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Management Principles and Practices, Exams of Advanced Education

A wide range of management concepts and theories, including the definition of scientific laws, the differences between successful and effective managers, the meaning of life, determinants of employee performance, managing diversity, the cost of fraud, leadership traits, decision-making processes, motivation theories like maslow's hierarchy and herzberg's two-factor theory, and the characteristics of effective teams. Insights into various management principles and practices that are crucial for understanding organizational behavior and dynamics. It touches on topics such as employee recognition programs, employee stock option plans, and the advantages of teamwork. Overall, this document offers a comprehensive overview of key management concepts that are highly relevant for students, professionals, and lifelong learners interested in the field of management and organizational studies.

Typology: Exams

2023/2024

Available from 08/02/2024

kkamo
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MAN 320F Exam 1 Aroian Questions and

Answers

Organizational Behavior - Answer -The systematic study of the actions and attitudes that people exhibit within organizations. Goals of Organizational Behavior - Answer --Explain -Predict -Influence/control why do we care? $$$

  • high job satisfaction => high performance => high profits Fundamental laws of business - Answer -1) It always takes longer than you scheduled!
  1. It always costs more than you budgeted!
  2. When placed in difficult situation, people will take the path of least resistance What do managers do? - Answer -Ensure that the organization achieves its goals and objectives By: -Planning -Organizing -Leading (sometimes) -Controlling -Make decisions -Allocate resources Few absolutes in business - Answer -- The first law of thermodynamics (also called the law of conservation of energy) -How often is it true? --The definition of a scientific law is that it is always true -It always take longer than you scheduled -It always cost more than you budgeted Successful manager vs. Effective manager - Answer -An effective manager is great at "getting the job done" -communication

A successful manager gets the promotions, moves up the corporate ladder -Human resource management, networking w/ ppl in own org, customers, competitors --not mutually exclusive; can be both-- Average managers -Traditional management The meaning of life - Answer -Money successful organization - Answer -• The right balance of management and leadership to ensure that the organization achieves its goals and objectives. Determinants of employee performance - Answer -• Productivity -amount of work that's being accomplished (# of items being produced, # of tax returns you do per day)

  • Absenteeism
  • Rate at which employees don't come to work (cost associated w/ this)
  • Turnover
  • Rate at which employees quit or leave an org (in fast food it's about 500% ; low skill level --> high turnover and that's ok)
  • Reducing turnover helps business decrease cost
  • Job satisfaction
  • positive correlation w/ job satisfaction and productivity
  • negative correlation w/ absenteeism and turnover
  • job satisfaction is down if ppl are leaving org
  • ...only really care about making $$ What are some of the organizational challenges and opportunities? - Answer -• The typical employee is getting older
  • The world is flat - competitively (globalization)
  • globalization -competing internationally not just nationally
  • Historical loyalty-bonds between employees and employers are being severed -more loyalty now to career path; stats say after graduation you'll be at that job no more than 2 yrs how to manage diversity - Answer -respond to those differences in ways that ensure employee retention and greater productivity while, at the same time, not discriminating the cost of fraud - Answer -Over 200 billion for 40 of the top 100 fortune companies -Accounting

--AIG, Bank of America, Boeing, Bristol-Myers Squibb -Securities -Consumer -Discriminatory practices -Antitrust activities -Undisclosed executive pay -Patent infringement -Other between 2000-2015 $227,298,100,000 in fines & penalties comes down to greed What do leaders want? - Answer -•Character -what do you do when no one's watching? •Benevolence vs Selfishness -are you willing to help others w/o something in return? •Boldness vs. Fear -confidence to do what's just, right, & true •Endurance vs Despair -ability to withhold stress & still do your best •Enthusiasm vs Apathy -expressing joy while you work, enjoy what you do •Flexibility vs Stubbornness -ability to change plans personality - Answer --a relatively stable set of characteristics that influences an individual's behavior -the way in which an individual reacts and interacts with others -often described in terms of traits such as shy, aggressive, lazy, loyal big 5 model of personalities - Answer -•Extroversion -comfort level with new relationships -Sociable, gregarious, and assertive -want sales ppl to be extroverted •Agreeableness -how likely are you to defer to someone else, are you trusting •Conscientiousness -are you organized, capable -mesaure of reliability

-Responsible, dependable, organized •Emotional stability -how well do you deal with stress -are you self confident, do you break down •Openness to experience -are you willing to try new things -curious, imaginative, artistic locus of control - Answer -belief that life is controlled by oneself vs external forces -in Western countries lots have internal locus of control -Internal : people who believe that they control what happens to them -External : what happens to them is controlled by outside forces such as luck, chance, or some higher power Machiavelli / Machiavellianism - Answer --how to be able to deceive & exploit ppl to your advantage -tendency to manipulate and maintain emotional distance -Self-centered and willing to deceive, exploit to achieve their goals -"It's better to be feared than loved!" -"The end justifies the means" self-monitoring - Answer -sensitive to external cues to behave differently risk propensity - Answer -willingness to take chances. ex Donald Trump Type A personality - Answer -the incessant desire to achieve more, always looking at numbers, struggling to achieve more, great sales reps -Always moving, walking, staying busy -Impatient -Multi-tasker -Can't cope with leisure time -Obsessed with measuring their success -Generally make great sales reps narcissism - Answer --high degree of self-importance and arrogance -in love w/ themselves -Productive (accomplish great things) versus non-productive (use corporate resources to get what they want) -The "Dark Triad"

(1) Machiavellianism (2) Narcissim (3) Psychopathy internal skills - Answer -ability to deal with demands, pressures, stress self awareness, manage emotions and impulses, self-motivation and persistence, empathy towards others synergy - Answer -working together with other individuals in order to produce results that are greater than the sum of any of your individual efforts. (NOT ALWAYS) synergistic decision making - Answer -Making decisions based on the premise that (1) People are supportive of one another, and (2) They follow a rational sequence of activities in dealing with a problem (3) They can perform beyond the sum of their individual resources Supporting - Answer --Assume that others have useful ideas and viewpoints -Point out the useful aspects of ideas as they are presented -Build on these useful aspects -Avoid unneccesary criticism the interpersonal process - Answer -· Listening to others · Supporting their efforts to do well · Differing w/ others when necessary in a constructive manner, not defensive · Participating equally in group discussions Listening - Answer --Objectively weigh what's been said -Try to understand contributions from the speaker's point of view Constructive Differing - Answer --being able to tactfully let ppl know you have a difference of opinion without implying that the other person is wrong -treat differences as source of new ideas Participating - Answer --Recognize that you are facing the problem as a group -Determine whether everyone agrees with statements regarding the group's position -Ask less talkative members for their ideas and opinions -Ensure that ALL members feel comfortable enough to express their ideas the rational process - Answer -•Analyze the situation -Sort out the facts from the assumptions -Unchallenged and unrealistic assumptions are a primary cause of mistakes •Identify objectives or goals -Objective was to survive -confusion b/w objectives and actions is one reason for leaping before looking

•Simplify the problem -Create sub-problems: getting dry, staying warm, developing a system for communicating your location •Consider alternative strategies -don't dismiss alts w/o evaluating them -decision making can't be successful w/o considering alts -in subarctic, there are two general strategies for survival -- stay or leave; decision is life or death •Discuss adverse consequences Reaching a Consensus Decision - Answer --Voting and majority rule are NOT used to defeat dissenting members -Priority is placed on ranking items in a way that all members can live with -Alternatives and rankings are modified to satisfy members with serious reservations personality and national culture - Answer --national culture greatly influences the dominant personality of its populace. -culture often reflects the national personality characteristics -Often a major challenge for multinational corporations values of a world-leading organization - Answer -•Respect •Integrity •Communication •Excellence ethical behavior - Answer --bosses' actions are the most important factor in this -Our leaders set the tone -doesn't mean you will be unethical too, but chances increase if you see boss getting away with it Perception - Answer -Our sensory experience of the world around us -not only creates our experience of the world around us, it allows us to act w/in our environment -We gain information about properties and elements of the environment that are critical to our survival Job satisfaction - Answer --a collection of feelings that an individual holds towards their job -includes fair outcomes and fair treatment what causes job satisfaction? - Answer --the work itself -------repetition is not very satisfying

-pay (to a certain level) ---------after a certain level pay doesn't matter much -advancement opportunities ----------challenge in small businesses -supportive supervisors -----------having someone who's above you who cares -supportive co-workers -an individual's own personality ----------those who complain a lot, there's not much you can do high job satisfaction leads to - Answer --decreased turnover ------small turnover saves big $$ -decreased absenteeism -decreased deviant behavior ---------deviant behavior=any kind of behavior that limits company to reach full potential -increased customer satisfaction ---------employers that treat employees well, employees treat customers well, customers treat company well -increased productivity -----------equals increased profits ; profit has to be generated, cant survive w/o it unless have a lot of cash reserve personality tests - Answer --have become more popular in hiring -inexpensive way to weed people out, match the right personality for the job -about 30% of firms rely on personality tests Myers-Briggs - Answer --most widely used personality test in the world -identifies: (1) learning style (2) decision making style (3) management style (4) team building charactersitics attribution theory - Answer -the processes by which individuals explain the causes of behavior and events. people make explanatory attributions to understand the world around them and to seek reasons for a particular event. fundamental attribution error - Answer -the tendency to focus on errors caused by the person's behavior rather than the situation self serving bias - Answer -attributing internal factors for success and external, uncontrollable factors for failure cognitive dissonance - Answer --Any inconsistency between our attitudes, behavior, beliefs, values, or emotions -Discomfort felt by person seeking to hold 2 or more conflicting cognitions

-dissonance can be powerful motivator to change -ppl seek to minimize dissonance Subarctic Survival - Answer -strategic objective: to survive Class Stats: avg individual score of class: 66. avg team score of class: 55. gain (loss) of class: 10 Groups generally make better decisions than individuals "perfect synergy" --> no individual score is better than team score ; died as individuals, survived as team "synergy" --> 1 person survived, most did better w/ team ethics - Answer -behavior that conforms to accepted professional and personal standards of conduct Ethics and Business - Answer -According to Sherron Watkins, there are 3 main actions you can take in an unethical organization: (1) Prevent unethical practices from the start (2) Quit (3) Whistleblowing Hertzberg - Answer --Job satisfaction/motivation and job dissatisfaction act independent of each other -To increase motivation... -To reduce dissatisfaction... 3 main actions to take in unethical organization - Answer --prevent unethical practices from the start, quit, whistleblowing motivation - Answer --Professor: The willingness to do something to satisfy some need -Textbook: The processes that account for your intensity, direction, and persistence of effort towards attaining a goal -motivation may be rooted in a basic need to decrease pain and increase pleasure Maslow's Hierachy of Needs - Answer --Proposed by Abraham Maslow in his 1943 paper "A Theory of Human Motivation" -Only unsatisfied needs influence behavior -elements are supposed to motivate, to go up pyramid

-physiological needs -safety -love/belonging -esteem -self-actualization Theory X Worker - Answer -Management assumes workers are: -lazy -dislikes work -avoids responsibilities -seeks formal direction -there to beat employees into submission, to threaten w/ punishment -requires security -lacks ambition -"beating w/ a stick" Theory Y Worker - Answer -Manages see workers as: -self motivated -ambitious -views work as natural -exercises self control -seeks responsibility -makes innovative decisions -motivate w/ rewards Theory Y manager is liberating, goal is to make sure employees have all resources they need to be successful Herzberg's Two-Factor Theory - Answer --A person's attitude directly influences their success or failure -Things ppl feel good about at work are motivating -Things they don't feel good about are de-motivating hygiene factors - Answer --Extrinsic & related to dissatisfaction -only lead to employees feeling unmotivated -Do not motivate, result in de-motivation -Supervision -Pay -Company policies -Psychical work conditions -Relations with others -Job security motivation factors - Answer --Intrinsic and related to satisfaction -Promotional opportunity -Opportunity for personal growth

-Recognition -Responsibility -Achievement

  • Satisfaction and Dissatisfaction are not opposite ends of the same thing! Job Characteristics Model of Motivation - Answer -5 core job characteristics: (1) skill variety -utilizing a variety of different skills on the job (2) task identity -completion of a whole (from beginning to end) (3) task significance -substantial impact on lives or work of others (4) autonomy -freedom & discretion in determining how work gets done (5) feedback -obtaining direct & clear info about effectiveness & performance -These impact 3 critical factors (1) Meaningfulness of work (2) Responsibility for outcomes (3) Participation in the actual results JCM predicts that motivation, performance, & job satisfaction will be positively affected Douglass McGregor - Answer --Sloan School of Mgt -Theory X and Theory Y -No hard evidence confirms that either X or Y are universally true -"Structure drives behavior" -it's about how managers think about their employees equity theory - Answer -employees weigh what they put into a job against what they get out. they compare their input/output ratio with similar co-workers. if they perceive their ration to be equal, a state of equity exists equity theory in business - Answer --employees expect a fair return for what they put into their jobs (input to output ratio) -they compare their input/output ratio w/ other workers -employees who perceive inequity will directly alter inputs/outputs or leave the org theory Z - Answer --"Japanese Management" style popularized during Asian economic boom of 1980s -Increase employee loyalty to company by providing jobs for life & strong focus on well- being of employee on & off the job -Promote stable employment, high productivity, high employee morale & satisfaction

employee recognition programs - Answer --Recognition is powerful workplace motivator -rewarding behavior w/ recognition leads to repetition -provide clear identity of what's recognition-worthy -linking rewards to performance -visibility of recognition process -ex] employee of the month parking spot employee stock option plan (ESOP) - Answer --#1 way corporations motivate employees today -company established benefit plans in which employees acquire stock, often at below- market prices, as part of their benefits -objective is to have employee act more as an "owner" of company -provides potential to increase job satisfaction, motivation, & wealth -big $ comes from equity •options: the right to purchase stock @ a fixed price over a pre-defined period -ex] if you join our firm we're gonna make options available over 4 yr period & here's what it'll cost you •vesting period: the period of time over which you receive options; promotes longevity •trigger: a set period of time or a specific event, that allows you to participate in ESOP •option price: pre-determined price for options set by board of directors often slightly below current market price ESOP - how many shares can you own? - Answer -depends on size of company generally, the smaller the company the more shares you'll probably own ESOP for sales reps - Answer --sales has one main mission- to increase revenues -sales reps highly motivated by $$ -sales reps can earn big $$$$ if attain target goals ESOP specifics - Answer --eligibility (trigger) based on meeting quota -for each $1 in revenue (above quota) , rep receives $0.10 worth of options -if company operates at 10% net income then $100,000 contract drops $10,000 to bottom line. At a P/E ratio of 25 the company value increases $250,000 @ cost of $10, -benefits company and employees -employees do this calculation all the time to see if it's worthwhile to participate in ESOP hawthorne studies - Answer --People turned off lights - examined the relationship between the physical environment and productivity.

-Group standards were highly effective in establishing individual worker output. money was less a factor in determining worker output than were group standards, sentiments, and security. -Workers started to control the outcome because they feared jobs were in jeopardy norms - Answer -acceptable standards of behavior w/in a group that are adopted and shared by the group's members •The Hawthorne Studies --Series of studies at Western Electric --Examined the relation b/w the physical environment and productivity --level of lighting, added more lights and productivity increased, researchers' findings contradicted their anticipated results --group stds were highly effective --workers started to control the outcome bc feared jobs were in jeopardy status - Answer -a socially defined position or rank given to groups or group members by others what determines status? - Answer --the power a person wields over others -a person's ability to contribute to a group's goals -an individual's personal characteristics -cultural factors and norms impact of status - Answer -high status members of groups often are given more freedom to deviate. interaction among members of groups is influenced by status cohesiveness - Answer -the degree to which members are

  • attracted to each other, -trust each other -motivated to stay in the group groups with high cohesiveness - Answer --Demonstrate lower tension and anxiety -Demonstrate less variation in productivity -Demonstrate better member satisfaction, commitment, and communication how do managers encourage cohesiveness? - Answer -make the group smaller, encourage agreement on group goals, increase the time spent together in and out of the office, increase the status and perceived difficulty of group membership conformity - Answer --Members desire to be one of the group and avoid being visibly different -Differing opinions feel extensive pressure to align with others -Level of conformity in US has declined Asch Study - Answer --What is X closest to?

--Not wanting to stand out from everyone else that just said A size study - Answer --smaller groups are faster at completing tasks. -larger groups are better at complex problem solving -Increases in group size inversely related to individual performance social loafing - Answer -tendency to expend less effort in a group than as an individual composition - Answer -diversity promotes conflict -> conflict stimulates creativity -> creativity leads to improved decision making sports teams - Answer --Successful teams integrate cooperation & competition -Sports teams w/ the best win-loss record had coaches (managers) have both ^ -Successful teams score early wins; help boost their morale -successful teams avoid losing streaks -----couple fails can lead to spiral if team becomes demoralized -----managers need to instill confidence in team members -practice makes perfect ; learn from mistakes in practice -successful teams use half-time breaks -winning teams have stable membership which improves performance -successful teams debrief after failures and successes Conflict on the Trading Floor - Answer --When placed in a difficult situation, most people will follow the path of least resistance. --Easy thing to do, but not necessarily right Why teams? - Answer --good @ performing complicated, complex work -Generally outperform individuals on tasks -Higher loyalty among teams -More flexible and responsive to change -Facilitate employee participation in decision making -Effective/loyal teams produce long-term performance What does an effective team look like? - Answer --Members listen well and equally participate -Free to express feelings and ideas -Conflict and disagreement center around ideas or methods -Consensus decision-making -Trust and Respect Basic Group Concepts Roles - Answer --One of the most prominent elements of GROUPS is the role people play -- are you leader, participant, etc -To engage in a set of expected behavior expectations based on roles -Stanford "Prisoner" experiment --> guards became authoritarian & prisoners submissive

Army Crew Team Case Study - Answer -What does the Varsity team lose to the JV? What is the root cause? -Lack of trust -Team cohesion -Lack of support from team members -Conflict and finger-pointing -Poor leadership -No bonding What should Coach P. have done differently earlier in the season? -Teambuild -tryouts to measure team cohesion -Synergy TASK VS INTERPERSONAL CONFLICT initially rowers had task related difficulties coordinating technical skills; this triggered interpersonal conlifct as seen in heated emails -Generally: --task/process conflict = positive outcome --Interpersonal conflict = negative outcome CONFLICT -moderate levels of task conflict boosts performance -trust and respect required -exchange of opinions deepens understanding of issues TRUST -Team trust is especially important to teamwork -Rowing the boat requires interdependence -Rowers who are in sync will go faster than rowers who are not sync'd -The interdependence is key! -Must trust the out-of-sync rower -Trust has been broken -Everyone is rowing harder but they are... -The e-mails to Coach P indicate low trust -This explains why the Varsity members win against the JV when they row in pairs TEAM IDENTIFICATION -Team identity provides an emotional connection to the group -Strong teams are generally trusting and highly motivated, less likely to free ride -Varsity e-mails. "I never thought i'd be the weak link, but on this race, I'm sure of it" -JV e-mails. "We will succeed together, we will fail together" -It is clear that the Varsity crew would have benefited from greater team identification

INTERGROUP RIVALRY

-Strong identification with a team is often linked to competition with other teams -The distinction of Varsity and JV -Practicing together -Varsity had higher status -Rivalry helped JV, hurt Varsity THE VICIOUS SPIRAL -Effective teams generally get even b Lincoln Electric Case Study - Answer -Lifetime employment Not many companies offer that Why is it the "Best Manufacturing Company in the World"? Lincoln believes it is for one reason: They encourage individual performance and pay very well for it Lincoln's approach to the org & motivation of their employees: -salaries 100% bonus -guaranteed employment -internal promotion KEY POLICIES -clear, transparent, communicated frequently, fair, enforced, consistent w/ one another, consistent w/ product-market strategy which is: (1) increase value to customer (2) decrease cost (not price customer pays) -executives live by same rules, executive work = co-worker work -piecework pay -guaranteed employment -bonus based on company performance -communication & cooperation b/w functions -company attracts highly motivated individuals -efforts to reduce distinctions b/w mgt and workers -Management Advisory Board ------not unique to LE but unique how LE runs it -lack of union ------unions were organized to demand rights & equality -shared values b/w mgt and workers -lifetime employment allows accumulation of experience & knowledge -focus on customer needs -salesmen know welding -honesty & fairness throughout -minimization of conflict b/c all share the goal of high profits, lower costs, high bonuses -promote from within -being the low cost producer and continually reducing costs

PROBLEMS WITH MGT SYSTEM

-guaranteed employment ------gotta be careful when hiring, gotta ramp up slowly, can mean you can't deliver when business is growing -promoting from w/in & hiring only 2 entry level positions -------ppl w high education aren't gonna want entry level jobs -strong company culture and values ------if being highly motivated and getting paid what you work isn't for you, you're not gonna last -continual efficiencies reduce value added OBSTACLES TO LINCOLN SYS