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MGT 301 Detailed Study Guide- Exam 1

by: Hannah Leggett

MGT 301 Detailed Study Guide- Exam 1 MGT 301

Marketplace > University of Kentucky > Economcs > MGT 301 > MGT 301 Detailed Study Guide Exam 1
Hannah Leggett
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MGT 301 Detailed Study Guide- Exam 1 February 10th
Business Management
Gordon Holbein
Study Guide
MGT 301 Holbein UK
50 ?




Popular in Business Management

Popular in Economcs

This 11 page Study Guide was uploaded by Hannah Leggett on Thursday February 11, 2016. The Study Guide belongs to MGT 301 at University of Kentucky taught by Gordon Holbein in Spring 2016. Since its upload, it has received 151 views. For similar materials see Business Management in Economcs at University of Kentucky.


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Date Created: 02/11/16
th MGT 301-Febuary 9 2016 (Day 7) EXAM 1 STUDY GUIDE 1. Don’t be afraid to choose None of the Above or All of the Above 2. True/False must be ENTIRELY True 3. Only choose answers that were taught in class. Ask yourself “What did Holbein say?” “What did Maxwell say?” 4. 3 Types of Questions on the Exam (50 questions total) a. Lecture Notes (23 questions) b. Maxwell (13 questions) c. Wall Street Journal (14 questions) d. True and False (8 questions) LECTURE NOTES REVIEW 1. Holbein Model a. School is about getting a job only to the degree that life is about work. b. Education needs to be more that, “what can get me a job?”. 2. Christine Poon: regarding daily news reading a. The world opens up to you b. You understand the complexities of the world. c. You understand where you stand in the world. d. You understand your own belief system better. e. You become a “more well rounded human-being, and that is what the world needs”. 3. **Four Fundamental Truths of Leadership** a. Iron Clad Law of Leadership i. Before I can even expect to lead others, I must first learn to manage myself. b. Holbein/Maxwell Premise i. Leadership ability grows from within. c. Founding Principle of Leadership Development i. When I become the kind of human being I ought to be on the inside, then I may become the kind of leader I want to be on the outside. d. Fundamental Questions of Leadership i. Am I becoming the human being that others want to follow? 4. Iron Clad Law of Leadership a. Before I can even expect to lead others, I must first learn to manage myself. b. Part of the 4 Fundamental Truths of Leadership 5. Holbein/Maxwell Premise a. Leadership ability grows from within. b. Part of the 4 Fundamental Truths of Leadership 6. Top 5 things employers are looking for today a. Interpersonal Communication Skills i. Interpersonal Relationship Skills (teamwork, etc.) ii. Written Communication Skills (ability to write) b. Teamwork c. Ethics d. Knowledge of the Real World e. Analytic Skills 7. Definition of Leadership (6 parts) a. Intentionally: A leader has a plan, vision, mission, purpose, and plan. b. Influencing: command and ethical; “herding cats” c. Followers: Everyone who works for you is a volunteer. (your heart must be in it) d. Toward Change: If things aren’t changing then you aren’t really leading. Make improvements. e. Through shared purpose: you and your followers must have common goals. f. Personal responsibility: Begins from within. Leader and Follower must have this. 8. Definition of Management* a. Is the science of planning, organizing and controlling. b. It is messy, complex, dynamic, rich and ambiguous. 9. Efficiency and Effectiveness a. Efficiency: {MAX (Output) /MIN (Input)} IF we are being efficient we are maximizing something and minimizing something. b. Effectiveness: It is different from efficiency. And it is attaining appropriate goals. 10. The Three Levels of Bosses a. Supervisor (base level): works on short-term tasks within a particular function of the business. b. Manager (mid level): Pass information upward. And they translate downward long-term strategies into short-term actions. c. Executive (highest): works on long-term strategies within an entire organization. 11. Managers 10 Roles (come in three categories. Know which roles fall into what category). a. Decision Making Roles: i. Entrepreneurial (intra-preneurial: acts like an entrepreneurial inside a company) ii. Disturbance Handler-fights fires iii. Resource Allocator iv. Negotiator b. Informational (Information Processing) Roles: i. Information Monitor ii. Disseminator iii. Spokesperson c. Interpersonal i. Figure Head (Ex: Queen of England—she represents Britain) ii. Liaison iii. Leader 12. Six Major Challenges that Faces Managers today a. Increasing Efficiency- due to globalization and internal competition b. Increasing effectiveness by improving the quality if work c. Becoming- more flexible and innovative in serving customers’ needs d. Properly utilizing IT-every business collects data (i.e. “Big Data”), but what does it mean? Use analytics to turn information into knowledge. e. Maintaining high ethical standards f. Leveraging the power of diversity HISTORY OF MANAGEMENT 1. Know all the Eras and People that fall Under the Eras a. The Industrial Revolution i. Adam Smith (1776): “Why are some nations more technically advanced than others? “He wrote a book called the Wealth of Nations. 1. He came up with four principles to manage organizations efficiently. Division of labor -> Specialization -> Expertise -> Efficiency. ii. Fredrick W. Taylor (Late 1800s- Early 1900s) 1. “Father of Scientific Management” 2. Motto: “One best way”. iii. Max Weber (pronounced: Baber) (Early 1990’s) 1. “The Father of Bureaucracy” iv. Mary Parker Follett (1920s-1930s): 1. All of business is people and that human skills are what hold everything together. v. Hawthorne Studies: Elton Mayo and Fritez Roethlisberger (1930s-19402) 1. Professors at Harvard 2. “Paying attention to people produces positive productivity”. vi. Douglas McGregor (1950s) 1. “Father of Management Thinking’s” 2. Theory X and Theory Y 2. The Agrarian “Agricultural” Era a. Very local b. Based on kinship with family c. Created the management system. Also known as “Nepotism” i. Nepotism: didn’t care who did the job the best, but all about who you were related to. 1. High tough work, craftsmanship, hunter/gatherer… different skill set. This work was VERY inefficient. CHARACTERISTICS OF SUCCESSFUL PEOPLE 1. The Big 5 Personality Traits a. Extra-version: tendency to experience positive emotions. Successful people tend to have a high amount of extra-version. b. Negative Affect: tendency to be critical and to find fault. Successful people have a high negative affect. c. Agreeableness: tendency to get along with people. This trait has a curved relationship with success. To a degree, being agreeable is good, but at a certain point it leads to a lack of success. d. Consciousness: tendency to be careful, precise, and you persevere. Successful people have a very high amount of this. e. Openness to Experience: tendency to be curious, have high interest. Successful people have a very high amount of this. 2. Emotional Intelligence a. Understand where your own feelings come from. b. Understand where others’ feeling come from. c. You can manage your own feelings and emotions. 3. Emotional Maturity and Strength a. Correct principles determine your choices and actions, which then determines your moods, emotions and feelings. This leads to success in work and life. 4. Locus of Control a. Internal: you control what you choose to do. Internal locus of control is possessed by successful people. b. External: outside forces influence you. CAREER DEVELOPMENT 1. Informational Interviews a. Find someone (30+ years) farther than you in your desired field: i. Rule 1: Don’t bring your resume ii. Ask them the following question: 1. Tell me about your path. How did you get where you are today? 2. What lessons have you learned along the way? 3. What kind of activities and skills are involved in your work? 4. IF you know them personally ask… a. “What do you see as my strengths and weaknesses?” b. DO NOT ASK: “What do you think I should do?” i. This violates your internal locus of control. MANAGERIAL ETHICS 1. Stake Holders: “People who have a direct financial interest in our company” 7 types of stakeholders include… a. Shareholders b. Lenders c. Managerial Employees d. Non-Managerial Employees e. Customers f. Partners g. Community 2. Three Questions to Ask When Ethics Should Be Considered a. Does my decision fall within the usual and customary standards of my profession? b. Am I willing to personally and openly communicate my decision to all affect stakeholders? c. Will more than one party benefit? MAXWELL *Most Maxwell questions are true/false, fill in the blank, or know the chapter title. 1. Chapter 12-PASSION a. Page 84 Section 1: What determines your destiny? i. Example Exam Question: According to Maxwell... “Your desire determines your destiny”. ii. Anyone who lives beyond an ordinary live as great desire. 2. Chapter 18-SELF DISCIPLINE a. Page 125 i. Plato: “The first and best victory is to conquer yourself”. b. Page 128 i. Steven Covey-- wrote 7 Habits of Highly Effective People 1. “To be successful, self-discipline can’t be a one-tome event. It has to become a lifestyle”. 2. Daily Private Victory-- to simply do one difficult good thing each day. It will build power in your life. c. Page 130 i. Octopus Lesson— “Talent without discipline is like an octopus on skates.” 3. Chapter 5-COMPETENCE (Benjamin Franklin) a. Top of Page 32: i. “His mind was curious”. b. Page 33 Section 1: i. They come ready to play every day- no matter how they feel”. ii. No matter how you feel you come to class. iii. Emotional maturity and strength. c. Page 33 Section 2: i. Continually search for ways to keep learning, growing and improving. d. Page 34 Section 4: i. Highly competent people always go the extra mile” ii. Going to class to be educated. e. The internal Locus of Control in the Gulf Stream: i. “When he traveled frequently across the Atlantic Ocean. He took it upon himself to chart the Gulf-Stream”. ii. Success was in his hands. 4. Chapter 1-CHARACTER a. Page 4 i. Our character is not our beliefs, not our faith, nor our promises. It is simply our choices and actions. b. Page 5 i. Five A’s 1. Arrogance 2. Aloneness 3. Adventure-Seeking 4. Adultery 5. Addiction 5. Chapter 6- COURAGE a. Page 39 i. Eddie Bricknbacher 1. Courage is doing what you are afraid of. 2. Relates to Emotional Maturity Strength. ii. Quote from Tacitus 1. Page 41: “The desire for safety stands against every great and noble enterprise.” 6. Chapter 9-GENEROSITY a. Page 62 End of Section 3 i. “If you want to be in charge of your heart, don’t allow possessions to take charge of you. Relates to emotional maturity and strength 7. Chapter 19- SERVANTHOOD (2 questions) a. Page 136 Section 2: i. “The real heart of servanthood is security. Show me someone who thinks he is too important to serve, and I’ll show you someone who is basically insane.” b. Page 136: Holbein’s modified version of Maxwell... i. “Close the spreadsheets, shut down the computer, get out of the office, go down to the shop floor, get out in the field. Walk slowly through the crowd, look into their eyes hear them breath, see them sweat and get in touch with your people.” WALL STREET JOURNAL 1. And One Method of Setting Goals a. New Year’s Resolutions 2. Rewards for Goal Setting a. Intrinsic: when you feel a sense of accomplishment b. Extrinsic: a tangible reward 3. When you miss your goal what don’t you do? a. When you fall short don’t give up. It isn’t the end of the world!! 4. Charlie Mars (3 questions) a. When your dreams don’t come true what do you do? b. When you feel that you have been treated wrong, what do you do? i. Charlie Mars answers this…never stop chasing your dream c. He had an internal locus of control. i. My success/my failure is in my hands. Example: tumbleweed ii. He did it all on his own and was very powerful d. Networking i. He needed help beyond what he could do. ii. His own personal board of directors. iii. 5 people beyond his family 5. True Grit (3 questions) a. Balance of Grit is very important b. Definition of Grit: courage and resolve; strength of character c. Talk to personal board of directors to see if you are too gritty or not enough. 6. Applying to MBA Programs a. Don’t go straight out of undergrad b. Wait 2-3 years after working then try and get in the best MBA school that you can get into. 7. Deepak Chopra a. Chopra offers guidance to MBA’s b. Mindfulness –Holbein Truth Version i. “Leadership ability grows from within”.


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