MGMT Study Guide Exam1
MGMT Study Guide Exam1 MGMT 3490-004
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This 7 page Study Guide was uploaded by Johanna Glaser on Thursday September 29, 2016. The Study Guide belongs to MGMT 3490-004 at University of Nebraska at Omaha taught by Robert Ottemann in Fall 2016. Since its upload, it has received 131 views.
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Date Created: 09/29/16
Exam 1 Study Guide Chapter 1, 2, & 4 Highlight- Important Term Highlight- Important concept Highlight- Important person Chapter 1 Intro to Management Basic Management Function o Planning- the process of setting objectives and determining in advance exactly how the objectives will be met o Organizing- the process of delegating and coordinating tasks and allocating resources to achieve objectives o Leading-the process of influencing employees to work toward achieving ability Managers must communicate the objectives to employees & motivate them to achieve those objectives by developing positive relationships o Controlling- the process of monitoring and measuring progress and taking corrective action when needed to ensure that objectives are achieved Fundamental Skills o Technical Skills- the ability to use methods and techniques to perform a task o Interpersonal Skills- the ability to understand, communicate with, and work well with individuals and groups through developing effective relationships o Decision-Making Skills- the ability to conceptualize situations and select alternatives to solve problems and take advantage of opportunities Skill Differences by Management Level Evolution of Management Classical Management Perspective o Scientific Management Frederick Winslow Taylor (1856-1915) Father of Scientific Management Replaced rule of thumb method with scientifically based work methods to eliminate “soldiering” Believed in selecting, training, teaching, & developing workers Used time studies, standards planning, exception rule, slice-rules, instruction cards, & piece-work pay systems to control & motivate employees o Administrative Management Henri Fayol (1841-1925) Father of Modern Management Made a clear distinction between operating and managerial activities 5 major functions of management: planning, coordinating, organizing, controlling, and commanding Developed 14 principles Behavioral School Perspective o Hawthorne Studies Conducted by Elton Mayo & associates at Western Electric (1927-1935) Illumination study of changes in workplace lighting unexpectedly affected both the control group & the experimental group of production employees Group Study- the effects of a piecework incentive plan on production workers o Workers established informal levels of acceptable individual output Interview Program o Confirmed the importance of human behavior in the work place o Human Relations Approach Grew out of the Hawthorne Studies Proposed that workers respond primarily to the social context of work Abraham Maslow (psychologist) Advanced a theory that employees are motivated by hierarchy of needs that they seek to satisfy Douglas McGregor Proposed Theory X and Theory Y concepts of managerial beliefs about people and work Contingency Management Perspective o Contingency Theorists- researchers who focus on determining the best management approach for a given situation o Situational Approach 2 types of management systems: mechanistic- works well in stable environment organic- works well in innovative environment Chapter 2 Environment of Organizations The Internal Environment: Includes the factors that affect its performance from within its boundaries o Mission- its purpose or reason for being o Management & Culture: managers are responsible for the organization’s performance as they develop the visionary mission, strategies, and plans to achieve success Organizational Culture- consists of the values, beliefs, and assumptions about appropriate behavior that members of an organization share o Resources- human, financial, physical, and information; used to achieve the organization’s mission and objectives o Structure-the way in which an organization groups its resources to accomplish its mission o System Process- the technology used to transform inputs into outputs to make and deliver products and services Inputs- organization’s resources that are transformed into products or services Transformation- the conversion of inputs into outputs Outputs- the products or services offered to customers Feedback- provides a means of control to ensure that the inputs and transformation process are producing the desired results Task Environment Components o Customers- business success is based on customer relationships and providing the products customer want o Competition- organizations must compete for customers o Suppliers- organizations buy resources from suppliers o Labor force/unions- the employees of an organization have a direct effect on its performance o Shareholders- the owners of a corporation influence management General Environment Components o Society- determines what are acceptable business practices o Technology- has changed the speed and the manner in which organizations conduct and transact business o The economy- no organization has control over economic growth, inflation, interest rates, foreign exchange rate, and so on o Governments- national, state and local governments all set laws and regulations that businesses must obey How Companies adjust to their Environment o Info Management in organizations Boundary spanners Environmental scanning- searching the environment for important events or issues that might affect the firm Information systems o Strategic Response Maintaining the status quo, altering the current strategy, or adopting a new strategy o Mergers, Acquisitions, Alliances Firms combine (merge), purchase (acquisition), or form new venture partnerships or alliances with another firm Ethical and Social Environment o Individual Ethics & Social Responsibility The classical view: view that the management’s only social responsibility is to Maximize profit Socioeconomic View: managements social responsibility goes well beyond the making of profits to include protecting & improving society’s welfare o Social Responsibility & Organizations Social Responsibility- the conscious effort to operate in a manner that creates a win-win situation for all stakeholders Areas of social responsibility Stakeholders The natural environment The general social welfare Organizational Shareholders People and organizations directly affected by the behaviors of an organization and that have a stake in its performance Chapter 3 The Global Environment Classifying Businesses o Global Business- the buying and selling of goods and services among different countries o Global Village- refers to companies conducting business worldwide without boundaries Managing Different Forms o Domestic business- conducts business in only one country International Company- an organization based primarily in one country but transacts business in other countries o Multinational Corporation (MNC)- an organization that has ownership in operations in two or more countries o Foreign Company (foreign subsidiary) Subsidiary- a company owned and controlled by another company, making up a combined company, called the holding company o Transnational Company A type of MNC that eliminates artificial geographical barriers without having a real single national headquarters Managing Foreign Trade o Trade Barriers Dumping- selling products in one country at a high profit and selling in another country at a loss with the intention of driving out competition Protectionism- trade barriers to protect domestic companies and their workers from foreign completion o World Trade Organization (WTO) An international organization dedicated to global free trade o Trade Agreements 6 major trade agreements around the globe Chapter 4 Decision Making and Problems Types of Decisions o Programmed Decisions A decision that is a fairly structured decision or recurs with some frequency or both Ex. Starting your car in the morning o Non-programmed Decisions A decision that is relatively unstructured and occurs much less often a programmed decision Ex. Choosing a vacation destination Conditions for Decision Making o Certainty- know the outcome of each alternative in advance Can take quick action o Risk- do not know the exact outcome of each alternative in advance but can assign probabilities to each outcome o Uncertainty- lack of information or knowledge makes the outcome of each alternative unpredictable Cannot accurately determine probabilities Rational Decision Making- Classical Model- o Maximizers- tend to make rational decisions Taking their time and weighing a wide range of options before choosing Behavioral Aspects of Decision Making o Bounded Rationality Decision makers are limited by their values and unconscious reflexes, skills, and habits o Satisficing The tendency to search for alternatives only until one is found that meets some minimum standard of sufficiency to resolve the problem o Coalition A positive or negative political force in decision making which consists of an informal alliance of individuals or groups formed to achieve a goal o Intuition An innate belief about something without conscious consideration o Escalation of commitment Staying with a decision even when it appears to be wrong o Risk Propensity The extent to which a decision maker is willing to gamble when making a decision Group and Team Decision Making o Forms of group decision making Interacting group or team Consists of an existing group or newly formed team interacting and then making a decision Delphi groups Developing a consensus of expert opinion from a panel of experts who individually contribute through a moderator Nominal groups The process of generating and evaluating alternatives using a structured voting method Essay questions from last spring (NOT on the test but good guidance as to what he will ask) 1. 5pts How do managers learn how to manage? Ch.1 2. 5pts Summarize the classical school perspective to management? 3. 10pts Discuss the mechanism through which companies adapt to their environment 4. 5pts When does group decision making make sense?
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