BOH 4MO—BUSINESS LEADERSHIP: MANAGEMENT FUNDAMENTALS Exam Review Unit 1—The Dynamic New Workplace Organizations types of organizations (profit/non-profit/sole-proprietorship, partnership, corporation) organizational performance performance efficiency vs performance effectiveness organizational productivity changing nature of organizations importance of loyalty in organizations what can organizations do to attract and keep talented workers Managers levels (top, middle, first-line/supervisory), flat line management styles types (line vs staff; functional, general) changing nature of managerial work managers of the “past” vs managers of “today” essential managerial skills for today’s organizations four functions of management (planning, organizing, leading, controlling) Overview of the dynamic new workplace challenges faced by organizations at the individual, group and organizational level globalization/competition technology competition diversity commitment to people/quality of work life Environment, Organizational Culture and Diversity The External Environment of Business: Competitive Advantage and how to achieve it Customer-Driven Organizations concept of the upside down pyramid importance of treating customers right/customer service customer relationship management Workforce Diversity 4 layers of diversity; challenges/problems/conflicts challenges faced by women and minorities (glass ceiling) benefits/advantages of a diverse workforce Unit #2 - Ethics and Social Responsibility What is ethics? Unethical behaviour vs illegal behaviour? Alternate views of ethical behaviour (utilitarian, individualism, moral-rights, justice) Contrasting cultural views (ethical imperialism, universalism, cultural relativism) What are the benefits of behaving ethically? Why employees, managers and business owners care about ethical behaviour. Steps to help solve ethical dilemmas Factors influencing ethical behaviour (person, organization, environment) Rationalizations for unethical behaviour How companies can maintain and encourage high ethical standards and behaviour: 1. 2. 3. 4. Ethics training (what should it consist of?) Whistleblower protection (barriers to whistleblowing; what can be done to encourage it?) Ethical role models-top management support Formal codes of ethics What is organizational social responsibility? (OSR) Examples of positive OSR Benefits/advantages of positive OCSR Contrasting perspectives on OSR (classical vs socioeconomic) CSR levels of responsibility and strategies: economic—obstructionist legal—defensive ethical—accommodative discretionary—proactive Unit #3 - Planning and Controlling Planning Steps in the planning process Benefits of planning (flexibility, coordination, time management) Types of plans - short-range, intermediate, long range - strategic, operational, standing plans Useful planning tools and techniques - forecasting, contingency planning, participatory planning Strategic Planning What is: Types of Corporate Strategies - Growth: Concentration (product development, market development) Diversification: (related diversification, unrelated diversification, vertical integration, horizontal integration) - Retrenchment: liquidation, restructuring, divesture a strategic plan? a strategy? corporate management? a competitive advantage? Controlling What is the control process? Steps in the control process SMART Goals Employee discipline; hot stove rules SWOT – Given a chosen corporation, be able to identify the company’s strengths, weaknesses, opportunities and threats Unit #4 - Organizing 1. Explain the difference between informal and formal structures. 2. Explain the difference between functional, divisional and matrix structures. 3. List two advantages and disadvantages of each of the structures mentioned in question 4. 4. What are the characteristics of a horizontal structure? You should know at least 3 of the guidelines for mobilizing a horizontal structure. 5. Describe how organizations can include cross-functional teams and project teams in their structures. 6. Define the term network structure and understand how outsourcing is used. 7. Discuss the potential advantages and disadvantages of following a network approach. 8. Explain the concept of the boundaryless organization. 9. Define the following terms: chain of command, unity of command, span of control, delegation, empowerment, decentralization, centralization. 10. Discuss the significance of these trends and practices for people and the new workplace. 11. What is a psychological contract? Why is this contract important to a successful business? 12. Define and give examples for the following terms: job simplification, job rotation, job enlargement, job enrichment. Unit 5 – Leadership and Motivation Part A: Leadership 1. How does personality affect the way in which someone can or will lead? What factors influence personality? 2. What is meant by the “Big Five”? 3. Define the following terms – vision, visionary leadership, power, empowerment. 4. Illustrate three sources of position power and two sources of personal power and discuss how managers use each. 5. Identify five personal traits common among successful leaders. 6. Describe leader behaviours consistent with a high concern for task and five leader behaviours consistent with a high concern for people. 7. Explain the leadership development implications of Blake and Mouton’s Leadership Grid. 8. Explain Fiedler’s contingency thinking on matching leadership style and situation. 9. Contrast the authority, consultative and group decisions in the Vroom-Jago model. 10. Distinguish between a Theory X and Theory Y manager. 11. Explain the difference between transactional and transformational leadership. 12. Discuss alternate views of the relationship between gender and leadership. Part B: Motivation 13. Differentiate between intrinsic and extrinsic rewards. 14. Differentiate between the basic approaches of the content, process and reinforcement theories. 15. Content (Needs) theories of motivation: How do managers use Maslow’s Hierarchy of Needs to Motivate Employees? Describe work practices that satisfy higher-order and lower-order needs. Describe work practices that influence hygiene factors and satisfier factors in Herzberg’s two-factor theory Define needs for achievement, affiliation and power in McClelland’s theory and define work practices that satisfy a person with a high need for achievement 16. Process theories of motivation: Explain the role of social comparison in Adam’s equity theory Define the terms expectancy, instrumentality, valence Explain the implications of Vroom’s expectancy theory: M = E x I x V Explain Locke’s goal-setting theory 17. Reinforcement theory of motivation: Construct an integrative model of motivation that includes ideas of the reinforcement theories Apply this model to describe how pay for performance systems should work Differentiate among skill-based pay, bonus pay, profit sharing, gain sharing and stock options as incentive systems