Business Management Midterm

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Business Management Midterm
2013-03-01 18:29:28

Business Management midterm prep.
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  1. What is management?
    • - Getting work done through others.
    • - Delegating.
  2. What do managers do while "planning"?
    Planning is to look deeper into a business to improve performance and accomplish business goals.
  3. What are the four skills required in good management? (Explain)
    • 1. Technical - Are the prodecures and techniques required to execute a job.
    • 2. Human - The ability to work well with others.
    • 3. Conceptual - The ability to work well as a whole.
    • 4. Motivation to manage - An assessment on how motivated employees are within the workplace towards superiors, coworkers and how well they perform.
  4. List and identify five mistakes that managers make most.
    • - Insensitivity
    • - Betrayal of trust
    • - Cold attitudes
    • - Overly ambitious
    • - Overmanning: unable to build a solid team.
  5. What are the most used "competitive advantages" used by managers?
    Employment security, selective hiring, self-managed teams, extensive training, high pay, reduced status distinctions.
  6. How old is the study of management?
    The study is 125 years old.
  7. What work changed in the industrial revolution?
    Machines run by unskilled laborers replaced high-paid, skilled artisans. Power changed everything. Division of labor  made it possible to complete small steps, starting the first assembly lines, leading to mass production.  Managers were able to coordinate  and optimize performance.
  8. What major companies were involved with he industrial revolution?
    • -Ford Motor Company: First assembly line
    • -Chicago Harvester:  Largest factory in US
    • -Pullman Company:
  9. What is Fredrick Taylor famous for?
    • Father of scientific management.
    • Also for "A fair day's work" quote.
  10. Henri Fayol is famous for what 5 management functions and 14 principals?
    Functions: Planning. Organizing. Coordinating. Directing. Leading.

    • Principals:
    • 14 Principals of management. His belief that management should be taught to others, and effective management is based on the 14 principals.

    Such as.. Division of labor, dicipline, order, initiative, etc.
  11. What are the two types of organization environment?
    General: The technological, sociocultural and political trends that affect all organizations.

    Specific: the customers, competitors, suppliers and groups that affect how a company does business.
  12. What is the impact of changes in the economic environment?
    Competition impact changes, suppliers, consumers, organizations, technology, political/legal trends, social trends, and industrial regulations.
  13. List and define the four characteristics of successful organizations.
    Adaptability: Employees must be able to acclimate themselves to new surroundings or procedures.

    Consistency: Produce the same results, each time.

    Involvement: Engagement

    Clear Vision: a company's reason. A mission Statement. A strategy.
  14. ____ is the knowledge, tools and techniques used to transform _____....
    Technology is the knowledge, tools and techniques used to transform inputs, materials, information (etc) into outputs.
  15. What recommendations can be given toward managers for ethical behaviors?
    Follow by right and wrong. Set examples for employees, and they will follow in your footsteps. Personal use of work supplies is generally unethical, however treating clients to dinner is acceptable.
  16. What is an example of personal aggression in the work place?
    An employee faking an injury just to college health benefits because they don't have them.
  17. What is ethical intensity?
    The degree of concern people have an ethical issue, depending on the magnitude of a problem.

    ex: stealing money is a bigger ethical offense than stealing a pen.
  18. What are the four steps managers must follow for ethical behavior?
    • 1. Managers must model ethical behavior.
    • 2. Managers must be be active and committed to the ethics program.
    • 3. There must be a reporting system for ethical violations.
    • 4. You must fairly punish the code of ethics offenders.
  19. List the four areas of social responsibility.
    Discretionary - The company will serve a social role.

    Ethical - The company will abide by right and wrong.

    Legal - The company will obey regulations and laws.

    Economic - Company will be profitable.