IJMB 2022 BUSINESS MANAGEMENT ANSWERS

IJMB 2022 BUSINESS MANAGEMENT ANSWERS-EXAMKING.NET
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BUSINESS-MANAGEMENT -EXAMKING.NET
(2)
ethics refers to the standards for morally right and wrong conduct in business.
Business ethics enhances the law by outlining acceptable behaviors beyond government control.

Ethics and values relate within a business organisation because
they influence morals and decisions within an organisation and need to be present in order to promote business sustainability.

Business ethics is the prescribed code of conduct for businesses. It is a set of guidelines for dealing with various procedures ethically

The prince comprises corporate responsibility, personal responsibility, social responsibility, loyalty, fairness, respect, trustworthiness, and technology ethics.
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(3)
The delegation of authority refers to the division of labor and decision-making responsibility to an individual that reports to a leader or manager.
It is the organizational process of a manager dividing their own work among all their people.
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(5)
Power is defined as the ability or potential of an individual to influence others and control their actions.
While
Authority is the legal and formal right to give orders and commands, and take decisions.

(i)Legitimate or Positional Power
(ii)Referent Power
(iii)Coercive Power
(iv)Expert Power
(v)Reward Power

(i)Legitimate or Positional Power
Legitimate power is also known as positional power. It’s derived from the position a person holds in an organization’s hierarchy. Job descriptions, for example, require junior workers to report to managers and give managers the power to assign duties to their juniors.

For positional power to be exercised effectively, the person wielding it must be deemed to have earned it legitimately. An example of legitimate power is that held by a company’s CEO.
(ii)Referent Power
Referent power is derived from the interpersonal relationships that a person cultivates with other people in the organization. People possess reference power when others respect and like them. Referent power arises from charisma, as the charismatic person influences others via the admiration, respect and trust others have for her.

Referent power is also derived from personal connections that a person has with key people in the organization’s hierarchy, such as the CEO. It’s the perception of the personal relationships that she has that generates her power over others.

(iii)Coercive Power
Coercive power is derived from a person’s ability to influence others via threats, punishments or sanctions. A junior staff member may work late to meet a deadline to avoid disciplinary action from his boss. Coercive power is, therefore, a person’s ability to punish, fire or reprimand another employee. Coercive power helps control the behavior of employees by ensuring that they adhere to the organization’s policies and norms.

(iv)Expert Power
Knowledge is power. Expert power is derived from possessing knowledge or expertise in a particular area. Such people are highly valued by organizations for their problem solving skills. People who have expert power perform critical tasks and are therefore deemed indispensable.
The opinions, ideas and decisions of people with expert power are held in high regard by other employees and hence greatly influence their actions. Possession of expert power is normally a stepping stone to other sources of power such as legitimate power. For example, a person who holds expert power can be promoted to senior management, thereby giving him legitimate power.

(v)Reward Power
Reward power arises from the ability of a person to influence the allocation of incentives in an organization. These incentives include salary increments, positive appraisals and promotions. In an organization, people who wield reward power tend to influence the actions of other employees.

Reward power, if used well, greatly motivates employees. But if it’s applied through favoritism, reward power can greatly demoralize employees and diminish their output.
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(7)
A leader is a person who leads or commands a group, organization, or country.

Leadership is the ability of an individual or a group of individuals to influence and guide followers or other members of an organization.

(i)Honesty and Integrity
(ii)Communication skills
(iii)A willingness to delegate and empower
(iv)Commitment and Passion
(v)Confidence
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(8)
Managers Need Control because it helps to check errors and implement corrective action, minimizing deviation from standards, and keeps your project management on track.

(i)Allowing People to Discuss Problems
A person working in isolation is incapable of solving all of the different types of problems they will encounter in the course of their work. Interpersonal relationships are necessary because they allow people to discuss problems and weigh the pros and cons of various alternative solutions before arriving at the optimal one. Brainstorming works best when it is done in a group or forum where everyone feels respected and free to share their ideas and views.

(ii)A Culture of Positivity and Synergy
Interpersonal relationships, especially when executed well, are important for an organizational culture to thrive. With good interpersonal relationships, the de facto organizational culture becomes one of positivity and synergy. With bad interpersonal relationships, the air becomes one of negativity, confusion, and constant conflict. This ultimately ruins the work environment, reduces the productivity of the staff members, and adversely affects the bottom line of the company.

(iii)Recognizing good work
Interpersonal relationships are also important for coaching. When employees have good interpersonal relationships with each other and with the manager, they are likely to recognize good work in each other and congratulate each other for it as well as help correct each other’s mistakes. A simple pat on the back can go a long way when it comes to motivating an individual to do more and be more. Ultimately, some colleagues will cease to be mere colleagues and will eventually become mentors.

(iv)Effects of Communication on Business
Whether it is carried out correctly or not, interpersonal communication has a direct and indirect impact on many areas of business. Here are some of the effects of interpersonal communication in business:

(v)The Effect on Management
When a manager has poor interpersonal communication skills, they can expect to irritate and confuse both the employees and clients of the business. In fact, there is a greater need for a manager to work on his or her interpersonal skills than there is for the average employee.
Managers are in charge of a lot of important things, including ensuring that staff members cooperate on tasks that help the organization to achieve its business goals. They are supposed to build the trust of the staff members in the organization and in each other while also holding them accountable for their role in the achievement of the goals of the organization.
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