Unit 1- Management Fundamentals
What are the functions of management?
Planning, organizing, leading, controlling
What does SMART stand for?
Specific, measurable, attainable, referred to, timely.
What is an organization?
A group of people working together in a coordinated effort to reach certain goals
Name the three leadership styles.
Autocratic, Laissez Faire, Democratic
What is globalization?
the worldwide interdependence of resource flows, product markets, and business competition that characterize the new economy
What are the three levels of strategy?
Corporate, business, functional
name the 4 common roles in the c suite.
CEO, COO, CFO, CIO
What is the lowest level in Maslow's hierarchy of needs?
Physiological
name the 5 steps of the decision making process.
Identify the problem, generate possible solutions, decide on course of action, implement the decision, evaluate results.
name 3 external forces for change.
Globalization, Market competition, Local economic conditions, Government laws and regulations, Technological developments, Market trends, Social forces and values
Name the 4 types of divisional product structure.
Product, geographical, customer, process
What is the difference between an autocratic leader and a democratic leader?
An autocratic leader possesses full control and authority over decision-making processes, often disregarding the opinions and input of others. Democratic leaders fosters a participatory environment, valuing the input and perspectives of team members, and making decisions based on a consensus or majority rule.
There are 5 types of managers, name them
Line managers, staff managers, functional managers, general managers, administrators
What is benchmarking?
Use of external and internal comparisons to better evaluate current performance and identify possible actions for the future
What does ESA stand for and what is its purpose?
Employee standards act. The purpose of the ESA is to protect employees and to set minimum standards for most workplaces in Ontario.
What is the difference between intrinsic and extrinsic motivation?
Intrinsic: Motivation comes from internal factors like the desire to better oneself. Extrinsic: Motivation is driven by external rewards such as money, power, fame, influence, success
What are the three questions of the ethics double check
How would I feel if my family found out about this decision? How would I feel if this decision were published in the local newspaper or on the Internet?Think of a person you know or know of who has the strongest character and best ethical judgment. Then ask what they'd do in your situation?
What is the difference between qualitative and quantitative forecasting?
Qualitative forecasting uses experts opinions, quantitative forecasting uses mathematical and statistical analysis
describe the difference between formal and informal structures?
Formal structures are the official plans and rules that organizations create to organize their work. They provide clear roles and responsibilities. Informal structures, on the other hand, are the relationships and social connections that form naturally among people in an organization. They help people communicate and work together, even without official rules.
What is Herzberg's 2 factor theory?
Hygiene factor: work condition related to dissatisfaction caused by discomfort or pain. Motivation Factor - work condition related to the satisfaction of the need for psychological growth.