BUS208: Principles of Management - Saylor Direct Credit Final Exam Questios with 100% Correct Answers

BUS208: Principles of Management - Saylor Direct Credit Final Exam Questios with 100% Correct Answers What is manager primary challenge? - answerprimary challenge is to solve problems creatively, What is Principles of Management? - answermeans by which you actually manage, that is, get things done through others—individually, in groups, or in organizations. What do P-O-L-C stand for? - answerP-O-L-C, planning, organizing, leading, control The fundamental notion of principles of management was developed by - answerHenri Fayol Strategic Management - answeris the body of knowledge that answers questions about the development and implementation of good strategies. strategy - answeris the central, integrated, externally-oriented concept of how an organization will achieve its objectives. environmental scanning - answermeans that planners must be aware of the critical contingencies facing their organization in terms of economic conditions, their competitors, and their customers tactical planning - answeris intermediate-range (one to three years) planning that is designed to develop relatively concrete and specific means to implement the strategic plan. Strategy Planning - answerinvolves analyzing competitive opportunities and threats, as well as the strengths and weaknesses of the organization, and then determining how to position the organization to compete effectively in their environment. operational planning - answergenerally assumes the existence of organization-wide or subunit goals and objectives and specifies ways to achieve them. Operational planning is short- range (less than a year) organizational design - answerDecisions made about the structure of an organization controlling - answerinvolves ensuring that performance does not deviate from standards. three steps of controlling - answer(1) establishing performance standards, (2) comparing actual performance against standards, and (3) taking corrective action when necessary. Triple Bottom Line - answergaining so much attention in the business press self-enhancement bias - answerThe tendency to overestimate our performance and capabilities and to see ourselves in a more positive light than others see us. self-effacement bias - answerThe tendency to underestimate our performance and capabilities, and to see events in a way that puts ourselves in a more negative light. false consensus error - answerHow we as human beings overestimate how similar we are to other people. Self-fulfilling prophecy - answerThis happens when an established stereotype causes one to behave in a certain way, which leads the other party to behave in a way that confirms the stereotype. selective perception - answermeans that we pay selective attention to parts of the environment while ignoring other parts turnover - answerharmful consequences, such as poor customer service and poor company- wide performance. When employees leave, their jobs still need to be performed by someone, so companies spend time recruiting, hiring, and training new employees, all the while suffering from lower productivity. Yet, not all turnover is bad. Frederick Winslow Taylor (Taylorism) - answerTaylor described how productivity could be greatly improved by applying the scientific method to management; for this reason, the scientific approach is sometimes referred to as Taylorism. Warren Bennis - answerPioneered a new theory of leadership that addressed the need for leaders to have vision and to communicate that vision. Frank Gilbreth and Lillian Moller Gilbreth, - answerThe Gilbreths then carefully analyzed the motions and removed unnecessary ones. These motion studies were preceded by timing each task, so the studies were called "time and motion studies." social movement - answerrefers to a type of group action that is focused on specific political or social issues; Uncertainty avoidance - answerreflects the extent to which members of a society attempt to cope with anxiety by minimizing uncertainty social networking - answerrefers to systems that allow members of a specific site to learn about other members' skills, talents, knowledge, or preferences. power distance - answerreflects the extent to which the less powerful members of institutions and organizations expect and accept that power is distributed unequally. institutional collectivism - answerrefers to the extent to which people act predominantly as a member of a lifelong group or organization Sarbanes-Oxley Act of 2002 - answerThe purpose of the rules is to "define a code of ethics as a codification of standards that is reasonably necessary to deter wrongdoing and to promote honest and ethical conduct, The three "planning" topics of your principles of management cover - answer1) mission and vision, (2) strategy, and (3) goals and objectives mission statement - answercommunicates the organization's reason for being, and how it aims to serve its key stakeholders. Values - answerthe beliefs of an individual or group, and in this case the organization, in which they are emotionally in