PRINCIPLES OF MANAGEMENT (EXAM 1) WITH 100% CORRECT ANSWERS 2023

General Environment - Correct answer-the ECONOMIC, technological, sociocultural, and political/legal trends that indirectly affect all organizations Two Kinds of External Environments that Influence Organizations - Correct answer-o General Environment o Specific Environment Specific Environment - Correct answer-the customers, competitors, suppliers, industry regulations, and advocacy groups that are unique to an industry and directly affect how a company does business SECURITIES AND EXCHANGE COMMISSION - Correct answer-protects investors in the bond and stock markets, guarantees access to information on publicly traded securities, and regulates firms that sell securities or give investment advice Organizational Effectiveness - Correct answer-accomplishing tasks that help fulfill organizational objectives the concept of how effective an organization is in achieving the outcomes the organization intends to produce. The Four Functions of Management - Correct answer-1. Lead 2. Control 3. Plan 4. Organize Leading - Correct answer-inspiring and motivating workers to work hard to achieve organizational goals Controlling - Correct answer-monitoring progress toward goal achievement and taking corrective action when needed Planning - Correct answer-determining organizational goals and a means for achieving them Organizing - Correct answer-deciding where decisions will be made, who will do what jobs and tasks, and who will work for whom Types of Skills that Employers Value - Correct answer-1. Technical 2. Human 3. Conceptual 4. Motivation to Manage Technical Skills - Correct answer-Specialized procedures, techniques, and knowledge required to get the job done Human Skills - Correct answer-Ability to work well with others Conceptual Skills - Correct answer-o See the organization as a whole, understand how the different parts affect each other o Recognize how the company fits into or is affected by its environment Motivation to Manage - Correct answer-Assessment of how enthusiastic employees are about managing the work of others Top Ten Mistakes Managers Make - Correct answer-1. Insensitive to others: abrasive, intimidating, bullying style 2. Cold, aloof, arrogant 3. Betray trust 4. Overly ambitious: thinking of next job, playing politics 5. Specific performance problems with the business 6. Overmanaging: unable to delegate or build a team 7. Unable to staff effectively 8. Unable to think strategically 9. Unable to adapt to boss with different style 10. Overdependent on advocate or mentor Mintzberg's Managerial Roles - Correct answer-INTERPERSONAL ROLES ¥ Figurehead ¥ Leader ¥ Liaison INFORMATIONAL ROLES ¥ Monitor ¥ Disseminator ¥ Spokesperson DECISIONAL ROLES ¥ Entrepreneur ¥ Disturbance Handler ¥ Resource Allocator ¥ Negotiator Interpersonal Roles of Management - Correct answer-¥ FIGUREHEAD: Managers perform ceremonial duties ¥ LEADER: Managers motivate and encourage workers to accomplish organizational objectives ¥ LIAISON: Managers deal with people outside their units Informational Roles of Management - Correct answer-¥ MONITOR: Managers scan their environment for information ¥ DISSEMINATOR: Managers share the collected information with their subordinates and others in the company ¥ SPOKESPERSON: Managers share information with people outside their departments or companies Decisional Roles of Management - Correct answer-¥ ENTREPRENEUR: Managers adapt themselves, their subordinates, and their units to change ¥ DISTURBANCE HANDLER: Managers respond to pressures and problems that demand immediate attention and action ¥ RESOURCE ALLOCATOR: Managers decide who gets what resources and in what amounts ¥ NEGOTIATOR: Managers negotiate schedules, projects, resources, and employee raises Synergy - Correct answer-when two or more subsystems working together can produce more than they can working apart Scientific Management - Correct answer-thoroughly studying and testing different work methods to identify the best, most efficient way to complete a job Identifies the best, most efficient way to complete a job Frederick W. Taylor (TIME STUDY) "FAIR DAYS WORK", Frank and Lillian Gilbreth (MOTION STUDY), Henry Gantt (Gantt chart) ***focuses on improving efficiency*** Bureaucratic Management - Correct answer-Bureaucracy: Exercise of control on the basis of knowledge, expertise, or experience Max Weber: Proposed the idea of bureaucracy It focuses on using fairness and logical rules and procedures in organizations It states that managers, not organizational owners, must decide who is promoted It emphasizes knowledge, expertise, and experience rather than the virtue of favoritism or family connections as sources of authority ***focuses on using knowledge, fairness, and logical rules and procedures*** Characterized elements of bureaucracies - Correct answer-o Qualification based hiring and merit-based promotion o Chain of command and division of labor o Impartial application of rules and procedures o Records in writing o Managers separate from owners Administrative Management - Correct answer-It states that a manager's authority should be commensurate with the manager's ability According to this theory, managers must perform five managerial functions if they are to be successful: planning, organizing, coordinating, commanding and controlling It proposes the use of unity of command, which means that each employees reports to and receives orders from just one boss HENRI FAYOL (Fayol is best known for developing five functions of managers and fourteen principles of management, as well as for his belief that management can and should be taught to others) ***focuses on how and what managers should do in their jobs*** Human Relations Management - Correct answer-Mary Parker Follett integrative conflict resolution ***focuses on people, particularly the psychological and social aspects of work.*** Integrative Conflict Resolution - Correct answer-an approach to dealing with conflict in which both parties indicate their preferences and then work together to find an alternative that meets the needs of both Kinds of Teams - Differing in Terms of Autonomy - Correct answer-¥ TRADITIONAL WORK GROUP -Composed of people working together to achieve a shared goal ¥ EMPLOYEE INVOLVEMENT -Provides advice to management about specific issues ¥ SEMI-AUTONOMOUS WORK GROUP -Consists decision making power and solves problems related to tasks of producing a product ¥ SELF-MANAGING