Principles Management Mid Exam Review

Principles of Management Principles of Management

Mid-term Exam Review

Mid-Term Exam FormatMid-Term Exam Format

15 multiple choice (30%)10 True/False (10%)8 short answer (40%)10 definitions (20%)

Pool of DefinitionsPool of Definitions Efficiency Effectiveness Outsourcing Global Organization External locus of control Organizational culture Stakeholders Reputation Societal ethics Vertical integration

Glass ceiling Schema Bias Stereotype Brand Loyalty Economies of Scale Folkways Differentiation strategy Low-cost strategy Time Horizon

Ch.1 ConceptsCh.1 Concepts

Organizational PerformanceEfficiency & EffectivenessManagerial FunctionsLevels of ManagementMintzberg’s Managerial RolesCompetitive Advantage

Management TheoriesManagement Theories

Scientific management theoryAdministrative management theoryFayol’s principles


Big 5 personality traits Terminal vs. Instrumental Values Organizational citizenship behaviors Emotional intelligence Organizational culture Attraction-selection-attrition framework Factors that maintain and transmit organizational

culture


Ethical dilemmasEthics and the LawStakeholders and ethics Manager’s relationship to stakeholders and

ethicsRules for ethical decision making


DiversitySources of DiversityManagerial Roles and Effective

Management of DiversityDistributive justiceSchemas, stereotypes, biasesOvert discrimination


Organizational environmentTask EnvironmentRole of National CultureHofstede’s Model of National Culture


In general, you should know all major concepts from Ch.6

TopicsTopicsManagers and Managing/Theory

Manager as a Person

Ethics Diversity Global Environment

Planning & Strategy

$100 $100 $100 $100 $100 $100

$200 $200 $200 $200 $200 $200

$300 $300 $300 $300 $300 $300

$400 $400 $400 $400 $400 $400

$500 $500 $500 $500 $500 $500

$600 $600 $600 $600 $600 $600

Managers and ManagingManagers and Managing $100$100

What are the 4 functions of management?

Planning, Organizing, Leading, Controlling

Managers and ManagingManagers and Managing$200$200

What are the 3 levels of management?

First-line managers (supervisors), middle managers, top managers


Measure of how efficiently and effectively managers use resources to satisfy customers and achieve goals

Organizational Performance


2 partsA) Measure of how well or how

productively resources are used to achieve a goal

B) Measure of the appropriateness of the goals managers have selected for the organization to pursue

A) Efficiency B) Effectiveness


Name 3 of Fayol’s Principles of Management

Division of labor, authority and responsibility, unity of command, line of authority, centralization, unity of direction, equity, order, initiative, discipline, remuneration of personnel, stability of tenure of personnel, subordination of individual interest to the common interest, esprit de corps


Identify the building blocks of competitive advantage

Efficiency, Innovation, Quality, Responsiveness to Customers

Manager as a PersonManager as a Person$100$100

Behaviors that are not required of organizational members but that contribute to and are necessary for organizational efficiency, effectiveness, and gaining competitive advantage

Organizational citizenship behaviors (OCB)


Define Attraction-Selection-Attrition framework

When founders hire employees for their new ventures, they tend to be attracted to and choose employees who are similar to themselves


The ability to understand and manage one’s own moods and emotions and the moods and emotions of other people

Emotional Intelligence


Identify the factors that maintain and transmit organizational culture

Values of the founder, Socialization, ceremonies and rites, stories and language

Manager as a Person Manager as a Person $500$500

What is the difference between terminal values and instrumental values?

A terminal value is a personal conviction about life long goals and objectives, while an instrumental value is a personal conviction about ways of behaving

Manager as a Person Manager as a Person $600$600

Identify the “Big Five” personality traits

Extraversion, Negative Affectivity, Agreeableness, Conscientiousness, Openness to experience

EthicsEthics $100$100

Identify the stakeholders in an organization

Stockholders, employees, managers, suppliers, distributors, community, customers


The concept that an ethical decision should produce the greatest good for the greatest number of people

Utilitarian Rule


Define “Tragedy of the commons”

The pursuit of individual self-interest with no consideration for the interests of society leads to disaster for each individual and the whole society


When a person must decide between two different courses of action, knowing that whatever he or she chooses will result in harm to one and a benefit to the other is called____________

Lesser of two evils


What are the four approaches to social responsibility?

Obstructionist approach, defensive approach, accommodative approach, proactive approach


How does ethical behavior affect an organization?

Ethical behavior leads to increases in efficiency and effectiveness, which increases company performance

DiversityDiversity $100$100

Dissimilarities among people due to age, gender, race, ethnicity, socio-economic background, etc. is called__________

Diversity


The principle that dictates that distribution of pay raises, promotions, job titles, interesting job assignments, office space and other organizational resources is called_____________

Distributive Justice


Systematic tendencies to use information about others in ways that result in inaccurate perceptions is called________

Biases


A metaphor alluding to the invisible barriers that prevent minorities and women from being promoted to top corporate positions is called___________

Glass ceiling


Knowingly and willingly denying diverse individuals access to opportunities and outcomes in an organization is called______

Overt discrimination


Name 3 roles of management and how managers use those roles to manage diversity effectively

See page 126

Global EnvironmentGlobal Environment $100$100

The set of forces and conditions originating with suppliers, distributors, customers and competitors

Task environment


What are the 5 dimensions of Hofstede’s Model of National Culture

Individualism vs. Collectivism, Power distance, achievement vs. nurturing orientation, uncertainty avoidance, short-term vs. long-term orientation


Name three barriers to entry in the task environment

Economies of scale, brand loyalty, government regulations


Define “global outsourcing”

The process by which organizations purchase inputs from other companies or produce inputs themselves throughout the world to lower costs or improve the quality of their products


Routine social conventions of everyday life are called___________

folkways


The relative power that one party has over another party in negotiations or a business relationship

Bargaining power

PlanningPlanning $100$100

What are the three steps of the planning process?

1) Determining the organization’s missions and goals

2) Formulating strategy3) Implementing strategy


A corporate level plan is____________

Top management’s decisions about the organization’s mission, overall strategy and structure


The corporate level strategy of entering a new business or industry to create a competitive advantage in one or more of an organization’s existing divisions or businesses is called____________

Related diversification


A method of planning based on creating multiple forecasts of future conditions and then creating strategy to address each condition is called____________

Scenario planning


What are the business level strategies managers use?

Low-cost strategy, differentiation strategy, focused low-cost strategy, focused differentiation strategy


A strategy of customizing products and marketing strategies to specific national conditions is called__________

Multidomestic strategy

Principles Management Mid Exam Review

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