Exam (elaborations)
MGMT 3000 UGA- Exam 1 Hopkins|193 Questions & Answers (A+ Graded)
- Course
- Institution
MGMT 3000 UGA- Exam 1 Hopkins|193 Questions & Answers (A+ Graded)
[Show more]
Seller
Follow
blessedgal
Content preview
MGMT 3000 UGA- Exam 1 Hopkins|193Questions & Answers (A+ Graded)
Your Management Tool Box
Study Guide - Principles
What is meant by these Management Tool Box Principles? - -
- Business is all about... - -Results! and achieving it the right way
- What kind of results? - -Financial and non-financial
- What is meant by the "right way"? - -Legally, ethically, morally, honestly,
you'd be proud, etc.
- Every action done impacts results in some way so managers... - -need to
consider how each employee is affected by this
- Companies generally hire those that can... - -get things done and produce
results
- Know your job! In terms of - --Results
-Focus
-People
-Customers
-Processes
-Authority
- Business is a global system of... - -interconnected and interdependent
parts
- Heighten your situational awareness to... - -improve your ability to
anticipate and predict to make better management decisions
- What type of situations? - -External and internal
- Business is a - -team sport
- Characteristics of highly effective teams - --Members know each other well
-Members know what is expected (from the team, each other)
-Members depend on, support, and respect each other
-Hold each other accountable for integrity, quality, and performance
-The team focus on achieving results the right way!
- Those who adapt best - -win!
, - Your external and internal environment is constantly changing and
evolving so you should... - --Heighten your situational awareness to
anticipate and predict in order to make better decisions
-And adapt and adjust your management approach to the changing
environment because those who adapt and adjust best win
- How do managers heighten their situational awareness? - --Keeping their
eyes and ears open: Know their job. Show up, listen, observe, be visible
-Get outside their bubble, make connections
-Stay connected to current events, news, etc
-Be curious
- Cultures that adapt best - -win!
- Values are the - -guide rails
- What is your true north? - -Your personal values
- If behaviors in your organization are not consistent with your
organizational values (guide rails), what do you do? - --Communicate the
values and expectations for understanding and WHY important
-Hold people accountable
- Values provide the guide rails for - -decision making
- Values answer the questions of - --How we do business
-How we treat people
-What we believe in
- 3 core values of this course - -1. Integrity
2. Engagement
3. Accountability
- Every job impacts financials - -in some way
- Jobs that impact revenue examples - --Sales
-Marketing
-Customer service
-Reception
-Any jobs that touch the customer
, - Jobs that impact costs - --Purchasing
-After sales repairs
-Production
-HR
-R&D
-Risk management
-Finance
-All jobs that impact costs
- Jobs that affect cash flow - --Sales and marketing
-Finance
-Purchasing
-All jobs that affect the cash flow
- Every job in some way is related to what 4 financial measures? - -1.
Revenue
2. Cost
3. Cash flow
4. Break even
- Every job impacts business financial results in some way, so know how
YOU - -impact financial results of your organization
- Culture matters! Why? - -Because it is the unspoken way we behave and
make decisions, especially when no one is looking
- What is meant by an organization's culture? - -Norms, assumptions, beliefs
- Chapter Cases: Canary in the Coal Mine - -
- Why is Starbucks the canary in the coal mine? - -Because the company
may be one of the first victims of climate change
- How is Starbucks demonstrating social responsibility? - -They are trying to
be more sustainable so they do not have such a harmful effect on the
environment
Ex: store front recycling, LEED certification, C.A.F.E practices
- Chapter 1- Managing and the Manager's Job - -
- What are the resources the manager's manage? - --Financial (capital)
-People
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller blessedgal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
51036 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now