AEM 2200 FINAL QUESTIONS & ANSWERS
Managemnt is - Answer -The process used to accomplish organizational goals through
planning, organizing, leading and controlling people and other organizational resources;
a.k.a. getting work done through others
Progression of years from administration, management, entrepreneurship, and
leadership - Answer -•Up to 1950s - Administration
•1950s - 1980s - Management
•1990s - 2000s - Entrepreneurship
•2010 - Present- Leadership
What are the four functions of management? - Answer -•Planning
•Organizing
•Leading
•Controlling
What is the planning function in management - Answer -Establishing what needs to get
done
- Setting organizational goals and strategies to attain those goals;
- Determining the resources needed to attain goals;
- Setting standards.
What is the organizing function in management - Answer -Establishing and arranging
the resources needed and available to do what needs to get done
•Allocating resources, tasks, and procedures for achieving goals;
•Preparing an organizational structure that defines authority and responsibility;
•Recruiting, selecting, training, developing and placing employees.
What is the leading function in management - Answer -•Leveraging resources to
maximum efficiency and effectiveness
•Guiding and motivating/engaging employees to work effectively to accomplish
organizational goals and objectives;
•Giving and explaining assignments;
•Clarifying policies and giving feedback.
What is the controlling function in management - Answer -•Making sure that what
needs to get done is getting done
•Measuring performance against corporate objectives;
•Rewarding outstanding performance;
,Taking corrective action.
Explain how the new Ford $30 000 EV pickup truck factory layout relates to
management - Answer -Ford created the Assembly Tree Model that had three
modules, instead of one long line. Production was split into three independent modules:
front, rear, and central/battery. Key innovations came out of this. The process is now
40% faster assembly time. There is less parts and welds needed. improved building
quality, and lower costs
What does Henry Mintzberg say about managing - Answer -"Managing is neither a
science nor a profession; it is a practice, learned primarily through experience and
rooted in context... The manager has to help bring out the best in other people, so that
they can know better, decide better, and act better"
What are the different management skills - Answer -•Technical skills
•Human relations skills
•Conceptual skills
What are technical skills - Answer -•The ability to perform tasks in a specific discipline
or department;
What are human relations skills - Answer -•Communication and motivation, the ability to
work through and with people;
What are conceptual skills - Answer -•Ability to picture the organization as a whole and
the relationship among its various parts.
What are the principles of communication? - Answer -•Be aware of the communication
process
•Be aware of your channel
•Be aware of noise
•Use redundancy
•LISTEN!!!
The communication process - Answer -•Message to be conveyed
•Encode message
•Transmit message
Communication Channel - Answer -•Receive message
•Decode message
•Message as understood by recipient
Communication Feedback - Answer -•The same process, back to the sender
Communication channel richness - Answer -- Immediate feedback (back-and-forth
quickly)
,- Multiple cues (tone, facial expressions, body language)
- Language variety (natural speech, visuals, stories)
- Personalization (tailored to the specific receiver)
Whare can be communication barrier (Noise) - Answer -•Physical Barriers
•Language Barriers
•Body Language Barriers - Face to Face (Eye contact, Tone of voice, Facial
expressions, Gestures, and posture)
•Perceptual Barriers
•Organizational Barriers
•Cultural Barriers
Because communication depends on a complex process with multiple barriers and
noise and on communication channels that have specific advantages and
disadvantages, we must ... - Answer -repeat our message in many ways and through
many channels.
What is the principle of charity - Answer -•"...the principle of charity requires me (a
listener) to interpret a speaker's statements in the most rational way possible, and if
we're arguing, to attempt to find the best and strongest possible interpretation of those
statements (before I make a response).
•"More simply: it's a good principle to live by to try and assume that other people are
rational and have powerful, rational reasons for the choices that they make. Those
reasons can be emotionally driven, logically driven, experience-driven-all of these fall in
the space of rationality.
What is the servant leader - Answer -•The servant leader combines at once two roles
that are often seen as antithetical in our culture: the servant who, by acting with integrity
and spirit, builds trust and lifts people and helps them grow; and the leader who is
trusted and who shapes others' destinies by going out ahead to show the way.
vanessa bohns on you have more influence than you think - Answer -""However large
you think your social network is, round up. Whatever impression you think you make on
other people, assume it's a little better. Whatever pushback you're expecting to get,
assume it's a little bit less. And whatever advice you're about to give, you could
probably make it a little gentler."
What is business? - Answer -•Activity seeking profit
•Provides goods/services
Satisfy standard of living- quality of life
•Business is any human activity that makes available a good or service to society with
the objective of making a monetary profit;
, what are the objectives of business- draw the diagram - Answer -survival, growth,
social responsibility, and profit in middle
Why is profit important and beneficial? - Answer -As long as people are free to engage
with each other in voluntary economic transactions, the self-interest of people (and
companies) results in public benefit;
•Greed and self interest are two different things!
•Monopolies also hurt economic freedom;
•Distorted prices may result in net impoverishment.
what are the five factors of production - Answer -land, labor, capital, entrepreneurship,
and knowledge
Profit formula - Answer -revenue - expense = profit
How does risk relate to profitability - Answer -•The higher the risk, the higher the
probability of losing a large amount of money;
when will investment happen? - Answer -•Investment of factors/resources/capital will
occur only if there is a equally large or larger probability of winning a large amount of
money.
what is risk - Answer -known likelihood of losing a large amount of money, known
unknown
what is uncertainty - Answer -unknown likelihood of losing a large amount of money,
unknown unkown
Which one is the riskiest situation?
a) High downside and low upside;
b) High downside and high upside;
c) Low downside and high upside;
d) Low downside and low upside. - Answer -a) High downside and low upside;
Which one is the most uncertain situation?
a) High downside and low upside;
b) High downside and high upside;
c) Low downside and high upside;
d) Low downside and low upside. - Answer -a)High downside and high upside;
what are the functional areas of a business - Answer -operations, marketing, finance,
and others
What is the operations functional area of business - Answer -•Transformation of
resources into goods and services;
Managemnt is - Answer -The process used to accomplish organizational goals through
planning, organizing, leading and controlling people and other organizational resources;
a.k.a. getting work done through others
Progression of years from administration, management, entrepreneurship, and
leadership - Answer -•Up to 1950s - Administration
•1950s - 1980s - Management
•1990s - 2000s - Entrepreneurship
•2010 - Present- Leadership
What are the four functions of management? - Answer -•Planning
•Organizing
•Leading
•Controlling
What is the planning function in management - Answer -Establishing what needs to get
done
- Setting organizational goals and strategies to attain those goals;
- Determining the resources needed to attain goals;
- Setting standards.
What is the organizing function in management - Answer -Establishing and arranging
the resources needed and available to do what needs to get done
•Allocating resources, tasks, and procedures for achieving goals;
•Preparing an organizational structure that defines authority and responsibility;
•Recruiting, selecting, training, developing and placing employees.
What is the leading function in management - Answer -•Leveraging resources to
maximum efficiency and effectiveness
•Guiding and motivating/engaging employees to work effectively to accomplish
organizational goals and objectives;
•Giving and explaining assignments;
•Clarifying policies and giving feedback.
What is the controlling function in management - Answer -•Making sure that what
needs to get done is getting done
•Measuring performance against corporate objectives;
•Rewarding outstanding performance;
,Taking corrective action.
Explain how the new Ford $30 000 EV pickup truck factory layout relates to
management - Answer -Ford created the Assembly Tree Model that had three
modules, instead of one long line. Production was split into three independent modules:
front, rear, and central/battery. Key innovations came out of this. The process is now
40% faster assembly time. There is less parts and welds needed. improved building
quality, and lower costs
What does Henry Mintzberg say about managing - Answer -"Managing is neither a
science nor a profession; it is a practice, learned primarily through experience and
rooted in context... The manager has to help bring out the best in other people, so that
they can know better, decide better, and act better"
What are the different management skills - Answer -•Technical skills
•Human relations skills
•Conceptual skills
What are technical skills - Answer -•The ability to perform tasks in a specific discipline
or department;
What are human relations skills - Answer -•Communication and motivation, the ability to
work through and with people;
What are conceptual skills - Answer -•Ability to picture the organization as a whole and
the relationship among its various parts.
What are the principles of communication? - Answer -•Be aware of the communication
process
•Be aware of your channel
•Be aware of noise
•Use redundancy
•LISTEN!!!
The communication process - Answer -•Message to be conveyed
•Encode message
•Transmit message
Communication Channel - Answer -•Receive message
•Decode message
•Message as understood by recipient
Communication Feedback - Answer -•The same process, back to the sender
Communication channel richness - Answer -- Immediate feedback (back-and-forth
quickly)
,- Multiple cues (tone, facial expressions, body language)
- Language variety (natural speech, visuals, stories)
- Personalization (tailored to the specific receiver)
Whare can be communication barrier (Noise) - Answer -•Physical Barriers
•Language Barriers
•Body Language Barriers - Face to Face (Eye contact, Tone of voice, Facial
expressions, Gestures, and posture)
•Perceptual Barriers
•Organizational Barriers
•Cultural Barriers
Because communication depends on a complex process with multiple barriers and
noise and on communication channels that have specific advantages and
disadvantages, we must ... - Answer -repeat our message in many ways and through
many channels.
What is the principle of charity - Answer -•"...the principle of charity requires me (a
listener) to interpret a speaker's statements in the most rational way possible, and if
we're arguing, to attempt to find the best and strongest possible interpretation of those
statements (before I make a response).
•"More simply: it's a good principle to live by to try and assume that other people are
rational and have powerful, rational reasons for the choices that they make. Those
reasons can be emotionally driven, logically driven, experience-driven-all of these fall in
the space of rationality.
What is the servant leader - Answer -•The servant leader combines at once two roles
that are often seen as antithetical in our culture: the servant who, by acting with integrity
and spirit, builds trust and lifts people and helps them grow; and the leader who is
trusted and who shapes others' destinies by going out ahead to show the way.
vanessa bohns on you have more influence than you think - Answer -""However large
you think your social network is, round up. Whatever impression you think you make on
other people, assume it's a little better. Whatever pushback you're expecting to get,
assume it's a little bit less. And whatever advice you're about to give, you could
probably make it a little gentler."
What is business? - Answer -•Activity seeking profit
•Provides goods/services
Satisfy standard of living- quality of life
•Business is any human activity that makes available a good or service to society with
the objective of making a monetary profit;
, what are the objectives of business- draw the diagram - Answer -survival, growth,
social responsibility, and profit in middle
Why is profit important and beneficial? - Answer -As long as people are free to engage
with each other in voluntary economic transactions, the self-interest of people (and
companies) results in public benefit;
•Greed and self interest are two different things!
•Monopolies also hurt economic freedom;
•Distorted prices may result in net impoverishment.
what are the five factors of production - Answer -land, labor, capital, entrepreneurship,
and knowledge
Profit formula - Answer -revenue - expense = profit
How does risk relate to profitability - Answer -•The higher the risk, the higher the
probability of losing a large amount of money;
when will investment happen? - Answer -•Investment of factors/resources/capital will
occur only if there is a equally large or larger probability of winning a large amount of
money.
what is risk - Answer -known likelihood of losing a large amount of money, known
unknown
what is uncertainty - Answer -unknown likelihood of losing a large amount of money,
unknown unkown
Which one is the riskiest situation?
a) High downside and low upside;
b) High downside and high upside;
c) Low downside and high upside;
d) Low downside and low upside. - Answer -a) High downside and low upside;
Which one is the most uncertain situation?
a) High downside and low upside;
b) High downside and high upside;
c) Low downside and high upside;
d) Low downside and low upside. - Answer -a)High downside and high upside;
what are the functional areas of a business - Answer -operations, marketing, finance,
and others
What is the operations functional area of business - Answer -•Transformation of
resources into goods and services;
