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BUS208: Principles of Management - Saylor Direct Credit Final Exam
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BUS208: Principles of Management -Saylor Direct Credit Final Exam
What is manager primary challenge? - -primary challenge is to
solve problems creatively,
-What is Principles of Management? - -means by which you
actually manage, that is, get things done through others—
individually, in groups, or in organizations.
-What do P-O-L-C stand for? - -P-O-L-C, planning, organizing,
leading, control
-The fundamental notion of principles of management was
developed by - -Henri Fayol
-Strategic Management - -is the body of knowledge that answers
questions about the development and implementation of good
strategies.
-strategy - -is the central, integrated, externally-oriented
concept of how an organization will achieve its objectives.
-environmental scanning - -means that planners must be aware
of the critical contingencies facing their organization in terms of
economic conditions, their competitors, and their customers
-tactical planning - -is intermediate-range (one to three years)
planning that is designed to develop relatively concrete and
specific means to implement the strategic plan.
-Strategy Planning - -involves analyzing competitive
opportunities and threats, as well as the strengths and
, weaknesses of the organization, and then determining how to
position the organization to compete effectively in their
environment.
-operational planning - -generally assumes the existence of
organization-wide or subunit goals and objectives and specifies
ways to achieve them. Operational planning is short-range (less
than a year)
-organizational design - -Decisions made about the structure of
an organization
-controlling - -involves ensuring that performance does not
deviate from standards.
-three steps of controlling - -(1) establishing performance
standards, (2) comparing actual performance against standards,
and (3) taking corrective action when necessary.
-Triple Bottom Line - -gaining so much attention in the business
press
-self-enhancement bias - -The tendency to overestimate our
performance and capabilities and to see ourselves in a more
positive light than others see us.
-self-effacement bias - -The tendency to underestimate our
performance and capabilities, and to see events in a way that
puts ourselves in a more negative light.
-false consensus error - -How we as human beings overestimate
how similar we are to other people.
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