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MAN 320F Exam 1 with correct Answers
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MAN 320F Exam 1 with correct Answers
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MAN 320F Exam 1 with correct AnswersCase: Conflict on a Trading Floor (summary/takeaways) - Answer -Summary: The protagonist in "Conflict on the Trading Floor" is facing some stakes in regarding whether
or not to go through delivering misleading information from his boss, Linda, to her client,
the CFO of Poseidon Cruise Lines.
The protagonist uncovered that Linda was being misleading to the client by leaving out the fact that the section of the report was for non-dollar bonds with trading restrictions and that the French bonds in question were subject to a 10% government withholding tax if held by foreign investors.
Takeaways: When placed in a difficult situation, most people will follow the path of least resistance.
CASE: Army Crew Team (summary/takeaways) - Answer -Summary: The Varsity team seems to be losing to the JV team for serval reasons, specifically regarding their teamwork skills. As mentioned in the case study, it is crucial for a good rowing team to stay synchronized with each other to be successful. This means having synergy, trusting each other, and not trying to outperform one another. However, these were all areas the Varsity team seemed to be lacking in while the JV team seemed to be thriving
in.
Takeaways: - interpersonal conflict causes negative outcomes in teams
- The vicious spiral: effective teams generally get better while ineffective teams get worse. - teams need a good mix of technical and interpersonal skills
CASE: Lincoln Electric case (summary/takeaways) - Answer -Summary: Lincoln's approach to the way he ran Lincoln's Electric was rooted from his belief that through "competition and adequate incentives every person could develop to his or her fullest potential." He believed that competition promoted progress and determined leadership which is why he made it a vital approach to the way he motivated his employees by rewarding them based on their productivity, high quality, cost reduction ideas, and individual contributions to the company.
Takeaways: - this company was so successful because they encouraged individual performance and
pay and had shared goals, shared values, and served to improve communication and reduce barriers to inefficiency.
Subarctic Survival Situation (summary/takeaways) - Answer -Summary: In the Subarctic
Survival Situation assignment, we talked about the aspect of synergy. Synergy is working together as a group to produce better results than working as an individual. In the Subarctic Survival Situation, "perfect synergy" was quantified based on whether any
members of your team had a better score than the team score. To further explain, calculating the individual and team scores based on your rankings, if 0 members of the team had a better individual score than the team score, that equaled "perfect synergy".
Takeaways:
- teams generally do better than individuals
- companies look for synergy in their teams
- synergy untimely leads to higher financial success
the problem solving process - Answer -1. Analyze the situation
2. Setting Objectives
3. Simplify the problem
4. Considering alternatives
5. Discussing the consequences
6. Improve upon interpersonal skills with respect to working with others
Some specific interpersonal skills include: - Answer -a. Listening to others
b. Supporting the efforts of each member
c. Differing in a constructive manner
d. Ensuring that everyone is participating in discussions
e. Striving for consensus among group members
Reading: Pygmalion in Management (summary/takeaways) - Answer -Summary: Pygmalion is based on a play that explores the notion that the way one person treats another can, for better or worse, be transforming.
Takeaways:
- people behave as they're expected to
- managers treat their subordinates by what they expect of them
-goals set out to subordinates must be realistic and achievable to obtain in order to keep
them motivated
-high expectations are based on what managers believe they can achieve themselves
- based on X worker & Y worker theory
Reading: Why People Really Quit Their Jobs (summary/takeaways) - Answer -
Takeaways:
- people don't quit jobs -- they quit bosses
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