Management Exam One Study Guide
Management Exam One Study Guide MGMT 301
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This 10 page Study Guide was uploaded by Christopher Raite on Monday February 8, 2016. The Study Guide belongs to MGMT 301 at Pennsylvania State University taught by Ronald Johnson in Winter 2016. Since its upload, it has received 91 views.
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Date Created: 02/08/16
STUDY GUIDE FOR MANAGEMENT EXAM ONE 1) What do the Leader / Managers do? **MEMORIZE CHART** Manager Leader Administrator Innovates System/Structure Focus Maintains Develops Relies on control Inspires trust Short Range View Long Range View Asks how and when Asks what and why Maintains Status Quo Challenges Status Quo **Does things right** **Does the right thing** 2) Managers- Does things right **Big word for managers EXECUTION** Leaders- Does the right thing **Big word for leaders STRATEGY** 3) Principles of Followership Must be easy to follow Must embrace other followers as equals, no leader First follower is most import, starts the “fire” for others to join in Movement must be public and show all followers Leadership is proved to be over glorified, first follower is the most important in followership 4) Clicker Question: Is it best to be a leader or manager? It is best to be a leader and a manager, not just one or the other 5) In a For Profit company, the Board of the Directors is at the top of the pyramid The CEO reports to the Board of Directions CEO is assessed by Board of Directors 6) Traditional Pyramid: Levels of Management: Found in Business, Education, Gov’t Known as Top Down Structure Board Of Directors CEO Senior Managers Middle Managers Line Managers Non-Managerial Workers 7) 5% of companies use an Inverted Pyramid: Some traditional companies will show their companies at the top Customers Operating Workers Team Managers Senior Managers CEO Board Of Trustees (Non-Profit), Board of Directors (For Profit) 8) W,L Gore is a famous company for using the inverted structure Famous model, used students as trial subjects to test their product 9) List of CEO’s Elon Musk – CEO of Tesla and Space X, Cofounder of PayPal Tim Cook- CEO of Apple Ursula Burns- CEO of Xerox Mary Barra- CEO of GM Ginni Rometty- CEO of IBM Ellen Kullman- CEO of DuPont Indra Nuoyal- CEO of PepsiCo 10) Management Process Planning--- Organizing---- Leading-----Controlling 1. Planning: Setting performance objectives and deciding how to achieve them 2. Organizing: Arranging tasks people and resources to accomplish the work 3. Leading Inspiring people to work hard to achieve high performance 4. Controlling: Measuring performance and taking action to ensure desired results *Managers conceptual Skill increases as a manger rises to the top *Manager’s human skill remains the same as a manager rises to the top, is equally important throughout *Managers Technical Skill decreases as a manager rises to the top 11) Career Issues for Managers, Leadership Competencies: Globalization- Governance- Knowledge- Ethics- Diversity- Self-Management- 12) **Management has been done for all of recorded history** **Management has been seen everywhere in the world** 13) What are the “Big 3” Approaches to MGMT theory and Practice? 1) Classical 2) Behavioral 3) Modern 14) Classical Management: Fredrick Taylor- Father of Scientific Management Max Weber- Created Bureaucratic organization= Traditional Pyramid for levels of management Henri Fayol- Created process of management= 4 functions 15) Fredrick Taylor’s Scientific Principles Develop a science for each job Hire workers with right abilities, remove nepotism Train and motivate workers (science) Support workers (through science) Goal: To secure maximum prosperity for employer and employee 16) Which item below is part of Taylor’s scientific management? Develop a science for each job 17) Max Weber’s Bureaucratic Organizations Clear division of Labor Hierarchy of Authority Formal rules and procedures Impersonal relations in hiring, hire quality employees not friends Careers based on Merit Key: Power= Ability to course actions Authority=Actions taken voluntarily 18) Henry Ford: Established Mass production through assembly lines Used Taylor principles to improve work, his assembly line reduced costs for the company so he doubled to pay of his employees, resulted in higher quality of work 19) BMW’s use of Scientific Management in Video: Use 35% machines and 65% human force to reduce manually labor Use of cameras to take pictures of each product to make sure matches perfect quality product Use lasers to precisely measure the parts of their cars Use cameras to monitor everything, leave no room for error Use tons of quality testing to ensure best product Quality training of their employees is important 20) NASA is known to be the most Bureaucratic Business Known to be very rigid and inflexible Work very slow Bureaucracies= Big companies 21) EXAM QUESTION: Henri Fayol (Father of Modern Management) used principal of unity of command to fix issues in workplace 22) EXAM QUESTION: Who are the 3 Behaviorists or “Big 3 ” Elton Mayo Douglas McGregor Abraham Maslow 23) Elton Mayo: Studied the use of economic incentives, changed physical conditions, and fostered group cohesion Result: No direct relationship found, researcher attention was key, and groups have negative response Hawthorne Effect: Tendency to live up to expectations 24) What were the results of the Hawthorne Study? Productivity got better no matter the incentive 25) Maslow’s Hierarchy of Needs Most Important: Physical Need- Food, water, shelter Safety Needs- physical, emotional, financial Social Needs- desire for friends Esteem Needs- respect, competence Final Need: Self Actualization Needs- Progression Principal, Deficit Principal Deficit Principal- if you satisfy a need it will never be a motivatior 26) On Boarding- When you get buddies together within the employees to establish early friendships 27) Douglas McGregor: Responsible for Theory X and Y, believed no one type of management was worse than the other, best to be interactive and directive Theory X and Y: Perspective of managers, they are a reflection of how managers believe work should be done. Theory X: Directive, Assembly Line Companies Theory Y: Interactive, Google Theory X MGMT Theory Y MGMT Dislike work Willing to work Lack ambition Capable/ creative Follow not lead Self controlled Resist change Self directed Irresponsible Responsible 28) Queuing Theory: Making people wait on a line, must control perfectly to maximize opportunity 29) Modern Management: Uses business analytixs (massive data collection) to make businesses work better 30) Inputs: People Money Materials Technology Information 31) ZARA: Revolutionary fashion company Very short design cycle Constantly changing the product ( 2 weeks) Low price No advertisement Locally targeted products (concerts) Use Operation Management 32) Contingency Thinking: What do we believe is most likely Best case Worst 33)**ON EXAM** Six Sigma: Tools and methods used to improve any process If you are untrained you can never become a manager Lean Principles: Tools and methods used to reduce the waste in any process Japanese Management Fredrick Taylor 34) BIG THREE OF MANAGEMENT: All three are all about productivity and performance 1. Classical 2. Behavioral 3. Modern 35) Responsibility: The ability or authority to act or deciede on one’s own without supervision. 36) Question about Spiderman: What was his famous quote about ethics? “With great power comes great responsibility” 37) To teach ethics you must: be aware of protocol, to better your judgement, to get better behavior in the workplace. 38) PONG for Business Ethics P- Personal (most important) O- Organizational – hold all info on how business is ran N- National- International connections G- Global – Being a widespread business in many countries Which Letter in PONG is most important? P- Personal 39) Ethics Resource Center (2011-2013) conclusions: Less overall misconduct Trending downward Boss pressure has gone down 40) 2013 National Business Ethics Survey Results: 28% in 1994, lots of misconduct in the 90’s Reduced to 14% in 2000 Dropped to 11% from 2003-2006 Droped further to 10%/8% until 2001 Rose to 13% because of economic crisis Back down to 9% in 2013, and expects to continue to decrease 41) Top 5 Misconduct behaviors: Abusive Behavior Lying to employees Internet abuse Discrimination Conflict of interest 42) Business Ethics: Set of principles, right of conduct and underlying value. 43) International Business Ethics: Two Types Cultural Relationships: Follow culture of the country the business is in Moral Absolutism: Practice only “home” culture no matter where business is Ethics is not the same around the world BUT… There are ethical norms in every business 44) Terminal: Instrumental: 45) Three main ideas when talking about ethics: 1. Can you teach ethics? 2. Is there a right and wrong? 3. Is ethics all the same?----No! 46) Ethical Decision-Making Assessment Framework: MEMORIZE 1. Awareness 2. Facts 3. Stakeholders 4. Standards 5. Values 6. Actions Stakeholders: Anyone with an interest or stake in the company 47) Impact of Culture Leadership Driven: 58% of companies say they have a strong culture 42% say they have a weak culture 48) LOCKHEEAD AND MARTIN AND ETHICS: ON EXAM 49) Management Proccess Regardless of Leven Planning- Setting performance standards/checkpoints for company to achieve Controlling Organizing Leading Know that planning is always part of the management process Planning Process Steps: Define Objectives Compare Current to Objectives Compare Future Alternatives Analyze Alternatives/ Make Plan Implement and Evaluate Note: Traditional Decision- Making Best planning includes: Action Oriented Priority Oriented Advantage Oriented Change Oriented 50) Two types of Personal Planning Work Style and Life Style: Judging: Formal structured planning approach, linear time management Perceiving: Informal and unstructured planning approach, rounded time management 51) Priorities video: Priorities are key in planning Big priorities must always be first Other things can be seen as distractions Complacency avoidance Effective time management 52) Objective Hierarchy: Plans are at the top, then are dropped down throughout pyramid of employment 53) Functional Planning: Types of tactics Operational: Financial, Marketing and Production Tactical: Facilities and Human resources Strategy: is the leadership side of deciding what to do 54) Difference between Policy and Procedure: Policy: Broad guidelines Procedures: Specific actions implemented by the company 55) Planning tools: THE BIG 6 ** ON EXAM** 1. Forecasting- Uses stats and data to predict future staff 2. Contingency-Identify circumstances of their actions 3. Scenario- Considering future scenarios and their effect on the action 4. Benchmarking- comparing the company to outside organizations 5. Participatory- Including those who impacted, in the process 6. Goal Setting- Developing clear goals to measure and guide the companies and individuals work
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