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CLEP Principles of Management 1

Connection power based on an individuals formal and

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Information Power - based on an individual’s access to valued data. Connection Power - based on an individual’s formal and informal links to influential persons both within and outside of the org. Position Power - determined by the job description, by authority, and by responsibilities. The “right” to influence others using the power sources of reward, coercion, legitimate, and information; used by the manager to complete the work of the unit. Personal Power - determined by credibility, reputation, and trust. With such sources of power as expert, referent, information, and connection, the leader inspires commitment and instills confidence. A good manager will use personal power to resolve conflict and maintain teamwork.
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Exploitative Power - subjecting people to whatever use the power holder chooses. Manipulative Power - influence over others based on anxiety or fear. Competitive Power - energy used against another in a win-lose scenario. Nutrient Power - using influence in a caring manner. Integrative Power - cooperative power with others. 107. 108. Influence - control over the attitudes and behavior of others. Influence, in the positive sense, is based on honor, respect, loyalty, and commitment. Influence, like any source of power, can also be abused by using it for exploitation. a. 109. Social Responsibility An organization that practices social responsibility tries to balance being profitable with satisfying the needs of those whose future is tied to that of the organization. Social responsibility means that an organization tries to be responsible to society, even if that may mean reducing profits. Examples are fair employment practices, helping with urban renewal and development, working with educational institutions, and limiting pollution. An org which considers society's values and objectives when making decisions is showing a sense of social responsibility. They are showing a sense of social responsibility, trying to do what's right for society, and in many cases, even actively trying to help the community. 110. 111. Cost Leadership Strategy strives to keep operating costs low by being efficient and maintaining tight controls. A company utilizing such a strategy endeavors to manufacture a product that is already on the market more cost effectively. 112. 113. Differentiation Strategy strives to set its products apart from those of another company by setting itself up in the market as the company to always be the first one out with the latest and greatest product. 114. 115. CONCURRENT CONTROLS monitor performances while they are occurring to ensure that they are meeting standards. 116. 117. Liquidity Ratio demonstrates a company's ability to generate cash. 118. Activity Ratio measures how efficiently a company operates. 119. Profitability Ratio demonstrates a company's ability to generate profits.
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