Assignment

Part 1

Unit 2 Review Assignment

Please write in complete sentences. You should work on this assignment as you go through the assigned readings and chapters in your textbook. Avoid copying directly from the text. Your responses should be in your own words.

Chapter 2

1. What is meant by "finding one's voice?"

2. Based on your reading, explain why personal values are so important to leadership.

3. On page 60 of your textbook, you will see a list of how shared values contribute to work attitudes. Select two points and discuss, in one paragraph for each point, their importance to improving workplace performance.

Chapter 3

4. What do we mean by leaders who "Set the Example?" Identify three actions leaders can take to "Set the Example."

5. How does your textbook define the term "good organizational citizen?" Do you meet the criteria for a good organizational citizen?

Chapter 4

6. Why is it important to reflect upon the past?

7. How can leaders use commitment to promote organizational success?

Chapter 5

8. What is charisma? How does charisma affect one's ability to lead?

9. Why is it important for leaders to use symbols, pictures and images to promote shared vision? Give an example of how you might use a visual image to promote your vision.

The Leadership Challenge Workbook

10. On page 35-36 of your Workbook, you will see a list of values that most people seem to embrace. Identify the five values that you hold most important. In one paragraph, explain why these five values are most important to you.

Part 2

The concept of "opportunity cost" is one of the foundations of economics, whether macroeconomics or microeconomics. When we make a decision - any decision - we give up an alternative choice. Whatever we give up or lose in this alternative decision is the opportunity cost. Think of this as a missed opportunity. Many decisions - especially decisions concerning "economics" - usually involve time and/or money - both are resources, and both are scarce or limited. We have only so much money to spend and we have only 24 hours in a day.

A simple example of opportunity cost is this: I decide to spend the day at the mall to buy a new outfit. What am I giving up? I am giving up 8 hours of time that could be spent doing something else and whatever money ($200?) for a new outfit. The opportunity cost of this trip to the mall would be the best alternative to these acts. Is there a better way to use this day? Is there a more productive way to spend $200? Perhaps the best alternative would be to spend that day working on my homework for ECO202, or earning money in a part time job, or spending quality time with my family. The $200 might be better off invested in an account that earns interest, or spent on food for my family or put towards a credit card bill. If I am to make the best and most economical decision, I have to weigh opportunity costs (as well as any marginal costs).

Please answer the following questions (in two separate posts):

1.Think of an example in your personal life where the concept of opportunity cost plays (or should play) an important role in your decision making. What are the opportunity costs and benefits of your decision?

2.Now, imagine you are a manager for a small business or firm (you decide the type of business). You have an extra $5,000 in the budget to spend. How do you decide how to spend this money? How do you use the concept of opportunity cost to make this decision?

In your initial post, note any marginal costs that may be involved in your decisions. Additionally, provide an appropriate subject bar that captures our interest and gives us an idea as to each post is about

Part 3

The ability to create a sense of shared vision and common goals is essential to success in any organization. Leaders who focus on setting an example and who focus upon building integrity and credibility are able to gain the trust and support of others. Leadership is, after all, a relationship that is established between those who lead and those who follow. Such relationships must be built upon a solid foundation that can withstand conflict and challenges. Leaders must model the way for others.

Please respond to the following points in your initial post:

•Consider your own individual experiences. Who are your role models?

•Select one role model from your professional experience and one role model from your personal experience. What do these two people have in common? What traits and characteristics do they share?

•How do these role models "model the way" for other people? What do you learn from these role models?

•Consider your own individual traits and characteristics. Do you consider yourself to be a role model for others? Explain why or why not.

•Identify your own strengths and weaknesses as a role model. How can you become a better role model?