question

Define what management is.

answer

Management is the process of coordinating people and other resources to achieve an organization's goals. Managers are concerned with four types of resources—material, human, financial, and informational.

question

Describe the four basic management functions: Planning, organizing, leading and motivating, and controlling.

answer

Managers perform four basic functions, which do not occur according to a rigid, preset timetable. At any time, managers may engage in a number of functions simultaneously. However, each function tends to lead naturally to the next. Managers engage in planning—determining where the firm should be going and how best to get there. One method of planning that can be used is SWOT analysis, which identifies and evaluates a firm's strengths, weaknesses, opportunities, and threats. Three types of plans, from the broadest to the most specific, are strategic, tactical, and operational. Managers also organize resources and activities to accomplish results in an efficient and effective manner, and they lead and motivate others to work in the best interests of the organization. In addition, managers control ongoing activities to keep the organization on course. There are three steps in the control function: setting standards, measuring actual performance, and taking corrective action.

question

Distinguish among the various kinds of managers in terms of both level and area of management.

answer

Managers—or management positions—may be classified from two different perspectives. From the perspective of level within the organization, there are top managers, who control the organization as a whole, middle managers, who implement strategies and major policies, and first-line managers, who supervise the activities of operating employees. From the viewpoint of area of management, managers most often deal with the areas of finance, operations, marketing, human resources, and administration.

question

Identify the key management skills of successful managers.

answer

Managers need a variety of skills in order to run a successful and efficient business. Conceptual skills are used to think in abstract terms or see the "big picture." Analytic skills are used to identify problems correctly, generate reasonable alternatives, and select the "best" alternatives to solve problems. Interpersonal skills are used to deal effectively with other people, both inside and outside an organization. Technical skills are needed to accomplish a specialized activity, whether they are used to actually do the task or to train and assist employees. Communication skills are used to speak, listen, and write effectively.

question

Explain the different types of leadership.

answer

Managers' effectiveness often depends on their styles of leadership—that is, their ability to influence others, either formally or informally. Autocratic leaders are very task oriented; they tell their employees exactly what is expected from them and give them specific instructions on how to do their assigned tasks. Participative leaders consult their employees before making decisions and can be classified into three groups: consultative, consensus, and democratic. Entrepreneurial leaders are different depending on their personalities, but they are generally enthusiastic and passionate about their work and tend to take the initiative.

question

Discuss the steps in the managerial decision-making process.

answer

Decision making, an integral part of a manager's work, is the process of developing a set of possible alternative solutions to a problem and choosing one alternative from among the set. Managerial decision making involves four steps: Managers must accurately identify problems, generate several possible solutions, choose the solution that will be most effective under the circumstances, and implement and evaluate the chosen course of action.

question

Describe how organizations benefit from total quality management.

answer

Total quality management (TQM) is the coordination of efforts directed at improving customer satisfaction, increasing employee participation, strengthening supplier partnerships, and facilitating an organizational atmosphere of continuous quality improvement. Another tool used for TQM is benchmarking, which involves comparing and evaluating the products, processes, or management practices of another organization that is superior in some way in order to improve quality. The five basic steps in benchmarking are identifying objectives, forming a benchmarking team, collecting data, analyzing data, and acting on the results. To have an effective TQM program, top management must make a strong, sustained commitment to the effort and must be able to coordinate all the program's elements so that they work in harmony. Benefits of TQM include lower operating costs, higher return on sales and on investment, and an improved ability to use premium pricing rather than competitive pricing.

question

administrative manager

answer

a manager who is not associated with any specific functional area but who provides overall administrative guidance and leadership

question

analytic skills

answer

the ability to identify problems correctly, generate reasonable alternatives, and select the "best" alternatives to solve problems

question

autocratic leadership

answer

task-oriented leadership style in which workers are told what to do and how to accomplish it without having a say in the decision-making process

question

benchmarking

answer

a process used to evaluate the products, processes, or management practices of another organization that is superior in some way in order to improve quality

question

communication skills

answer

the ability to speak, listen, and write effectively

question

conceptual skills

answer

the ability to think in abstract terms

question

contingency plan

answer

a plan that outlines alternative courses of action that may be taken if an organization's other plans are disrupted or become ineffective

question

controlling

answer

the process of evaluating and regulating ongoing activities to ensure that goals are achieved

question

core competencies

answer

approaches and processes that a company performs well that may give it an advantage over its competitors

question

decision making

answer

the act of choosing one alternative from a set of alternatives

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directing

answer

the combined processes of leading and motivating

question

entrepreneurial leadership

answer

personality-based leadership style in which the manager seeks to inspire workers with a vision of what can be accomplished to benefit all stakeholders

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financial manager

answer

a manager who is primarily responsible for an organization's financial resources

question

first-line manager

answer

a manager who coordinates and supervises the activities of operating employees

question

goal

answer

an end result that an organization is expected to achieve over a one- to ten-year period

question

human resources manager

answer

a person charged with managing an organization's human resources programs

question

interpersonal skills

answer

the ability to deal effectively with other people

question

leadership

answer

the ability to influence others

question

leading

answer

the process of influencing people to work toward a common goal

question

management

answer

the process of coordinating people and other resources to achieve the goals of an organization

question

marketing manager

answer

a manager who is responsible for facilitating the exchange of products between an organization and its customers or clients

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middle manager

answer

a manager who implements the strategy and major policies developed by top management

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mission

answer

a statement of the basic purpose that makes an organization different from others

question

motivating

answer

the process of providing reasons for people to work in the best interests of an organization

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objective

answer

a specific statement detailing what an organization intends to accomplish over a shorter period of time

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operational plan

answer

a type of plan designed to implement tactical plans

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Operations Manager

answer

a manager who manages the systems that convert resources into goods and services

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Organizing

answer

the grouping of resources and activities to accomplish some end result in an efficient and effective manner

question

participative leadership

answer

leadership style in which all members of a team are involved in identifying essential goals and developing strategies to reach those goals

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Plan

answer

an outline of the actions by which an organization intends to accomplish its goals and objectives

question

Planning

answer

establishing organizational goals and deciding how to accomplish them

question

Problem

answer

the discrepancy between an actual condition and a desired condition

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Strategic Plan

answer

an organization's broadest plan, developed as a guide for major policy setting and decision making

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Strategic Planning Process

answer

the establishment of an organization's major goals and objectives and the allocation of resources to achieve them

question

SWOT Analysis

answer

the identification and evaluation of a firm's strengths, weaknesses, opportunities, and threats

question

Tactical Plan

answer

a smaller scale plan developed to implement a strategy

question

Technical Skills

answer

specific skills needed to accomplish a specialized activity

question

Top Manager

answer

an upper-level executive who guides and controls the overall fortunes of an organization

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Total Quality Management (TQM)

answer

the coordination of efforts directed at improving customer satisfaction, increasing employee participation, strengthening supplier partnerships, and facilitating an organizational atmosphere of continuous quality improvement

question

The material resources of a writer may be a computer, books for research, software programs, and a printer. True or False

answer

True

question

A goal is an end result that an organization is expected to achieve in six months to two years. True or False

answer

False

question

The only person in an organization that really needs goals is the CEO or President. True or False

answer

False

question

A tactical plan is smaller in scale than a strategic plan. True or False

answer

True

question

Consensus leaders seek input from many workers in the organization, possibly all workers, with their support helping form her opinion. True or False

answer

True

question

It is actually possible to view a problem as an opportunity for a company. True or False

answer

True

question

The word "satisfice" means to find the optimal solution to an issue or problem. True or False

answer

False

question

All U.S. companies have some type of TQM program. True or False

answer

False

question

Participative leadership is quite rare in the 2000s. True or False

answer

False

question

Entrepreneurial leadership is personality dependent. True or False

answer

True

question

Which of the following is not considered one of the four standard organizational resources? a. Technological b. Informational c. Material d. Human e. Financial

answer

a. Technological

question

Which of the following is often considered the "first" management function? a. Planning b. Prioritizing c. Motivating d. Organizing e. Leading

answer

a. Planning

question

Most often, an operational plan is for a. 8-10 years. b. 20 years. c. 5-6 years. d. 1 year or less. e. 10 years.

answer

d. 1 year or less.

question

In a SWOT analysis, which factors exist independently and externally of the firm? a. Threats and weaknesses b. Strengths and opportunities c. Weaknesses and threats d. Strengths and threats e. Opportunities and threats

answer

e. Opportunities and threats

question

Considering alternative plans of action is to develop a(n) ________ plan. a. operational b. tactical c. long-term d. strategic e. contingency

answer

e. contingency

question

Management functions occur according to a rigid, preset timetable

answer

False

question

As managers carry out their functions, the first step is to control, the second to organize, and the third to plan.

answer

False

question

An organization's mission is the means by which it fulfills its purpose.

answer

True

question

SWOT analysis is the identification and evaluation of a firm's strengths and weaknesses and external opportunities

answer

False

question

Operational plans aimed at increasing sales would include specific advertising activities.

answer

True

question

Measuring actual performance is the first step in the control process.

answer

False

question

Top managers rely on technical skills more than managers at other levels.

answer

False

question

A democratic leader makes all the decisions and tells subordinates what to do.

answer

False

question

Brainstorming is a common technique used to generate alternatives in solving problems.

answer

True

question

Implementation of a decision requires time, planning, preparation of personnel, and evaluation of results.

answer

True

question

The process of developing a set of goals and committing an organization to them is called organizing. planning. motivating. controlling. directing.

answer

planning

question

Grouping resources and activities to accomplish some goal is called motivating. directing. leading. planning. organizing.

answer

organizing

question

Acme Houseware established a goal to increase its sales by in the next year. To ensure that the firm reaches its goal, the sales reports are monitored on a weekly basis. When sales show a slight decline, the sales manager takes actions to correct the problem. Which management function is the manager using? Leading Controlling Directing Organizing Planning

answer

Controlling

question

Who is responsible for developing a firm's mission? Top managers First-level managers Operations managers Middle managers Supervisors

answer

Top managers

question

The chief executive officer of Southwest Airlines provides the company with leadership and overall guidance and is responsible for developing its mission and establishing its goals. Which area of management is being used? Human resources Operations Financial Administrative Marketing

answer

Administrative

question

This manager is responsible for facilitating the exchange of products between an organization and its customers or clients. Human resources manager Marketing manager Operations manager Financial manager Administrative manager

answer

Marketing manager

question

These types of skills allow a manager to see the "big picture" and understand how the various parts of an organization or idea can fit together. Interpersonal skills Conceptual skills Technical skills Communication skills Analytical skills

answer

Conceptual skills

question

Because a large part of the manager's day is spent conversing with others, it is important for the managers to have conceptual skills. analytical skills. technical skills. communication skills. interpersonal skills

answer

communication skills.

question

Which leadership style is task-oriented, driven, charismatic, and enthusiastic? Autocratic leadership Participative leadership Entrepreneurial leadership Democratic leadership

answer

Entrepreneurial leadership

question

Which of the following statements is correct about TQM? Top management must make a strong commitment to a TQM program by treating quality improvement as a top priority. Employees should be aware of TQM movement, not necessarily involved in it. Managers need to ask for input occasionally in order to practice TQM. The top administration should appear to be interested in TQM. In order for TQM to function effectively, you need a lot of resources.

answer

Top management must make a strong commitment to a TQM program by treating quality improvement as a top priority.

question

What Is Management?

answer

The process of coordinating people and other resources to achieve the goals of an organization 1. Material resources The tangible physical resources an organization uses 2. Human resources The people who staff an organization and use the other resources to achieve the goals of the organization 3. Financial resources The funds an organization uses to meet its obligations to investors and creditors 4. Information resources The information about external business environmental conditions that a firm uses to its competitive advantage

question

The Four Main Resources of Management

answer

Managers coordinate an organization's resources to achieve the goals of the organization. Management = Material Resources + Human Resources + Financial Resources + Informational Resources Management --> Organizational Goals

question

The Management Process

answer

Note that Managment is not a step-by-step procedure but a process with a feedback loop that represents a flow. 1. Planning 2. Organizing 3. Leading & Motivating 4. Controlling Review & Modify, and restart at 1. Planning

question

Planning

answer

1. Planning Establishing organizational goals and deciding how to accomplish them2. Mission A statement of the basic purpose that makes an organization different from others3. Strategic planning The process of establishing an organization's major goals and objectives and allocating the resources to achieve them. 4. Establishing goals and objectives • Goal - An end result that an organization is expected to achieve over a one-to ten-year period • Objective - A specific statement detailing what an organization intends to accomplish over a shorter period of time • Properly set goals are - Set at every level in the organization Consistent (supportive) with each other Optimized (balanced) to reduce conflicts between goals 5. SWOT analysis The identification and evaluation of a firm's Strengths, Weaknesses, Opportunities, Threats 6. Core competencies Approaches and processes that a company performs well and may give it an advantage over its competitors 7. Types of plans • Plan - An outline of the actions by which an organization intends to accomplish its goals and objectives • Strategic plan - An organization's broadest plan, a guide for major policy setting and decision making • Tactical plan - A smaller-scale plan to implement a strategy • Operational plan - A plan to implement a tactical plan • Contingency plan - A plan of alternative courses of action if the organization's other plans are disrupted or become ineffective

question

Elements and Examples of SWOT Analysis: STRENGTHS

answer

Efficient distribution channels Employee education and experience Protected patents Core Competencies Excellent facilities/equipment Proven Management Economies of Scale Cost Advantages

question

Elements and Examples of SWOT Analysis: WEAKNESS

answer

High Turnover Lack of Strategic direction Obsolete production facilities Labor Grievances Lack of managerial depth Negative public image

question

Elements and Examples of SWOT Analysis: OPPORTUNITIES

answer

New markets opening up New technologies Increased demand for new products Potential strategic alliances More favorable trade regulations in desirable foreign markets Competitor complacency

question

Elements and Examples of SWOT Analysis: THREATS

answer

Entry of lower-cost foreign competitors Unfavorable changes in buyer needs and tastes Rising sales of substitute products Slowing market growth Costly regulatory requirements Vulnerability to business cycle changes Sole sourcing

question

Organizing the Enterprise

answer

1. Organizing The grouping of resources and activities to accomplish some end result in an efficient and effective manner2. Leading and motivating • Leading Influencing people to work toward a common goal • Motivating Providing reasons for people to work in the best interests of an organization • Directing The combined processes of leading and motivating

question

5Controlling Ongoing Activities

answer

1. Controlling Evaluating and regulating ongoing activities to ensure that goals are achieved.2. Control FunctionSetting Standards Measuring Actual Performance Taking Corrective action

question

Kinds of Managers

answer

The coordinated effort of all three levels of managers is required to implement the goals of any company 1. Top Manager 2. Middle Manager 3.First-Line Manager

question

Kinds of Managers: Levels of management

answer

1. Top manager—guides and controls the overall fortunes of an organization 2. Middle manager—implements the strategy and major policies developed by top management 3. First-line manager—coordinates and supervises the activities of operating employees

question

Areas of Management Specialization

answer

1. Finance Responsible for an organization's financial resources2. Operations Manage the systems that convert resources into goods and services3. Marketing Responsible for facilitating the exchange of products between an organization and its customers or clients 4. Human Resources Manage an organization's human resources programs 5. Administration Not associated with any specific functional area; provide overall administrative guidance and leadership 6. Other (e.g. R&D) Other areas may have to be added, depending on the nature of the firm and the industry

question

Areas of Management Specialization

answer

The ability to influence others Leadership vs Management1. Analytic skills Ability to identify problems, generate alternative solutions, and select the best solution2. Interpersonal skills Ability to deal effectively with other people 3. Technical skills Needed to accomplish a specialized activity 4. Communication Skills Ability to speak, listen, and write effectively 5. Conceptual Skills Ability to think in abstract terms

question

Leadership

answer

1. Formal leadership Legitimate power of position is the basis for authority2. Informal leadership Not recognized formally by the organization authority3. Autocratic Task-oriented style; workers are told what to do and how to do it, they have no say in the decision making process 4. Participative All members of a team are involved in identifying essential goals and developing strategies to reach those goals 5. Entrepreneurial Personality-based, the manager seeks to inspire workers with a vision of what can be accomplished to benefit all stakeholders

question

Which Leadership Style Is Best?

answer

Matching style to the situation Effective leadership depends on • Interaction among the employees • Characteristics of the work situation • The manager's personality

question

Managerial Decision Making

answer

The act of choosing one alternative from among a set of alternatives Major steps in the managerial decision-making process Managers require a systematic method of solving problems in a variety of situations. 1. Identify the problem or opportunity 2. Generating alternatives 3. Selecting an alternative 4. Implementing and evaluating the solution

question

Managerial Decision Making: Identify the problem or opportunity

answer

A. Problem The discrepancy between an actual condition and a desired conditionB. Opportunity A "positive" problemC. Problem-solving impediments Preconceptions about the problem Focusing on unimportant matters while overlooking significant issues Analyzing symptoms rather than causes Failing to look ahead

question

Managerial Decision Making: Generating alternatives

answer

A. Brainstorming Encouraging participants to come up with new ideasB. "Blast! then refine" Reevaluating objectives, modifying them if necessary, and devising a new solution to a recurring problemC. Trial and error

question

Managerial Decision Making: Selecting an alternative

answer

Satisficing Choosing an alternative that is not the best possible solution, but one that adequately solves the problem

question

Managerial Decision Making: Implementing and evaluating the solution

answer

A. Requires time, planning, preparation of personnel, and evaluation of the results B. An effective decision removes the difference between the actual condition and the desired condition C. If a problem still exists, managers may -Decide to give the chosen alternative more time -Adopt a different alternative -Start the process all over again

question

Managing Total Quality

answer

A. Total Quality Management (TQM) The coordination of efforts directed at -Improving customer satisfaction -Increasing employee participation -Strengthening supplier partnerships -Facilitating an organizational atmosphere of continuous quality improvementB. Benchmarking Evaluating another organization that is superior in order to improve qualityC. Issues crucial to TQM •Top management commitment •Coordination of efforts

question

________ leaders discuss issues with workers in the organization but retain final power and authority. a. Autocratic b. Consultative c. Entrepreneurial d. Democratic e. Consensus

answer

b. Consultative

question

TQM stands for Total Quality Marginality. a. True b. False

answer

b. False

question

________ leadership is very task-oriented with decisions independently made. a. Participative b. Entrepreneurial c. Autocratic d. Formal e. Informal

answer

c. Autocratic

question

A human resource manager is charged with managing the programs that bring and train people in the company. a. True b. False

answer

a. True

question

Formal leaders in an organization have informal power. a. True b. False

answer

b. False

question

Final decisions are usually influenced by a number of different considerations. a. True b. False

answer

a. True

question

Planning is an important management function. a. True b. False

answer

a. True

question

Of the following steps, which is not a step involved in managerial decision making? a. Identifying threats b. Selecting an alternative c. Generating alternatives d. Identifying a problem or opportunity e. Implementing and evaluating a solution

answer

a. Identifying threats

question

Lower operating costs is a financial benefit of many TQM programs. a. True b. False

answer

a. True

question

Whose mission statement begins as "to inspire and nurture the human spirit. . . ."? a. Toyota b. McDonalds c. Starbucks d. Nordstrom

answer

c. Starbucks

question

A problem in a company can actually be considered as a "positive" problem. a. True b. False

answer

a. True

question

When a company gathers knowledge about the competitors of the firm, they are leveraging their informational resource. a. True b. False

answer

a. True

question

________ skills most help managers see the "big picture". a. Interpersonal b. Communication c. Technical d. Conceptual

answer

d. Conceptual

question

Implementation of the proper decision should require little time, planning, or preparation. a. True b. False

answer

b. False

question

SWOT stands for strengths, weaknesses, opportunities, and threats. a. True b. False

answer

a. True

question

SWOT stands for strengths, weaknesses, opportunities, and threats. a. True b. False

answer

a. True

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