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[MGM101H5] - Final Exam Guide - Ultimate 31 pages long Study Guide!


Department
Management
Course Code
MGM101H5
Professor
Dave Swanston
Study Guide
Final

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UTM
MGM101H5
FINAL EXAM
STUDY GUIDE

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Chapter 1
What is management? What do managers do?
1. Management is the art of getting things done through people.
2. Managers can give organizations a sense of purpose and direction.
3. Managers are responsible making decisions under conditions of uncertainty
about the allocation of scarce resources towards achieving the organization’s
strategic objectives
What are the 4 functions of management? (as described by Henri Fayol)
1. Planning and strategizing
1. Planning
1.1. Choose goals
1.2. Identify actions to attain those goals
1.3. Allocate responsibility for implementing actions to specific
individuals or units
1.4. Measure success by comparing actual results to goals
1.5. Revise plans accordingly
2. Strategy - an action that managers take to attain goals of an organization
3. Strategizing
1.1. Thinking continually about what strategies an organization should
implement to attain goals
1.2. Being aware of and analyzing competitors’ actions
1.3. Thinking about how changes in external environment impacts the
organization ie. changes in technology or government regulations
1.4. Weigh pros and cons of alternative strategies
2. Organizing
1. Decide who within an organization will perform what tasks
2. Where decisions will be made
3. Who reports to whom
4. How different parts of the organization will coordinate activities to pursue a
common goal
5. Divide enterprise into subunits based on functional tasks ie. procurement,
research and development (R&D), production, marketing, sales, customer
service, human resources, accounting, and finance
2. Controlling
1. Monitoring performance against goals
2. Intervening when goals are not met
3. Taking corrective action
4. Incentive - a factor, monetary or nonmonetary, that motivates individuals
to pursue a particular course of action
2. Leading and developing employees
1. Leading - motivating, influencing, and directing others in the organization
to work productively in pursuit of organizational goal
2. Developing employees - hiring, training, mentoring, rewarding
employees
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3. Human capital - knowledge, skills, and capabilities embedded in
individuals
What are the 3 types of managers?
1. General managers - responsible for overall performance of an organization or
one of its major self-contained subunits or divisions
1. Corporate-level general managers
1.1. CEOs lead the entire enterprise, formulate strategies and manage
relationships with shareholders
1.2. Top level management may include CFO, COO, and CTO
2. Business-level general managers - lead their divisions ie General
Electric has general managers running the power generation business,
medical equipment business, lighting business, etc.
2. Functional managers
1. Lead a particular function or subunit within a function
2. Responsible for a task, activity, operation ie. accounting, marketing, sales,
R&D, production, information technology, or logistics
2. Frontline managers - managers who manage employees who are themselves
not managers
Becoming a manager
From specialist to manager - when employees are successful in their specialized
tasks that they were originally hired to do, they can get promoted to managers
Mastering the job - workload is tremendous but the biggest challenges are “people
challenges”
2 sets of responsibilities
Agenda setting for their teams
Network building with organization
What are managerial roles? (as described by Henry Mintzberg)
Managerial roles are specific behaviors associated with the task of management
Managing is an integrated activity so the 3 roles are rarely distinct
1. Interpersonal roles - roles that involve interacting with other people inside and
outside organization
1. Figurehead role
1.1. Represents the company at community events
1.2. Serve as spokespeople
1.3. Function as emissaries (representative, ambassador) for
organization
2. Leader role - give organization a sense of direction and purpose by
strategizing and motivating others to work toward this goal
3. Liaison role - connect with people outside of their immediate units or the
organization such as suppliers, buyers, etc.
2. Informational roles - collecting, processing, and distributing information
1. Monitor - scan environment inside and outside the organization
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