Quiz 1: Chapter 1- Intro to Mgmt

Question 1

What are the three pillars of mgmt?

Answer 1

1) Strategic Positioning
2) Organizational Design
3) Individual Leadership

Question 2

What aspect of a firm facilitates them to continue strongly with business?

Answer 2

The ability to adapt and change to retain their relevance

Question 3

Define Management

Answer 3

The act of working with and through a group of people to accomplish a desired goal or objective in an efficient and effective manner

Question 4

Define Leadership

Answer 4

The ability to drive change and innovation through inspiration and motivation.

Question 5

An effective leader chooses a style that…

Answer 5

Enables him/her to obtain desired results

Question 6

Name the three types of skills needed by all managers/supervisors

Answer 6

1) Technical Skills
2) Interpersonal Skills
3) Conceptual Skills

Question 7

Top Executive’s require mostly which type of Management Skill?

Answer 7

Conceptual Skills

Question 8

Middle Manager’s require mostly which type of Management Skill?

Answer 8

An equal balance between all Three skills, Conceptual, Interpersonal, and Technical

Question 9

Frontline Supervisors’ require mostly which type of Management Skill?

Answer 9

Technical Skills

Question 10

Most importantly, managers need to be…

Answer 10

Well-rounded….

Question 11

What influence did Max Weber have in business?

Answer 11

Developed the concept of Bureaucratic organizational structure in the 1900s

Question 12

What influence did Frederick Taylor have in business?

Answer 12

Developed the concept of Scientific management in the 1910s

Question 13

Define Bureaucratic Organizational Structure

Answer 13

A clear definition of all tasks and responsibilities among individuals, set up by a hierarchy of authority. Includes standardized rules and procedures, decisions made up top, put into action down low– UPS

Question 14

Define Scientific Management

Answer 14

A focus on how jobs, work and incentive schemes to improve productivity using industrial engineering methods

Question 15

Define Human Relations Movement

Answer 15

Structure which emphasized the importance of informal social relations at work- be understood as systems of independent people all striving for the success of the firm

Question 16

Define Contingent View

Answer 16

Effective organizational structure is based on the alignment between the organization and various aspects in the environment - the social, political, and business environment

Question 17

Define Business Environment

Answer 17

The combination of all contextual forces and elements in the external and internal environment of a firm,- anything that affects a firm

Question 18

Define Managerial View

Answer 18

A business framework where the firm is seen as a mechanism for converting raw materials into products to sell to customers

Question 19

Define Shareholder View

Answer 19

Job of managers is to produce the highest possible stock market value of the firms assets,
Also attempts to organize and analyze groups that interact with the firm- governments, local community organizations, customers, etc.

Question 20

The Stakeholder Approach

Answer 20

First Step: Identify all of the important stakeholders of a firm
Second Step: Design a formal process and system to deal with the firm’s stakeholders

Question 21

Stakeholder Mapping

Answer 21

Value stakeholders since some hold more value than others
Identify specific subgroups withing each stakeholder
Define the stakes each group of subgroup seeks through it’s involvement with the firm
Remember that stakeholders are not static

Question 22

Define the Strategic Review Process

Answer 22

The process by which senior leaders of a corporation meet with business unit managers to review progress toward specific goals - like a status check to track progress of goals

Question 23

Define Environmental Scanning

Answer 23

A tool that managers use to scan the business horizon for key events and trends that will affect the business in the future- when engaging in this, managers receive better financial results

Question 24

Define Scenario Building

Answer 24

Forecasting the likely result that might occur when several events and stakeholders are linked together. used to prepare for negative future events

Question 25

Define Contingency Planning

Answer 25

The systematic assessment of the external environment to prepare for a possible range of alternative futures for the organization

Question 26

Define Trend Analysis

Answer 26

A tool where key variables are monitored and modeled to help predict a change that might occur in the environment- helps managers better understand how certain environmental variables will affect the firm and its stakeholders

Question 27

Define Contextual Intelligence

Answer 27

The ability to understand the impact of environmental factors on a firm and the ability to understand how to influence those same factors

Question 28

Managing Uncertanity

Answer 28

It is important that managers appropriately estimate the level of uncertainty to protect future investments

Question 29

BHP Mine Incident

Answer 29

The organization did not consider the environmental factors and ignore their stakeholders (the people of the town). The town eventually stormed the facility and help the manager hostage because their denial in having a stakeholder strategy

Question 30

Summary

Answer 30

The Three Pillars
Difference Between Management and Leadership
Different Managerial Levels
Management continues to Evolve
Manager consideration of Stakeholders