Unit 1

Question 1

Why do organizations need managers?

Answer 1

A manager gets things done through people. Managers plan, organize, control humans, financials and material resources. They provide direction and coordination and give leadership to achieve objectives of an enterprise.

Managers are needed in all activities of an organization. Budgeting, designing, selling, creating, financing, accounting ….

Question 2

What are some different types of managers and how do they differ?

Answer 2

Top managers: responsible for developing the organizations strategy and its vision and mission.

Functional managers: (functional managers, team managers, general managers): responsible for the efficiency and effectiveness ofn an area.

Supervisory or team managers are responsible for coordinating a subgroup of a function or a team. They are differentiated in line and staff managers.

Projet manager: responsibilty for planning, executing and closing a project.

General manager: responsible for manageing a clearly identifiable revenue-producing unit like a store. They typically must make decisions across different functions.

Question 3

What are Mintzberg’s 10 managerial roles ?

Answer 3

Figurehead
Leader
Liaison

Monitor
Disseminator: special information into the organization
Spokesperson: information to environment

Entrepreneur: initiates change
Disturbance handler: deals with threats to org.
Resource Allocator
Negotiator

Question 4

• What three areas does Mintzberg use to organize the 10 roles?

Answer 4

Interpersonal: ensures that information is provided
Informational: links all managerial work together
Decisional: makes significant use of the information

Question 5

• What four general managerial functions does Principles of Management include?

Answer 5

Planning
Organizing
Leading
Controlling

Question 6

How do you define leadership and who would you identify as a great leader?
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Answer 6

LEadership is the social and informal sources of influence that are used to insipre others to take action towards a shared goal.

A great leaders brings people to do the tasks they are too lazy to do or dont want to do and like it.

A manager has subordinates, a leader has followers.

Question 7

What is entrepreneurship?

Answer 7

Entrepreneurship is the recognition of opportunities and the use or creation of resources to implement innovative ideas for new planned ventures.

Question 8

• What is strategy?

Answer 8

Strategy is a long term purpose, articulated in clear goals and objectives which are transformed into a plan of action. This plan should take advantage of the own resources and capabilities. The strategy is then the central integrated concept of how this objectives are achieved.

Strategy provides leaders and employees with a set of guidelines for daily action.

Question 9

• What roles do leadership, entrepreneurship, and strategy play in good principles of
management?

Answer 9

Leadership helps you understand who helps leading the organization. Entrepreneurship shows identification of opportunities and solving problems. Strategy aims to make sure the right choices are made to exploit opportunities.

Question 10

• What are the management functions that comprise the P-O-L-C framework?

Answer 10

Planning: setting objectives and determining the course of action
Organizing: develop org. structure and allocate human resources to ensure accomplishment of objectives
Leading: social and informal souces to inspire other to take action
controlling: establish standards, compare as-is, take corrective action

Question 11

• Why is financial performance important for organizations?

Answer 11

Its very important to firms stakeholders, investors, owners because it provides the returns for their investment in the corporation.

Question 12

• What dimensions of performance beyond financial are included in the triple bottom line?

Answer 12

Thre dimensions, financial, social and environmental.

Question 13

• How does corporate social responsibility (CSR) relate to the triple bottom line?

Answer 13

Two of the three dimensions are included in the CSR. Social and environmental dimensions. Organizations should consider environmental and social impacts when making business decision.

Question 14

• How are financial performance and CSR related?

Answer 14

CSR helps to attract and retain the best and brightest employees and shows that the firm is repsonsive to market demands.

Question 15

• What is in-role performance?

Answer 15

The things you have to do in your job. Productivity and quality.

Question 16

• What is extra-role performance?

Answer 16

individual behaviors that are beneficial to the organisation.

Question 17

• What is extra-role performance?

Answer 17

individual behaviors that are beneficial to the organisation.

Question 18

What is the relationship between extra-role performance and organizational citizenship
behaviors?

Answer 18

its the same. They are extra behaviors that are beneficial to the company as well as to yourself.

Question 19

• What differentiates a team from a group?

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Answer 19

A group is a collection of people thrown together.

A team is a cohesive collective of people working together and achieving greater output than the sum of individuals.

Question 20

When might it be important to understand the implications of individual performance for
group performance?

Answer 20

It is important to understand if the individual goals contribute to the achievement of the group goal! Incentives for individual and group need to be aligned.