Fundamental of Management

Describe Competing Values Framework (CVF).

A model that brings together the organization, its changing environment, and leaders' competing roles

What is an inimitable resource?

A resource that is difficult to create ready substitutes for

rare resource

A resource that is not widely possessed by other competitors

valuable resource

A resource that is not widely possessed by other competitors

Formal Code of Conduct

A statement that defines the principles and guidelines that employees must follow in the course of all job-related activities

Cultural ethics theory

A theory that defines moral right and wrong as what the larger society dictates

Duty Theory

A theory which affirms that right and wrong is determined by a set of unchanging rules

How an organization handles stability and change

According to the Competing Values Framework, what is addressed by the dimension of control and flexibility?

they should be positioned in an external environment that fits their product, service, and strategic goals and capabilities.

According to the Competing Values Framework, what is required for organizations to function effectively?

Any form of acquiring the lacking resource

According to the VRIO criteria, what does the concept of imitation include?

If it is difficult for another firm to acquire the resource

According to the VRIO criteria, when is a resource said to be inimitable?

Learning enough about a topic so that one can set specific development goals that he or she can apply and practice

According to the gauge-discover-reflect process, what describes the component of discovering?

They foster social harmony within the organization and focus on the human and emotional dynamic of the workplace over immediate work requirements.

According to the leadership styles identified by Daniel Goleman, pick the right role of affiliative leaders.

They challenge members of an organization to meet specific, relatively accessible goals under close supervision.

According to the leadership styles identified by Daniel Goleman, select the specific role of coaches.

Have a long time frame.

Choose a criterion for developing a good BHAG-a big, hairy, audacious goal.

To inform strategy development

Choose a critical role of mission and vision statements.

Leaders need followers to achieve their goals.

Choose the correct statement about leaders and followers.

It is used to match the form of the organization as closely as possible to the purposes the organization seeks to achieve.

Choose the main purpose of applying an organizational design.

The development of a personal mission and vision is exactly the opposite of what most people follow.

Choose the point that should be kept in mind while developing one's personal mission and vision.

He should select the best option.

Dan is looking for a job and has been rejected often due to his poor performance during the interview. He desperately needs a job and uses the six-step approach to problem solving. He comes up with few solutions to the problem such as improving his communication skills, developing his résumé by adding more details, and improving his body language. According to the approach, which step should Dan take immediately after generating solutions?

core competencies

Exxel Corp. has the ability to deal with its employees efficiently by motivating them, by enhancing teamwork, and by encouraging innovation and change. This ability enables the firm to outshine its competitors. The firm's leaders inspire employees to participate in discussions regularly and provide valuable suggestions for the growth of the company. The firm allows its employees to grow along with it. In this case, which of the following is being discussed regarding the organization?

1. Set with understanding, not bravado. 2. Fit squarely in the three circles of (a) what you are deeply passionate about (including your core values and purpose), (b) what drives your economic logic, and (c) what differentiates you (what you can be the best in the world at). 3. Have a long time frame—10 to 30 years. 4. Are clear, compelling, and easy to grasp. 5. Directly reflect your core values and core purpose.

Five guidelines for a good BHAGs

By effectively using the resource

How can a firm that possesses a valuable and rare resource gain a competitive advantage?

Leaders should keep in constant touch with subordinates about ethical policies and expectations.

How can ethical leadership be exercised?

They provide feedback that helps managers assess the degree to which the organization is succeeding.

How do goals and objectives that flow from an organization's mission and vision provide a basis for assessing actual versus desired performance?

Planning provides the necessary performance standards or objectives.

How does the existence of plans make controlling effective?

It is designed to include as many sides of you and your enthusiasms as possible.

In generating valuable information about yourself, what is true of the first step that involves describing your ideal day?

Any finished product is only as good as the weakest part.

In the business world, why would assembly-line work be a good candidate for collectivism?

When the firm possesses the capabilities to exploit the resource

In the context of VRIO criteria, when does a valuable but widely held resource lead to competitive parity for a firm?

It includes any form of acquiring the lacking resource or substituting a similar resource that provides equivalent benefits.

In the context of the VRIO criteria, what is true of the concept of imitation?

It involves taking stock of one's knowledge and capabilities about a topic.

In the gauge-discover-reflect process, what does gauging involve?

They must then attempt to forecast future conditions.

In the planning process, once a planner completes environmental scanning, identify the step that should be applied by planners.

Clarify the problem.

In the six-step approach to problem solving, what step should be taken up immediately after gathering relevant data?

consequentialist-utilitarian theory.

It defines acts of business as acceptable depending on whether they end up doing the most good for the most people.

egoism

It holds that the ethical good is defined as just whatever serves the organization's or individual's interest.

Select the point that best describes leading.

It involves influencing others toward the attainment of organizational objectives.

Tragedy of the Commons

It is a dilemma that occurs when several people, acting independently and rationally for their own self-interest, will use up a shared limited resource even when it is not in anyone's long-term interest.

What is an organizational design?

It is a formal, guided process for integrating the people, information, and technology of an organization.

VRIO Analysis

It is a way to distinguish resources and capabilities from core competencies.

value

It is measured by a product's performance characteristics and by its attributes for which customers are willing to pay.

Competing Values Framework (CVF)

It offers a holistic way of studying leadership effectiveness.

Sustainability

It represents doing something brand new.

Ken should identify his core values.

Ken wishes to identify his core mission statements and values. He spends sometime identifying few instances at his workplace where he had been successful in the past. He writes them down and identifies a common theme. According to the steps for identifying one's core mission statement and values, what should be Ken's next step?

Process Improvement

Making the way we perform our current processes more sustainable

breakdown in compliance

Marvel Inc. is a software company with an organizational culture that treats all employees equally. However, recently there had been instances where some middle-level managers treated their subordinates unfairly. In this case, what is prevalent in the organization?

She should implement her decision.

Mona, a sales manager, realizes that her team members are not meeting their monthly sales targets frequently. She implements the six-step approach to problem solving and comes up with a few possible solutions to the problem. She then gets input from her team members and chooses the best solution to the problem. What should be Mona's next step?

A culture of impatience with lethargy and inertia that otherwise leaves organizations unresponsive

Of the nine principles of management given by Tom Peters and Robert Waterman, what does the principle "a bias for action" imply?

He should accumulate relevant information associated with his inability to manage time effectively.

Oliver, a manager, has not been managing his time effectively. He has identified his problem and now he wants to enhance his time management skills. According to the six-step approach to problem solving, select the step that should now be immediately taken up by him.

Rotating the cultivation of different crops on the same piece of land

Pick the right example that shows sustainability.

It should reflect and support the organizational strategy.

Pick the right statement for an organizational design.

Capabilities are often based on developing, carrying, and exchanging information through a firm's human capital.

Select the accurate point that characterizes capabilities.

planners must be aware of the critical contingencies and trends facing their organizations.

Select the first step that should be implemented in the planning process.

Identify past successes.

Select the first step that should be implemented while identifying one's core mission statement and values.

1. identify problem you want to work on 2. gather relevant data 3. clarify the problem 4. generate possible solutions 5. select the best option 6. implement your decision and monitor your choice

Six steps to solve problems

leadership

The ability to influence followers to achieve common goals through shared purposes

core competencies

The activities through which a firm adds unique value to its goods or services over a long period of time

leadership persona

The image and values a leader chooses to project across the workplace

Tragedy of the Commons

The state of Earlville has released a law that a household can own only one automobile due to the prevailing fuel crisis in the state. Oliver, his wife Reese, and their son Jason reside in this state and own an automobile each. Identify the dilemma that occurs due to the behaviors of these three individuals.

democratic

These leaders seek active participation from an organization's members and value consensus in decision making.

core competencies

They are resources and capabilities that serve as a source of a firm's competitive advantage over rivals.

In the context of planning, what are objectives?

They are statements of tangible actions that need to be achieved and a timeline for their completion.

core competencies

They distinguish a company competitively and reflect its personality.

shared purposes

They relate to how leaders and followers arrive at the common goals of an organization.

coach

This leader challenges members of an organization to meet specific, relatively accessible goals under close supervision.

pacesetter

This leader challenges members of the organization to work and meet goals by setting a strong example, possibly one that most members will be unable to match.

affiliative

This leader fosters social harmony within the organization and focuses on the human and emotional dynamic of the workplace over immediate work requirements. Nurturing a well-integrated team that works well together is considered the best way to reach the organization's goals.

visionary leaders

This leader guides an organization's members toward a shared vision. Establishing and communicating that vision become the primary leadership task, and subordinates are granted significant leeway to reach the vision.

Gathering relevant data

Tina has been meeting her productivity and quality targets poorly. She is using the six-step approach to problem solving. She currently understands that she does not meet her targets efficiently because she takes long breaks, uses her cell phone constantly, takes a long time to understand some of her tasks, and rarely asks queries. According to the approach, which step is she currently implementing?

Assess his information and proficiencies related to the topic

To understand the different learning styles, Mark uses the gauge-discover-reflect process and chooses his topic as environmental hazards. In this case, what will Mark do during the gauge step?

Exploiting internal resources and capabilities and meeting the demanding standards of global competition

What allows firms to create value for customers?

It leads to competitive parity for the firm.

What happens when a firm possesses capabilities to exploit a valuable but widely held resource?

Formulation of objectives is generally included under strategic planning.

What is a fact related to strategic planning

Leaders and followers must balance their roles with each other's functional differences and with the organization's requirements to compete in its external environment.

What is reflected by the name of the framework "competing values"?

The need for unity in the leader-follower relationship

What is revealed by common goals?

Describe your ideal day.

What is the first step among the tools for generating valuable information about yourself?

A business strategy

What is the strategy that focuses on how a given organization needs to compete to be effective known as?

It is a way to distinguish resources and capabilities from core competencies.

What is true of VRIO analysis?

It reflects the aim of tying the organization's human capital, its people, into the mission and vision.

What is true of strategic human resources management?

Human resources management alignment

What means integrating decisions about people with decisions about the results an organization is trying to obtain?

Generate possible solutions

What should a manager do immediately after clarifying the problem in the six-step approach to problem solving?

When it allows a firm to exploit opportunities

When is a resource or capability said to be valuable?

Developing an organizational structure

Which activity is involved in organizing?

) Make a list of the ways you could make a difference.

Which guideline should be followed while identifying your core mission statement and values?

Systems that govern the organization through guidelines, procedures, and policies

Which of the following best describes administrative systems in an organizational structure?

It is formulated from the interaction of the employees in the workplace.

Which of the following characterizes organizational culture?

Studies of motivation and motivation theory

Which of the following provide important information about the ways in which workers can be energized to put forth productive effort?

Identify alternative courses of action for achieving objectives.

While planning, what should planners do immediately after establishing objectives?

) Mission and vision guide choices about organizing through an organizational structure and an organizational culture.

Why are mission and vision most effective when they pervade the leadership of the entire organization, rather than being just the focus of senior management?

A knowledge base is grounded in organizational actions that may not be explicitly understood by all employees.

Why do repetition and practice increase the value of a firm's capabilities?

He should accumulate relevant information associated with his team's low level of productivity.

Zack, a team lead, realizes that his team's productivity is low. He has identified the problem and now he wants to improve his team's productivity level. According to the six-step approach to problem solving, what step should now be immediately taken up by him?

Top Managers

managers are responsible for developing the organization's strategy and being stewards for its vision and mission.

staff managers

managers lead functions that create indirect inputs. For example, finance and accounting are critical organizational functions but do not typically provide a clear input into the final product or service a customer buys, such as a box of Tide detergent. Instead, they serve a supporting role.

capabilities

they are a firm's capacity to deploy resources that have been purposely integrated to achieve a desired end state.

Resources

they cover a spectrum of individual, social, and organizational assets.

Capabilities are often developed in specific functional areas or in a part of a functional area.

what is true of capabilities?