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MGMT 437 study guide 1.docx

MGMT 437 study guide 1.docx - MGMT 437 Exam#1 Study Guide...

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MGMT 437 Exam #1 Study Guide – Fall 2017 You are responsible for all the material in the assigned readings and information presented in lectures, but the topics listed below are most likely to be included on the exam. Exam questions are multiple choice, short answer and essay. Developing Management Skills: (DMS PP. 3-14) Importance of management Proper management of employees in any workforce in any major industry yields incredibly beneficial results, including reduced turnover , higher profits per employee, an increase in shareholder wealth per employee. Companies with a focus on skilled and effective management practices and the development of great managers see greater long term returns than those without similar standards in place Defining characteristics of management skills Management skills are behavioral , they are actively implemented and are not personality traits/attributes, but are influenced by them. These skills are controllable , the choice to make use of proper management behavior is a conscious decision that managers must decide to make. These skills are developable , they can be trained and improved so that managers can continue to remain effective in a variety of upward moving positions. The variety of skills a manager needs are not isolated , they are interrelated and they overlap , leading to an endless variety of complex managerial decisions , each with advantages and downfalls. Managerial skills don’t always make sense , they can be contradictory to each other depending on the environment and situation the manager is in, and it is key to understand when and where to make use of certain skills. Skills include goal setting , delegation of tasks, communication skills, time and stress management , rational and novel decision making , motivation of employees, recognizing/defining/solving problems , articulating the company’s vision, self-awareness of one’s own influence on others, team building and employee assignment , and managing conflicts between employees Categories of essential management skills The above skills can be split into four distinct groups. Human relations skills involve the communication and team building aspects, among others. What is nearly the polar opposite is the competitiveness and control group, involving assertion of authority and use of power , among other influence skills . Innovation and entrepreneurship skills mainly involve those creative problem identification and solving skills . Finally, organizational and ordering skills involve time management and rational,logical decision making Social Learning Theory – management skill development Relying on both cognitive and behavioral work to develop skills, this learning process consists of four steps. 1. The presentation of behavioral principles and models , such as a seminar or lecture. 2. Demonstrations of these behavioral models through case study, films, or incident examination. 3. Exercises to help develop and show real applications , such as a
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role play. 4. Finally, feedback
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