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Questions for the midterm test:
(This questions covered materials from our lectures and from the given book "Essentials of Contemporary Management 4th edition")
1. Explain how restructuring and outsourcing are used to increase organizational efficiency and effectiveness.
Answer: When a company is having trouble making payments on its debt, it will often consolidate and adjust the terms of the debt in a debt restructuring. After a debt restructuring, the payments on debt are more manageable for the company and the likelihood of payment to bondholders increases. A company restructures its operations or structure by cutting costs, such as payroll, or reducing its size through the sale of assets. This is often seen as necessary when the current situation at a company is one that may lead to its collapse.
Restructuring involves simplifying, shrinking, or downsizing an organization's operations to lower operating costs.
Outsourcing involves contracting with another company, usually in a low-cost country abroad, to have it perform a work activity the organization previously performed itself, such as manufacturing, marketing, or customer service.
2. Discuss the relationship between "efficiency" and "effectiveness" and how they impact the performance of an organization.
Answer: Effectiveness is about goals and objectives. Efficiency is about cost vs results.
3. Explain how the knowledge of management may benefit for you personally in your future.
Answer: it is open question for each of us... Our OWN opinion.))
4. Identify and define the basic levels of management. What is each responsible for? Give an example of each.
Answer: first-line managers, middle managers, and top managers.
First-line managers - daily supervision of non-managerial employees. An example of a first-line manager could be a supervisor of a work team.
Middle managers supervise first-line managers - example -principal of school.
Top managers establish organizational goals. A CEO is an example of a top manager.
5.Identify and briefly define the three major types of managerial skills that managers need.
Answer: Conceptual skills.
Human skills refer to the ability to understand.
Technical skills.
6. Identify and define the essential managerial functions.
Answer: Planning, Organizing, Leading, Controlling.
8. Discuss the notion of organizational structure. (How you understand organizational structure)
Answer: OS is a system of reporting relationships that coordinates workers to achieve organizational goals.
9. For what are responsible the first-line managers?
Answer: First-line managers are responsible for the daily supervision of the nonmanagerial employees.
10. For what are responsible the middle manegers?
Answer: Middle managers are responsible for finding the best way to organize human and other resources to achieve organizational goals.
11. Discuss the responsibilities of Top-maneger?
Answer: Top managers decide how the different departments should interact to achieve goals.
12. Discuss the "5 forces" by Michael Porter.
Answer: 1. Competition in the industry; 2. Potential of new entrants into industry; 3. Power of suppliers; 4. Power of customers; 5. Threat of substitute product.
13. Discuss the "5 criteria" by G. Hofstedte.
Answer: 1. Power distance; 2. Individualism vs Collectivism; 3. Masculinity vs Femininity; 4. Uncertainty a avoidence; 5. Time orientation.
14. List the main stock markets.
Answer: New York, London, Tokyo, Frankfurt.
15. Discuss preassure from customers, competitors and suppliers.
Answer: customers: sales and see use department, product and service design, loyalty programs. Competitors: marketing department.
Suppliers: engendering and material management. (From our notes)
16. Discuss the 5 forms of efficiency.
Answer: 07.10.13 in our notes. The table.
17. What is SCS, and how it works?
Answer: Supply Chain System.
18. By what could be evaluated the process of Globalization?
Answer: 1. Growth of world's GDP. 2. World FDI 3. World international trade. (From notes)
19. Explain the main idea of outsourcing.
Answer: outsourcing is a practice used by different companies to reduse costs by transferring portions of work to outside suppliers rather than completing it internally. ( change it for yourself)
20. Describe 6 components of organizational structure.
Answer: 1. Organization position. 2. Grouping into departments. 3. Create the hierarchy. 4. Coordination of organization. 5. Defining weaknesses. 6. Deferenciation of positions.
21. Describe the task environment of organization.
Answer: It is the external environment of an organization which affects its ability to reach business goals.
22. Describe the general environment of organization.
Answer: other powers effecting on organization like political, economical situation etc.
23. Who is Jack Welch?
Answer: walking legend of management. Used to be CEO of General Electrics. Wrote several books about management, opened his management school.
24. List four job policies according proficiency.
Answer: 1. Job rotation. 2. Job enlargement. 3. Job enrichment. 4. Time.
(From notes)
25. How to decode JCM? List the five criteria of JCM.
Answer: Job Characteristic Model. 1. Skill variety. 2. Task identity. 3. Task significance. 4. Autonomy 5. Feedback.
(From notes)