MGMT 310 EXAM 1 QUESTIONS & ANSWERS
What are the pillars of management? - Answers --Strategic Position
-Organizational Design
-Individual Leadership
Management - Answers -Working with and through a group of people to accomplish a
desired goal or objective, and doing it in an efficient and effective manner
Leadership - Answers -The ability to drive and change innovation through inspiring and
motivating your employees
What is the difference between leadership and management? - Answers -Managers
plan and budget, organize and staff, and control and problem solve. Leaders set
direction, align people, and motivate and inspire them
Bureaucratic organization structure - Answers -Max Weber (1900s)
-A clear differentiation of tasks and responsibilities
-Coordination through strict hierarchy of authority and decision rights
-Standardization of rules and procedures
-Vertical separation of planning and execution
-Plans made in upper ranks of an organization, executed in the lower ranks
Scientific Management - Answers -(1910s) -- a focus on how jobs, work, and incentive
schemes could be designed to improve productivity using industrial engineering
methods
Human Relations Movement - Answers -(1930s) -- organizations are systems of
interdependent people who all have a common interest in the survival of the business
Contingent View - Answers -(1950s-1960s) -- organizations should be structured with
fits/alignments between them and different aspects of their environments, fit contextual
factors
How has the purpose of a business changed across time (think Al Dunlap)? - Answers -
- Business Environment
- Managerial View
- Shareholder View
- Stakeholder View
Managerial view - Answers -(up to 1960s) -- PRODUCTION -- the business is a
mechanism for making raw materials into products to sell
, Shareholder view - Answers -(1969s-1980s) -- FINANCIAL PERFORMANCE -- the
business is a framework and managers have to produce the highest stock market
valuation of its assets
Stakeholder view - Answers -(since 1990s) -- SERVING MULTIPLE CONSTITUENTS -
- the business is a framework that needs to organize and analyze different groups
interacting with it
Business environment - Answers -the combination of all contextual forces and
elements in the internal/external environments of a business
Stakeholder Management Process - Answers --Strategic Review (senior leaders meet
with managers to review progress)
-Environmental Scanning (managers scan business horizon for trends in the future)
-Scenario building (forecasting results that could occur when specific events happen to
stakeholders)
Contingency Planning - Answers -systematically assessing external environment to
prepare for a range of possibilities
Trend Analysis - Answers -variables are monitored and modeled to help predict
changes
Contextual Intelligence - Answers -the ability to understand the impact of environmental
factors and how to influence them
What are the components of a firm's business environment? - Answers --General
Environment: technological, economic, political/legal, socio-cultural dimensions affecting
firm's external environments
-Task Environment: directly affect firm on a constant basis including competitors,
suppliers, and customers
Globalization - Answers -Integration and interdependence of economic, technological,
etc. systems across diverse geographic regions (advocated by economists after WWII,
led to international trade agreements)
Comparative Advantage - Answers -Countries should specialize in what they're good at
that have lowest opportunity costs (free trade leads to more efficient distribution of world
resources, all countries benefit)
What are Hofstede's Social Dimensions? - Answers --Individualism/collectivism --
strength between individuals and rest of society, how much they have to depend on
themselves
What are the pillars of management? - Answers --Strategic Position
-Organizational Design
-Individual Leadership
Management - Answers -Working with and through a group of people to accomplish a
desired goal or objective, and doing it in an efficient and effective manner
Leadership - Answers -The ability to drive and change innovation through inspiring and
motivating your employees
What is the difference between leadership and management? - Answers -Managers
plan and budget, organize and staff, and control and problem solve. Leaders set
direction, align people, and motivate and inspire them
Bureaucratic organization structure - Answers -Max Weber (1900s)
-A clear differentiation of tasks and responsibilities
-Coordination through strict hierarchy of authority and decision rights
-Standardization of rules and procedures
-Vertical separation of planning and execution
-Plans made in upper ranks of an organization, executed in the lower ranks
Scientific Management - Answers -(1910s) -- a focus on how jobs, work, and incentive
schemes could be designed to improve productivity using industrial engineering
methods
Human Relations Movement - Answers -(1930s) -- organizations are systems of
interdependent people who all have a common interest in the survival of the business
Contingent View - Answers -(1950s-1960s) -- organizations should be structured with
fits/alignments between them and different aspects of their environments, fit contextual
factors
How has the purpose of a business changed across time (think Al Dunlap)? - Answers -
- Business Environment
- Managerial View
- Shareholder View
- Stakeholder View
Managerial view - Answers -(up to 1960s) -- PRODUCTION -- the business is a
mechanism for making raw materials into products to sell
, Shareholder view - Answers -(1969s-1980s) -- FINANCIAL PERFORMANCE -- the
business is a framework and managers have to produce the highest stock market
valuation of its assets
Stakeholder view - Answers -(since 1990s) -- SERVING MULTIPLE CONSTITUENTS -
- the business is a framework that needs to organize and analyze different groups
interacting with it
Business environment - Answers -the combination of all contextual forces and
elements in the internal/external environments of a business
Stakeholder Management Process - Answers --Strategic Review (senior leaders meet
with managers to review progress)
-Environmental Scanning (managers scan business horizon for trends in the future)
-Scenario building (forecasting results that could occur when specific events happen to
stakeholders)
Contingency Planning - Answers -systematically assessing external environment to
prepare for a range of possibilities
Trend Analysis - Answers -variables are monitored and modeled to help predict
changes
Contextual Intelligence - Answers -the ability to understand the impact of environmental
factors and how to influence them
What are the components of a firm's business environment? - Answers --General
Environment: technological, economic, political/legal, socio-cultural dimensions affecting
firm's external environments
-Task Environment: directly affect firm on a constant basis including competitors,
suppliers, and customers
Globalization - Answers -Integration and interdependence of economic, technological,
etc. systems across diverse geographic regions (advocated by economists after WWII,
led to international trade agreements)
Comparative Advantage - Answers -Countries should specialize in what they're good at
that have lowest opportunity costs (free trade leads to more efficient distribution of world
resources, all countries benefit)
What are Hofstede's Social Dimensions? - Answers --Individualism/collectivism --
strength between individuals and rest of society, how much they have to depend on
themselves
