Flashcards
Management Exam Revision 1
Cards in this deck (113)
- 1Managerial functionsPOLC
Planning
Organising
Leading
Controlling - 2PlanningSelecting goals and ways to attain them
- 3OrganisingResource allocation
Assigning responsibility for task accomplishment - 4LeadingInfluencing and motivating people
- 5ControllingMeasuring achievement against plans
- 6SatisficingChoice that will satisfy the minimum requirements necessary to achieve a goal
(NOT a rational decision maker) - 7FeedbackMonitoring activities and making corrections
- 8Advantages of plansGuide for resource allocation
Sets a standard of performance
Commitment - 9Disadvantage of plansFalse sense of certainty
Rigidity in turbulent environment
Can inhibit creativity and innovation - 10SMART goalsSpecific
Measurable
Achievable
Realistic
Time bound - 11Types of goalsStrategic
(upper management - long term)
Tactical
(middle management - medium term)
Operational
(staff - short term) - 12Political ModelYou have to lobby
Coalitions occur - 13Decision making processRecognise a decision needs to be made
Diagnose and analyse the cause
Develop Alternatives
Select based on criteria
Implement
Evaluate and feedback - 14Group decision making Advantages & disadvantagesAdvantages
Diversity: experience, professions
Learning ground for decision making
Disadvantages
Groupthink
Dominating leaders
Logrolling (exchanging favors) - 15GroupthinkA group values harmony over analysis and critical evaluation.
Individuals follow the word of the leader discouraging healthy conflict. - 16AnchoringBasing the budget on last year
Instead of thinking what is needed this year - 17Confirmation biasInterpret evidence as confirmation of one's beliefs
- 184 varying things everyone hasAuthority
Accountability
Responsibility
Delegation - 19Centralised AuthorityBoss makes decisions
Policies, roles
(Old, tall structure) - 20Decentralised authorityDecision making is spread
Everyone is responsible
(New, wide structure) - 21Line functionsEssential to the business
e.g. manufacturing division in Sistema - 22Staff functionsSupport roles
e.g. HR, Accounting - 23Functional StructureGrouped by activity
e.g. accounting, marketing - 24Divisional structureMixed disciplines grouped by a common trait
e.g. product (John Deer),
North Island / South Island - 25Matrix structureCombines Functional and Divisional
Multiple bosses
More accountability and communication
But can have conflicting orders - 26Team based structureTeams in a lateral structure
Team self manages with mixed roles
Flexible but can exhibit team bias and bad communication - 27Virtual NetworkNever have a face to face meeting
Communicate via technology
Out source to other companies - 28Project Based OrganisationSimilar to Team based but everyone works on a project
e.g. a construction site - 29Examples of reasons for SatisficingExpensive to search
Personal bias
Time pressure - 30Organisational controlProcess: activities consistent with the plan?
- 31Perspectives of controlFeed forward
Concurrent
Feedback - 32Feed forward controlAnticipates and prevents problems
Looks at inputs
e.g. pre-employment drug test,
inspecting raw materials - 33Concurrent controlSolves problems as they happen
An ongoing process
Adaptive, employee self-control - 34Feedback controlSolves problems after they occur
Looks at outputs
e.g. final product inspection,
customer survey - 35Closed loopAutomatic control
Needs a feedback system
e.g. thermostat for heating - 36Open loopExternal monitoring and input
People involved - 37An effective control systemLinked to strategy
Accepted by staff
Balances objectives and subjective data
Provides timely feedback
Enables management to take corrective action - 38Controls (e.g. financial / manufacturing)Sales
Revenue
Profit
Production rates
Defects
Staff performance - 39DIFOT EBITDelivered in full on time
Earnings Before Interest & Tax - 40How to measure InnovationNew ideas per month
Conversion rate - Ideas to products - 41Staff PerformanceAbsenteeism
Staff turnover - 42Balance SheetShows the firms financial position
(Assets, Liabilities etc.) - 43Income StatementShows sales, costs of sales, profit / loss
- 44A = L + EAssets = Liability + Owners Equity
- 45Ratio AnalysisLiquidity ratio - (cash on hand)
Leverage ratio - (debt to equity)
Activity ratio - (stock turnover)
Profitability ratio - (gross profit) - 46Budgetary ControlOp Ex
(budget for day to day operations)
Cap Ex
(budget for capital expenditures) - 47Physical Asset ControlLand, buildings, machinery and information systems should be safe and maintained
- 48Control of PeopleSet objectives
Track achievement
Review
Feedback on performance
Plan for the future - 49Total Quality ManagementDecentralised quality control where everyone self manages
e.g. Mitutoyo - 50QualityTotality of the products ability to satisfy customers needs
- 51Six Sigma3.4 defects per million
- 52ISO 9000Standards set by the
International Standards Organisation - 53BenchmarkingComparing yourself to your competitors
- 54Balanced ScorecardFinancial
Internal processes
Innovation
Customers
Targets, Measures, Outcomes, Initiative - 55Leadership vs Management"Doing the right thing"
vs
"Doing things right" - 56Position powerLegitimate power
Reward power
Coercive power - 57Personal powerReferent power - (charisma)
Expert power - (knowledge) - 58Functions of a ManagerFocus on the organisation
Stability
Assign tasks - 59Functions of a LeaderChange
Purpose
Nurtures
Innovates
Personal power - 60Effective leadershipKnow your strengths
Know your situation
Assess followers - 61Evolution of Leadership theoryTrait theory
Behavioral theory
Situational theory
Transformation theory - 62Behavioral ApproachPeople vs Task orientated
Impoverished
Authority compliant
Middle management
Country club
Team management - 63Relationship & GuidanceTelling - (hi G, low R)
Delegating - (low G, low R)
Participating - (low G, hi R)
Selling - (hi G, hi R) - 64Charismatic LeadershipInspire and motivate
Appeals emotionally
Be part of something big - 65Transformational leadershipInnovation
Followers needs
Change - 66Authentic leadershipGreat deal of trust
Good values
Self-discipline - 67Transactional leadershipClarify tasks
Structure
POLC - 68Servant leadershipTranscend self-interest for the good of the organisation
Develop workers - 69Traits of Technical EmployeesHighly motivated
High need for achievement
High need for autonomy
Strong professional identity
Focus on building expertise - 70LeadershipCoach for peak performance
Delegating/participating style
Professional development
Facilitate self-management - 71GroupPeople working together for a common task
- 72Group characteristicsSingle designated leader
Individuals accountable
Individual work
Measured by financial effectiveness - 73TeamPeople working together for a common task
AND
Interacting and coordinating - 74Team characteristicsShared leadership
Accountable to the team
Meetings - open minded
Measured by collective product - 75Why are Teams good?Creative
Quality
Speed
Productivity
Employee satisfaction
= Competitive advantage - 76Formal TeamStructured
e.g. HR - 77Cross-function TeamMixed disciplines
e.g. project team - 78Self managed TeamDiverse skills
Team discussions
Access to resources - 79Effective TeamTrust
Healthy conflict
Commitment
Accountability
Results orientated - 80Dysfunctional TeamLack of trust
Fear of conflict
Lack of commitment
Avoidance of accountability
Inattention to results (personal ambition) - 81Successful Team~ 5 members
Clarity of role and goal of the team
Diversity
(profession, age, no group-think and helps mentoring and reflect customer base) - 82Task rolesIdeas
Summarising
Opinion
Seeking info - 83Social rolesEncouragement
Harmonising
Following
Reduce tension - 84Belkin's Team rolesPlant, Resource Investigator
Coordinator, Shaper
Monitor Evaluator, Team worker
Implementer, Completer Finisher
Specialist - 85Stages of Team developmentForming - (Orientation - getting to know other team members)
Storming - (Conflict)
Norming - (Order)
Performing - (Cooperating - engage in joint problem solving and decision-making)
Adjourning - (Task completion) - 86Main reason it is hard to maintain competitive advantageHyper-competition
- 87In SWOT analysis, opportunities and threats refer to: internal / external?The external enviroment
- 88In the resource based model of competitive advantage, a capability is best defined as:Bundling advanced technology with specialist human resources
- 89Strategic management StakeholderPeople who are affected by an organisations performance and claims on it's performance
(shareholders, suppliers, employess, customers) - 90Four criteria for Sustained Competitive AdvantageValuable
Costly o imitate
Non-substitutable
Rare - 91Porters five forces Industry attractive whenFew threats of substitutes
Suppliers hold little power
Moderate level of rivalry among competitors - 92Example of radical innovationIphone
- 93Kondratievs long wave cycles of innovation , fifth long waveComputers telecommunication, biotech
- 94Which element of the marketing mix is addressed only by the decision to not have bricks and mortarDistribution
- 954 P's of marketingPrice
Promotion
Place
Product - 96A person who camps out at an Apple store would fit where in the Diffusion of innovations? Early majority, Late majority, Early adopter or Laggard?Early adopter
- 97Which is not a benefit of using social media for marketing? Compare product with others Extend lifecyle Boost word of mouth Cheaper than traditionalAutomatically extends the lifecycle of a product or service
- 98OSH addressesAll working enviroments
- 99The individual level of OSH refers to:Health and safety knowledge, attitudes and behaviours of employees
- 100The interpersonal levelPolicies and procedures
- 101NZ has higher rate of work-related fatalities AustraliaTrue
- 102A reason to accurately quantify the costs of work related injuryTotal costs need to include both the direct and indirect costs
The impacts of many potential risks could takes years to become evident
Reported injuries are often conservative and unreliable. - 103Which of the following is not a PCBU accHSWA,2015Self employed
***** Home owners
Local council
Sub-contractors - 104Under HSWA,2015 When are business required to appoint anOSH repA business with more than 20 employees if requested by more than 5 employees
- 105ProjectCross functional
Multiple stakeholders
One time effort
Constraints: time, money, resources
Established objective - 106Benefits of Project ManagementFramework
Consistency
Environment
Risk Assessment
Development - 1072 types of skills for Project Management EXAMTechnical
(Scope, schedules, resource allocation, budgets, status reports)
Sociocultural
(Leadership, teamwork,negotiation, politics, customer expectations) - 108Quality (3 constraints)Scope
Cost
Time - 109The Waterfall MethodUnderstand the requirement
Design the solution
Implement and test
Maintain it
Problem: separates stakeholders, no rapid prototypes (fast failure - test at the start) - 110Agile approachFocus on collaboration
Self-management
Accountability
Aligned with customer needs
Low constraints challenging for PM - 111Implementation GapGap between vision, strategy and implementation
Lack of consensus and trust
Under-resourced
People feel inefficeint - 112In Project Management, The Iron Triangle refers to:A model of the constraints of scope, time and cost that will impact the quality of the project
- 113A sign of a project team struggling with an implememntation gapTeams members cannot prioritise projects clearly and often switch between projects
High levels of conflict and lack of trust among functional (middle) managers
Projects are not properly resourced