WGU D073 - Best Practices in Management Study Guide exam with 100% correct answers(already graded A+)

Contingency Theory (Situational Theory) Leadership success must match needs of the situation Emergent Theory Leaders will naturally rise Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:02 / 0:15 Full screen Full-range Theory (Transformational Leadership) Individualized consideration; Intellectual stimulation; Inspirational motivation; Idealized influence What do managers do? Plan (long-range/strategic; environmental scanning), Organize (coordinate work; project management), Lead (supervise; community relations), Control (allocate human, financial, and material resources; customer relations and marketing; internal consulting) Objectives Short, measurable actions (goals + timeline) Strategic Management Process 1. Strategic objective and analysis (SWOT & PESTLE) 2. Strategic formulation (broad goals, objs SMART) 3. Strategic execution/implementation 4. Strategic evaluation and control (evaluate and adjust) 4 Essential Components of Corporate Strategy 1. Allocation of resources 2. Organizational design 3. Portfolio management 4. Strategic trade-offs Operational Strategies The methods companies use to reach their objectives Customer-driven Strategies Meet the needs of the customers Market Position Customers' perception of the brand/product vs the competition Competitive Strategies How to price and market products 1. Cost Leadership (economies of scale) 2. Differentiation (difficult to replicate product/service) 3. Market Segmentation (blends the above, serves untapped segments of the market) What is the Deming Cycle (PDCA Model) Plan (leadership) Do (Kaizen teams) Check (use balanced scorecard, metrics, and audits) Act (make adjustments) What are the 3 strategic functions? 1. Operations Management 2. Marketing 3. Finance What are goals, objectives, strategies, and tactics? Goals are general and clarify the mission. Objectives are hot to measure success. Strategies are the how to do it. Tactics include deadlines and the actual action. What are the 4 parts of a Balanced Scorecard? Financial Perspective Learning & Growth Culture Customers Market Capitalization Total value of a company based on the company's outstanding shares of stock multiplied by the current stock price Balance Sheet Statement of assets, liabilities, and capital Just-in-time Delivery System Increased efficiency Decreases waste and cost Accounts Receivable Money owed to a company by its debtors Dividends Money paid to shareholders out of profits Sunk Cost Any cost resulting from a missed opportunity that cannot be recovered; not included in a budget Job Cost System (Job Costing) Accumulates cost by individual jobs (eg: furniture production, home builders, caterers) Process Costing Used when a single product is used for a long time; accumulates cost by process or department (eg: petroleum, paint, LEGOs) What are the project managements steps? 1. Define the project 2. List all the tasks 3. Estimate time and costs for the tasks 4. Consider the constraints (time, money, resources) and considerations (how to measure success) 5. Establish a plan to move forward Managerial Budgeting Steps This is developed between Sales and Finance 1. Develop a Master Budget 2. Forecast sales 3. Consider constraints 4. Make reasonable, data-driven assumptions 5. Cost the new initiative 6. Follow the budget and productivity 7. Evaluate success and make adjustments as needed What are the 4 change management elements? 1. Recognize the changes in the broader business environment 2. Develop the adjustments for the company's needs 3. Train the employees 4. Win the support of the employees Types of Change *Structural (org changes) *Technological Strategic Talent Development Culture (most challenging) Process oriented *Most common reasons why change fails Connor's Leadership Styles related to change Anti-change (small adjustments; avoids change) Rational (logical, clearly defined change) Panacea (communication and enthusiasm) Bolt-on (add change management to ad hoc projects) [First order change; incremental, piecemeal] Integrated (combine human and cultural concerns with change strategy) Continuous (agile, disruption is continuous) [Second order change; people management focused; discontinuous, transformational] LEAN Focuses on customer value Six Sigma Increase performance Decrease variation in processes Lewin's Change Model 1. Unfreeze (prepares people for change) 2. Change 3. Refreeze (ensures changes are permanent) What are the elements of a Sales Budget? Production Budget -Cost of Goods Sold (direct cost of producing the goods)