Chapter 6 questions
Chapter 6 questions BMGT 1010-001
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This 1 page Class Notes was uploaded by Tiew Chen Wooi on Thursday October 13, 2016. The Class Notes belongs to BMGT 1010-001 at University of Toledo taught by Dr. Karen in Fall 2016. Since its upload, it has received 3 views. For similar materials see Business Principle in Business at University of Toledo.
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Date Created: 10/13/16
1. Why is management so important, and what is its purpose? Management is a process designed to achieve an organization’s objectives by using its resources effectively and efficiently in a changing environment. Management is so important because managers make decisions about the use of the organization’s resources and are concerned with planning, organizing, staffing, directing, and controlling the organization’s activities to reach its objectives. The decision to introduce new products in order to reach objectives is often a key management duty. 3. Why must a company have financial resources before it can use human and physical resources? Every organization must acquire resources such as people, raw materials and equipment, money, and information to effectively reach its objectives and coordinate their use efficiently to turn out a final goods or services. Employees are one of the most important resources in helping a business attain its objectives. Successful companies recruit, train, compensate, and provide benefits such as shares of stock and health insurance to foster employee loyalty. 5. Identify the three levels of management. What is the focus of managers at each level? Top managers have overall responsibility for the organization and they focus most of their time planning and make the organization strategic decisions. Middle managers are responsible for tactical planning that will implement the general guidelines established by top management. Middle managers are involved in the specific operations of the organization and spend more time organizing. First-line managers supervise workers and the daily operations of the organization. They are responsible for implementing the plans established by middle management and directing workers’ daily performance on the job. They spend most of their time directing and controlling. 6. In what areas can managers specialize? From what area do top managers typically come? At each level, there are managers who specialize in the basic functional areas of business such as finance, production and operations, human resources, marketing, and administration. Top managers typically come from financial resources and human resources. 8. What are three styles of leadership? Describe situations in which each style would be appropriate. Three styles of leadership are autocratic leaders who make all the decisions then tell employees what must be done and how to do it. They generally use their authority and economic rewards to get employees to comply with their directions. Democratic leaders involve their employees in decisions. The manager presents a situation and encourages his or her subordinates to express opinions and contribute ideas. The manager then considers the employees’ points of view and makes the decision. Free-rein leaders let their employees work without much interference; setting performance standards and letting employees find their own way to meet them. For this style to be effective, employees must know what the standards are, and they must be motivated to attain them. The free-rein style of leadership can be a powerful motivator because it demonstrates a great deal of trust and confidence in the employee.
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