Quiz 1 Flashcards
What are the 4 functions of management and what do they entail?
Planning, Organizing, Leading, Controlling
Planning - making goals and strategizing ways of achieving them
Organizing - setting roles and specifying tasks
Leading - encouraging those under you
Controlling - taking action to achieve goals
What is the difference between the 3 measures of performance?
Productivity, Efficiency, Effectiveness
Productivity - quality and quantity of output compared to input
Efficiency - input compared to task accomplishment
Effectiveness - output task accomplishment compared to quality and quantity
What are the differences between the levels of management?
Top Manager - oversee entire organization or major sections > conceptual skills
Middle Manager - middle man between top manager and lower manager; oversee smaller departments > interpersonal/human skills
Lower Manager or Team Leaders - lead small groups of people > technical skills
What are the three types of skills managers need?
The 3 types of skills managers need are conceptual, interpersonal (human), and technical. They need to be able to think outside of the box (conceptual), communicate efficiently and effectively (interpersonal/human), and have specialized skills for certain tasks (technical)
What are 4 new challenges that managers in the 21st century are facing?
Technology - being able to collaborate big groups of people; usage of AI and how it could replace paid employees
Diversity - determining cultural differences throughout various markets
Globalization - expansion of companies past borders and how it affects competition
Intellectual Capital - determining valuable employees who will contribute to the betterment of the company
Careers - change of occupation desire in employees and the possibility of them leaving the company
Ethics - corporate decisions depending on moral right and wrong
Why is an organization referred to as an open system?
An organization is referred to as an open system because the way it operates and produces depends on its environment and input resources
What does accountability mean?
Accountability is taking responsibility and showing performance results to those who are higher authorial figures
Why is it so important for people to be trained in ETHICS?
It is important to be trained in ethics because it provides a set of rules and regulations to follow in order for the company to be presented in a morally accepted manner
What is Glass Ceiling Effect?
The limitations women faced in the workplace due to their gender and appearance
What is Intellectual Capital?
Intellectual Capital is the potential capital a company can have with its collective intellect (employees) in a certain field of work; every employee’s brainpower is an asset
What is a Knowledge Worker?
A Knowledge Worker is someone who is valuable and improves or aids the business’ intellectual capital
What is Globalization? Advantage and Disadvantage?
Globalization is a system of interdependence between nations across the globe who depend on each other for various resources, products, and business exchanges
Advantage: Easy access to material and resources all across the globe to be able to connect to various cultures and ethnic groups
Disadvantage: Loss of job opportunities due to inputting resources from out-of-country sources
What is a Portfolio Worker? And why is it important to be one?
A Portfolio Worker is someone who possesses a multitude of skills that allow them to have flexibility across their jobs and career fields
It is important to be a Portfolio Work because circumstances are always changing for companies so you need to be prepared to fit into any of the 3 leaves in order to be able to succeed and “stay above the water”
What are the trends and transitions related to “The Changing Nature of
Organizations”? Explanation of 3?
Renewed belief in employees, Disappearance of “command-and-control”, Emphasis on teamwork, Prominence of technology, Embrace of networking, New workforce expectations, Concern for work-life balance, Focus on speed
Focus on speed - Organizations can achieve their goals and complete their tasks more efficiently meaning they can be making more profit - getting more work done in less time
Ex. Faster technology, increased amount of production of goods
Concern for work-life balance - Organizations need to make sure they aren’t exploiting their employees meaning they would need to hire more people leading to an increased salary expense
Ex. Get 2 people to work the same shift rather than 1 person doing the entire task by themselves
What does a manager do?
A manager is an individual who runs and manages a system of work done by other people. They are leaders who are responsible for providing critical support and assistance in their workplace. They help facilitate the necessary characteristics to run an organization.
Responsibility, Long hours, Communication with many, Problem Solving
