MGMT FINAL EXAM SG
MGMT FINAL EXAM SG MGMT 301
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This 7 page Study Guide was uploaded by Evangelos Katradis on Monday May 2, 2016. The Study Guide belongs to MGMT 301 at Pennsylvania State University taught by Ronald Johnson in Winter2015. Since its upload, it has received 51 views.
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Date Created: 05/02/16
Study Guide Mgmt. Final Exam Chapter 1: Managers & The Mgmt. Process Manager execution Leader Strategy Levels of Management: Traditional Pyramid top to bottom: CEO, Senior managers, middle managers, line managers, nonmanagerial workers ex. Pepsico, Unilever exist globally in military, religion, education, government, business Inverted Levels of Management: top to bottom: customers, operating workers, team leaders/middle managers, senior managers, CEO ex. W.L. Gore interpersonal role figure head, leader, liason informational role monitor, disseminate, spokes person decisional role negotiator, disturbance handler, resource allocator, entrpreneur Management process: 1. Planning setting performance objectives & deciding how to achieve them 2. Organizing arranging tasks, people and other 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 Robert Katz: Conceptual Skill: Big picture Human Skill: People Skill/ emotion intelligence Technical Skill: Reports, analysis, presentation ______________________________________________________________________ Chapter 2: Management Perspectives: Theory & Practice Big 3 Approaches to MGMT Theory & Practice 1.Classical Scientific Management: Frederick Taylor Goal: Secure maximum prosperity for employer or employee Bureaucratic Organization: Max Weber Key: Power=Ability to coerce actions::authority: actions taken voluntarily Administrative Principles: Henri Fayol Scalar Principle: clear line of authority from the bottom to top of the org. Unity of Command: each person must have a reporting relationship to the boss 2. Behaivoral Hawthorne studies: Elton Mayo Hawthorne effect: impact of feedback on their performance can change productivity Theory X &Y: Douglas McGregor Perspectives of the manager of what they(the workers) need Human Needs Theory: Abraham Maslow Hierarchy of Needs: top to bottom ~self actualization, esteem needs, social needs, safety needs, physiological 3. Modern Operations & Mgmt. Science: using business analytics to make business work better Customer Driven Open Systems Contingency Thinking: best case thought & worst case thought Quality Mgmt. Evidence Based Mgmt.: business analytics ______________________________________________________________________ Chapter 3: Ethics in Business Teaching ethics? awareness>judgement>behaivor Personal Organizational National Global Ethics resource center 4% down Observed Misconduct (41%) 2% down reported of observed misconduct (63%) 4% down Perceived Pressure to commit a misconduct (9%) 1% down perceived retaliation from misconduct report (21%) Ethics: Basic Definition 1. Set up principles 2. Right conduct 3. Underlying Values Moral reasoning: a) individualism personal interest b) moral rights fundamental rights c) utilitarian great good for most d) justice fairness & impartially Ethical decision making: 1. awareness 2. facts 3. stakeholders 4. standards 5. values 6. actions Kolberg’s Levels of Moral Development: Level 1: Self a)punish> reward Level 2: Social (other) good law Level 3: All (priniciples) fairness universal ______________________________________________________________________ Chapter 5: Planning The Management Process: POLC 1. Planning: process of setting performance objectives and determining how to get them done 2. Organizing: 3. Leading 4. Controlling Planning: The management process Personal Planning Work & Life Style: J: Judging: formal structured planning approach P: Perceiving: INformal UNstructured planning approach Best Planning Includes: (Orientation) CAPA 1. Change oriented 2. Action oriented 3. Priority oriented 4. Advantage oriented Plan an Amusement Park:(smeal majors) 1. management 2. marketing 3. finance 4. accounting 5. supply chain 6. risk management Long range vs Short range: Long 3+ yrs Short 312 months Strategic Plan> Operational(tactical) plan: 1. Financial 2. marketing 3. production 4. facilities 5. human resources company policy> broad guidelines company procedures> specific actions Planning Tools and Techniques: 1. Forecasting: using statistical tools & intuition to predict future 2. Contingency: identifying action to take when a plan must change based on circumstances 3. Scenario: considering future scenarios & developing plans to address those issues 4. Benchmarking: comparing your company to outside organizations both in your industry and in other businesses 5. Participatory: including those impacted/ who will implement your plan in the process 6. Goal Setting: developing quantified measures that guides an organizations and the individuals work Chapter 6 Controls Controlling ensuring results by measuring performance and taking corrective action The Control Process 1. Set performance objectives 2. measure actual performance 3. compare actual to objectives 4. take actions to control process 4 R’s 1. Rides 2. Retail 3. Restaurants 4. Rest Controls 1. Inputs 2. Throughputs 3. Outputs External Controls corporate: market bureaucratic personal: social norm (clan) MGMT by objectives joint plan make set objectives together act alone but have strong reporting requirements joint control how did “we” do? (performance) Chapter 7 Strategy Strategy comprehensive plan guiding resource allocation to achieve long term org. goals Strategic Intent focuses energy on a compelling goal Strategy Levels in Business: 1. Corporate 2. Business 3. Functional Strategy: Getting Bigger: 1. Basic growth within current operations 2. Concentration expansion of current business 3. Diversification related or new business 4. Vertical Integration buy partners in supply chain 5 Forces: 1. Entrants 2. Suppliers 3. Industry Comp. 4. Customers 5. Substitutes Organization Structure & Design Organizing Arranging tasks, people and other resources to accomplish the work 1. divide up work 2. arrange resources 3. coordinate activities Formal & Informal Structure Formal Staff professionals Line Professionals • division of work • chain of command • span of control tall vs flat • major units • staff vs line • levels of MGMT Informal social impact Big 5 1. functional 2. divisional 3. matrix 4. team 5. network W.L. Gore Team Structure benefits: improve communication, cooperation, decisions Network Structure benefits: lower costs, access to experts, grow/shrink with market conditions Leadership when one individual influences a group of individuals to WANT to reach important (BIG) goals Leading communicate vision, build enthusiasm, motivate commitment & hard work How to become a leader: Right.... Experiences, training, and attitude managerial power= position power + personal power types of power position power> legitimate, reward and coercion personal power> expert, referent
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