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business
exploring management

Questions and Answers of Exploring Management

• Budgets are plans that allocate resources to activities or projects.
• A zero-based budget allocates resources as if each new budget period is brand new; no “rollover” resource allocations are allowed without new justifi cations.
• Forecasting, which attempts to predict what might happen in the future, is a planning aid but not a planning substitute.
• Contingency planning identifi es alternative courses of action to implement if and when circumstances change and an existing plan fails.
• Scenario planning analyzes the implications of alternative versions of the future.
• Benchmarking utilizes external comparisons to identify best practices that could become planning targets.
• Participation and involvement open the planning process to valuable inputs from people whose eff orts are essential to the eff ective implementation of plans.
• Controlling is the process of measuring performance and taking corrective action as needed.
• Th e control process begins when performance objectives and standards are set;both input standards for work eff orts and output standards for work results can be used.
• Th e second step in control is to measure actual performance in the control process.
• Th e third step compares results with objectives and standards to determine the need for corrective action.
• Th e fi nal step in the control process involves taking action to resolve problems and improve things in the future.
• Th e control equation states: Need for action Desired performance Actual performance.
• Management by exception focuses attention on the greatest need for action.
• Feedforward controls try to make sure things are set up right before work begins;concurrent controls make sure that things are being done correctly; feedback controls assess results after an
• Internal control is self-control that occurs as people take personal responsibility for their work.
• External control is accomplished by use of bureaucratic, clan, and market control systems.
• Management by objectives is a process through which team leaders work with team members to “jointly” set performance objectives and “jointly” review performance results.
• Total quality management tries to meet customers’ needs and do things right on time, the fi rst time, and all the time.
• Organizations use control charts and statistical techniques such as the Six Sigma system to measure the quality of work samples for quality control purposes.
• Economic order quantities and just-in-time deliveries are common approaches to inventory cost control.
• Th e breakeven equation is: Breakeven Point Fixed Costs (Price Variable Costs).
• Breakeven analysis identifi es the points where revenues will equal costs under diff erent pricing and cost conditions.
• Financial control of business performance is facilitated by use of fi nancial ratios, such as those dealing with liquidity, leverage, assets, and profi tability.
• Th e balanced scorecard measures overall organizational performance in respect to four areas: fi nancial, customers, internal processes, innovation.
• A strategy is a comprehensive plan that sets long-term direction for an organization and guides resource allocations to achieve competitive advantage, operating in ways that outperform the
• Corporate strategy sets the direction for an entire organization; business strategy sets the direction for a large business unit or product division; functional strategy sets the direction within
• Growth strategies seek to expand existing business areas through concentration or add new ones by related or unrelated diversifi cation.
• Retrenchment strategies try to streamline or consolidate organizations for better performance through restructuring and divestiture.
• Global strategies pursue international business opportunities.
• Cooperative strategies make business use of alliances and partnerships.
• E-business strategies use the Internet to pursue competitive advantage.
• Organizing is the process of arranging people and resources to work toward a common goal.
• Structure is the system of tasks, reporting relationships, and communication that links people and positions within an organization.
• Organization charts describe the formal structure and how an organization should ideally work.
• Th e informal structure of an organization consists of the unoffi cial relationships that develop among its members.
• Informal structures create helpful relationships for social support and task assistance, but they can be susceptible to rumors.
• Functional structures group together people using similar skills to perform similar activities.
• Divisional structures group together people who work on a similar product, work in the same geographical region, or serve the same customers.
• A matrix structure uses permanent cross-functional teams to try to gain the advantages of both the functional and divisional approaches.
• Team structures make extensive use of permanent and temporary teams, often cross-functional ones, to improve communication, cooperation, and problem solving.
• Network structures maintain a staff of core full-time employees and use contracted services and strategic alliances to accomplish many business needs.
• Organizations are becoming fl atter—having fewer management levels, combining decentralization with centralization, and using more delegation and empowerment.
• Mechanistic organizational designs are vertical and bureaucratic; they perform best in stable environments with mostly routine and predictable tasks.
• Organic organizational designs are horizontal and adaptive; they perform best in change environments requiring adaptation and fl exibility.
• Organizations are using alternative work schedules such as the compressed workweek, fl exible working hours, and job sharing.
• Innovation is a process that turns creative ideas into products or processes that benefi t organizations and their customers.
• Organizations pursue process, product, and business model innovations.
• Organizations pursue green innovations that support sustainability.
• Organizations pursue social business innovations to tackle important societal problems.
• Th e process of commercializing innovation turns new ideas into useful applications.
• Highly innovative organizations tend to have supportive cultures, strategies, structures, staffi ng, and top management.
• Transformational change makes radical changes in organizational directions; incremental change makes continuing adjustments to existing ways and practices.
• Change leaders are change agents who take responsibility for helping to change the behavior of people and organizational systems.
• Lewin’s three phases of planned change are unfreezing (preparing a system for change), changing (making a change), and refreezing (stabilizing the system with a new change in place).
• Successful change agents understand the force-coercion, rational persuasion, and shared power change strategies, and the likely outcomes of each.
• People resist change for a variety of reasons, including fear of the unknown and force of habit; this resistance can be a source of feedback that can help improve the change process.
• Change agents deal with resistance to change in a variety of ways, including education, participation, facilitation, negotiation, manipulation, and coercion.
• Th e human resource management process involves attracting, developing, and maintaining a quality workforce.
• Job discrimination occurs when someone is denied an employment opportunity for reasons that are not job relevant.
• Equal employment opportunity legislation guarantees people the right to employment and advancement without discrimination.
• Current legal issues in the work environment deal with workplace privacy, pay, pregnancy, and age, among other matters.
• Recruitment is the process of attracting qualifi ed job candidates to fi ll vacant positions;realistic job previews try to provide candidates with accurate information on the job and organization.
• Assessment centers and work sampling that mimic real job situations are increasingly common selection techniques.
• Orientation is the process of formally introducing new employees to their jobs and socializing them to the culture and performance expectations.
• Training keeps workers’ skills up to date and job relevant; important training approaches include coaching and mentoring.
• Performance appraisal methods include graphic rating scales, behaviorally anchored rating scales, the critical-incidents technique, 360 feedback, and multiperson comparisons.
• Employee retention programs try to keep skilled workers in jobs and on career paths satisfying to them and benefi cial to the employer.
• Complex job demands and family responsibilities have made work-life balance programs increasingly important in human resource management.
• Compensation and benefi ts packages must be attractive so that an organization stays competitive in labor markets.
• Labor unions are organizations to which workers belong and that deal with employers on the employees’ behalf.
• Collective bargaining is the process of negotiating, administering, and interpreting a labor contract.
• Labor relations and collective bargaining are closely governed by law and can be cooperative or adversarial in nature.
• Leadership, as one of the management functions, is the process of inspiring others to work hard to accomplish important tasks.
• Leaders use power from two primary sources: position power—which includes rewards, coercion, and legitimacy, and personal power—which includes expertise and reference.
• Th e ability to communicate a vision or clear sense of the future is considered essential to eff ective leadership.
• Personal characteristics associated with leadership success include honesty, competency, drive, integrity, and self-confi dence.
• Research on leader behaviors focused attention on concerns for task and concerns for people, with the leader high on both and using a democratic style considered most eff ective.
• Fiedler’s contingency model describes how situational diff erences in task structure, position power, and leader–member relations may infl uence the success of task-motivated and
• Th e Hersey-Blanchard situational model recommends using task-oriented and people-oriented behaviors, depending on the “maturity” levels of followers.
• House’s path-goal theory describes how leaders add value to situations by using supportive, directive, achievement-oriented, and/or participative styles as needed.
• Leader–member exchange theory recognizes that leaders respond diff erently to followers in their in-groups and out-groups.
• Th e Vroom-Jago leader-participation theory advises leaders to choose decisionmaking methods—authority, consultative, group—that best fi t the problems to be solved.
• Transformational leaders use charisma and emotion to inspire others toward extraordinary eff orts to achieve performance excellence.
• Emotional intelligence, the ability to manage our emotions and relationships effectively, is an important leadership capability.
• Th e interactive leadership style, sometimes associated with women, emphasizes communication, involvement, and interpersonal respect.
• Moral or ethical leadership is built from a foundation of personal integrity, creating a basis for trust and respect between leaders and followers.
• A servant leader is follower-centered, not self-centered, and empowers others to unlock their personal talents in the quest for goals and accomplishments that help society.
• Perception acts as a fi lter through which all communication passes as it travels from one person to the next.
• Diff erent people may perceive the same things diff erently.
• Stereotypes, projections, halo eff ects, and selective perception can distort perceptions and reduce communication eff ectiveness.
• Fundamental attribution error occurs when we blame others for their performance problems, without considering possible external causes.
• Self-serving bias occurs when, in judging our own performance, we take personal credit for successes and blame failures on external factors.
• Th rough impression management, we infl uence the way that others perceive us.
• Th e Big Five personality factors are extraversion, agreeableness, conscientiousness, emotional stability, and openness.
• The Myers-Briggs Type Indicator (MBTI) identifies personality types based on extraversion-introversion, sensing-intuitive, thinking-feeling, and judging–perceiving.
• Additional personality dimensions of work signifi cance are locus of control, authoritarianism, Machiavellianism, self-monitoring, and Type A orientation.
• Stress is a state of tension that accompanies extraordinary demands, constraints, or opportunities.
• For some people, having a Type A personality creates stress as a result of continual feelings of impatience and pressure.
• Stress can be destructive or constructive; a moderate level of stress can have a positive impact on performance.

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