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2012-12-17 03:42:28
Exam3 Mgmt management

Exam 3 for Mgmt
Show Answers:

  1. Know at least 3 differences between managers + leaders (hint: this is REALLY important)
    • Manager: rational, persistent, tough-minded, analytical, structured, deliberative, authoritative, stabilizing, position power
    • Leader: visionary, creative, inspiring, innovative, courageous, imaginative, experimental, initiates change, personal power
  2. Level 5 leadership (hint: this is REALLY important)
    • Level 1: highly capable individual,
    • level 2: contributing team mbr,
    • level 3: competent manager,
    • level 4: effective executive,
    • level 5: leader
  3. Tactics for interpersonal influence (hint: this is REALLY important)
    • 1. User rational persuasion,
    • 2. make people like you,
    • 3. rely on the rules of reciprocity,
    • 4. develop allies,
    • 5. ask for what you want,
    • 6. make user of higher authority,
    • 7. reward the behaviors you want
  4. Hierarchy of needs (hint: this is REALLY important)
    • Content Theory 1:
    • Self-actualization: opportunities for advancement, growth, creativity
    • esteem needs: recognition, promitions, increased responsibilities
    • belongingness needs: co-workers, clients, supervisors
    • safety needs: safe work, job benefits
    • physiological needs: heat, air, base salary
    • Content theory 2: ERG theory: simplified vs.
    • existence needs: need for physical well-being
    • relatedness needs: need for satisfactory relationships with others
    • growth needs: need to achieve potential, personal growth, & increase competence
  5. Two-factor theory (hint: this is REALLY important)
    • The factors that make us dissatisfied are not the same as those that make us satisfied
    • Dissatisfaction factors=hygiene factors: working conditions, pay, interpersonal relationships
    • Satisfaction factors=motivators: achievement, recognition; personal growth; work itself
  6. Four techniques of job design for motivation, and which ones work best (hint: this is REALLY important)
    • Job simplification: you do task A really well, I'll do task B really well
    • Job rotation: you do task A this month, then move to task B next month
    • Job enlargement: you do tasks A, B, and C
    • Job enrichment: incorporates high-lvl motivators into the work
  7. The pyramid of communication channels by channel richness: advantages and disadvantages of each end of the pyramid (hint: this is REALLY important)
    • -Face-to-face
    • advantage: personal, two-way, fast feedback
    • disadvantage: no permanent record, spontaneous, difficult to disseminate
    • -phone
    • -email, IM
    • –memos, letters
    • –formal reports, bulletins
    • advantage: provide record, premediated, easily disseminated
    • disadvantage: impersonal, one-way, slow feedback
  8. Keys to effective listening (see class slide, not book’s list) (hint: this is REALLY important)
    • Listen actively;
    • Really engage – work at listening;
    • Resist distractions;
    • Be responsive
    • Judge content, not delivery;
    • Listen for ideas, not facts;
    • Keep your mind sharp
  9. Teams vs. groups – know at least 3 differences between them (hint: this is REALLY important)
    • Group: Has one designated strong leader; Holds individuals accountable; Has individual work products; Runs efficient meetings; After deciding what to do, delegates work to individuals
    • Team: Shares or rotates leadership; Holds team accountable to each other; Has collective work products; Runs meetings that foster open-ended discussion and problem solving; After deciding what to do, shares work
  10. Team member roles matrix, and which roles most orgs need for success (hint: this is REALLY important)
    • member task behavior: high-low: Task specialist, high-high: dual role,
    • low-low: non-participator role, low-high: socio-emotional role
    • member social behavior
  11. Five stages of team development (hint: this is REALLY important)
    • Forming: break the ice & test for friendship possibilites + task orientation/ leader: faciliate social interchanges
    • storming: conflict, disagrement/ leader: encourages participation, surfaces differences
    • norming: establishment of order + coheesion/ leader: help clarify team roles, norm, values
    • performing: cooperation, prob solving/ leader: faciliates task accomplishment
    • adjoining: task completion/ leader: bring closure, signifies completion
  12. Feedback control model (hint: this is REALLY important)
    • Establish strategic goals -->
    • establish standards of performance -->
    • measure actual performance -->
    • did performance meet standards?, -->
    • No: take corrective action --^
    • Yes: provide reinforcement (or do nothing) --<
  13. Two key financial statements, and what each shows us (hint: this is REALLY important)
    • Income statement: profit-and-loss statement, P&L: summarizes the firm's financial performance for a given time interval, usually one year
    • the income statement shows revenues coming into the orgs from all sources and subtracts all expenses
    • the bottom line indicates the net income-profit or loss- for the given time period
    • Balance sheet: show the firm's financial position with respect to assets and liabilities at a specific point in time
    • Assets: what the company owns, include fixed assets (those that can be converted into cash in a short time period), and fixed assets (such as buildings and equipment that are long term in nature)
    • Liabilities: the firm's debts include current debt (obligations that will paid by the company in the near future) and long-term debt (obligations payable over a long period)
    • Owner's Equity: the difference between assets and liabilities and is the company's net worth in stock and retained earnings
  14. Inventory: be able to draw / define the 3 types, and know the impact of inventory on business (hint: this is REALLY important)
    • Three types: finished-goods, work-in-progress, raw materials
    • Idle inventory costs companies money
    • Just-in-time inventory reduces inventory, which:
    • -Saves money and frees up capital -Gives companies more flexibility
    • JIT requires incredible coordination
  15. Differences between data, information and knowledge, and the role of IT / humans in that process (hint: this is REALLY important)
    • Inform. tech
    • Date --> information --> knowledge
    •                         Human task