MGMT FINAL NOTES questions well
answered
Benefits of Planning - correct answer ✔✔· Provides source of motivation and commitment
· Guides resource allocation
· Guides to action
· Sets a standard of performance
Limitations of Planning - correct answer ✔✔· Can create false sense of certainty
· Can cause rigidity
- Can get in way of intuition and creativity
The Hedgehog Concept - correct answer ✔✔- What are you deeply passionate about?
- What drives your economic engine?
- What you can be the best in the world at?
Porters Suggestion to be Competitive - correct answer ✔✔· Differentiation
· Cost leadership
- Focus
The Right People on The Bus - correct answer ✔✔o Allows you to adapt more easily
o Having right people allows problems of motivation and management to go away
Pat Williams' Tips for Leadership - correct answer ✔✔· Control what you can control and forget
the rest
, · Think "We" Instead of "I"
· Dare to dream big - It's OK to fail
· Give up the right to complain
· If you lead, you don't judge and if you judge, you don't lead
· Use the words "Next time" instead of "If Only"; Have fun along the way
How Do Bad Decisions happen? - correct answer ✔✔· Being influenced by initial impressions
· Trying to justify past decisions
· Seeing what you want to see
· Perpetuating the status quo
· Being influenced by emotions
· Being overconfident
To Make good Decisions - correct answer ✔✔· Start with group brainstorming
· Base decisions using hard evidence
· Engage in debate with point-counterpoint
· Avoid group think/suppressing contrary opinions
· Recognize when a decision is not working
· Do an after-action review of decision and decision-making process
Functional Approach - correct answer ✔✔· Activities are grouped by common function
· Departments based on similar skills, work activities, and resource use
· Has strong vertical design
· Communication happens primarily within department
Advantages
o Permits efficient resource use
answered
Benefits of Planning - correct answer ✔✔· Provides source of motivation and commitment
· Guides resource allocation
· Guides to action
· Sets a standard of performance
Limitations of Planning - correct answer ✔✔· Can create false sense of certainty
· Can cause rigidity
- Can get in way of intuition and creativity
The Hedgehog Concept - correct answer ✔✔- What are you deeply passionate about?
- What drives your economic engine?
- What you can be the best in the world at?
Porters Suggestion to be Competitive - correct answer ✔✔· Differentiation
· Cost leadership
- Focus
The Right People on The Bus - correct answer ✔✔o Allows you to adapt more easily
o Having right people allows problems of motivation and management to go away
Pat Williams' Tips for Leadership - correct answer ✔✔· Control what you can control and forget
the rest
, · Think "We" Instead of "I"
· Dare to dream big - It's OK to fail
· Give up the right to complain
· If you lead, you don't judge and if you judge, you don't lead
· Use the words "Next time" instead of "If Only"; Have fun along the way
How Do Bad Decisions happen? - correct answer ✔✔· Being influenced by initial impressions
· Trying to justify past decisions
· Seeing what you want to see
· Perpetuating the status quo
· Being influenced by emotions
· Being overconfident
To Make good Decisions - correct answer ✔✔· Start with group brainstorming
· Base decisions using hard evidence
· Engage in debate with point-counterpoint
· Avoid group think/suppressing contrary opinions
· Recognize when a decision is not working
· Do an after-action review of decision and decision-making process
Functional Approach - correct answer ✔✔· Activities are grouped by common function
· Departments based on similar skills, work activities, and resource use
· Has strong vertical design
· Communication happens primarily within department
Advantages
o Permits efficient resource use
