BNAD 302 1st Edition Exam # 1 Study Guide Lectures: 1 - 5What does it mean to be efficient?- To use resources – people, money, raw materials, and the like – wisely and cost effectively.What does it mean to be effective?- To achieve results, to make the right decisions and to successfully carry them out, so thatthey achieve organizational goalsWhat are the major challenges managers are facing?- Managing for competitive advantage- Managing for diversity- Managing for globalization- Managing for information technology- Managing for ethics- Managing for sustainability- Managing for your own happinessWhat does economic development have to balance with?- Economic development has to meet the needs of the present, without compromising the ability of future generations needs – i.e. sustainabilityHow does a manager resolve conflicts?- Through Planning, Organizing, Leading and ControllingWhen you’re taking corrective action with employees, what else are you doing?- You are controlling: monitoring their performance, and comparing their results with prior goals.What are the 4 levels of management hierarchy? List highest to lowest:- Top Managers, Middle Managers, First-Line Managers, Non-Managerial PersonnelWhat is a middle manager responsible for?- Implementing the policies and plans of the top managers and supervising first-line managers.What is a functional manager?- A manager who is responsible for looking over one concentration in an organization, such as Research and Development, Marketing, Finance, Production, HRWhat are the 3 roles managers play, according to Mintzberg?- Interpersonal Roles- Informational Roles- Decisional RolesWhat is the difference between entrepreneurship and intrapreneurship?-Entrepreneurs work from outside a company, or start their own venture. Intrapreneurs work from inside a companyUnder the Classical Viewpoint, what theory did Frederick Taylor propose?- Scientific ManagementScientific and Administrative Management are considered a part of what viewpoint?- Classical ViewpointWho is the father of industrial psychology?- Henri FayolWhat are 5 positive bureaucratic features?- A well defined hierarchy of authority- Formal rules and procedures- A clear division of labor- Impersonality- Careers based on meritWhat is one of the problems with the classical viewpoint?- It tends to view humans as cogs within a machine, not taking into account the importance of human needs.How does a theory X manager view their employees?-In a pessimistic negative view. Believes that workers hate their jobs, lack ambition, and need to be leadWhat is Total Quality Management?- comprehensive approach - led by top management and supported throughout the organization - dedicated to continuous quality improvement, training, and customer satisfactionWhat constitutes a good learning environment?- organization that actively creates, acquires, and transfers knowledge within itself and is able to modify its behavior to reflect new knowledgeSupplemental Questions: Found in Lecture Notes and in Class MaterialsWhat was the Sarbanes Oxley act of 2002? What happens to the whistle blowers? What is per conventional, conventional, and post conventional levels of moral development? What is an example of a company giving money in different areas?What is the diversity wheel and layers? Who is Bernie Madoff? What is the current trend in our world’s economy? What is an example of an international company? What is the difference between an international organization, and an international company? What is NAFTA? What are some of the fears surrounding NAFTA? What are geo, poly, and what are centricities? What is the continuum of expanding internationality? What are two reasons for tariffs? What is the World Bank? What is the World Trade Organization (WTO)? What is the adjustment period in a new