MGMT 201 FINAL Exam Study Guide

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1 MGMT 201 FINAL Exam Study Guide The FINAL Examination will constitute 35% of your term grade. The exam will have 100 points. The exam will focus on material presented in class from Chapters 7, 8, 11, 12, & 14 in the Fundamentals of Management textbook There will be 25 Multiple Choice Questions. Each question will be worth two points for a total of 50 points. Additionally, there will be 5 Short Answer Questions, each worth 10 points for a total of 50 points. For the short answer questions, you will be given seven (7) questions, and you will choose five of those questions to answer. Multiple choice questions will cover the topics studied after the midterm (and including chapter 7). Short Answer Questions will cover important topics for the entire term. This guide will include a bank of potential questions for your preparation. Questions will be sourced from the textbook and lecture notes. Pay particular attention to topics highlighted with an asterixis (*). There were also be an Extra Credit Short Answer Question worth ten (10) additional points. Outline of Topics to Study: Chapter 7 Managing Human Resources 1. Definition of Human Resource Management: The process of hiring and developing employees so that they become more valuable to the organization. a. Components* i. conducting job analyses, ii. planning personnel needs, iii. recruiting the right people for the job, iv. orienting and training, v. managing wages and salaries, vi. providing benefits and incentives, vii. evaluating performance, viii. resolving disputes MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 1

2 2. Identifying and Selecting Employees a. Employment Planning b. Recruitment and Downsizing c. Selection 3. Job Description vs Job Specification a. Job Description: A broad, general, and written statement of a specific job, based on the findings of a job analysis. It generally includes duties, purpose, responsibilities, scope, and working conditions of a job along with the job's title, and the name or designation of the person to whom the employee reports. b. Job Specification: focuses on skills and abilities necessary to do the job efficiently. 4. Orientation* a. Job orientation b. Work unit orientation c. Organization orientation 5. Employee Training Methods a. Job rotation b. Understudy assignments c. Classroom lectures d. Films and videos e. Simulation exercise f. Vestibule training 6. Performance Management and Performance Management Systems a. Definition: Process of aligning employee performance to the goals of the company. Performance Management Systems are processes that help managers track employee progress to these goals b. Important: i. Compensation and growth ii. Performance Management good and bad 7. Employee Compensation * a. Components i. Salary/Wages ii. Bonuses iii. Pensions iv. Other Benefits v. Vacation time vi. Training/Career Development 8. Workforce Diversity a. Nontraditional recruitment sources b. Non-discriminatory selection c. Accommodation of diverse needs d. Diversity consciousness workshops e. Mentoring programs 9. Management By Objectives ** MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 2

3 Chapter 8 Managing Change and Innovation 1. Definition of Oganizational Change: * a. Components i. Structure ii. Technology iii. People b. History Industrialization Organizational Development Systems Approach c. Why Change Management * i. We change for a reason. ii. Organizational change requires individual change. iii. Organizational outcomes are the collective result of individual change. iv. Change management is an enabling framework for managing the people side of change. v. We apply change management to realize the benefits and desired outcomes of change. d. Drivers** MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 3

4 e. Drivers i. Crisis ii. Growth iii. Performance Gaps iv. New Technology v. Identification of Opportunities vi. Reaction to Internal & External Pressure vii. Mergers & Acquisitions viii. Change for the Sake of Change ix. Sounds Good x. Planned Abandonment f. Approaches i. Calm waters vs White Water Rapids ii. Lewin 3- step 1948* 1. Unfreeze 2. Move to a New Level 3. Refreeze iii. Kotter 8- step 1996* 1. Establish a Sense of Urgency 2. Form a Powerful Guiding Coalition 3. Create a Vision 4. Communicate the Vision 5. Empower others to Act on the Vision 6. Plan for and Create Short Term Wins MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 4

5 7. Consolidate Improvements and Produce Still More Change 8. Institutionalize New Approaches g. Implementing Change i. Organizational Development: tries to involve organizational members in changes that will affect their jobs and seeks their input about how the change is affecting them. 1. Survey feedback 2. Process consultation 3. Team-building 4. Intergroup development h. Resistance to Change i. Reactions to Change = Stress * i. Symptoms of Stress MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 5

6 Chapter 11 (group 02 only) Motivating and Rewarding Employees 1. What is Motivation a. Energy b. Direction c. Persistence 2. History of Motivation Theory a. Maslows Hierarchy of Needs * 1. Physiological needs such as food, drink, shelter, sex, sleep, and other physical requirements 2. Safety needs such as security and protection from harm as well as assurance that physical needs will continue to be met 3. Social needs including affection, belongingness, acceptance, and friendship 4. Esteem needs, which include internal esteem factors such as self-respect, autonomy, and achievement, and external esteem factors such as status, recognition, and attention; and 5. Self-actualization needs that include growth and achieving one s potential. Maslow argued that each level must be substantially satisfied before the next need becomes dominant; an individual moves up the hierarchy from one level to the next. Lower-order need are satisfied predominantly externally, while higher-order needs are satisfied internally. b. Theories X Y* i. X 1. Little ambition MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 6

7 ii. Y 2. Dislike work 3. Avoid responsibility 4. Must be closely controlled 1. Enjoy work 2. Seek and accept responsibility 3. Exercise self-direction c. Herzberg Two Factor i. Satisfaction vs dissatisfaction ii. Found removing things that dissatisfy does not necessarily increase satisfaction and vice versa d. Goal Setting Theory * i. Working towards a goal is major source of job motivation ii. Depends on the specificity of the goal MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 7

8 e. Daniel Pink i. Autonomy desire to direct our own lives ii. Mastery the urge to get better and better at something that matters iii. Purpose they yearning to do what we do in the service of something larger than ourselves f. Current Issues i. Culture and Motivation ii. Motivating Professionals vs Contingent Workers g. McClelland s Three Needs Theory Three acquired needs are work motives: 1. Need for achievement 2. Need for power 3. Need for affiliation Chapter 12 Leadership and Trust 1. Definition of Leadership a. Leader vs Leadership ( i. Leader someone who can influence others and who has managerial authority? ii. Leadership - Process of leading a group and influencing that group to achieve its goals 2. History of Theory trait vs behaviour * a. Trait Theories i. Seven Traits: drive, desire to lead, honesty and integrity, self-confidence, intelligence, job-relevant knowledge, and extraversion. MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 8

9 ii. Traits made it more likely that an invididual would be an effective leader BUT WHAT IF YOU DON T HAVE THOSE TRAITS? b. Behavioural Theories i. Studies : University of Iowa, Ohio State, University of Michigan, Managerial Grid ii. Historical Theories 1. Fiedler (least preferred coworker) iii. 1. Hersey-Blanchard: Leader Participation* a. Autocratic Type 1: Decisions are made completely by the leader. Leaders make the decision on their own with whatever information is available. b. AII Autocratic Type 2: The decision is still made by the leader alone, but the leader collects information from the followers. Followers play no other role in the decision-making process. c. CI Consultative Type 1: The leader seeks input from select followers individually based on their relevant knowledge. Followers do not meet each other, and the leader s decision may or may not reflect followers influence. d. CII Consultative Type 2: Similar to CI, except the leader shares the problem with relevant followers as a group and seeks their ideas and suggestions. The followers are involved in the decision, but the leader still makes the decision. e. GII Group-based Type 2: The entire group works through the problem with the leader. A decision is made by the followers in MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 9

10 collaboration with the leader. In a GII decision, leaders are not at liberty to make a decision on their own. 2. Path Goal * a. Four leadership behaviors: i. Directive leader: Lets subordinates know what s expected of them, schedules work to be done, and gives specific guidance on how to accomplish tasks ii. Supportive leader: shows concern for the needs of followers and is friendly. iii. Participative leader: consults with group members and uses their suggestions before making a decision. iv. Achievement-oriented leader: sets challenging goals and expects followers to perform at their highest level. 3. Situational Leadership Hersey/Blanchard 1970 s ** a. Most successful leaders adapt their style to the performance readiness of each individual or group b. Types: c. Directing i. One way communication ii. Leader defined groups d. S2 Coaching i. Two way communication ii. Socio-emotional support e. S3 Supporting i. Shared Decision Making ii. Fewer task oriented behaviours more relationship f. S4 Delegating i. Leader shill involved in decisions ii. Leader monitors MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 10

11 3. Trust a. Things to do i. Practice openness. ii. Be fair. iii. Speak your feelings. iv. Tell the truth. v. Be consistent. vi. Fulfill your promises. vii. Maintain confidences. viii. Demonstrate confidence. 4. Myers Brigg Type Indicator Chapter 14 Foundations of Control MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 11

12 1. Importance of Control * a. Last step in the four-step process b. Steps i. Standards determine the standards 1. Selection of the standards (what to measure) is most important ii. Measurements 1. How, when, what to measure iii. Comparison 1. Compare measurements against the standards 2. What is the acceptable value? iv. Actions 1. Establishing next steps 2. CRITICAL TO SUCCESS c. Keeping Track i. ERP/ERM ii. PMS/MBO iii. Financial Ratios iv. Balanced Scorecard MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 12

13 Financial Ratios MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 13

14 Potential Short Answer Questions 1. Compare the tasks, priorities, and responsibilities of first-line, middle, and top managers. 2. Discuss the difference between efficiency and effectiveness. 3. What is a SWOT analysis. Explain each step and give an example. 4. List and explain the four basic functions of management. 5. List and explain five of Hofstede's dimensions of national culture. 6. Discuss the value of Hofstede's values study to managers 7. Discuss arguments for and against social responsibility. 8. List and discuss two reasons for planning. 9. Define and discuss management by objectives (MBO). 10. Describe the characteristics of a functional structure. 11. Describe the characteristics of a divisional structure. 12. Describe the matrix structure. What are its advantages and disadvantages? 13. List and discuss how Maslow's hierarchy of needs theory works. 14. Describe how managers might motivate professional workers. 15. Describe the basics of situational leadership theory (SLT). 16. Define and describe the management function of control. What are the four steps of the control process? Explain why Control is critical to the management process. 17. Explain why what managers choose to measure can be more important than how they measure. 18. Explain the differences between the Kotter and Lewin approaches on Change Management 19. What is the MBTI (Myers Briggs Type Index) and explain how it can be used by leaders/managers. 20. What is a Balanced Scorecard? How is it used in the control process? MGMT 201 Principles of Management FINAL EXAM Study Guide FALL 2017/18 Page 14