chapter 8 - Summary

Question 1

current changes in the management function

Answer 1

Many managers are changing their approach to corporate managing.

Question 2

Why are managers changing their approach to corporate managing

Answer 2

• be more ethical
• make their accounting practices more visible to investors & general public
• managing change is an important element of success
• keep up with the global marketplace
• cooperations among companies is increased

Question 3

how are manager’s roles changing

Answer 3

• leaders tend to be younger
• more females
• fewer educated at elite university
• appreciate that many employees are knowledgeable in tech
• tend to put more emphasis on motivation, teamwork, & cooperation
• more expansions overseas

Question 4

What are the 4 functions of management?

Answer 4

1. planning
2. organizing
3. leading
4. controlling

Question 5

planning

Answer 5

• anticipating trends
• determining the best strategies & tactics to achieve organizational goals/objectives

Question 6

organizing

Answer 6

• designing the structure of organizations
• creating conditions and systems in which everyone and everything works together

Question 7

leading

Answer 7

• creating a vision for the organization
• guiding
• training
• coaching
• ## motivating others to work efficiently to achieve goals & objectives

Question 8

controlling

Answer 8

• establishing clear standards to determine whether an orgaiztion is progressing toward goals and objectives
• rewarding people for doing well
• taking corrective action if not

Question 9

goals VS objectives

Answer 9

Goals:
long-term achievements that organizations aim to accomplish

objectives:
specific short-term plans to reach the target goals

Question 10

What is the SWOT analysis of a firm?

Answer 10

managers look at
1. Strength
2. Weaknesses
3. Opportunities
4. Threats

Question 11

What are the 4 types of planning

Answer 11

1. strategic
2. tactical
3. operational
4. contingency

Question 12

strategic planning

Answer 12

• broad
• long range planning
• outline goal of the orgaztion

Question 13

tactical planning

Answer 13

• specific
• short term planning
• list organization objectives

Question 14

operational planning

Answer 14

• part of tactical planning
• setting specific time tables and standards

Question 15

contingency planning

Answer 15

• developing an alternate set of plans in case the first set does not work out
  (Backup)

Question 16

the 6 D’s of decision-making

Answer 16

1. define the situation
2. describe and collect needed information
3. develop alternatives
4. decide which alternative is best
5. do what is indicated (begin implementation)
6. Determine whether the decision is good and follow up

Question 17

What is the organizing function of management

Answer 17

Organizing means…
–> Allocating resources (ex., funds for various departments)
–> assigning tasks
–> Establishing procedures for accomplishing goals & objectives

Question 18

What are the 3 levels of management?

Answer 18

1. top management
   –> highest level
   –> Presidents and other company executives who developed strategic plans
   **rely on HR & conceptual skills
2. middle manaangement
   –> general managers
   –> Division managers, plant managers
   –> responsible for tactical planning and controlling
   ** Need to balance all skills
3. supervirey management
   –> First-line managers/supervisors
   –> evaluate workers daily performance
   **rely on technical & HR skills

Question 19

What skills do managers need?

Answer 19

1. technical skills
   –> Perform specific tasks of selling products & developing software
2. HR skills
   –> communicate & motivate
3. conceptual skills
   –> See the organization as a whole and how all parts fit together

Question 20

Manager VS Leader

Answer 20

manager
–> plans
–> organizes
–> Controls functions within operations

Leaders
–> Has vision and inspires others to grasp the vision
–> establishes corporate values
–> emphasizes corporate ethics
–> does not fear change

Question 21

leadership styles

Answer 21

• boss centred
• subordinate centred

Question 22

What is the control function of management?

Answer 22

involves measuring employees’ performance against objectives and standards
–> Rewarding people for a job well done
–> Taking corrective action if needed

Question 23

5 steps of the control function of management?

Answer 23

1. setting clear standards
2. monitoring and recording performances
3. Comparing performance with plans and standards
4. communicating results and deviations to employees
5. providing positive feedback or corrective action

Question 24

What qualities must standards processes to be used to measure performance results

Answer 24

standers must be
- specific
- attainable
- measurable