Management study guide

Exam Preparation Structure

• The structure and organization of study topics are crucial for effective memorization.

• Review material in chapter order to enhance retention.

Test Grading and Administration

• Test grades will be posted on the same day or within 24 hours.

• Full class time is allotted for the exam, but respect must be maintained regarding noise and door usage during testing.

Key Management Concepts to Study

• Four Principal Functions of Management

  • Planning

  • Organizing

  • Leading

  • Controlling

• Robert Katz's Contributions

  • Understand the three managerial skills proposed by Katz: technical, human, and conceptual skills.

Differences in Managerial Roles

• Resource Allocator

  • Manages and assigns resources efficiently.

• Disturbance Handler

  • Responsible for resolving conflicts and challenges.

• Spokesperson

  • Represents the organization in communications.

Classical and Behavioral Management Viewpoints

• Classical Viewpoint

  • Focuses on efficiency and productivity.

• Behavioral Viewpoint

  • Emphasizes human behavior and motivation.

• Systems Viewpoint

  • Considers the organization as a system of interrelated parts.

• Contemporary Viewpoint

  • Integrates elements from previous viewpoints with modern approaches.

• Key figures to remember:

  • Gilbreths

  • Spaulding

  • Frederick Taylor

Maslow’s Hierarchy of Needs

• Understand the levels of needs in Maslow's pyramid:

  • Physiological needs

  • Safety needs

  • Love and belonging

  • Esteem needs

  • Self-actualization

• Hawthorne Effect

  • Workers’ performance improves when they know they are being observed.

Management and Ethical Considerations

• Evidence-Based Management

  • Use of data and facts to make management decisions.

• Ethical Dilemmas

  • Recognize different views on moral behaviors versus values and ethics.

Recent Legislation and Globalization

• Sarbanes-Oxley Act of 2002

  • Understand its significance in reforming corporate governance practices.

• Global Economy

  • Be able to discuss both positive (such as market expansion) and negative effects (such as exploitation of labor).

Business Operations and Strategic Management

• Licensing vs. Franchising vs. Wholly Owned Operations

  • Understand the distinctions between these concepts.

• Action Plans and Strategic Goals

  • Be familiar with how managers use action plans in strategic management.

• SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)

  • A tool for assessing organizational positioning.

Business Analysis Techniques

• Trend Analysis

  • Examines patterns over time.

• Forecasting

  • Predicting future conditions.

• Benchmarking

  • Comparing performance metrics against best practices.

Competitive Strategies

• BCG Matrix

  • Understand stars, cash cows, question marks, and dogs in product portfolios.

• Differentiation Strategies

  • Recognize different approaches: differentiation, focus differentiation, cost leadership, and cost focus.

Decision Making and Problem Solving

• Rational vs. Non-Rational Decision Making

  • Know the definitions and applications of each approach.

• Data Mining vs. Data Analytics

  • Understand the methodologies and their implications for data usage.

• Common Decision-Making Biases

  • Be aware of biases like hindsight bias and their effects on decision-making behavior.

• Satisficing

  • Choosing a solution that meets a satisfactory threshold rather than the optimal solution.

• Groupthink vs. Brainstorming

  • Understand the differences between these collaborative techniques.