BUSINESS MANAGEMENT FINAL STUDY GUIDE Essay

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BUSINESS MANAGEMENT FINAL STUDY GUIDE

List and explain five traits that show the strongest relationship to leadership?
• Tolerance for stress=helps deal with decision making.
• Intelligence= helps understand issues.
• Maturity=helps avoid foolish behavior.
• Energy=helps by dealing with demands faced.
• Dominance= helps influence subordinates.
What are the five possible bases of leadership power? Which is best to use? Which would you prefer to be strongest at and why?
Leadership Power- power that a leader has simply by his/her position in the hierarchy of the organization.
Reward Power- the ability of a manger to withhold tangible and intangible rewards.
Coercive Power- The ability of a manger to punish others.
Expert Power- power based on the special skills and expertise of a leader.
Referent Power- informal type of power derived from subordinate respect, admiration, and loyalty.
LRCER
What are the five key components of human resource management?
Recruitment and Selection- hiring new employees that have the skills, abilities, and experiences that will help an organization to reach goals.
Training and Development- ongoing process to make sure those employees are constantly learning and acquiring more skills to help with the job.
Performance appraisal and feedback- help employees learn how they can improve at their job.
Pay and Benefits- motivates hard working employees to maintain their good work ethic and stay within the organization.
Labor relations- developing and maintaining good working relationships with employees and their labor unions.

Describe the Big 5 Model of Personality Traits. Why is this important to managers? How can a manager use this model to become more effective in management?
Extraversion- A person’s ability, to be positive and outgoing.
Agreeableness- a person’s ability, to get along with others.
Conscientiousness- a person’s ability to focus, think critically, and analyze solutions.
Openness to experience- a person’s ability to try new things and take risks. Negative affectivity-how optimistic or negative a person can be and how they let various scenarios affect them.
EACON
4 basic rules of ethics
Utilitarianism- greatest good for the greatest number
Justice rule- distribute benefits and harm among people in a fair equitable and impartial manner
Moral rights rule- maintain and protect the fundamental rights and privileges of people
Practical rule- manager has no hesitation about communicating to people outside the company b/c the typical person in a society would think the decision is acceptable
What is organizational diversity?
Differences in:
Age
Gender
Race
Ethnicity
Religion
Sexual orientation
Socioeconomic background
Disabilities
Education
Experience
Physical appearance
Other traits
AGRERS SDEEPO
3 Measures of output control?
Financial measures- profit ratios, liquidity rates, leverage rations
Organizational Goals- were the goals reached?
Operating budgets- staying within budgets= success
6 Steps of decision making?
Need for a decision
Generate alternatives
Assess alternatives
Choose among alternatives
Implement the alternative
Learn from feedback
Four fundamental tasks of management?
Planning- choosing appropriate goals and best courses of action to achieve them
Organizing- establish relationships to get people working together
Leading- motivate and energize people to achieve common goals
Controlling- establish accurate monitoring systems to evaluate work
Task environment vs. general environment
General environment- (bigger picture, global)
Sociocultural Forces
Technological Forces
Political/legal Forces
Demographic Forces
Economic Forces
Task environment- (more local, affecting managers daily)
Competitors
Suppliers
Customers
Distributors
What is the STEEP Analysis?
An analysis of the general environment
Tells managers what is happening or insight on what is to come
Types of groups?
Formal groups- put together by managers to reach organizational goals
Informal groups- group put
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