Management 401 Exam Study Guide

Topics: Leadership, Management, Strategic management Pages: 22 (5739 words) Published: November 8, 2013
Management 401 Study Guide- Guarana Fall 2013

Concepts
Leadership vs. management
Management
Planning and budgeting--detailed steps, achieving needed results, making it happen Organizing and staffing--structure for plan requirements, making it happen Controlling and problem solving--monitoring results, identifying deviations from plan, then planning/organizing to solve these problems. Leadership

Establishing direction--vision of the future often distant future, strategies for producing changes needed to achieve vision Aligning people--communicating direction in words, cooperation, influences creation of teams and coalitions that understand visions and strategies Motivating and inspiring--energizing people to overcome major political, bureaucratic and resource barriers to change by satisfying basic but often unfilled, human needs. Management produces degree of predictability and order and has the potential to consistently produce the short term results expected by various stake-holders Leadership produces change, often to a dramatic degree and has the potential to produce extremely useful change. Successful transformations--70-90% leadership and 10-20% management Combination of cultures that resist change and managers who have not been taught how to create change is lethal Only leadership can blast thru the many sources of corporate inertia, can motivate the actions needed to change behavior in any significant way and can get change to stick by anchoring it in the very culture of an organization WE NEED MORE LEADERSHIP!

 
Cognitive Biases
Halo Bias: Overall impression of a person influences how we feel and thing about his or her character (happens when we generalize people by one attribute). Actor-observer bias (fundamental attribute error): Tendency to attribute one’s own actions to external causes, while attributing other people’s behavior to internal causes. (Ex. If the team performs badly it wasn’t me) Primacy and recency effects: Disproportional influence of first or last piece of information Schemas or mental models: Stereotyping

 
Mindfulness
Leaders are the heart and mind of the team
Mind aspect requires that you devote a lot of energy and time to thinking about the team, its tasks, and its environments DEFINITION: thinking a lot about how things work, and especially about how things might work differently, is a special skill that will serve you well as a leader  

Follower’s Dilemma
"We need leadership and direction, but if we follow this person, how do we know we will go where we want to go rather than just where the leader wants to go?" To solve a leader must
Show that they share their values
When you speak to the team make your arguments in terms of what they value, not what you value Make your actions show that you share their values
Demonstrate that you will put what is good for the team ahead of your ego or your own welfare when you make decisions Courage and sacrifice are essential
Show that you will give as much of yourself as you ask others Work as much or more than you ask of others
Tie your outcomes to the success of the team
Lead by being in the front line, risking all; not by being in the rear, safely giving orders Personal leadership
Dedication
Relational leadership
Concern, respect, and fairness

Psychological Contracts
Mutual beliefs, perceptions, and informal obligations between a leader and a follower Transactional Contract
Parties have a brief and narrowly defined relationship that is primarily economic in focus Relational Contract
Parties have a long-term and widely defined relationship with a vast focus

Co-Leadership (3 Aspects)
Individual Aspects
Congruence
Shared vision of strategy and culture
Common operating values
Complementarity
Inside/outside
Warm/tough
Vision & inspiration/operational nuts and bolts
Referent power or expert power
"look up to"
"look to"
Service focus
Humility
For the greater good; not for glory or self
Interpersonal...
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