Management Exam 3

Team Leadership and Structure

All members must contribute to the work

General Ownership

All owners share in operating the business and in liability for the business's debts

Control Process

1. Setting standards 2. Measuring Performance 3. Evaluating Deviations 4. Correcting

Small Business Failure Rate in First Year

20%

The average cost of personnel turnover for a mid-level manager is _____ of gross salary

20%

Small Business Failure Rate in Second Year

30%

Small Business Failure Rate in 5 Years

50%

Small Business Failure Rate in 10th Year

70%

Sole Proprietorship

A business owned and managed by one person . Assume 100% liability

Corporation

A legal entity with authority to act and have liability apart from its owners

Limited Partnership

A partnership with one or more general partners and one or more limited partners

Job Specification

A statement of the minimum acceptable qualifications that a candidate must possess to perform a given job

Trademark

A type of intellectual property (IP) consisting of a recognizable sign, design, or expression which identifies products or services of a particular source

Job Description

A written statement of what an employee does, how it is done, and why it is done

Motivating Factors in Workplace

Achievement Advancement Autonomy Personal Growth Recognition

Strengths

Activities the organization does well or any unique resources that it has

Weaknesses

Activities the organization doesn't do well or resources it needs but doesn't possess

Acquisition Benefits

Added convenience for customers Increase customer base Cost Reductions Sales Growth Increased Profits

A company can be described as _____ if it is fluid, flexible and embraces change

Agile

Core Competencies

Any strengths that are unique skills or resources that can create a competitive edge

Contingency Plan ...

Are back-up plans to be used if the primary plan is not working

Large Groups (10+ Members)

Are good for gaining diverse ideas Finding facts - Problem solving

Steps in Employment Planning Process

Assessing current and future human resources needs Developing a program to meet those needs

Job Analysis

Assessing the positions Lists the kinds of skills, knowledge, and abilities needed

Job Transfer

Assume new responsibilities in a new role - lateral move or promotion

Contingency Planning

Backup plans in case primary plans fail

Roles

Behavior patterns expected of someone who occupies a given position in a work unit: Leader or Member

Adept mangers can anticipate market changes and disruptions by ...

Being fully aware of new market trends and analyzing competitive activity

With 6.6 million jobs currently available in the U.S., all wages will increase significantly (T/F)

False

Small Groups (4-7 members)

Figuring out what to do Complete tasks faster

HireVue

Candidates record a video answer questions about how they would handle various situations on the job

Reflects

Changing environment, company's technology, and employees skills, abilities and preferences

Physiological

Clean, comfortable work areas

SWOT Analysis

Combination of internal and external analysis

Strategic Goal Example

Company A is going to be the market leader in the electric car category within 3 years

Motivate Employees

Company Culture Build Trust Recognition Rewards Peak Performance > Job Satisfaction

Employee Behavior

Create collaborative atmosphere Help employees expand skills Practice open communications

Managers Engaging Employees in Work

Foster passion and commitment Create connection to company Bring out natural drive and company Feel their work counts

Franchise Agreement

Franchisor owns the right to the business - including name & trademark

Cut-backs

Downsizing and restructuring the composition in the workplace

Sole Proprietorship Advantages

Ease of starting and ending the business Being your own boss Pride of ownership Retention of profit No special taxes

All of the following are qualities of a well-written goal except ...

Easy to accomplish

Result

Employees are motivated to work hard

What is not a function of the Human Resources Management Process

Ensuring that employees are motivated to perform at their peak

What are the two major parts of an interview taking place at the same time?

Factual and Emotional

"You need to increase sales" This is an example of a well-written goal (T/F)

False

Hiring the "right person" for the job solely depends in their experience and education (T/F)

False

Human resource management is focused on hiring and firing only (T/F)

False

Negative attitude in the workplace can usually be corrected by offering financial incentives (T/F)

False

The 3 categories of change in any organization are structure, technology, and finance (T/F)

False

The first step in the strategic management process is analyzing the external environment (T/F)

False

The specific qualifications for a production managers job would be documented in a job description (T/F)

False

Social

Good working relationships

Work Teams

Groups whose members work intensely on specific, common goals using their positive synergy, individual and mutual accountability, and complementary skills

Five Variables Related to Team Effectiveness

Having a common purpose Knowing specific team goals Designing Team Structure Managing Conflict Minimizing Social Loafing

Ambiguity

Having comfort with the unknown

Pymetrics is a tech company that uses Al and software games in order to ...

Help HR identify and hire the best people

Maslow's Theory of Motivation

Hierarchy of Needs Needs that have already been met do not motivate If a need is filled, another higher-level need emerges

Behavioral Component

How we act

Affective Component

How we feel

Cognitive Behavior

How we think

Merger Benefits

Increased market share 30% of global beer sales Economies of scale - reduced costs Expansion to emerging markets - China/Asia Reduced Competition

Social Loafing

Individuals reduce effort when working collectively than when working individually

The goals of managing organizational behavior are to explain, predict and _____ employee behavior

Influence

Copyright

Intellectual property such as literature, music, graphic, and sculptural works; Motion pictures, plays, and other audio-visual works

The SWOT analysis combines ...

Internal and external factors

Job Enlargement

Involves combining a series of expanded tasks into a more challenging and diverse assignment

Job Rotation

Involves moving employees from one job to another within a company

Security

Knowledge of jobs, results

Job Specification Example

Knowledge, skills, and abilities (KSA's) required

Recruitment

Locating, identifying, and attracting qualified applicants

Free Rein

Managers set objectives and and employees decides how to accomplish these decisions

Democratic

Managers set objectives and employees decide how to accomplish that decisions

Current Issues in Motivating Employees

Market Disruptions Diverse Workforce Contingent Workers Wellness Workplace Work-life Balance Recognition Programs "Pay for performance"

Corporate Business Plan

Marketing Plan Financial Plan Operation Plan

Job Performance

Meeting individual goals

Performance Evaluation and Reward System

Members have to be accountable both individually and jointly

Threats

Negative trends and competitive activity in the external environment

Acquisition

One company's purchase of the assets and liabilities and another company

Self-Fulfillment

Opportunity for personal growth

Functions of Management

Organizing Leading Controlling Planning

Theory X

People need close supervision People will avoid work when possible People will avoid responsibility People desire only money People must be pushed to perform

Theory Y

People want independence in work People seek responsibility People are motivated by self fulfilment People naturally want to work People will drive themselves to perform

Effectively Managing a Small Business

Planning and financing your business Knowing Customers Managing Employees Keeping accurate records

Satisfies employees are committed workers that exhibit ...

Positive attitudes toward work Low turnover and absentee rate High quality productivity

Oppotunities

Positive trends in external environment

Examples of Intrinsic Rewards

Pride in your performance Sense in achievement Enjoy the work

In today's job market, many companies are searching for new hires who are primarily ...

Problem-solvers

Manager Measurements

Process People Profit

Strategic Reward System

Promotion Compensation Appreciation Recognition Bonus/trips/party

Douglas McGregor

Proposed Theory X and Theory Y concepts of managerial beliefs about people and work

Personality

Refers to individuals differences in characteristics patterns of thinking, feeling and behaving

5 Characteristics that Define Successful Entrepreneurs

Resilience Agility Perseverance Drive Passion

Performance Targets

Sales Profit Market Share Emotional - public Image CSR, culture

Measuring Performance

Sales, profit, market share, quality control

Maslow's Hierarchy of Needs

Self-actualization Esteem Needs Social Needs Safety Needs Physiological Needs

Pymetrics

Smartphone game measures cognitive and emotional traits Avoid racial, gender, and other bias

Leader

Someone who can influence and persuade others

Norms

Standards or expectations that are accepted and shared by a group's members: Collaborative, Sharing, Dependability, Trust

Esteem

Statues, being rewarded

Forms of Planning

Strategic, Tactical, Operational, Contingency

Internal Factors

Strengths and weaknesses

Categories of Change

Structure Technology People

Innovation

Taking the inspiration and turning it into a viable product or service

Job Description Example

Tasks, duties, and responsibilities

Trust

Team members must trust each other to deliver the work

80% of Fortune 500 Firms Use Teams

Teams typically outperform individuals when the tasks require multiple skills, judgement, and experience

The Change Agent

The catalyst who initiates and assumes responsibility for the change process

Resources

The firm's assets

Patent

The form of legal protection granted by the U.S. Government for a brand name, symbol, logo, or combination of elements

Tactical Planning

The identification of specific, short-range objectives by lower-level managers

Strategy

The overall long-term direction of a company, which achieves a competitive company to meet the needs of customers

Job Specification

The process by which a job is examined in detail to identify the skills, knowledge and abilities necessary to perform the job

Motivation

The process by which a person's efforts are energized, directed, and sustained toward achieving a goal

Employment Planning

The process of ensuring management that it has the right number and types of workers in the right places at the right time

Leadership

The process of leading a group and guiding them to their goals

Strategic Planning

The setting of broad, long-range goals by top managers

Operational Planning

The setting of work standards and schedules

Capabilities

The skills and abilities the firm has developed

Liability

The state of being legally responsible for the company's debts or obligations during the course of business operations

Adequate Resources

The team's ability is reduced without adequate resources

Job Enrichment

The vertical expansion of a job by adding planning and evaluating responsibilities

Hierarchy of Needs

Theory of motivation based on unmet human needs from basic physiological needs to safety, social and esteem needs

Incubation

Thinking the ideas through over time Collecting data/research to support your ideas

External Factors

Threats and opportunities

Autocratic

Tight control over employees Dictates the decisions

What is a reason for managers not to plan

To establish responsibility for mistakes

A tactical plan out the shorter-term activities/tasks that reflect the overall strategic direction (T/F)

True

Adding robotics and Al to the workplace would be considered a change in organizational structure (T/F)

True

Change in agents in an organization can be an employee from the CEO to a non-management employee (T/F)

True

Employee attitudes and perceptions are part of the hidden aspects of the organization (T/F)

True

For Uber, The Millennial Generations' attitude about car ownership is considered an opportunity (T/F)

True

If employment planning reveals a large surplus of employees, managers may need to downsize (T/F)

True

Innovation can thrive in a company culture of open communications and a high tolerance for risk (T/F)

True

Nike has enjoyed great success over the long-term because of continuous innovation in new product development and strategic marketing (T/F)

True

People resist change at work because of the uncertainty it creates (T/F)

True

The company's goal is to try to hire the best-qualified people at the lowest salary (T/F)

True

The strategic plan sets overall long-term goals for the organization (T/F)

True

Your ability to fit in with the company's culture may be more important that your background and work experience in getting hired (T/F)

True

Merger

Two companies consolidate into a new entity with a new ownership and management structure

Partnership

Two or more people legally agree to become co-owners of a business. Shared liability

Structure

Types of change that involve lines of authority, team development, and project management are part of the organizations'

Sole Proprietorship Disadvantages

Unlimited liability Limited financial resources Difficulty in management Overwhelming time commitment Few fridge benefits

Succeeding Start-ups

Vision Speed Decisiveness Determination Adapto to change Time Manage Learn from mistakes and edit

Personal Satisfaction

You feel when you perform well and complete goals