Assignment:
1. What is the role of information in the management process?
• define and give examples of technological competency, information competency, and analytical competency
• differentiate data and information
• list the criteria of useful information
• describe the role of information systems in organizations
• explain the importance of analytics and business intelligence
• discuss how IT is reducing barriers within organizations and between organizations and their environments.
2. How do managers address problems and make decisions?
• describe how IT influences the four functions of management
• define problem solving and decision making
• explain systematic and intuitive thinking
• list four cognitive styles in decision making
• differentiate programmed and non-programmed decisions
• describe the challenges of crisis decision making
• explain decision making in certain, risk, and uncertain environments.
3. Why and how do managers plan?
• explain the importance of planning as the first of four management functions
• list the steps in the formal planning process
• illustrate the benefits of planning for an organization familiar to you
• illustrate the benefits of planning for your personal career development
4. What types of plans do managers use?
• differentiate between short-range and long-range plans
• differentiate between strategic and operational plans and explain how they relate to one another
• define policy and procedure and give examples of each in a university setting
• define budget and explain how zero-based budgeting works.
5. What is the most crucial step in the planning process? Why? Can organizations over-plan? Why or why not?
6. Why and how do managers exercise control?
• define controlling as a management function
• explain benefits of after-action reviews
• illustrate how a fast-food restaurant uses feedforward, concurrent, and feedback controls
• discuss internal control and external control systems
• give examples of bureaucratic, clan, and market controls.
7. What is the controlling process of management and why does it have a negative connotation? How does your organization use the controlling process?
8. What is strategic management?
• define competitive advantage, strategy, and strategic intent
• explain the concept of sustainable competitive advantage
• differentiate corporate, business, and functional strategies
• differentiate strategy formulation from strategy implementation
• list the major phases in the strategic management process.