WGU D073 Best Practices in management latest 2022/2023

WGU D073 Best Practices in management latest 2022/2023 Vision Clear, distinctive, specific view of organization's future Mission Goals, values, reason for existence. Reward Power Power that comes from the ability to provide rewards or favors coercive power Power that comes form ability to punish others. Referent Power Power deriving from one's personal attraction Expert/Resource Power Power that comes from knowledge or materials that might be gained from leader. Legitemate power Power through "right" Behavioral Theory Behavior can be conditioned/trained Transactional Theories of Leadership Exchange between leader and follower. Goals of both must be aligned. Transformational Leadership transforms employees to pursue organizational goals over self-interests Individualized consideration Leader attends followers concerns and needs, acts as mentor. Intellectual stimulation Leader challenges assumptions, takes risks, and solicits followers' ideas Inspirational motivation Leader shares a vision that is appealing and inspiring Idealized influence Leader is a role model for high ethical behavior, instills pride and gains respect. 4 functions of management 1. Planning 2. Organizing 3. Leading 4. Controlling Objectives specific, measurable actions, providing detail. Strategy a plan of action Strategic Management Process Strategic Objectives & Analysis Strategic Formulation Strategic Implementation Strategic Evaluation & Control Strategic Objectives & Analysis Evaluation performed and strategy analyzed Strategic Formulation Goals and objectives written Strategic Implementation Planning stops, action begins Strategic Evaluation & Control Performance measurements, corrective actions, reexamine goals or measurement criteria Kaplan & Norton's 6 Strategies Developing Planning Aligning Organization with Strategy Planning Operations Monitoring Testing & Adapting Operational