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FIU - MAN 3025 - MAN 3025- Study Guide - Study Guide

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Schools > Florida International University > OTHER > MAN 3025 > FIU - MAN 3025 - MAN 3025- Study Guide - Study Guide

FIU - MAN 3025 - MAN 3025- Study Guide - Study Guide

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background image 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. 
background image 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 responsible 
3.  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. 
 
background image  
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. 
background image 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 

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School: Florida International University
Department: OTHER
Course: Organization and Management
Professor: David Wernick
Term: Fall 2017
Tags: Management
Name: MAN 3025- Study Guide
Description: These notes cover chapter 1-6 that will be in the midterm
Uploaded: 10/13/2017
13 Pages 103 Views 82 Unlocks
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