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AU / Business Management / MNGT 3100 / mngt 3100 auburn exam 1

mngt 3100 auburn exam 1

mngt 3100 auburn exam 1

Description

School: Auburn University
Department: Business Management
Course: Principles of Management
Professor: Jordan mcsweeney
Term: Fall 2018
Tags: Management and Studyguide
Cost: 50
Name: Management Exam 1 Study Guide
Description: This covers what will appear on test 1
Uploaded: 09/17/2018
23 Pages 10 Views 9 Unlocks
Reviews


Exam Study Guide – Test 1


What are the 10 Managerial Roles Mintzberg ?



Exam 1 : 50 Questions

CHAPTER 1 

∙ What is management

o The art of getting things done through efforts of  other people

o Principles 

 The means by which you actually get things  done through others – individually, in groups,  

or in organizations

∙ Hierarchy of managerial positions

 o Top managers 

 Responsible for developing the organization’s  strategy and acting as a steward for its vision  

and mission

 o Functional managers 

 Responsible for the efficiency and effectiveness of a specific area such as accounting or  

marketing

 o Line managers 

 Also called product or service managers

 Lead a team that contributes directly to the  products or services the organization creates

∙ Ex: apple, where the line managers might  

be responsible for the production,  


Who is Frederick Taylor?



marketing, and profitability of the apple  

watch

 o Staff managers 

 Leads a group that creates indirect inputs

∙   Ex: the white house chief of staff (held by  

Jacob Lew among others during the  

Obama admin)

 o General managers 

 Responsible for managing a clearly identifiable, revenue producing unit, such as a store,  

business unit, or a product line

∙   Ex: Michael Scott, general manager of the  

Scranton branch of Dunder Mifflin

 o Project managers 

 Responsible for the planning, execution and  completion of projects

∙   Ex: Chip and Joanna Gaines from Fixer  

Upper, who oversee the transformation of  

homes

∙ POLC

 o Planning 

 Involves setting objectives and determining a  course of action for achieving those objectives

 o Organizing 


What is the meaning of The “Triple Bottom Line” Performance?



 Developing an organizational structure and  

allocating human resources to ensure the  

completion of objectives, often through the  

design of individual jobs within the organization  o Leading 

 Social and informal sources of influence used  to inspire others to take action utilizing  We also discuss several other topics like asu mis

knowledge of personalities, values, attitudes,  

and emotions

 o Controlling 

2

 Involves ensuring that managerial actions do  not deviate from standards by creating  

processes and procedures that ensure  

consistent behavior

∙ 10 Managerial Roles Mintzberg Don't forget about the age old question of econ 113 ucsc

o Interpersonal 

 Figurehead, leader, liaison

∙ Provides info

∙ Accepts feedback

 Role

∙ Figurehead

o Perform ceremonial symbolic duties

∙ Leader

o Motivate, train, counsel, communicate  

with subordinates We also discuss several other topics like uga plant biology

∙ Liaison

o Initiate projects, identify news ideas,  

delegate responsibility to others

o Informational 

 Monitor, disseminator, spokesperson

∙ Processes info

∙ Provides feedback

 Role

∙ Monitor

o Seek and receive info, scan periodicals  

and reports, main personal contacts

∙ Disseminator

3

o Forward info to organization members,  

send memos, make calls

∙ Spokesperson

o Transmit info to outsiders through  

speeches, reports, memos

o Decisional 

 Entrepreneur, disturbance handler, resources,  allocator, negotiator

∙ Uses info

∙ Provides feedback

 Role

∙ Entrepreneur

o Initiate projects, identify new ideas,  

delegate responsibility to others

∙ Disturbance handler

o Take corrective action during disputes

or crises

o Resolve conflicts among subordinates

o Adapt to environmental crises

∙ Resource allocator

o Decide who gets resources

o Schedule, budget, set priorities

∙ Negotiator

o Represent department during  

negotiation of union contracts, sales,  

purchases, budget

4

∙ The “Triple Bottom Line” Performance

o Profit figure, looking at a company’s impact on: o Social 

 Corporate Social Responsibility (CSR)

∙ Corporations consider the interests of  We also discuss several other topics like uofl email

society, assume responsibility for the impact  

of their activities

o Ex:

 Ben and Jerry’s

 Target

 S.C. Johnson

o Environmental ^^^^ 

o Economic 

 A function of a firm’s success in producing  

benefits for its owner

∙ Accomplished through product innovation  

and efficient use of resources

∙ The end goal is the production of profit

∙ Revenue exceeds costs

∙ Individual-Level Performance

o In-role Performance 

5

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 Individuals are recruited, selected, and hired to  take responsibility for fulfilling the job description o Extra-Role Performance 

 Additional “extras” that add value but which are  not part of the formal job description  

 Organizational Citizenship Behaviors (OCBs) ∙ Altruism 

o Acting voluntarily to help others

 Instructing new hires, helping co-workers  

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∙ Interpersonal 

o Assisting coworkers when needed

∙ Courtesy 

o Facilitating problem prevention with kind gestures and words

 Consulting with superiors and coworkers  

before moving ahead with a project

∙ Peacemaking 

o Mitigating or preventing unconstructive  

interpersonal conflict

∙ Cheerleading 

o Encouraging and affirming coworkers

∙ Sportsmanship 

o Tolerating inconveniences without grievance ∙ Organizational loyalty 

6

o Obeying organizational leadership above  

parochial interests

∙ Representative behavior 

o Serving the interests of the organization as a  whole

∙ Organizational compliance 

o Accepting the necessity of rules and regulations  Attending work punctually, completing tasks  in a timely fashion

∙ Individual initiative 

o Going beyond minimal levels of internal  

maintenance

∙ Civic virtue 

o Constructive involvement in the politics of the  organization

∙ Self-development 

o Voluntarily improving one’s own skills and  

knowledge base

∙ Group-Level Performance

o Focuses on the outcomes and processes of collections  of individuals or groups

o In some cases, individuals can work on their own  agendas in the context of a group

o Group 

 Collection of individuals

 The performance of a group consists of the inputs of the group minus any process loss that results  in the final output

7

o Team 

 Small number of people with complementary  skills who are committed to a common propose,  performance goals, and approach for which they  are mutually accountable

∙ Corporate Social Responsibility (CSR)

o Corporations consider the interests of society, assume responsibility for the impact of their activities

 Ex:

∙ Ben and Jerry’s

∙ Target

∙ S.C. Johnson

CHAPTER 2 

∙ Early Management Principles

 o Henry Fayol 

∙ Fayol’s 14 Principles

∙ 1. Specialization/Division of Labor

o every person should be an expert of  

the job they’re doing

∙ 2. Managers must have the authority to  

issue commands with the responsibility to  

ensure that work gets done

∙ 3. Workers must obey orders is business is

to run smoothly, and good discipline is a  

direct result of effective leadership

8

∙ 4. Unity of command

o An employee should receive orders  

from only one boss to avoid conflict

∙ 5. Unity of Direction

o Each group should follow one  

coordinated strategy

∙ 6. Subordination of individual interest

o one’s individual interests should  

never trump the good of the group

∙ 7. Remuneration

o Workers must be compensated fairly

∙ 8. The decision to centralize or  

decentralize decision-making should  

depend on the competency of the workers

∙ 9. The line of authority extends from top  

management to lowest-ranked labor, but  

communication can also occur laterally if  

bosses are aware

∙ 10. Orderliness is necessary for an  

effiecient workplace

o people and material in the right place

at the right time

∙ 11. Equity

o The workspace must be fair and  

respectful and bosses must treat  

employees with a combination of  

kindliness and justice

∙ 12. Tenure and stability

9

o promotes the development of skills  

and loyalty, which high employee  

turnover incurs inefficiency

∙ 13. Empowerment and Initiative

o Allowing any member if the  

organization to create plans promotes

worker enthusiasm and generates  

new ideas

∙ 14. Harmony within the team promotes  

moral and productivity

∙ French mining engineer

∙ During early 1900’s, fayol developed a series  of 14 principles of management

∙ These principles still influence management  practices today

 o Frederick Taylor 

∙ Scientific Management (Taylorism)

∙ Described as a method of scientifically  

finding the “one best way to do a job”

∙ Time studies

o Used a stopwatch to measure how  

long it took a worker to perform a  

task

o Then experimented with different  

ways to do the task to save time

∙ Management Ideas of the 1900’s

∙ Peter Drucker 

o Empower people by involving everyone in  

decision-making

10

o Eliminate bureaucratic rules and humiliating  conditions

o Celebrate and recognize employees for their  contributions

o Develop an inspiring vision

o Lead by example

o Skills can be acquired, not values

∙ Tom Peters and Robert Waterman 

o Managing ambiguity and paradox

o A bias for action

o Close to the customer

o Autonomy and entrepreneurship

o Productivity through people

o Hands-on, value driven

o Stick to the knitting

o Simple form, lean staff

o Simultaneous loose-tight properties

∙ Contemporary principles of management o Corporations as social movements 

 Refers to a type of group action that is focused  on specific political or social issues

 Spontaneous and fluid

o Social networks 

 Assists in identifying experts

 Efficient sharing of info

 Showcases skills, talents, knowledge

11

o Learning and visual organizations 

 Creating, acquiring and transferring knowledge

 Modifying its behavior to reflect new  

knowledge and insights

 Systematic problem solving

 Experimentation

 Learning from experience

 Learning from others

 Transferring knowledge

∙ Globalization and Cross-Cultural Lessons

o Work environments are more diverse than ever  before

o Cultural and language differences require diverse  management approaches

o The GLOBE Project 

 Global Leadership and Organizational Behavior  Effectiveness

 170 researchers, 10 years

 data from 17,000 managers in 62 countries

 identifies 9 dimensions of culture

∙ MDT -  

o MJ – Moral Justification

o EL – Euphemistic Labeling

12

 Relabel to make ourselves feel better

o AC – Advantageous Comparison

 Comparing our actions to someone elses to  justify our own behavior

o Diffusion of Responsibility

 “its not my job”

o Displacement of Responsibility

 “we all agreed so its fine”

 refusing to own responsibility

o Minimizing injurious consequences

 So far removed from end result that you don’t  even see the outcome

o Attribution of blame

 Dehumanization

 “I punched the kid because he was ugly”

 blame victim for our unethical choices

Ethics

∙ Managers face many ethical challenges

∙ Managers must model ethical behavior and uphold  values and standards

∙ Understanding Ethical Transgressions

o Ethical Lapse 

 Pressure to meet unrealistic business  

objectives and deadlines

 A desire to further one’s career

 A desire to protect one’s livelihood  

∙ 2002 Sarbanes-Oxley Act

13

o highly publicized fraud at prominent firms (Enron,  WorldCom, and Tyco revealed significant ethical  issues

 conflicts of interest by auditors and analysts  boardroom failures

 inadequate funding of the security and  

exchanges commission

o Sen. Paul Sarbanes and Rep. Michael Oxley  

sponsored legislation that contained ‘the most far reaching reforms of FDR’

o Aspects  

 1. Created a board to oversee auditing activites within accounting firms

 established standards to determine conflict of  interest and assure auditors true independence  held senior executives responsible for the  

accuracy of their firms’ financial reports and  

made them forfeit any benefits arising from  

non-compliance

 enhanced reporting standards for off-the-book  transactions and required timely reporting of  

material changes in a firm’s financial condition CHAPTER 3 

∙ Personality

o The relatively stable feelings, thought, and  

behavioral patterns a person has

o 5 Big Personality Traits 

 Openness

∙ The degree to which a person is curious,  

original, intellectual, creative, and open to  

new ideas

 Conscientiousness

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∙ The degree to which a person is  

organized, systematic, achievement

oriented, and dependable

 Extraversion

∙ The degree to which a person is outgoing,  

talkative, and sociable

 Agreeableness

∙ The degree to which a person is affable,  

tolerant, sensitive, trusting, kind, and  

earnest

 Neuroticism

∙ The degree to which is anxious, irritable,  

and temperamental  

∙ Self-Esteem vs. Self-Efficacy

o Self-Esteem

 High self-esteem is related to higher levels of  job satisfaction, performance and creativity

 Those with low self-esteem are attracted to  positions where they will be relatively invisible  (large corporations)

o Self-Efficacy

 Belief that one can perform a specific task  

successfully

 Job specific and related to job performance

∙ Proactive Personalities

o Use initiative to solve problems

o May have higher levels of performance

o Understand the political environment better, make  friends more quickly, and are more responsive to  feedback they receive

o May be perceived as too pushy

∙ Values

15

∙ Refers to People’s stable life goals which reflect what  is important to them

∙ Form life experiences

∙ Affect employment and personal life

∙ Schwartz’s Value Inventory

o Achievement 

 The desire for personal success

 Careers in sales often focus on this value by  offering commissions to align individuals  

with organizational outcomes

o Benevolence 

 the desire to protect the well-being of those  close to oneself

 Allstate Insurance’s pledge that “you’re in  

good hands” demonstrates the role of  

benevolence common to many insurance  

agencies

o Conformity 

 Motivation through self-discipline and  

obedience to the will of others

 Careers in the military are well-suited to  

individuals who hold such values in high  

regard

o Hedonism 

 The desire for pleasure in life

 The gambling industry has often referred to  as a “sin” industry due to its ties with what  

many consider hedonistic activities

o Power 

16

 The desire for control over others

∙ Attaining authority and prestige

 The 2006 comedic drama The Devil Wears  Prada illustrates the role of power in the  

fashion industry

o Security 

 The desire for safety and stability

 Firefighters and police officers undergo  

extensive training to help them achieve  

goals of protecting and serving others

o Self-Direction 

 The desire to be free and independent

 Many academics are drawn to a career in  

research because of the ability to  

independently pursue their intellectual  

curiosity on any number of topics with  

relatively little outside influence

o Stimulation 

 The desire for an exciting life

 Careers in big-game hunting, adventure  

travel, and deep-sea diving embrace the  

need for stimulation

o Tradition 

 The acceptance of social customs and  

traditional ideas in society

 Individuals valuing traditional ideas might  enjoy working in event planning

o Universalism 

17

 The desire to protect the well-being of all  

people with a care for social justice

 Groups that promote human rights, such as  Amnesty international, demonstrate a  

potential career choice for individuals who  

value universalism.

∙ Perception

∙ Perception

o The process with which individuals detect and  interpret environmental stimuli

 Perception is affected by individual values,  

needs and emotions

∙ Perception Bias

 o Self-Enhancement Bias 

 Tendency to overestimate our performance  

and capabilities and see ourselves in a more  

positive light than others see us

 o Self-Effacement Bias 

 Tendency to underestimate our performance  and capabilities to see events in a way that  

put ourselves in a more negative light

o Stereotypes

 Generalizations based on a group characteristic

o Self-fulfilling prophecy

 Occurs when an established stereotype causes  one to behave in a certain way, which leads  

18

the other party to behave in a way that make  

the stereotype come true

o Selective perception

 We pay selective attention to parts of the  

environment while ignoring other parts

∙ Two Major Attitudes

o Job satisfaction 

 The feels people have toward their jobs

∙ Myth: satisfied employees will do  

better work

o Organizational Commitment 

 The emotional attachment people have toward  the company they work for

 Loyalty to one’s organization

o Factors of Job Satisfaction and Commitment 

 Personality

 Person-Environment Fit

∙ Attract people that will do well in the  

environment presented

 Job Characteristics

∙ What are the elements of the job every  

day?

 Psychological Contract

∙ The unspoken, informal understanding  

that an employee will contribute certain  

things to the organization and will receive  

certain things in return

19

 Organizational Justice

∙ Procedural

o Fairness in the way policies and  

processes are carried out

∙ Distributive

o The allocation of resources or  

compensation and benefits

∙ Interactional

o The degree to which people are  

treated with dignity and respect

∙ At the root of organizational justice is  

trust, something that is easier to break  

than to repair if broken

 Work Relationships

 Stress

∙ Attitude Surveys 

o Used to track employee work attitudes

o Better if they’re kept confidential

o Success of these surveys depends on the credibility  of management in the eye of employees

∙ Exit Interviews 

o Meeting with the departing employee

o If conducted well, may give management clues  about areas for improvement

CHAPTER 4 

20

∙ Mission and Vision

∙ Mission Statement 

o A statement of goal, describing who the company is and what it does

o Communicates the organizations reason for being,  and how it aims to serve its key stakeholders

o Often integrates a summation of the firms values

o Mission statements tend to be longer than vision  statements

∙ Vision Statement 

o A future-oriented declaration of the organization’s  goal and aspirations

o Addresses what a firm wants to become

o Vision statements tend to be relatively brief ∙ 3 roles played by mission and vision 

o communicate the goal of the organization to  stakeholders such as employees, customers, and  

o create a target for strategy development

o develop the measurable objectives by which gauge  the success of the organization’s strategy

o *** mission -> vision -> organizing***

Stakeholder and Shareholder 

21

∙ Shareholders 

o Legally own shares of stock in public or private  corporation

∙ Stakeholders 

o Affect or affected by organization’s goals, policies,  and actions

 Government

 Employee

 Shareholder

 Supplier

 Union

 Customer

 o Steps in Identifying Stakeholders 

 Step 1 : Determining influences on mission,  vision, and strategy formulation

∙   It is important to identify the groups to be  

consulted for strategy development

∙   Four categories of stakeholders for a firm  

are

o Organizational: employees

o Capital – market: shareholders, bank

o Product-market: suppliers, customers

o Social: union, Gov’t

 Step 2 : determining the effects of key  

decisions on the stakeholder

22

∙   It is important to determined how each  

stakeholder will be impacted by the  

strategic decisions

∙   Some will be affected more than others so  

it is also important to determine who the  

most important stakeholders are

 Step 3 : determining stakeholders’ power and  influence over decisions

∙   Determine the degree to which the  

stakeholders’ group can exercise power  

and influence over the decisions the firm  

makes  

∙   Ex: Chinese gov’t

Developing Your Personal Vision and Mission

∙ Identify past successes  

∙ Identify core values

∙ Identify contributions

∙ Identify goals

∙ Write mission and vision statements

Big Hairy Audacious Goal - BHAG

∙ Set with understanding

∙ Should complement what you are passionate about and  what differentiates you

∙ Long time frame

∙ Clear, compelling, easy to grasp

∙ Reflect core values and core purpose

23

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