Management study guide

Exam Preparation Overview

The exam will be structured to reflect the order of chapters covered in class, ensuring that students can connect their knowledge linearly as it was presented. These chapters encompass both theoretical concepts and practical applications relevant to management.

Students are encouraged to finish any outstanding assignments and readings related to the upcoming topics to ensure a comprehensive understanding of material that may appear on the exam. To facilitate this, a review session may be scheduled prior to the test. Test grades will typically be posted within 24 hours, allowing students to receive timely feedback on their performance.

Testing Logistics

Students will have the entire class period for the test, which is designed to allow ample time to complete all parts without the stress of a ticking clock. The front door will be left open unless disruptive sounds occur; students should enter quietly and avoid slamming doors to maintain a conducive testing environment.

Key Topics for Review

Functions of Management

• Know the four principal functions of management:

  • Planning: Setting objectives and determining a course of action for achieving those objectives.

  • Organizing: Arranging resources and tasks to achieve the objectives.

  • Leading: Directing and motivating staff to engage in the work necessary to reach the goals.

  • Controlling: Monitoring progress and making adjustments as necessary to stay on track.

Robert Katz's Contribution

• Understand the significance of Robert Katz's work in management theory, particularly his identification of three types of managerial skills: technical skills, human skills, and conceptual skills, and how these skills differ across management levels.

Knowledge vs. Skills

• Distinguish between:

  • Knowledge: Understanding theoretical concepts and facts.

  • Attitudes: The beliefs and feelings that influence judgment and behavior.

  • Core Competencies: Essential capabilities that contribute to organizational success.

  • Soft Skills: Interpersonal skills that enhance communication and collaboration.

Managerial Roles

• Be able to define roles such as:

  • Resource Allocator: Decision-maker regarding the allocation of resources.

  • Disturbance Handler: Managing conflicts and crises that disrupt organizational operations.

  • Spokesperson: Communicating with external stakeholders on behalf of the organization.

Theoretical Viewpoints

• Understand the differences between:

  • Classical Viewpoint: Focus on efficiency and scientific management principles.

  • Behavioral Viewpoint: Emphasizes human behavior in organizations.

  • Systems Viewpoint: Views organizational functions as interrelated and dependent on the external environment.

  • Contemporary Viewpoint: Integrates modern theories and practices, including agile management.

• Familiarize with key figures associated with each viewpoint:

  • Gilbreths: Pioneered time and motion studies for efficiency.

  • Spaulding: Contributed to the importance of ethics in management.

  • Frederick Taylor: Introduced principles of scientific management.

Maslow's Hierarchy of Needs

• Understand the levels of Maslow's Hierarchy of Human Needs: from basic physiological needs to self-actualization, and its significance in management practices to motivate employees effectively.

• Review the Hawthorne Effect, which illustrates how attention and observation can impact productivity and worker morale.

Management Concepts

• Evidence-Based Management: Define what constitutes evidence-based management as a practice that uses the best available evidence to make management decisions.

• Total Quality Management: Understand what Total Quality (TQ) management entails, focusing on continuous improvement and customer satisfaction.

Ethical Dilemmas

• Differentiate between:

  • Moral Behavior: Actions aligned with ethical standards.

  • Value Behavior: Actions influenced by personal values.

  • Physical Behavior: Tangible activities that can be observed.

Globalization Effects of Global Economy

• Recognize the positive effects, such as market expansion and economic growth, as well as negative effects, including job displacement and cultural homogenization of a globalized economy.

• Terms to know:

  • Multinational Corporation: A company that operates in multiple countries.

  • Multinational Organization: An organization that operates across various nations but not primarily for profit.

  • Ethnocentrism: The belief in the superiority of one's own culture in social contexts, impacting global business practices.

Licensing and Franchising

• Knowledge of the differences between Licensing (allowing another entity to use a brand or product under a set agreement) and Franchising (a specific type of licensing with more comprehensive control over how the brand is operated).

• Understand the implication of Wholly-Owned Businesses and their operational independence.

Strategic Planning

• Strategic Management Process: Understand the steps in the strategic planning process including:

  • SWOT Analysis: Assessing strengths, weaknesses, opportunities, and threats.

  • Trend Analysis: Analyzing patterns to predict future conditions.

  • Forecasting: Predicting future trends based on data.

  • Benchmarking: Comparing practices against the best in the industry.

  • BCG Matrix: Familiarize with the BCG Matrix for strategic management, assessing business units based on market growth and market share.

Decision Making

• Decision-Making Styles: Differentiate between rational decision making (logical and systematic process) and non-rational decision making (intuitive and less structured process).

• Data Analytics: Know the difference between data mining (the process of discovering patterns in large data sets) and data analytics (the science of analyzing raw data to make conclusions).

• Common Biases: Identify and explain various biases such as hindsight bias (the tendency to believe after the event that one would have predicted it) and the concept of satisficing (choosing the first available option that meets the desired criteria).

• Group Dynamics: Understand the differences between groupthink (the practice of thinking or making decisions as a group in a way that discourages creativity or individual responsibility) and brainstorming (a method for generating ideas spontaneously in a group setting).