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Management Review
Exam review
| Question | Answer |
|---|---|
| What is efficiency? | Using organizational resources wisely and minimizing waste. |
| What is effectiveness? | Achieving organizational goals. |
| What is the difference between efficiency and effectiveness? | Efficiency = resources; Effectiveness = goals. |
| What are the four functions of management? | Planning, Organizing, Leading, and Controlling (P-O-L-C). |
| What happens during planning? | Managers set goals and determine how to accomplish them. |
| What happens during organizing? | Managers arrange people and resources to accomplish organizational goals. |
| What happens during leading? | Managers motivate, communicate with, and influence employees. |
| What happens during controlling? | Managers monitor performance and make corrections when necessary. |
| What are the three levels of management? | Top managers, middle managers, and first-line/team leaders. |
| Give an example of a top manager. | CEO or company president. |
| Give an example of a middle manager. | Department manager or regional manager. |
| Give an example of a first-line manager/team leader. | Supervisor, shift manager, or team leader. |
| What are the three managerial skills? | Conceptual, technical, and human/interpersonal skills. |
| Which skill is most important for top managers? | Conceptual skills. |
| Which skill is especially important for first-line managers? | Technical skills. |
| Which skill is important at all levels of management? | Human/interpersonal skills. |
| What is emotional intelligence? | The ability to understand and manage your own emotions and recognize and respond appropriately to other people's emotions. |
| What is self-management? | Taking responsibility for your own performance, development, and career. |
| What is the gig/free-agent economy? | An economy in which people may work independently or move between organizations rather than having one traditional long-term employer. |
| What should you know about Linda Hill? | The specific Linda Hill in-class video content is not provided on the review sheet, so the exact answer cannot be determined from this file alone |
| What is a whistleblower? | An employee or other person who reports illegal or unethical behavior within an organization. |
| What is a shareholder? | A person or organization that owns shares/stock in a company. |
| What is a stakeholder? | A person or group that is affected by or has an interest in an organization's activities. |
| What is the difference between shareholders and stakeholders? | Shareholders own part of the company; stakeholders are broader and include anyone affected by or interested in the organization. |
| What are the 3 P's of organizational performance? | People, Planet, Profit. |
| What is the role of laws in ethical behavior? | Laws establish legal standards that organizations and individuals are required to follow. |
| What are values? | Beliefs about what is right, wrong, important, or desirable. |
| What are terminal values? | Desired end states or outcomes. |
| What are instrumental values? | Preferred ways of behaving that help achieve desired outcomes. |
| What are the four alternative views of ethics? | Utilitarianism, individualism, moral rights, and justice. |
| What is utilitarianism? | Choosing the action that produces the greatest overall good for the greatest number of people. |
| What is individualism? | Choosing what produces the greatest long-term benefit for the individual. |
| What is the moral rights approach? | Making decisions that protect people's fundamental rights. |
| What is the justice approach? | Making decisions based on fairness and equality. |
| What is an ethical dilemma? | A situation involving competing ethical values or principles where choosing one option may conflict with another concern. |
| What are the three perspectives on corporate social responsibility? | Classic, socioeconomic, and shared. |
| What is the classic view of CSR? | The primary responsibility of business is to generate profits while following the law. |
| What is the socioeconomic view of CSR? | Businesses have responsibilities to society in addition to making profits. |
| What is the shared view of CSR? | Businesses and society have shared interests and responsibilities. |
| What is the "cutting workforce" example about? | The specific details of this example are not included in the review sheet, so the exact answer would need to come from your class notes |
| What is the general environment? | Broad external forces that can affect an organization. |
| What is the task environment? | External groups and factors that have a more direct impact on an organization. |
| What is the difference between the general and task environments? | General = broad external forces; Task = direct external forces. |
| What is environmental capital? | Natural resources and environmental assets that organizations depend on. |
| How many types of innovation do you need to know? | Six types. |
| What should you know about the six types of innovation? | The name and an example of each. |
| How many steps are in Hamel's wheel of innovation? | Five steps. |
| What is the global economy? | An economy where businesses, markets, consumers, and governments are increasingly connected across countries. |
| What is global sourcing? | Obtaining products, services, materials, or resources from suppliers in other countries. |
| What is exporting? | Selling products from your home country to another country. |
| What is importing? | Buying products or resources from another country. |
| What is licensing? | Allowing another company to use intellectual property, such as a brand, patent, or technology, in exchange for payment. |
| What is franchising? | Allowing another party to operate a business using the company's brand, business model, and systems. |
| What is a joint venture? | Two or more companies working together and sharing ownership of a business or project. |
| What is a foreign subsidiary? | A business operation in another country that is owned or controlled by the parent company. |
| What are the four cultural environment concepts? | Context, time, space, and culture. |
| What is context? | How much meaning comes from the situation and surrounding circumstances versus explicitly stated words. |
| What is time in the cultural environment? | Different cultures have different expectations about punctuality, schedules, deadlines, and pace. |
| What is space in the cultural environment? | Different cultures have different expectations about personal space and physical distance. |
| What are the five values/dimensions of national culture? | Power distance, individualism-collectivism, uncertainty avoidance, masculinity-femininity, and time orientation. |
| What is power distance? | The extent to which people accept unequal distributions of power. |
| What is individualism? | Emphasis on individual goals, independence, and personal achievement. |
| What is collectivism? | Emphasis on group goals, cooperation, and group loyalty. |
| What is uncertainty avoidance? | The degree to which people prefer predictability, rules, and structure when dealing with uncertainty. |
| What is masculinity? | Greater emphasis traditionally placed on competition, achievement, and success. |
| What is femininity? | Greater emphasis traditionally placed on cooperation, relationships, and quality of life. |
| What is time orientation? | The extent to which a culture emphasizes short-term versus long-term considerations. |
| What should you know about the Luckin in-class video? | The review sheet identifies Luckin as an in-class video example, but does not provide the video's details or answers. |
Created by:
ashlynpaige