Management: Right Work, Done Well

A comprehensive set of flashcards to assist students in reviewing key management concepts for their upcoming exam.

What is the purpose of management?

To get the Right Work, Done Well.

What are the core elements of 'Right Work'?

Creating vision and mission statements, setting goals, selecting strategies, putting plans in place.

What is meant by 'Done Well'?

It refers to how managers effectively delegate tasks, coordinate workflows, and create supportive organizational culture.

What skills are necessary for effective management?

Technical skills, interpersonal skills, and decision-making skills.

What are the three primary tasks of management?

Planning, organizing, leading.

What is a key limitation of management theories?

They are not always grounded in rigorous scientific study.

What is employee engagement?

The state of mind reflected in employees' attitudes, behaviors, and connection to the organization.

What are the two drivers of business value?

Profitability and Growth.

What is the significance of a vision statement?

It describes the organization's purpose and what it aims to achieve.

What distinguishes a mission statement from a vision statement?

A mission statement outlines specific products/services offered to constituents.

What is performance management?

The ongoing measurement, assessment, evaluation, and improvement of organizational performance.

What is business process management (BPM)?

A method for analyzing and improving organizational processes.

What approach does strategic HR planning involve?

Aligning human resources needs with organizational goals and strategies.

Why is organizational culture important?

It influences the behaviors of employees in alignment with the core values and goals of the organization.

What are the main types of organizational structure?

Functional structure, divisional structure, and matrix structure.

What is a task force?

A temporary committee formed to address a specific need or project.

What is the role of a liaison in an organization?

To coordinate activities between different groups within the organization.

What is the focus of the Job Characteristics Model?

To improve employee satisfaction and performance through effective job design.

What is meant by 'strong culture' in an organization?

A culture wherein most employees share similar norms, values, and attitudes.

How can organizations encourage ethical behavior?

By establishing clear core values and promoting a positive organizational culture.

What is the significance of effective communication for managers?

It is essential for delivering instructions, managing team dynamics, and building relationships.

What are the four key elements of ‘Doing What’s Right’?

Legal compliance, ethical decision-making, core values, corporate social responsibility.

What are the steps for effective performance appraisal?

Set pre-established standards, conduct assessments, engage in two-way discussions.

What does compensation and benefits entail?

Providing competitive pay, employee benefits, and incentives to attract and retain talent.

What is succession planning?

Preparing for future key positions through identifying and developing talent within the organization.

How do training and development differ from performance appraisal?

Training enhances current job skills, while appraisal evaluates employee performance.

What is the approach to creating a positive organizational culture?

Cultivating an environment based on trust, respect, collaboration, and open communication.

What are the typical steps in business process management?

Designing, measuring, assessing, and improving business processes.

What tools are used in business improvement methods?

Six Sigma, Lean methodology.

What is the primary objective of Lean methodology?

To eliminate waste and improve process efficiency.

How does emotional intelligence contribute to leadership?

It enhances interpersonal relationships and decision-making.

Why is conflict management essential for managers?

To maintain a collaborative work environment and resolve disputes effectively.

What should managers focus on when negotiating?

Preparation, understanding bargaining power, and aligning interests.

What are the core strategies for conducting international business?

Modify products as needed and decide on an entry strategy.

What are the implications of cultural differences in international business?

Understanding cultural norms is critical for effective communication and negotiations.

What is the nature of the relationship between managers and employees?

A manager's effectiveness is enhanced by good communication and relationship-building.

What is the impact of high employee engagement on businesses?

It leads to higher productivity, lower turnover, and increased profitability.

What is an agile organization?

An organization structured to respond quickly to change and foster rapid decision-making.

What role do leaders play in performance management?

They communicate vision, support improvement, and provide necessary resources.

What are the main challenges to succession planning?

Anticipating talent needs and developing employees for future roles.

What should firms consider when selecting their entry strategy for international markets?

Market opportunities, political conditions, and cultural preferences.

What is the role of HR in legal compliance?

To ensure adherence to employment laws and organizational policies.

Why is it important for organizations to conduct regular performance evaluations?

To identify strengths, weaknesses, and opportunities for employee development.

What is a major characteristic of transformational leadership?

Influencing significant changes within the organization.

What are common pitfalls in the hiring process?

Using shortcuts that compromise fair evaluation of candidates.

How do organizations ensure employee motivation and retention?

By creating meaningful jobs and fostering positive organizational culture.

What functions does human resources management cover?

Recruitment, training, performance appraisal, compensation, and employee relations.

What is the foundational basis for ethical decision-making?

Understanding organizational core values and applying them in decision-making.