MGM101 MIDTERM STUDY GUIDE 2026
Management - Answers -the art of getting things done through people
Management Functions - Answers -Planning: a management function that involves
defining goals, establishing a strategy for achieving those goals, and developing plans
to integrate and coordinate activities
Organizing: a management function that involves determining what tasks are to be
done, who i s to do them, how the tasks are to be grouped, who reports to whom, and
where decisions are to be made
Leading: a management function that involves motivating subordinates, directing the
work of individuals or teams, selecting the most effective communication channels, and
resolving employee behaviour issues
ex: people are hired, trained, and motivated
Controlling: a management function that involves monitoring actual performance,
comparing actual performance to a standard, and taking corrective action when
necessary
manager - Answers -someone who coordinates and oversees the work of other people
so that organizational goals can be accomplished
Manager Roles - Answers -Interpersonal Roles: managerial roles that involve working
with people or performing duties that are ceremonial and symbolic in nature
Figurehead
Leader
Liaison
Informational Roles: managerial roles that involve receiving, collecting, and
disseminating information
Monitor
Disseminator
Spokesperson
Decisional Roles: managerial roles that involve making significant choices that affect the
organization
Entrepreneur
Disturbance handler
Resource allocator
Negotiator
This evidence generally supports the idea that managers- regardless of the type of
organization or level in the organization- perform similar roles
Types of Managers - Answers -Top Managers: managers at or near the top level of the
organization who are responsible for making organization-wide decisions and
establishing the plans and goals that affect the entire organization
, Middle Managers: managers between the first-line level and the top level of the
organization who manage the work of first-line managers
First-Line Managers: managers at the lowest level of the organization who manage the
work of non managerial employees who are directly or indirectly involved with the
production or creation of the organization's products
Management Skills - Answers -Technical Skills: knowledge of and expertise in a
specialized field
Human Skills: the ability to work well with other people, both individually and in a group
Conceptual Skills: the mental ability to analyze and generate ideas about abstract and
complex situations
Value of studying management - Answers -The universality of management - managers
are needed in all types and sizes of organizations
The reality of work - you will manage or be managed
Significant rewards and challenges
Managerial Values - Answers -Values: stable, evaluative beliefs that guide our
preferences for outcomes or courses of action in
Enacted Values: values that actually guide behaviour
Espoused Values: what people say is important to them
Shared Values: values held in common by several people
Ethical Values: values that society expects people to follow because they distinguish
right from wrong in that society
Personalized Power Orientation: seeking power for personal gain
Socialized Power Orientation: seeking power for social and organizational objective
Stakeholders: Shareholders - Answers -Inner circle (transact with firm on regular basis
and important on how it operates)Employee, Distributers, suppliers, shareholders,
creditors, customers
Outer circle (have stake in how it operates, don't transact on regular basis) goverment,
general public, local communites.
business - Answers -is a mission-focused activity aimed at:
Identifying the needs of a market.
Providing a solution while making a profit.
Each of these firms (Shoppers, Walmart, Netflix) is a business - an organization that
produces or sells goods or services to make a profit
Businesses produce most of the goods and services that we consume, and they employ
most of the workforce in Canada
Taxes paid by businesses help support the government at all levels
Also, businesses help support charitable causes and provide community leadership
Major approaches to management - Answers -1. Historical Background
a. Early Example of Mgmt (Great Wall, Pyramids)
Management - Answers -the art of getting things done through people
Management Functions - Answers -Planning: a management function that involves
defining goals, establishing a strategy for achieving those goals, and developing plans
to integrate and coordinate activities
Organizing: a management function that involves determining what tasks are to be
done, who i s to do them, how the tasks are to be grouped, who reports to whom, and
where decisions are to be made
Leading: a management function that involves motivating subordinates, directing the
work of individuals or teams, selecting the most effective communication channels, and
resolving employee behaviour issues
ex: people are hired, trained, and motivated
Controlling: a management function that involves monitoring actual performance,
comparing actual performance to a standard, and taking corrective action when
necessary
manager - Answers -someone who coordinates and oversees the work of other people
so that organizational goals can be accomplished
Manager Roles - Answers -Interpersonal Roles: managerial roles that involve working
with people or performing duties that are ceremonial and symbolic in nature
Figurehead
Leader
Liaison
Informational Roles: managerial roles that involve receiving, collecting, and
disseminating information
Monitor
Disseminator
Spokesperson
Decisional Roles: managerial roles that involve making significant choices that affect the
organization
Entrepreneur
Disturbance handler
Resource allocator
Negotiator
This evidence generally supports the idea that managers- regardless of the type of
organization or level in the organization- perform similar roles
Types of Managers - Answers -Top Managers: managers at or near the top level of the
organization who are responsible for making organization-wide decisions and
establishing the plans and goals that affect the entire organization
, Middle Managers: managers between the first-line level and the top level of the
organization who manage the work of first-line managers
First-Line Managers: managers at the lowest level of the organization who manage the
work of non managerial employees who are directly or indirectly involved with the
production or creation of the organization's products
Management Skills - Answers -Technical Skills: knowledge of and expertise in a
specialized field
Human Skills: the ability to work well with other people, both individually and in a group
Conceptual Skills: the mental ability to analyze and generate ideas about abstract and
complex situations
Value of studying management - Answers -The universality of management - managers
are needed in all types and sizes of organizations
The reality of work - you will manage or be managed
Significant rewards and challenges
Managerial Values - Answers -Values: stable, evaluative beliefs that guide our
preferences for outcomes or courses of action in
Enacted Values: values that actually guide behaviour
Espoused Values: what people say is important to them
Shared Values: values held in common by several people
Ethical Values: values that society expects people to follow because they distinguish
right from wrong in that society
Personalized Power Orientation: seeking power for personal gain
Socialized Power Orientation: seeking power for social and organizational objective
Stakeholders: Shareholders - Answers -Inner circle (transact with firm on regular basis
and important on how it operates)Employee, Distributers, suppliers, shareholders,
creditors, customers
Outer circle (have stake in how it operates, don't transact on regular basis) goverment,
general public, local communites.
business - Answers -is a mission-focused activity aimed at:
Identifying the needs of a market.
Providing a solution while making a profit.
Each of these firms (Shoppers, Walmart, Netflix) is a business - an organization that
produces or sells goods or services to make a profit
Businesses produce most of the goods and services that we consume, and they employ
most of the workforce in Canada
Taxes paid by businesses help support the government at all levels
Also, businesses help support charitable causes and provide community leadership
Major approaches to management - Answers -1. Historical Background
a. Early Example of Mgmt (Great Wall, Pyramids)
