MGT 300 Exam 1 (Chapters 1, 2, 3 & 4) Flashcards Quizlet PDF

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MGT 300 Exam 1 (Chapters 1, 2, 3 & 4) Flashcards | Quizlet

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MGT 300 Exam 1 (Chapters 1, 2, 3 & 4) 5.0

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3. Organizing 4. Leading 5. Controlling 6. Output

Controlling

the process of determining the ways and means of following-up to ensure that actual performance is leading to goal attainment.

Output

Efficient & effective performance, Products and/or services desired by customers

Leading

refers to utilizing influence to motivate employees to achieve goals.

Organizing

the management function of determining the resources and activities required to achieve the organization's objectives and combining them to create a formal structure, assigning responsibility, and delegating authority to carry out assignments

Planning

the process of setting goals and determining the actions necessary to attain them. Thus, planning involves determining the "what" and the "how."

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nancial Capital, Raw ogical, Information

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What are the levels of

1. Top

management?

2. Middle 3. First-Line

Top Management

CEO's, CIO's, Presidents

Middle Management

VP, Division Heads, Directors

First-Line Management

Supervisors, Foreman, Team Leaders, Coaches

What are the

1. Primary Functions

Organizational Functions

2. Support Functions

& Management Types?

3. General/Functional Managers

What are the Primary

1. Operations: production, manufacturing,

Functions?

or the generation of service 2. Marketing: distribution, promotion, sales 3. Finance: acquisition and use of funds, budgeting

Support Functions

Organizational functions necessary to keep the primary organizational functions operating effectively.

General/Functional

Managers responsible for any one primary

Managers

of support function, such as human resources.

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What are Conceptual

The mental ability acquire, analyze and

Skills?

interpret information received and various sources and to make complex decisions.

What are Technical

include the ability to use the knowledge,

Skills?

tools, and techniques of a specific discipline or field,

What are Human

The ability required to understand other

Relations Skills?

people and interact effectively with them.

What are the Managerial

1. Interpersonal

Roles?

2. Informational 3. Decisional

Interpersonal Roles

Involves working directly with other people. Ex. Superiors, peers

Informational Roles

Require a manager to receive important information and disseminate it among the appropriate people (stakeholders).

Decisional Roles

Involves making decisions that affect people Ex. employees and customers.

What are the

1. Figurehead

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Figurehead

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Performs ceremonial activities, attends

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social functions, greet visitors. (Attends annual meeting)

Leader

Motivates, encourages, and builds enthusiasm among employees. (Visits stores and employees.)

Liaison

Serves as connecting link with important others outside the unit or organization. Ex. (Interacts with the government officials to influence legislation)

What are the

1. Monitor

Informational Roles?

2. Disseminator 3. Spokesperson

Monitor

Seeks out and receives relevant information

Disseminator

Circulates and transfers relevant information

Spokesperson

Makes official statements to outsiders

What are the Decision

1. Entrepreneur

Roles?

2. Disturbance Handler 3. Resource Allocator 4. Negotiator

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he unit or organization

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Disturbance Handler

Responds to problems and pressure among employees or units, resolves conflicts

Resource Allocator

Decides why, when, how, for what, and to whom organizational resources are allocated.

Negotiator

Bargains with subordinates, other organizational units, or outsiders to reach agreements.

What are the

1. Globalization

Management

2. Technology

Challenges?

3. Downsizing 4. Empowerment

Globalization

refers to the opening of markets to competitors throughout the world.

Technology

refers to accomplishing work "using technical processes, methods, or knowledge.

Downsizing

A popular technique designed to eliminate layers of hierarchy and reduce the number of employees in general and managers in particular

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What is the Behavioral

emphasized favorable treatment of

Approach?

employees instead of focusing solely on their output or performance.

What is the Management

uses decision making techniques involving

Science Approach?

mathematical models and advanced technology

What is the Systems

integrates universal management functions

Approach?

and strategic planning with the consideration of external environmental factors.

What is the Classical

sought out efficient operations and

Approach?

regarded workers as just another factor of production, along with that equipment.

What is an Open

The idea that a firm is affected by its

System?

external environment and the firm also affects its own environment. Ex. BP Oil Company

What is a Closed

The idea that the firm is not affected much

System?

(If not at all) by its external environment.

What are the types of

1. General

Environments?

2. Task

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International that externally affect all industries and firms.

affects the environment directly

What is the Task Environment?

What is the Internal

All factors within an organization that firms

Environment?

have direct control over such as its leadership, culture, personnel, structure and process.

What is Organizational

a set of shared assumptions that guide

Culture?

what happens in organizations by defining appropriate behavior for various situations.

What are the Dimensions

Used to view the differences in a firms

used for?

organizational environment

What is Complexity?

Refers to the number of key environmental issues and the similarity of these issues.

What is Environmental

Refers to two factors:

Complexity?

(1) the number of key issues operating in the organizational environment (2) the similarity of these factors.

What is the

(Moderately high uncertainty) - In this

Simple/Dynamic

environment, the organization interacts

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key factors, but those e dynamic and ng

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What is the

(High uncertainty) - organizations

Complex/Dynamic

operating here face a great many complex

Environment?

environmental factors which change rapidly.

What is the

(Low uncertainty) - organizations are

Simple/Stable

involved with relatively few key factors

Environment?

and these factors either do not change or change slowly over time.

What is the

(Moderately low uncertainty) -

Complex/Stable

Organizations operating in this

Environment?

environment interact with many important and dissimilar factors. However, the factors do not tend to change frequently or dramatically.

What is Environmental

Refers to the frequency and extent of

Change?

changes in the organizational environment.

What are the 3 basic

1. Setting an Objective

steps in the Planning

2. identifying and assessing present and

Process?

future conditions affecting the objective 3. Developing a systematic approach by which to achieve the objective

What are the

1. Top

Management Levels?

2. Middle 3. Lower

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range plans, to from one to five years or more into the future. Ex. CEO What is Middle

These managers plan primarily for the

Management ?

short run as well, but they become more involved in some intermediate-range plans of one to three years. Ex. District Manager

What is Lower

These managers usually plan for short

Management?

periods, or from one day to one year. Ex. Shift Leader

What are the Time Range

1. Short Range - 1 day to 1 year

of Plans?

2. Intermediate Range - 1 year to 3 years 3. Long Range - between 3 to 5 years

Where is planing

1. Centralized

accomplished?

2. Decentralized

Centralized Planning

A single person or group such as a corporate planning department does planning that is centralized.

Decentralized Planning

May be used where each division or department is responsible for planning its own operations with little if any guidance from a central planning group. (Disadvantage = a lot of overlays)

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ould use a combo of ntralized where they e group set the main n allow multiple groups

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work on the different aspects of the objective. What is the Strategic

This process include those activities that

Planning Process?

involve defining the organizations vision, mission, setting and developing strategies to enable it to operate successfully in its environment.

What are the steps in the

1. Develop a vision, mission and values

Strategic Planning

2. Set an Objective

Process?

3. Develop a strategy 4. Execute those strategies 5. Monitor and evaluate performance 6. Initiate corrective adjustments

What is a Vision?

It's intended to be a document that guides managers in their decision-making; however, it is often vague, broad. "Where are we going?"

What is a Mission?

The mission identifies the organization's reason for existence—that is, what it stands for. *A mission can change over time

What is an Objective?

End results toward which organizational activities are aimed.

What are Drucker's areas

1. Market Standing

for Objectives?

2. Productivity

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Development 7. Worker Performance and Attitudes 8. Public and Social Responsibility What are the guidelines

1. Be Specific

for effective objective

2. Be Challenging but Realistic

setting? (Do's)

3. Be Result Oriented 4. Have a Realistic Deadline 5. Be Balanced 6. Have Involved Subordinates 7. Make sure to Follow Up

What are the guidelines

1. Don't Move Goal Posts

for effective objective

2. Do Have too many objectives

setting? (Do Not)

3. Things that you have complete control over 4. Don't use words ending with "ize"

What is a SWOT?

Strengths, Weaknesses, Opportunities, Threats

What are Strengths?

Internal, Those resources or capabilities that a firm has control over that give it an upper had over its competitors.

What are Weaknesses?

Internal, Are resources that a firm lacks or capabilities that a firm controls but that are done in a less than proficient manner or significantly less well than most competitors.

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firm's external

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What are Threats?

External, Are major unfavorable circumstances or impediments to a firm's present or future position

What are SBU's?

Strategic Business Units, consists of a unique company business that has its own mission, product or service lines, competition, customers, threats, and opportunities.

What are Resource

Focuses on what resources and

Based Strategies?

capabilities a firm does better than its rivals. This approach isolates the specific processes and/or asset that a firm owns that create value

What is Concentration?

The strategy followed by a firm that operates with a single line of business

What is Horizontal

Similar to concentration but differs in that

Integration?

it is a growth strategy implemented by acquiring another firm in the same industry whose products or services are similar

What is Vertical

The strategy of extending a business's

Integration?

scope by taking an activity or function backward toward sources of supply or forward toward the end user.

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What is Related

Industries are similar to each other and

Diversification?

have commonalities that the firm can leverage.

What is Unrelated

Means that the various businesses have

Diversification?

little in common.

What is MBO?

Management by Objectives, A process that involves superior and subordinate managers in an organization coming together to set common goals, defining each individual's major area of responsibility in terms of the results expected of him or her, and using those measures as guides for operating the unit and assessing the contribution of each of its members.

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