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Management Study Guide - Ch 1 Essay questions 1 Good...

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Ch. 1 Essay questions 1) Good mangers create value. The reason is that in being a manager you have a multiplier effect; your influence on the organization is multiplied far beyond the results that can be achieved by just one person acting alone. 2) Competitive advantage is the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them. This means an organization must stay ahead in four areas: 1) being responsive to customers, 2) innovation, 3) quality, and 4) efficiency. 1) Being responsive to customers—customers are the justification for the organization’s existence 2) Innovation—finding ways to delivers new or better goods or services. An organization can’t afford to fall behind its rivals. 3) Quality—you must keep your products or services up to code or else your customers will go to another company. 4) Efficiency—must keep costs down to make greater profits. 3) Managing happiness and life goals is a challenge for managers. Meetings take up much of their time, they get caught in the middle between their subordinates and bosses, and stress that they are not doing enough for their employees. Money doesn’t buy happiness. 4) Management has four functions; planning, organizing, leading, and controlling. Planning—you set goals and decide how to achieve them Organizing—you arrange tasks, people, and other resources to accomplish the work. Leading—you motivate, direct, and other wise influence people to work hard to achieve the organization’s goals. Controlling—you monitor performance, compare it with goals, and take corrective action as needed. 5) Top-level managers make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it. Top mangers are future orientated. 6) Mintzbergs findings about the nature of managerial work. 1) A manger relies more on verbal than written communication. 2) A manger works long hours at an intense pace. 3) A mangers work is characterized by fragmentation, brevity, and variety. 7) Good mangers need to work on developing three principle skills; technical, conceptual, and human.
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1) Technical skills—the ability to perform a specific job; consists of the job- specific knowledge needed to perform well in a specialized field. 2) Conceptual skills—the ability to think analytically; consists of the ability to think analytically, to visualize and organization as a whole and understand how the parts work together. 3) Human skills—the ability to interact with people; consist of the ability to work well in cooperation with other people to get things done. 8) Memorization Tricks 9) SQ3R—Survey, question, read, recite, and review. Ch. 1 True/False 1) Automated telephone systems are efficient but not effective.
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