BUSN 101 Ch. 07 Management and Leadership

Strategies are:

Determine the best way to use resources

In leading, the trend today is:

Empower employees, giving them as much freedom as possible to become self-directed

Participative (democratic) leadership

Leadership style that consists of managers and employees working together to make decisions.

Autocratic leadership

Leadership style that involves making managerial decisions without consulting others.

Free-rein leadership

Leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to objectives

PMI

Listing all the Pluses for a solution in one column, all the Minuses in another, and the implications on a third column.

Describe the important aspects of autocratic leadership:

Making managerial decisions without consulting others. Makes decisions and announces it, "sell" decisions, presents ideas, and invites questions.

Describe the difference between management and leadership

Managers strive to produce orders and stability, whereas leaders embrace and manage change.

Supervisory management

Managers who are directly responsible for supervising workers and evaluating their daily performance.

The criterion for measuring success in a customer-oriented firm is:

Satisfaction of both internal and external customers.

What activities are included in tactical planning? At what level of management is tactical planning usually done, compared to strategic planning?

Setting annual budgets and deciding on other activities necessary to meet strategic objectives. Tactical planning is the process of developing detailed, short-term statements about what is to be done and who is to do it and how. Managers or teams of managers at lower levels of the organization normally make tactical plans.

Human relations skills

Skills that involve communication and motivation; they enable managers to work through and with people.

Technical skills

Skills that involve the ability to perform tasks in a specific discipline or department

Conceptual skills

Skills that involve the ability to picture the organization as a whole and the relationship among its various parts.

Objectives

Specific, short-term statements detailing how to achieve the organizations goals.

What makes staffing so critical today?

Staffing is so critical today because, to get the right kind of people to staff an organization, the firm has to offer the right kind of incentives. All most companies, the primary capital equipment is brainpower.

WHat does S.W.O.T. stand for?

Strengths and weaknesses and the opportunities and threats the organization faces.

Goals

The broad, long-term accomplishments an organization wishes to attain.

Middle management

The level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.

Transparency

The presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders.

Strategic planning

The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.

Controlling basically means measuring:

Whether what actually occurs meets the organization's goals

What two fundamental questions are answered in the planning process?

a) What is the situation now? b) How can we get to our goal from here?

At the strategic planning stage, the company decides:

a) Which customers to serve b) When to serve them c) What products or services to sell and geographic area in which to compete

Describe the important aspects of free rein leadership:

managers set objectives and employees are free to do whatever is appropriate to accomplish those objective.

In organizing, many of today's organizations are being designed around:

pleasing the customer at a profit.

In terms of planning leaders of market-based companies want to:

stay flexible, listen to customers, and seize opportunities- expected or not.

Describe two problem solving techniques used by companies.

1) Brainstorming that is, coming up with as many solutions as possible in a short period of time without censoring ideas. 2) PMI, or listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third. The idea is to make sure the pluses exceed the minuses.

What are the 7 D's of the decision making process?

1) Define the situation 2) Describe and collect needed information 3) Develop alternatives 4) Develop agreement among those involved 5) Decide which alternative is best 6) Do what is indicated (begin implementation) 7) Determine whether the decision was a good one, and follow up

What are the two steps in developing a knowledge management system? What is the key to a successful knowledge management system?

1) Determine what knowledge is most important. 2) Set out to find answers to those questions The key to success is learning how to process information effectively and turn it into knowledge that everyone can use to improve processes and procedures.

List the five steps in the control process:

1) Establish clear standards 2) Monitor and record performance 3) Compare results against standards 4) Communicate results 5) If needed, take corrective action

The four functions of the management process are:

1) Planning 2) Organizing 3) Leading 4) Controlling

What are four forms of planning?

1) Strategic 2) Tacticle 3) Operational 4) Contingency

What are the three levels of management?

1) Top managers 2) Middle managers 3) Supervisory managers

Planning

A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

Organizing

A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives.

Staffing

A management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives.

Controlling

A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.

SWOT analysis

A planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.

Distinguish between a "vision" and a goal.

A vision is more than a goal; it's a broad explanation of why the organization exists and where it's trying to go. It gives the organization a sense of purpose and a set of values that unite workers in a common destiny.

Organization chart

A visual device that shows relationship among people and divides the organization's work; it shows who reports to whom.

Vision

An encompassing explanation of why the organization exists and where it't trying to head.

Mission Statement

An outline of the fundamental purposes of an organization.

Why is strategic planning becoming more difficult? What are some companies doing in response?

Because changes are occurring so fast that plans- even those set for just months in the future- may soon be obsolete. Some companies are making shorter-term plans that allow for quick responses to customer needs and requests. The goal is to be more flexible and responsive to the market.

Why is it wise to make contingency plans?

Because the economic and competitive environments change so rapidly. Alternative plans of action are wise to be ready in anticipation of such change.

Decision making

Choosing among two or more alternatives

Brainstorming

Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas.

Leading

Creating a vision for the organization and guiding, training coaching, and motivating others to work effectively to achieve the organization's goals and objectives.

External customers

Dealers who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use.

What is the difference between empowerment and enabling? How is enabling the key to the success of empowerment?

Empowerment means giving employees the authority to make a decision without consulting the manager and the responsibility to respond quickly to customer requests. Enabling means giving workers the education and tools they need to make decisions. Without the right education, training, coaching and tools, workers cannot assume the responsibility and decision-making roles that make empowerment work.

Knowledge management

Finding the right information, keeping their information in a readily accessible place, making the information know to everyone in the firm

What is another name for supervisory management?

First line managers (or supervisors)

What are the responsibilities of a CIO/CKO?

Getting the right information to other managers so they can make correct decisions.

Enabling

Giving workers the education and tools they need to make decisions.

What is the difference between goals and objectives?

Goals are broad, long-term accomplishments an organization wishes to attain. Objectives are specific, short-term statements detailing how to achieve the organization's goals.

Top Management

Highest level of management, consisting of the president and other key company executives who develop strategic plans.

Internal customers

Individuals and units within the firm that receive services from other individuals or units.

What are the responsibilities of a CEO?

Introducing change into an organization.

Describe the important aspects of participative leadership:

Involves managing employees working together to make decisions. They present tentative decisions subject to change, define limits, ask group to make decisions, presents problems, gets suggestions, and makes decisions.

Which leadership style is best?

It depends largely on what the goals and values of the firm are, who's being lead and in what situations. There's no such thing as a leadership trait that is effective in all situations or a leadership style that always works best.

What are the responsibilities of the CFO?

Obtaining funds, planning budgets, collecting funds, and so on.

How is operational planning different from strategic planning? At what level management is operational planning done?

Operational planning is the process of setting work standards and schedules necessary to implement the company tactical objectives where as strategic planning looks at the organization as a whole, operational planning focuses on specific supervisors, department managers, and individual employees. Department managers usually conduct operation planning.

Other than your answer to the criterion for measuring success in a customer-oriented firm, identify other criteria for measuring organzational effectiveness.

Other criteria of organizational effectiveness may include the firms contribution to society and its environmental responsibility. Traditional measures of success are usually financial. They are still important, but they're not the whole purpose of the firm. The purpose of the firm today is to please employees, customers, and other stakeholders.

What is the difference between problem solving and decision making?

Problem solving is less formal than decision making and usually calls for quicker action to resolve everyday issues.

How do traditional leaders differ from progressive leaders? How is a manager's role changing as a result?

Progressive leaders empower employees to make decisions on their own. Traditional leaders direct, includes giving assignments, explaining routines, clarifying policies, and providing feedback on performance. The managers role is less that of a boss and director and more that of a coach, assistant, counselor, or team member.

What are the responsibilities of a COO?

Putting the changes the CEO has made into effect. Structuring work, controlling operations and rewarding people to ensure that everyone strives to carry out the leader's vision.

What must organizations do in order to please the customer at a profit?

Remain flexible and adaptable, because when a customer needs change, firms must change with them.

Tatical planning

The process of developing detailed, short-term statements, about what is to be done, who is to do it, and how it is to be done.

Contingency planning

The process of preparing alternative courses of action that may be used if the primary plans don't achieve the organizations objectives.

Operational planning

The process of setting work standards and schedules necessary to implement the company's tactical objectives.

Problem solving

The process of solving the everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action

Management

The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.

Describe how today managers have changed.

Today some managers tend to be more progressive. They emphasize teams and team building; they create drop-in centers, team spaces and open work areas. They tend to guide, train, support, motivate, and coach employees rather than tell them what to do.

How do the various levels of management differ in the skills needed?

Top managers- mare conceptual skills, then human relations skills, less technical Middle managers- same amount of all three First managers- more technical skills than human relation skills, less conceptual skills

Identify the activities performed in Organizing management functions:

a) Allocating resources, assigning tasks, and establishing procedures for accomplishing goals b) Preparing a structure (organizational chart) showing lines of authority and responsibility c) Recruiting, selecting, training and developing employees d) Placing employees where they'll be most effective

What are four things leaders must do?

a) Communicate a vision and rally others around that vision b) Establish corporate values c) Promote corporate ethics d) Embrace change and stree accountability

List examples of positions found in middle management. What happened to some middle management position?

a) General managers b) Division managers c) Branch and plant managers As a result of the recession of 2008, many companies have eliminated some middle managers through downsizing and have given their remaining managers more employees to supervise.

Identify the activities performed in Leading management functions:

a) Guiding and motivating employees to work effectivley to accomplish organizational goals and objectives b) Giving assignments c) Explaining routines d) Clarifying policies e) Providing feedback on performance

Identify the activities performed in Controlling management functions:

a) Measuring results against corporate objectives b) Monitoring performance relative to standards c) Rewarding outstanding performance d) Taking corrective action when necessary

Identify the activities performed in each of the management functions. Planning:

a) Setting organizational goals b) Developing strategies to reach those goals c) Determining resources needed d) Setting precise standards

Standards must be

a) Specific b) Attainable c) Measurable

Describe the three categories of skills managers should have:

a) Technical skills b) Human relations skills c) Conceptual skills

List the areas a meaningful mission statement should address:

a) The organization's self-concept b) It's philosophy c) Long-term survival needs d) Customer needs e) Social responsibility f) Nature of the product or service

What questions are answered as a part of the SWOT analysis?

a) What are the success factors affecting the industry participants and how do we compare? b) What is the state of the economy and other environments? c) What opportunities exist for meeting peoples needs? d) What products and services are most profitable? e) Who are our major competitors? f) What threats are there to our business? g) What external success factors affect the industry? h) How does our firm measure up to other firms? i) What are our social objectives? j) What are our personal development objectives? k) What can we do to survive and prosper during a recession?

Policies are:

broad guidelines for action.

A mission statement becomes:

the foundation for setting specific goals and objectives

In planning the trend today is:

to have planning teams to help monitor the environment, find business opportunities, and watch for challenges.