This preview shows pages 1 - 4 of a 13 page document.
to view the rest of the content
Midterm Study Guide CH 1-6 CH 1- Nature of Management 1.What is management, and what are its basic elements? a process of assembling and using sets of resources in a goal-directed manner to accomplish tasks in an organizational setting 1. Process- involves planning, deciding, and evaluating 2. Assembling and using set of resources- a process that brings various resources together for use ex: human, financial, material, and informational resources 3. Goal Directed to accomplish task- activity with purpose and direction which include the desire to successfully achieve a result 4. Carried out organization: a process of undertaken in an organization by people with different function to achieve common goals. 2.What are the 4 major challenges that managers face, and how do they deal with them? 1- Managing Change- technology increased and globalization has caused organizational change and companies must manage it effectively 2- Managing Resources- organizations must develop their resources portfolio and integrate resources to create capabilities that are leveraged to achieve a competitive advantage 3- Managing Strategically- select and implement strategy designed to provide greater value to customers than do competitors 4- Managing Entrepreneurially- identify and exploit opportunities- strive to create new business 3. Who are the primary historical figures who have contributed to modern management, and what are their most important ideas? • The basis of modern management is traditionally thought to be scientific management proscribed by Frederick Taylor during the industrial revolution.• Contributed to knowledge of productivity (Frank and Lilian Gilbreth) • Contributed to organization (Alfred Sloan and Chester Barnard) • Contributed to leadership (Mary Parker Follett and Douglas McGregor) • Contributed to motivation (Abraham Maslow and Frederick Herzberg) 4. What are the 4 primary functions of management and their contents? Controlling: regulating the work of those for whom a manager is responsible. Managers can control by setting standards of performance for employees in advance and monitoring performance. Directing: The process of attempting to influence other people to attain an organization’s objectives. It involves leading, motivating, communicating, and managing groups or teams.
Organizing: Systematically integrating resources to accomplish tasks. It includes identifying the appropriate structure of relationships among positions and linking that structure to the overall strategic direction of the organization Planning: estimating future conditions and circumstances and making decisions about appropriate courses of action
5. What are the ten managerial roles and their importance to managerial work? 1. Interpersonal 1- Figurehead- attending ceremonial activities 2- Leader- influencing others 3- Liaison- contacting others outside the formal chain 2. Informational 4- Monitor- seeking info to be aware of crucial development 5- Disseminator- receiving and sending info 6- Spokesperson- representing the unit for which he is responsible3. Decisional 7- Entrepreneurial- exploring new opportunities 8- Disturbance handler- judge or problem solver in conflicts among employees 9- Resource allocator- decides how resources are distributed 10- Negotiator- making accommodations with other units 6. How does each of the three dimensions of managerial jobs contribute to managerial tasks? The dimensions include the demands and constraint placed on managers and discretionary choices allowed by the job. 7. What are the three primary managerial skills and how does their importance vary with the type and level of manager’s job? 1. Technical – specialized knowledge, including how to use the skills 2. Conceptual- sensitivity, persuasiveness, empathy 3. Human or interpersonal – logical reasoning, judgment, analytical ability Organization: set of individuals and groups who come together to achieve a common goal with different approach and coordination. • Strategic Planning: strategic actions to achieve long term goal • Tactical Planning: translates strategic plan into action designed to achieve specific and short-term goals and objectives • Operational Planning: identifies the action needed to accomplish the goals.Entrepreneur: Someone who creates new businesses for gain or growth under conditions of risk and uncertainty
Entrepreneurial mindset: is a way of thinking about businesses that emphasizes actions to take advantage of uncertainty. Entrepreneurial mindset helps managers sense and exploit opportunities.
According to Drucker, what do managers do? 1. Setting objectives- set goals for the group and decides what work needs to be done 2. Organizing- Divide the works in segment of activities and assign it to different people 3. Motivating & Communicating- create a team out his people through communication 4. Measuring- establish appropriate target and analyze appraise and interpret performances 5. Developing People- Develop people as an asset *Effective managers understand their organizations and customers
Problems with misunderstanding Organization • Nardelli impose a rigid autocratic style on HD with decentralized operations • He paid surprised visit and quick inspections- after he fired off nasty emails to managers and fire loyal long-term employees and hired less knowledgeable part-timers as a result morale declined and manager turnover grew steadily • He angered shareholders and he ended a company s annual meeting while dodging questions about executive pay and performance. In 2007 HD gave him the ax with a severance worth 210 million, on top of the 64 mil he earned during his 6 years • In 2007 he became Chrysler new CEO, BusinessWeek called the move “the most boneheaded idea of 2007” • In 2011 JC Penney hired former Apple executive Ron Johnson as CEO to give the 110-year-old retailer a fresh new face • Johnson was offered a $53-mil package+ $117 mil to be hired from other companies • Investors applauded Johnson’s bold strategy which included sales, promotions, and everyday low-price structure but customers hated it. Sales fell over 25% • The Company’s share price declined by over 50% during Johnson’s time as CEO and 17 months later he was gone Ch 2 – Social Responsibility & Managerial Ethics What is ethics? A branch of Philosophy that focuses on moral issues, good vs bad, and right vs wrong.
What is managerial ethics? The study of morality and standards of business conduct. How should a business behave? Who is responsible for the actions of the organization? How can ethical behavior be monitored or encouraged?
Ethical Dilemmas vs ethical lapses? Ethical dilemma: having to make a choice between two competing but arguably valid option Ethical lapse: a decision that is contrary to one’s stated beliefs and company policies
Nike and the sweatshop labor controversy.
Nike was paying people in Indonesia 20 cents per hour. People started to criticize Nike saying that their product was synonym to slave wages, forced overtime, and arbitrary abuse. Nike finally acted and increased minimum age in factories, adopted clean Air regulations, offered loans to worker, built schools and clinics in workers communities. What are the 4-basic approach to ethical decisions making? 1. Utilitarian – Focuses of consequences of an action 2. Moral Rights- moral standing of actions independent of their consequences 3. Universal- action should be guided by the principle you believe should be universally applied including yourself 4. Justice- argues that costs and benefits of an action should be equally distributed; rules should be impartially applied. a) Distributive justice- equitable distribution is based on performance b) Procedural justice- ensure that those affected by managerial decisions consent to the decision-making process c) Compensatory justice- if distributive and procedural fail, those hurt by inequitable distribution of rewards are compensated What is moral intensity, and why does it matter? The degree to which people see an issue as an ethical one; the greater the moral intensity, the greater the sense of ethical obligation. Understanding moral intensity can help working proactively to find solutions and avoid ethical dilemma. Moral intensity has 6 components 1. Magnitude of consequences- anticipated impact resulted from an action Ex: having to lay off 100 vs 1000 employees 2. Social consensus- the extent to which people agree that an act is either good or bad Ex: Speeding vs. drunk driving 3. Probability of effect- the likelihood that an action will result in an adverse consequence Ex: cigarette ads and smoking 4. Temporary immediacy- a function of the interval between the time the action occurs and the onset of its consequences Ex: Industrial pollution and Global Warming 5. Proximity- the physical, psychological, and emotional closeness the decision maker feels to those affected by the decision Ex: closing a local factory 6. Concentration of Effect: the extent to which consequences are focused on a few individuals or dispersed across the country Ex: laying off workers in a small-town vs a large city Efficiency vs. Social Responsibility. Efficiency is the concept that a manager’s responsibility is to maximize profits for the owner of the business. Social responsibility is the idea that business should balance profit making activities that benefit society. Corporations owe their existence not only to shareholders but to society at large.
Shareholder: an owner of shares in a company Stakeholder: any individual/group that is impacted by or has an interest in each business decision/project
This is the end of the preview. Please
to view the rest of the content
Join more than 18,000+ college students at Florida International University who use StudySoup to get ahead
School: Florida International University
Course: Organization and Management
Professor: David Wernick
Term: Fall 2017
Name: MAN 3025- Study Guide
Description: These notes cover chapter 1-6 that will be in the midterm