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2nd Sem Midterm rev > Orgman > Flashcards

Orgman Flashcards

1
Q

“Management is a multi-purpose organ
that manages business and manages
managers and manages workers and
work.”

A

Peter Drucker

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2
Q

Father of Management

A

Peter Drucker

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3
Q

“Management is to forecast, to plan, to
organize, to command, to coordinate
and control activitites of others.”

A

Henry Fayol

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4
Q

Father of Modern Management

A

Henry Fayol

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5
Q

“Management is the art of knowing what
you want to do and then seeing that thet
do it in the best and cheaper manner.”

A

Frederick W. Taylor

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6
Q

Father of Scientific Management

A

Frederick W. Taylor

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7
Q

“Management is the art of getting
things done through people.”

A
  • Mary Parker Follett
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8
Q

is the attainment of organizational goals
in an effective and efficient manner through
planning, organizing, staffing, directing and
controlling organizational resources.

A

Management

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9
Q

Characteristics and Nature of Management

A

Goal Oriented
Universal
Continuous Process

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10
Q

An essential element
of every organized

activity

A

Universal

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11
Q

It is a means to
achieve certain
goals.

A

Goal Oriented

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12
Q

Ongoing and
never-ending
process

A

Continuous process

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13
Q

is a group of people bonded together
with common goals and objectives. Typically, it

is formed due to the reason of human

satisfaction and security.

A

Organization

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14
Q

Characteristics of Organization

A

Coordination
Common Goal
Division OF labor
Command Level

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15
Q

The period of 1700 to 1800 emphasizes the industrial revolution and
the factory system highlights the industrial revolution and the
importance of direction as a managerial purpose.

A

Pre-scientific Management
Period (before 1880)

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16
Q

Pre-scientific Management
Period (before 1880) important contributors

A

Charles Babbage
Charles dupin
James Watt
James Montgomery

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17
Q

The classical approach is the earliest thought of
management

A

Classical Theory

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18
Q

It is known as scientific management.

A

Classical Theory

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19
Q

the founders of scientific
management and administrative management.

A

Frederick W. Taylor
Henry Fayol

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20
Q

It was developed because of the need to increase
productivity and increase worker’s efficiency.

● Differential wage rate system was introduced

A

Scientific Management Theory
(Frederick W. Taylor)

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21
Q

It was focused on managing the organization as a whole

● Five functions of management was introduced

A

Fayol’s Classical Organisation Theory
(Henri Fayol)

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22
Q

Five Functions of Management

A

Planning, Organizing, Staffing, Directing, Controlling

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23
Q

The rational-legal authority system/model was introduced
characterized by
-Division of work
-Rules and Regulations
-Hierarchy of authority
-Record keeping
-Impersonal relations

A

Weber’s Bureaucracy Theory
(Max Weber)

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24
Q

is built on the base of classical theory.
Classical theory concentrated on job content and
management of physical resources whereas, neoclassical
theory gave greater emphasis to individual and group
relationship in the workplace.

A

Neo-classical Theory

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25
Q

The neo-classical theory pointed out the role of _______ AND _________

A

Psychology and Sociology

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26
Q

considers an organization as an adaptive
system which has to adjust to changes in its environment.

A

Modern theory

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27
Q

Modern theory
was developed as a synthesis of

A

quantitative theory,
systems theory, contingency theory and operational theory
of management.

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28
Q

is responsible for the entire
organization particularly in
realizing its goals and the
attainment of its vision and
mission.

A

The Manager

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29
Q

This involves identifying the
goals of the organization, and
the best way(s) to accomplish
these goals.

A

Planning

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30
Q

This involves assigning
responsibilities to employees
who have the competence and
ability to complete the task.

A

Organizing

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31
Q

It involves hiring the right
employee for the job. The
main purpose of it is
to put the right person on
right job.

A

Staffing

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32
Q

It involves coordinating the
entire organization so it

performs efficiently to achieve
its goals.

A

Directing

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33
Q

Elements of Directing

A

Supervision
Motivation
Communications
Leadership

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34
Q

overseeing the work

A

Supervision

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35
Q

inspiring, stimulating or
encouraging

A

Motivation

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36
Q

guides and influences

A

Leadership

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37
Q

passing information,
experience, opinion

A

Communication

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38
Q

It involves with monitoring or
checking the performance of

employees, comparing it with
organizational goals, and
taking corrective

actions when necessary.

A

Controlling

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39
Q

Characteristics of Organization

A

Coordination
Common Goal
Division OF labor
Command Level

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40
Q

10 Roles of a Manager

A

figurehead, leader, liaison\
monitor, disseminator, spokesperson
entrepreneur, disturbance handler, resource allocator, negotiator

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41
Q

Interpersonal Roles

A

Figurehead, Leader, Liaison

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42
Q

Performs
ceremonial duties

Handing out awards

Cutting ribbons of
business openings

A

Figurehead

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43
Q

Building a team

Coaching &
motivating
members

A

Leader

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44
Q

Develops and
maintain a network

Intermediary for
business
partnerships

A

Liaison

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45
Q

It involves developing contacts and linkages to further the reach
and influence of the business.

A

Informational Roles

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46
Q

Informational roles

A

MOnitor, Disseminator, spokesperson

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47
Q

Seeks out and gathers
information relevant to
the organization

A

MOnitor

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48
Q

Provides information
where it is needed in
the organization

A

Dissemination

49
Q

Transmits information
to people outside the
organization

A

Spokes person

50
Q

Involves developing new business plans, strategies, or a new project.

A

Decisional roles

51
Q

Searches out new
opportunities and
initiates change

A

Entepreneur

52
Q

Handles unexpected
events and crises

A

Disturbance Handler

53
Q

Designates the use of
financial, human, and
other organizational
resources

A

Resource Allocator

54
Q

Leads the contracts
and agreements behalf
of the organization.

A

Negotiator

55
Q

3 Skills of an Effective Manager

A

Technical Skills

Conceptual Skills

Human Skills

56
Q

These are skills that will be
required to increase sales,
design different types of
products and services, market
the products and services, etc.

A

Technical Skills

57
Q

The knowledge or ability of a
manager for more abstract
thinking. He can easily see the
whole through analysis and
diagnosis of different states

A

Conceptual
Skills

58
Q

The knowledge and ability of a
manager to work with people.

A

Human Skills

59
Q

It refers to those aspects of the surroundings of
business enterprise, which affect or influence
its operations and determine its effectiveness.

A

Business Environment

60
Q

It is the process of gathering information about events and
their relationships within an organization’s internal and
external environments.

A

Environment Scanning

61
Q

Purposes of Environmental Scanning

A

To help management determine the future
direction of the organization.

It is also helpful in making good and
effective company policies.

62
Q

Classifications of Business Environment

A

Business Environment to External Environment to Internal Environment

63
Q

Factors or events existing within a firm

A

Internal Environmente

64
Q

Factors or events outside the firm

A

External E.

65
Q

Bearing
Business Strategy, functions and decisions

A

Internal E.

66
Q

Bearing

A

External E.

67
Q

Factors of Internal Environment

A

Plans And Policies
Financial resources
Corporate Image
Culture
Human Resources

68
Q

the ___________________of the firm should be properly framed taking into consideration the objectives and resources of the firm.

A

Plans and Policies

69
Q

The survival and success of the firm largely depends n the quality of ….

A

Human Resources

70
Q

a firm needs adequate funds to meet its working capital and fixed capital requirements.

A

Financial Resources

71
Q

A firm should develop, maintain, and enhance a good __________ in the minds of employees, investors and customers

A

Corporate Image

72
Q

A good management relationship helps in increasing the morale of the employees and motivates them to exert effort in the business.

A

Culture

73
Q

Shareholders
Employees
Customers
Competitors
Suppliers

A

Microenvironment

74
Q

Economic Factors
Political & Legal
Technological
Socio-Cultural

A

MAcro Environnment

75
Q

are the actual owners of the company, as they invest their money in the company.

A

Shareholder

76
Q

It is very important for the firm, to employ the right people, retain and keep them motivated so as to get the best out of them.

A

Employees

77
Q

are given the most important place in every business, because, the products are created and promoted for them only.

A

Customers

78
Q

are the business rivals, which operate in the same industry, offering the same product and services, and cater to the same audience.

A

Competitors

79
Q

To carry out the production process, the raw material is required which is provided by the

A

Suppliers

80
Q

Macro Environmental Factors

A

Political and Legal E.
Socio-cultural E.
Technological E.
Economic E.

81
Q

consists of the laws, rules, regulations and policies which the company needs to adhere.

A

Political and Legal Factor

82
Q

The economic conditions of the region and the country as a whole has a significant bearing on the company’s profitability.

Inflation Rates
Interest Rates
Current Economic Climate

A

Economic Factors

83
Q

The attitude of the society to a business also depends on whether the firms have been responsive to the needs and wants of the society.

Age Demographics
Lifestyle
Traditions
Beliefs

A

Socio-Cultural Factors

84
Q

This comprises the innovations and improvements in methods, machines and materials.

Research and development
Threats from competing technologies

A

Technological Factors

85
Q

It involves looking at the strengths and weaknesses of your business capabilities, and any opportunities and threats to your business. Once you identify these, you can assess how to:

capitalize on your strengths
minimize the effects of your weaknesses
make the most of any opportunities
reduce the impact of any threats

A

SWOT Analysis

86
Q

Strengths, Weaknesses, Opportunities, and Threats

A

SWOT

87
Q

Stages of International Business

A

outsourcing
importing and exporting
licensing and franchising
joint venture
Direct investment
strrategic alliance

88
Q

is sometimes called global sourcing, means engaging in the international division of labor so that manufacturing can be done in countries with the cheapest sources of labor and supplies.

A

Outsourcing

89
Q

is the making of a product or service in the firm’s domestic marketplace and selling it in another country

______on the other hand is bringing a good, service, or capital into the home country from abroad.

A

Exporting and Importing

90
Q

firm (licensor) provides some technology to a foreign firm (licensee) by granting that firm the right to use the licensor’s manufacturing process, brand name, patents, or sales knowledge in return for some payment.

A

Licensing and Franchising

91
Q

is a partnership between a domestic firm and a foreign firm. Both partners invest money and share ownership and control of partnership.

A

Joint Venture

92
Q

are investments in tangible assets or companies with the aim of financing their development in the medium or long term.

A

Direct Investment

93
Q

Involves two or more firms jointly cooperate for mutual gain. It involves partnership between an organization ad a foreign company in which both share resources and knowledge in developing new products or building production activities.

A

Strategic Alliance

94
Q

is the first stage of the management cycle.
involves the establishment of the goals and objectives for the company or organization.
Objectives – are narrow in scope and usually for short-term (within 1 year)
Goals –are broad in nature and for longer term (3-5 years)

A

Planning

95
Q

it is a picture of what the organization wants and is committed to achieve in the future.

It answers the question,

“What do we want to become?”

A

Vision Statement

96
Q

Components of a Vision Statement

A

Focused Cocept
Plausible chance of success
noble purpose

97
Q

It is an enduring statement of purpose of an organization’s existence that distinguishes itself from others.

It answers the question,

“What is our business?”

A

Mission Statement

98
Q

Steps in Planning

A

Define your goals/objectives
Know your strengths and weaknesses
Develop premises regarding future conditions
Analyze and choose among action alternatives
Implement the plan and evaluate results

99
Q

TYPES OF PLANS

A

Strategic Plan
Tactical Plan
Operational Plan
Contingency Plan

100
Q

is used in light of achieving big goals in the long term. It is more of a high-level planning done by the top-level managers in the organization.

A

Strategic Plan (Top Level Management)

101
Q

refers to task prioritization for achieving short term goals. Such planning helps achieve those goals as prescribed in a strategic plan.

A

Tactical Plan (Middle Level Management)

102
Q

it is the kind of planning required for day-to-day activities. It can be of two types – either single-use plans or ongoing plans

A

Operational Plan

103
Q

types of Operational Planning

A

Single use plans
ongoing plans

104
Q

These plans can be used only until the objective is achieved, after which they are of no purpose.

Ex: marketing campaigns

A

Single use plans

105
Q

These are repetitive in nature and can be modified for evolving purposes in the future. They are also characterized by short-term plans.

Ex: Recruitment Process

A

Ongoing plans

106
Q

Also known as ‘special planning’, it is used for situations when changes cannot be foreseen.

A

Contingency Plan

107
Q

is a common statistical task in business, where it helps to inform decisions about the scheduling of production, transportation and personnel, and provides a guide to long-term strategic planning. Used either be quantitative or qualitative.

A

Forecasting

108
Q

It ca an be applied when two conditions are satisfied:
numerical information about the past is available;
it is reasonable to assume that some aspects of the past patterns will continue into the future
mathematical calculations, statistical analyses of surveys or researches are used

A

Quantitative forecasting

109
Q

This method is used if there are no data available, or if the data available are not relevant to the forecasts

A

Qualitaitve Forecasting

110
Q

It is identifying a specific set of uncertainties, different “realities” of what might happen in the future of your business. It is a long-term version of contingency plan.

Ex. Farmers use scenarios to predict whether the harvest will be good or bad, depending on the weather. It helps them forecast their sales but also their future investments.

A

Scenario Planning

111
Q

It generally involves external comparison of a company’s practices and technologies with those of other companies.

A

Benchmarking

112
Q

It generally involves external comparison of a company’s practices and technologies with those of other companies.

A

Bench Marking

113
Q

A common benchmarking technique is to search for best practices used
by other organizations that enable them to achieve superior
performance.

A

External benchmarking

114
Q

It refers to planning process that includes the people who will be affected by the plans and those who will be asked to implement them in all planning steps.

A

Participatory planning

115
Q

It is a process which begins with a problem identification and
ends with the evaluation of implemented solution

A

Decision–making

116
Q

-a decision that is repetitive and can be handled using a routine approach.

A

Structured or programmed decision

117
Q

applied to the resolution of the problem that are new or usual, or which information is incomplete.

A

Unstructured or non-programmed decision

118
Q

These are ideal conditions in deciding problems; these are situation in which a manager can make precise decisions because the results of all alternatives are known.

A

Certainty Decision

119
Q

means that implies a situation where future events are not known and can not be measured. It means outcome of the decision is unknown and uncontrollable.

A

Risky or uncertainty decision

2nd Sem Midterm rev (7 decks)

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