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What is management?
A set of activities (including planning and decision making, organizing, leading, and controlling) directed at an organization’s resources such as human, financial, physical and information with the aim of achieving organizational goals in an efficient and effective manner.
Identify the management process?
Management involves four basic activities – planning, decision making, organizing, leading, and controlling. Most managers engage in more than one activity at a time and offend move back and forth between the activities in unpredictable ways.
What is the task of first line manager?
First line managers supervise and coordinate the activities of operating employees. Common titles for the first-line managers are supervisor, coordinator and office manager. Positions like these are often the first held by employees who enter management from the ranks of operating personnel.
Identify the basic managerial roles that managers play.
Basic managerial roles are interpersonal roles (figurehead, leader, and liaison), informational roles (monitor, disseminator and spokespersons) and decisional roles (entrepreneur, disturbance handler, resource allocator and negotiator).
Discuss the art of management.
The effective practice of management requires a synthesis of science and art, that is, a blend of rational objectivity and intuitive insight. Managers attain their skills and positions through the combination of education and experience.
Differentiate between Efficient and Effective.
Efficient: Using resources wisely and in a cost-effective way or in a low cost.
Effective: Making the right decisions and successfully implementing them.
What is Environmental Turbulence?
Environmental turbulence refers to the amount of change and complexity in the environment of a company.
What is code of ethics?
Code of ethics means a formal, written statement of the values and ethical standards that guide a firm’s action.
What is the concept of whistle-blower?
A person who exposes any kind of information or activity that is deemed illegal, dishonest, or not correct within an organization that is either private or public.
What is bounded rationality?
Bounded rationality is the idea that when individuals make decisions, their rationality is limited by the information they have, the cognitive limitations of their minds, and the time available to make the decision.
What is escalation of commitment?
A decision maker’s staying with a decision even when it appears to be wrong. For example: when people buy stock in a company, they sometimes refuse to sell it even after repeated drops in price.
The concept of risk propensity
Risk propensity means the extent to which a decision maker is willing to gamble when making a decision.
What is groupthink?
Groupthink means the practice of thinking or making decisions as a group, resulting typically in unchallenged, poor-quality decision-making. "There’s always a danger of groupthink when two leaders are so alike"
Job enlargement vs. Job enrichment vs. Job rotation
- Job enlargement: an alternative to job specialization that involves giving the employee more tasks to perform.
- Job enrichment: It involves increasing both the number of tasks the worker does and the control the worker has over the job.
- Job rotation: It involves systematically moving employees from one job to another.
What is span of control?
Span of control refers to the number of subordinates a supervisor has.
What is scalar principle?
Scalar principle (chain of command) refers to authority flows down the chain of command from the top level to the first or lowest level in the organization.
What is Charismatic leader?
Charisma in leadership occurs when a leader's authority is based upon what his followers believe are extraordinary personal traits and qualities of the leader rather than any formal authority sanctioned by law or office.
Transformational vs. Transactional Leader
- Transactional leadership reacts to problems as they arise, whereas transformational leadership is more likely to address issues before they become problematic.
- Transactional leaders work within existing an organizational culture, while transformational leaders emphasize new ideas and thereby "transform" organizational culture.
- Transactional leaders reward and punish in traditional ways according to organizational standards; transformational leaders attempt to achieve positive results from employees by keeping them invested in projects, leading to an internal, high-order reward system.
- Transactional leaders appeal to the self-interest of employees who seek out rewards for themselves, in contrast to transformational leaders, who appeal to group interests and notions of organizational success.
What is impression Management?
A process whereby someone tries to influence the observations and opinions of others about something. In a typical impression management process within a business, a manager might attempt to regulate and control information in their interactions with staff or the general public to give them the most favorable impression about their company and its objectives.
What is communication malfunction?
This is when plans are not implemented correctly. It can lead to a loss of sales and customers and eventually the business if not rectified.
Personnel Management Vs Human Resource Management
- Personnel management is a predominantly administrative record-keeping function that aims to establish and maintain equitable terms and conditions of employment.
- Human resource management integrates the traditional personnel management functions to corporate goals and strategies, and performs additional people-centered organizational developmental activities.
Job description vs. job specification
- Job Description is a statement which explains the essential needs of a job. On the other hand,
- Job Specification is a statement which states the least qualifications, required in the job holder for the performance of a particular job.
On the job training vs. Off the job training
- On the job training involves imparting training in the real work environment i.e. it believes in learning by doing; while
- Off the job training involves imparting training outside the real work environment i.e. the principle of learning by acquiring knowledge is adopted.
What is E-HRM?
E-HRM is the (planning, implementation and) application of information technology for both networking and supporting at least two individual or collective actors in their shared performing of HR activities.
Concept of Green HRM
Green HRM is the emerging topic in current scenario. Research is done on this topic but researchers argue that employees should be inspired, empowered, and environmentally aware of greening in order to carry out green initiatives.
360-degree appraisal or feedback.
A 360 degree appraisal is a type of employee performance appraisal in which subordinates, co-workers, and managers all anonymously rate the employee. This information is then incorporated into that person's performance review.
Management by Objective (MBO)
Management by Objectives (MBO), also known as Management by Results (MBR), is a process of defining objectives within an organization so that management and employees agree to the objectives and understand what they need to do in the organization in order to achieve them.
What is Action Learning and Adult learning?
Action learning is an approach to solving real problems that involves taking action and reflecting upon the results.
Adult learning is a vital component of the lifelong-learning continuum, covering the entire range of formal, non-formal and informal learning activities, general and vocational, undertaken by adults after leaving initial education and training.
What is globalization and glass ceiling?
- Glass ceiling: An unacknowledged barrier to advancement in a profession, especially affecting women and members of minorities. Example: "The first female to break through the glass ceiling in Engineering"
- Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale.
What is Japanization?
Japanization is the process in which Japanese culture dominates, assimilates, or influences other cultures, in general. According to The American Heritage Dictionary of the English Language, the word Japanize means to make or become Japanese in form, idiom, style, or character.
What is knowledge management?
Efficient handling of information and resources within a commercial organization.
What is psychological contract?
The psychological contract refers to the unwritten set of expectations of the employment relationship as distinct from the formal, codified employment contract. Taken together, the psychological contract and the employment contract define the employer-employee relationship.
What is talent management?
Talent management refers to the anticipation of required human capital for an organization and the planning to meet those needs.
Identify the basic building blocks of information technology.
Information technology systems contain five basic components- an input medium, a processor, an output medium, a storage device, a control systems.
Identify the basic factors that determine an organization’s information technology needs.
An organization’s information technology needs are determined by several factors – most notably, user groups and systems requirements.
Discuss the basic types of information systems used by organizations.
There are several basic levels of information systems- transaction processing systems, systems for various basic MIS, decision support systems, executive support systems, artificial intelligence systems, expert systems etc.
Define DSS.
DSS is decision support system which is an interactive system that locates and presents information needed to support the decision-making process.
What do you mean by transaction-processing systems (TPS)?
Transaction-processing systems are applications of information processing for basic day to day business transactions. Example - customer order-taking by online retailers.
What do you mean by scientific management?
Scientific management is a management theory that analyses work flows to improve economic efficiency especially labor productivity. This theory was developed by F.W.Taylor
What are the elements of task environment?
Competitors, suppliers, strategic partners, and regulators.
What are the competitive forces of Porter’s Five Forces Model?
(1) The threat of new entrants (2) competitive rivalry (3) the threat of substitute products (4) the bargaining power of buyers (5) and the bargaining power of suppliers.
What are the four approaches of organizational effectiveness?
(1) System resource approach (2) internal process approach (3) goal approach (4) strategic constituencies approach.
What is managerial ethics?
Standards of behavior that guide individual managers in their work.
What are the three basic areas of concern for managerial ethics?
(1) Employees’ attitude to the firm (2) firms’ attitude to the employees (3) firm’s and employees’ attitude to other economic agent.
What is social responsibility?
Social responsibility is a set of obligation an organization has to protect and enhance the society in which it functions.
What are the four approaches to social responsibility?
(1) Obstructionist stance (2) defensive stance (3) accommodation stance (4) proactive stance.
What are the levels of international business activity?
(a) Domestic business (b) international business (c) multinational business and (d) global business.
What is licensing?
Licensing is an arrangement whereby one company allows another company to use its brand name, trademark, technology, patent, copyright or other assets in exchange for a royalty based on sales.
What is strategic alliance?
Strategic alliance is a cooperative arrangement between two or more firms for mutual gain.
What are the 5 dimensions of individual differences across cultures identified by Hofstede?
(1) Social orientation (2) power orientation (3) uncertainty orientation (4) goal orientation (5) time orientation
What is multiculturalism?
The broad issues are associated with differences in values, beliefs, behaviors, customs and attitudes held by people in different cultures.
What is diversity?
Diversity exists in a group or organization when its members differ from one another along one or more important dimensions such as age, gender or ethnicity.
What is mission?
Mission is a statement of an organizational fundamental purpose.
What is Strategic plans?
Strategic plan is a general plan outlining decisions of resource allocation, priorities, and action steps necessary to reach strategic goals.
What is tactical plan?
A tactical plan is aimed at achieving tactical goals and developed to implement parts of strategic plan.
What is Operational plan?
An Operational plan focuses on carrying out tactical plans to achieve operational goals.
What is Program?
A program is single use plan for a large set of activities.
What is Project?
A project is similar to a program but is generally of less use scope and complexity. A project may be part of a broader program.
What is policy?
A standing plan that specifies the Organizations general response to a designated problem or situations.
What is Group?
Group consists of two or more people who interact regularly to accomplish or no supervision to carry out work related tasks, functions and activities.
What is conflict?
Conflict is a disagreement among two or more individuals or group. Conflicts may arises in both interpersonal and intergroup relationship.
What is role of ambiguity?
Role of ambiguity arises when the sent role is unclear and the individual does not know what is expected of him or her.
What is Contingency planning?
The determination of alternative course of action has been taken if an intend plan is unexpectedly disrupted or rendered inappropriate.
What is Optimizing?
Optimizing involves balancing possible conflicts among goals.
What is Strategy?
Strategy is a comprehensive plan for accomplishing an organization's goals.
What do you mean by Strategic Management?
A comprehensive and ongoing management process aimed at formulating and implementing effective strategies, a way of approaching business opportunities and challenges.
Define Effective Strategy.
Effective Strategy is a strategy that promotes a superior alignment between the organization and its environment and the achievement of strategic goals.
What do you mean by "Scope"?
Scope means, when applied to strategy. It specifies the range of markets in which an organization will compete.
What do you mean by "Strategy Formulation"?
Strategy Formulation is the set of processes involved in creating or determining the strategies of the organization. It focuses on the content of strategies.
What do you mean by SWOT?
SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats.
What is "Competitive Disadvantage"?
It is a situation in which an organization is not implementing valuable strategies that are being implemented by competing organizations.
What is "Focus Strategy"?
Focus Strategy is a kind of strategy in which an organization concentrates on a specific regional market, product line or group of buyers.
What do you mean by BCG matrix?
BCG metrics is a method of evaluating businesses relative to the growth rate of their market and the organization's share of the market.
What is "Delphi Group"?
Delphi Group is a form of group decision making in which a group is used to achieve a consensus of expert opinion.
Define "Established Market"
Established market is a market in which several large firm compete according to relatively well defined criteria.
What do you mean by "Niche"?
Niche is a segment of a market not currently being exploited.
Discuss about "Franchising Agreement"
Franchising agreement is a contract between an entrepreneur (the franchisee) and a parent company (the franchisor); The entrepreneur pays the parent company for the use of its trademarks, products, and business plans.
What do you mean by "Coalition "?
Coalition is an informal alliance of individuals or groups formed to achieve a common goal.
What is "Merger "?
Merger means the purchase of one firm by another firm of approximately the same size.
What is control?
The regulation of organizational activities in such way as to facilitate goal attainment.
What is budgetary control?
A system of management control in which actual income and spending are compared with planned income and spending.
What is bureaucratic control?
A form of organizational control characterized by formal and mechanistic structural arrangements.
What is decentralized control?
An approach to organizational control based on informal and organic structural arrangements
What is strategic control?
It aims at ensuring that the organization is maintaining an effective alignment with its environment and moving toward achieving its strategic goals.
What is operations management?
The total set of managerial activities used by an organization to transform resource into product service or both.
What is manufacturing?
A form of business that combines and transforms resources inputs into outputs
What is product service mx?
A natural starting point in designing operations system is determining the product service mix.
What is layout?
The physical configuration of facilities the arrangements of equipment within facilities or both.
What do you mean by just in time (JIT) method?
An inventory system that has necessary materials arriving as soon as they are need so that the production process is not interrupted.
What do you mean by quality?
A distinctive attribute or characteristic possessed by someone or something.
What is total quality management?
A system of management based on the principle that every staff member must be committed to maintaining high standards of work in every aspect of a company's operations.
What is liaison role?
It is the device for coordination technique. A manager in a liaison role coordinates interdependent units by acting as a common point of contact.
Discuss the basic elements of organization.
Organizations are made up of a series of elements: Designing jobs, grouping jobs, establishing reporting relationships, distributing authority, coordinating activities, differentiating between positions.
What is job specialization?
Job specialization is the degree to which the overall task of the organization is broken download and divided into smaller component parts.
What is organization design?
Organization design is the overall set of structural elements and the relationships among those elements used to manage he total organization.
What is matrix design?
The matrix design, common approach to organization design, is based on two overlapping bases of departmentalization. The foundation of a matrix is a set of functional department.
What is hybrid design?
Hybrid design is a design that represents a hybrid of two or more of the commons forms of the organization designs. For example, an organization may have five related divisions and one unrelated divisions, making its design a cross between an M-form and an H-form.
What is conglomerate (H-Form) design?
The conglomerate design is used by an organization made up of set of unrelated business.
What is Divisional (M-Form) Design?
The divisional is based on multiple businesses in related areas operating within a large organizational framework. This design results from a strategy of related diversifications.
Define motivation.
Motivation is the set of forces that cause people behave in a certain ways.
Which factor determines individual performance?
Motivation, ability and work environment determines performance.
What are the main themes of Maslow's Hierarchy of needs theory?
Maslow's Hierarchy of needs theory suggests that the people satisfy five groups of needs in order, Physiological, security, belongingness, esteem and self-actualization.
What is reward system?
The formal and informal mechanism, by which employee performance is defined, evaluated and rewarded.
What is leadership?
A set of characteristics attributed to individuals who motivate behavior toward the achievement and help define organizational culture.
What are the types of leadership?
Charismatic leadership, Transformational leadership, Strategic leadership, Cross-culture leadership, Ethical leadership.
What is Total Quality Management (TQM)?
TQM is an approach that highlights collective responsibility for product and service quality and encouraging people to work together to improve quality.
- The aim of TQM is to achieve zero defects.
- Deming and Juran helped Japanese companies in TQM efforts.
- Japanese companies established Deming prize, an annual award for excellence in quality control.
What are the problems of management in Bangladesh?
- Lack of competitive business environment.
- Lack of professional managers.
- Lack of job security.
- Lack of efficient managers.
- Lack of training facilities.
- Communication and information problem.
- Poor labor-management relations
- Political instability.
- Lack of proper incentive.
What is Delegation of Authority?
Delegation is the process by which manager assigns a portion of his workload to others. It is the assignment of authority and responsibility for the completion of specific tasks to subordinates. The chief executive cannot perform all the tasks of the organization himself, so he must share his duties with his immediate subordinates, who in turn delegate to their subordinates and the process continues until all activities are assigned to persons who are made responsible for performing them
What are the merits of Delegation?
- Delegation gives executives more time for strategic planning and policymaking.
- Delegation is a motivational factor. Employees become more satisfied and committed when they are given an opportunity to tackle significant problems.
- Delegation can expedites innovation.
- Delegation can be a training ground for executive ability
What are the problems in Delegation?
- A manager may be reluctant to delegate.
- Fear of being called lazy. Delegation may reveal managerial shortcomings.
- Low self-confidence. Some managers may worry that subordinates will do too well and pose a threat to their own advancement.
- They have a tendency to want do things personally.
- Managers have a desire to dominate.
- Managers may not trust the subordinate to do the job well. They hold that subordinates are incapable of using authority properly.
- Poor example set by bosses who do not delegate.
- Some subordinates are reluctant to accept the delegation because failure may result in a reprimand.
- They may feel that there is no reward for accepting additional responsibility.
- They may prefer to avoid risk and want their boss to take all responsibility.
What is Human Capital?
Human capital is the stock of knowledge, habits, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce value. Alternatively, Human capital is a collection of resources—all the knowledge, talents, skills, abilities, experience, intelligence, training, judgment, and wisdom possessed individually and collectively by individuals in a population. These resources are the total capacity of the people that represents a form of wealth that can be directed to accomplish the goals of the nation or state or a portion thereof.
What are ten C’s of an Amazing Leader?
Leadership qualities are highly sought after; by a business owner and an employer. Leaders can make a profound difference in their industry, and can be fundamental in positive change. A recent study has revealed 10 common traits found in great leaders.
- Competitive spirit. Competition occurs naturally in all environments, and can be seen when two individuals complete for the same goal. In business, competition can stimulate a higher quality of service and product development.
- Clutter avoidance. The depth of paperwork or piles on a desk is not necessarily the clutter, but rather the ability to focus on what is important and not become bogged down with the busywork.
- Cohesiveness. When a group of individuals possesses bonds linking them to one another and also to the group as a whole, this is considered a state of cohesion. Leaders can excel when they are able to sell ideas to the partners. More importantly, a leader can identify which individual needs convincing and how to approach them.
- Candidness. The ability to deliver a brutally honest need for improvement while showing great respect and encouragement. One of the rarest of skills. One approach could be to reverse roles in a conversation, and encourage the poor performer to recognize the issue on their own.
- Crystal-clear vision. It is not easy to decide where you want to be, and even more difficult to finalize how you are going to get there. Great leaders have a perfect understanding of what they want, what they know the business will become, and they wholly immerse themselves making that vision a reality.
- Curiosity. One of the few emotions that can be linked to effective leaders. An inquisitive nature tends to represent a thirst for knowledge.
- Contagious enthusiasm. An intense enjoyment and interest allows a leader to create themes that inspire. Taking the negative energy of difficult situations and directing it to positive energy.
- Crazy. They don’t follow but innovate and create. Once a decision is made they can be indifferent to the feelings or opinions surrounding it, and only heed the results. All while preparing to make the next decision. Often their ideas and tireless belief in the goals will make others simply shake their heads, but even the skeptics will eventually rally around the leader and support the path.
- Change agent. The skill to change someone’s behaviors and beliefs, while they raise the bar on their own performance. It is one this to be the change catalyst, but another to impart the desire to change on someone else. Not an easy skill to master.
- Communication. The ability to convey a message and influence behavior, across various audiences.
What are ten C’s of HRM Model?
The field of HRM has been evolving ever since it came into existence in1970s. HRM experts have proposed many models to interpret explain and also advocate HR policies and practices in tune with specific ideology and philosophy. Among this new genre of models, Ten C model of HRM is regarded as all-encompassing and a pragmatic model. Alan Price is the architect of this model who presented it in his book titled Human Resource Management in a Business Context, published in 1997. There are ten essential principles-the Ten Cs-in this model. These are:
- Comprehensiveness. The HRM strategy of an organization must include all the aspects of people management, typically starting from recruitment to post separation programs.
- Credibility. The HR practices must build trust between staff and top management and encourage employees’ belief in HRM strategies.
- Communication. The objectives of organization and that of HRM must be understood and accepted by all employees. The operating culture in organization must encourage openness and be free from all barriers.
- Cost effectiveness. The reward and promotion system must be fair.
- Creativity. The competitive advantage of the company must stem from its unique HR strategies.
- Coherence. HRM activities and initiatives must from a meaningful whole.
- Competence. HRM strategy will be crafted in such a way that organization becomes competent to achieve its objectives with the support of individual competencies.
- Control. HRM policies and practices must ensure that performance of HR is consistent with business objectives.
- Change. The basic premise of HRM strategy must be that continuous improvement and development is essential for survival.
- Commitment. The last C Stresses upon that employee are to be motivated to achieve organizational goals.
Alan Price 10 C model is measurable at the organizational level and success of the model lies in the tension and balance between the ten Cs.
What are ten C's of Employee Engagement?
Engagement is the state in which INDIVIDUALS are emotionally and intellectually committed to the organization or group. I have witnessed that we tend to leverage outside consultant when it comes to helping employee realize their potential, however, fail to leverage fully the existing available leadership to drive employee engagement and build employees sense of belonging and organization pride.
How can leaders engage heads, hearts, and hands of their people? Here are the 10 C's that I came across which will not only help in enhancing employee engagement, however, enable employees to consistently speak positively about the organization to coworkers, potential employees and customers while engaging in behaviors that contribute to overall success of business.
- Connect: A direct reflection of how employees feel about their relationship with the immediate boss. Early in my professional life I learned a lesson that when you are people leaders, your job is to focus on developing your staff and harness their potential. If they grow, you shall automatically grow. However, whenever in large gathering I ask a question, is your managers more interested in his career or yours. The answers is "HIS OWN". Managers / leaders must learn to inculcate the sense that employee growth and capability building is at the forefront of their mindset which will enable not only employee growth, however, their own as well.
- Career: Leaders should provide challenging and meaningful work with opportunities for career advancement. Employee do look forward to sense of career direction both from short and long term perspective.
- Clarity: Leaders must communicate a clear vision. Success in life and organizations is, to a great extent, determined by how clear individuals are about their goals and what they really want to achieve.
- Convey: Leaders clarify their expectations about employees and provide feedback on their functioning in the organization. It is imperative that leaders / managers sharpen the art of giving developmental feedback.
- Congratulate: Exceptional leaders give recognition, and they do so a lot; they not only coach and convey, however, tend to catch people doing right things and appreciate them.
- Contribute: People want to know that their input matters and that they are contributing to the organization's success in a meaningful way.
- Control: Employees value control over the flow and pace of their jobs and leaders can create opportunities for employees to exercise this control.
- Collaborate: Studies show that, when employees work in teams and have the trust and cooperation of their team members, they outperform individuals and teams which lack good relationships.
- Credibility: Leaders should strive to maintain a company’s reputation and demonstrate high ethical standards that lead them to command the respect of their staff.
- Confidence: Good leaders help create confidence in a company by demonstrating high performance standards. While they do so, they also help build the confidence of their employees by creating a culture where employee capability building, employee growth and growth from within remains at the center stage of their mindset.
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