation?
Process and product.
What is the innovation process
Idea -> Experiment -> Test -> Apply
The three stages of change management.
Make a need for change, do the change, keep the change.
