Boh4m Exam Review

Mouhamad Mroue

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BOH4M EXAM REVIEW UNIT 1: MANAGEMENT TODAY

Chapter 1 – Dynamic New Workplace 

5 Challenges of the New Workplace o Intellectual capital  Intellectual capital is the collective brainpower or shared knowledge of a workforce that can be used to create value.  A knowledge worker adds to the intellectual capital of an organization. o Globalization  National boundaries of world business have largely disappeared.  Globalization is the worldwide interdependence of resource flows, product markets, and business competition that characterize the new economy. o Technology  Continuing transformation of the modern workplace through the internet, World Wide Web, computers, and information technology.  Increasing demand for knowledge workers with the skills to fully utilize technology. Diversity o Workforce diversity reflects differences with respect to gender, age, race,  ethnicity, religion, sexual orientation, and able-bodied ness. A diverse and multicultural workforce both challenges and offers  opportunities to employers. o Ethics  Code of moral principles that set standards of conduct. Ethical expectations for modern businesses:  Integrity and ethical leadership Natural environment Consumer protection Human rights Careers o Core workers, contract workers, and part-time workers.   People must be prepared to be any one of these types of workers. People must make sure that their skills are portable and of current value in  employment markets. Manager: a person who supports and is responsible for the work o f others. Levels of Management Top Level Management o • • • •

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Guide the performance of the organization as a whole or one of its major parts. (board of directors, chief executive o r managing director) Middle Level Management 

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Oversee the work or large departments or divisions. (branch managers and departmental managers) Lower Level Management 

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Supervisory/operative. Supervisory/operative. (supervisors, foreman, section officers, superintendent) Types of Managers o Line Managers  Directly contribute to the production of the organization’s basic goods/services. Staff Managers o Use special technical experience to advise and support line workers. 

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Mouhamad Mroue

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Functional Managers  Responsible for one area o f activity.

General Managers Responsible for complex multi-functional units.  o Administrator  Manager in a public or non-profit organization. Management Process o

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Chapter 2 – Management: Past to Present 

Classical Management Approaches Scientific Management o 

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Emphasizes careful selection and training of workers and supervisory support with an emphases on improving efficiency o Bureaucratic Management  A rational and efficient form of organization founded on logic, order, and legitimate authority. Behavioural Management Approaches o Maslow’s Theory of Human Needs







Mouhamad Mroue

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Theory X and Y  Theory X – assumes people dislike work, lack ambition, are irresponsible, and prefer to be led.  Theory Y – assumes people are willing to work, accept responsibility, are self-directed and creative. Modern Management Approaches o Contingency Thinking o

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Tries to match management practices with situational demands. Helps managers understand situational differences and respond to them in ways appropriate to their unique characteristics. Continuing Management Themes Quality & performance excellence, ethics & social responsibility, global awareness, o and the importance of new leadership in an age of information, knowledge workers, and highly competitive business environments.

Chapter 3 – Ethical Behaviour & Social Responsibility 

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Ethics & Ethical Behaviour o Ethics  Sets standards of good or bad, or right or wrong, in one’s conduct. o Ethical Behaviour  Is “right” or “good” in the context of a governing moral code. Values o Terminal  Preferences about desired end states. o Instrumental  Preferences regarding the means to desired needs. Ethical Dilemma o A situation that, although offering potential benefit or gain, may be considered as unethical. Marinating High Ethical Standards Ethics Training o Helps people understand the ethical aspects of decision making and to 







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Social Responsibility o The obligation of an organization to serve its own interests and those of society. Organizational Stakeholders o Are directly affected by the behaviour of the organization and hold a stake in its performance. (customers, employees, suppliers, owners, competitors, regulators, interest groups)

UNIT 2: CONTEXT

Chapter 4 – Environment, Organizational Structure, and Diversity 

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Competitive Advantage Allows an organization to deal with market and environmental forces better than its o competitors. Quality Driven Organization o Provides customers with the best quality where it’s a consumer product or a service. Corporate Culture o The values, processes and encouraged behaviours in an organization.

 Glass Ceiling o

A hidden barrier to the advancement of women in minorities.

Chapter 5 – Global Dimensions of Management   

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Globalization o The process of growing interdependence among elements of the global economy. Global Manager o Culturally aware and informed about international affairs. Companies go international because of: o Profit- Global operations offer greater profit potential. o Customers- Global operations offer new markets to sell products. Suppliers- Global operations offer access to needed raw materials. o o Capital- Global operations offer access to financial resources. o Labour- Global operations offer access to lower labour costs. Global Sourcing o Materials or services are purchased around the world for local use. Joint Ventures Operates in a foreign country through the ownership with local partners. o Transnational Corporation Is a multinational corporation that operates worldwide on borderless bases. o Ethical Issues for MNCs o Corruption- Involves illegal practices to further one’s business interests. Sweatshops- employ workers at very low wages, for long hours, and in poor working o conditions. Child Labour- full-time employment of children for worker otherwise done by adults. o

Chapter 6 – Entrepreneurship and Small Businesses  

Entrepreneurship o Dynamic, risk-taking, creative, growth-oriented behaviour. Entrepreneur Willing to pursue opportunities in situations others view as problems or threats. o







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Small Businesses Fail Lack of Experience- not having sufficient know-how to run a business in the chosen o market or area. Lack of Expertise- not having expertise in the essentials of business operations. o o Lack of Strategy- not taking the time to craft a vision and mission, or formulate and properly implement strategy. o Poor Financial Control- not keeping track of the numbers and failure to control business finances. o Growing too fast- not taking the time to consolidate a position, fine-tune the organization, and systematically meet the challenges of growth. o Ethical Failure- falling prey to the temptations of fraud, deception, and embezzlement.

Chapter 8 – Planning and Controlling 

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Planning o Process of setting objectives and determining how to accomplish them. When planning is done well it creates a solid platform for the other management o functions (organizing, leading, and controlling) Planning Process







Mouhamad Mroue

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Improves coordination o Improves time management Improves control o Control Process o

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Steps in Control o Establish objectives and standards o Measure actual performance o Compare results with objective and standards Take corrective action o Types of Controls o Feed forward controls- ensure that directions and resources are right before the work begins. o Concurrent Control- focuses on what happens during the work process. Feedback Control- takes place after an action is completed. o o Internal Control- occurs through self-discipline and self-control. External Control- occurs through direct supervision or administration systems. o

Chapter 9 – Strategic Management 

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Strategy A comprehensive plan guiding resource allocation to achieve long-term o organizational goals. Strategic Management o The process of formulating and implementing strategies. Mission Statement o Identifies the domain in which the organization intends to operate in including the









Mouhamad Mroue

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Human Talent o Financial Health Cost efficiency o o Product quality Innovation o o Social responsibility SWOT Analysis Examines the organizational strengths and weaknesses, and environmental o opportunities and threats. PEST Analysis o Stands for "political, economic, social, and technological analysis" and describes a framework of macro-environmental factors used in the environmental component of strategic of strategic management. management. Porter’s Model o

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Types of Strategies Levels of Strategy o 

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Corporate Strategy- sets long-term direction for the total enterprise.  Business Strategy- identifies how a division or strategic business unit will complete in its product or service domain.  Functional Strategy- guides activities within one specific area of operations. Growth & Diversification Diversification Strategies







Mouhamad Mroue

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Co-operative  Strategic Alliance- organizations join together in partnership to pursuer an area of mutual interest. E-Business o E-Business Strategy- uses the internet to gain competitive advantage.   B2B Business Strategy- uses IT and Web portals to link o rganizations vertically in supply chains.  B2C Business Strategy- uses IT and Web portals to link businesses with customers. BCG Matrix o Analyzes business opportunities according to market growth rate and market share. o

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UNIT 4: ORGANIZATION

Chapter 10 – Organizing  

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Organizing o Arranges people and resources to work toward a goal. Formal vs. Informal Structure o Formal- the official structure of the organization. o Informal- unofficial relationships among an organization’s members. Traditional Organizational Structures o Functional- groups together people with similar skills who pe rform similar tasks. o Divisional- groups together people working on the same product, in the same area, with similar customers, or on the same processes. o Matrix- combines functional and divisional approaches to emphasize project or program teams.







Mouhamad Mroue

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Centralization vs. Decentralization o Centralization- concentration of authority for most decisions at the top level of an organization. Decentralization- dispersion of authority to make decisions throughout all o organization levels.

Chapter 12 – Human Resources Management 

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Human Capital o The economic value of people with job-relevant abilities, knowledge, ideas, energies, and commitments. Human Resource Management (HRM) o Process of attracting, developing, and maintaining a high-quality workforce. Bona Fide Occupational Requirements o Employment criteria justified justified by the capacity to perform a job. Use is based on race and colour is not allowed under any circumstances; those based on gender, religion, and age is very difficult to support. Comparable Worth Holds that persons performing jobs of similar importance should be paid at o comparable levels. Attracting a Quality Workforce o HR Planning- analyzes staffing needs and identifies actions to fill those needs.  Job analysis- studies exactly what is done in a job, and why. Job description- details the duties and responsibilities of a job holder.   Job specification- lists the qualifications required of a job holder. Recruiting Process o Résumés/Applications   Interview  Reference Checks Selection  Selection o Reliability- gives consistent results over repeated measures.   Validity- have demonstrated links with future job performance.  Assessment Centre- examines how job candidates handle simulated situations.  Work Sampling- applicants are evaluated while performing actual work tasks. Developing a Quality Workforce







Mouhamad Mroue

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Flexible Benefits- programs allow employees to choose from a range of benefit options. Family-Friendly Family-Friendly Benefits- help employees achieve better work-life  experience.  Employee Assistance Programs- help employees cope with personal stresses and problems. Labour-Management Relations  Labour Union- an organization that deals with employers on the workers’ behalf. Labour Contract- formal agreement between a union and employer about the  terms of work for union members. Collective Bargaining- process of negotiating, administering, and interpreting  a labour contract. 

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UNIT 5: LEADERSHIP

Chapter 15 – Individual Behaviour and Performance  

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Organizational Behaviour o Study of individuals and groups in organizations Personality traits o Extroversion – is being outgoing, sociable, and assertive. Agreeableness – is being good-natured, co-operative, and trusting. o o Conscientiousness – being responsible, dependable, and careful. o Emotional Stability – is being relaxed, secure, a nd unworried. Openness – being curious, receptive to new ideas, and imaginative. o Work attitudes & behaviours o Attitude- a preposition to act in a certain way. 3 ways your attitude is affected: o 

Cognitive – reflects to your beliefs or opinions.

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Affective/Emotional Affective/Emotional – reflect your feelings.

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Behavioural – reflects an intention to behave consistently with a belief or feeling. Cognitive Dissonance Discomfort felt when an attitude and behaviour are inconsistent. o







Mouhamad Mroue

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Chapter 16 – Teams and teamwork 

PROs and CONs of Teams PROS of Teams o  More ideas (quality)  Discussion work Safety net   Work accomplished faster and efficiently o

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 “Synergy” – “Synergy” – creation of a whole that is greater than its parts. CONS of Teams Disagreements/ conflicts of personalities   Social loafing – freeloading in teams Low enthusiasm   Work style differences  Loyalty issues

Team Team- a collection of people who regularly interact to pursue common goods o Synergy- creation of a whole greater than the sum of its individual parts. Stages in Team Development o Forming Stage  a stage of initial orientation and interpersonal testing o Storming  A stage of conflict over tasks and working as a team. Norming o A stage of consolidation around task and operating agendas  Performing o A stage of teamwork and focused task performance.  o Adjourning  A stage of task completion and disengagement Four roles of Managers o Supervisor “Leader” o Network Facilitation “Peer Leader” o Helpful Participant “member” o External Coach “sponsor” Formals vs. Informal groups o Formal Groups o

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Employee Involvement Teams 

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Meets in a regular basis to help achieve continuous improvement. o Quality circle  Team of employees who meet periodically to discuss ways of improving work quality. o Virtual team  Members work together and solve problems through computer bases interactions. Self Managing teams o  Heave authority to make decisions about how they share and complete their work. Teams and Decisions o Lack of response  one idea after another is suggested no discussion team accepts a decision and all others have been by p assed o Authority rule  Leader makes all the decisions for the group. Minority rule quick agreements “Does anyone object”  o Majority rule  formal voting (election) o Unanimity  all team members agree on course of action to be taken (jury) Team building process o A sequence of collaborative activities to gather and analyze data on a team and make changes to increase effectiveness. o

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Boh4m Exam Review

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