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Principles of Management Final Exam Study Guide

Four Management Functions
1. Planning – Identifying goals for organizational performance and how to attain them
2. Organizing – Assigning tasks, delegating authority, and allocating resources across an organization
3. Leading – Motivating employees to achieve organizational goals
4. Controlling – Making sure that the organization is heading towards it’s goals, and making changes where needed
Efficiency
The amount of resources used to achieve an organizational goal
Effectiveness
The degree to which an organization achieves a goal, or succeeds in accomplishing what it is trying to do
Management Skills
1. Conceptual Skills – Seeing the organization as a whole, and its separate components
2. Human Skills – Manager’s ability to work with and through other people and as a group member
3. Technical Skills – Understanding and proficiency in the performance of specific tasks
Vertical Differences in management
1. Top Managers – Responsible for the whole organization
2. Middle Managers – Responsible for departments within an organization
3. First-line Managers – Responsible for groups of employees
Horizontal Differences in Management
1. Functional Managers – Responsible for single fucntioning tasks
2. General Managers – Responsible for several departments that perform different functions
Management Perspectives
Classical Perspective – A rational and scientific approach to management that sought to make organizations efficient
Humanistic Perspective – Importance of understanding human behaviors, and attitudes within the workplace
General Environment and it’s dimensions
International – Events originating in foreign countries and opportunities for U.S. companies overseas

Technological – Scientific and technological advancements made within organizations and the society as a whole

Sociocultural – representation of demographic characteristics

Economic – General economic health in which an organization resides

Legal/Political – Government regulations and political activities that influence organizations

Natural – All elements that are natural and specific to earth

Task Environment and It’s dimensions
Customers
Competitors
Suppliers
Labor Market – People who can be hired to work for the organization
Goals
Desired future state that the organization attempts to realize
Plans
Blueprint for goal achievement
Organizational Mission
Mission – Organizations reason for existence and the values that it upholds

Mission Statement – Broadly stated definition of purpose that separates an organization from its competitors

Goals for Organizations
Strategic Goals – Where the organization wants to be in the future
Tactical Goals – Results that major divisions and departments within the organization intend to achieve
Organizational Goals – Results expected from departments, work groups, and individuals
Characteristics of Effective Goals
Goals should be:
Specific and measurable
Defined by a time period
Cover key areas
Challenging but realistic
Linked to rewards
Steps in Management
1. Set goals
2. Develop action plans
3. Review progress
4. Appraise overall perfromance
Single-Use Plans
Developed to achieve a set of goals that are not likely to be repeated
Standing Plans
Ongoing plans that provide guidance for tasks or situations that occur repeatedly within organizations
Programmed Decisions
Situations that have occurred often enough to enable decision rules to be developed and applied in the future
Non-Programmed Decisions
Made in response to situations that are unique, poorly defined and unstructured, and have important consequences
Certainty
All information the decision maker needs is fully available
Uncertainty
Information about alternatives and future events are incomplete
Bounded Rationality
People have limits, or boundaries on how rational they can be
Work Specialization
The degree to which organizational tasks are subdivided into separate jobs
Chain of Command
Unbroken line of authority that links all employees in an organization and shows who reports to whom
Span of Management
Number of employees reporting to a supervisor
Decentralization
Decision authority is pushed downward to lower organizational levels
Centralization
Decision authority is located near the top of the organization
Diversity
All the ways in which people differ
Dividends of Diversity
1. Better use of employee talents
2. Increased understanding of the marketplace
3. Enhanced leadership
4. Quality in team problem solving
Attitudes
An evaluation – Positive or Negative – that makes a person act a certain way
Perception
Cognitive process that people use to make sense out of the environment by selecting, organizing, and interpreting information from the enviornment
Perceptual Distortions
Errors in perceptual judgement that arise from inaccuracies in any part of the perceptual process

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