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hrm > 6,7,8. and Financial crisis. > Flashcards

6,7,8. and Financial crisis. Flashcards

1
Q

decision making

A

a cognitive, emotional, and neuropsychological process that involves thoughts, feelings, and neurological functioning and results in making a choice from alternatives.

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2
Q

Programmed decisions

A

routine in nature and that occur with some frequency.

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3
Q

Non-programmed decisions

A

novel and involve unique information or circumstances.

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4
Q

Stereotypes

A

 oversimplified ideas or beliefs that are particularly rigid and difficult to change.

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5
Q

The Halo Effect

A

when we judge something or someone more positively based on a previous positive experience or association with someone or something we admire.

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6
Q

Emotions

A

extremely helpful,a key influencing factor

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7
Q

Intuition

A

knowing something without any evidence that this understanding comes as a result of rational thought processes.

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8
Q

tacit knowledge

A

knowledge that we have access to at an unconscious level.

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9
Q

Systematic Approach to Making Decisions

A 
Step 1:  Identify the Problem.
Step 2:  Establish the Decision Criteria.
Step 3:  Allocate Weights to Decision Criteria.
Step 4:  List Alternatives.
Step 5:  Analyze Alternatives.
Step 6:  Choose an Alternative.
Step 7:  Implement the Alternative
Step 8:  Evaluate the Decision.
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10
Q

Bounded Rationality

A

approach to decision making that accepts that all decisions are made under conditions of constraints

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11
Q

Bounded Rationality Conditions

A

Information will never be complete or completely accurate.
We cannot always evaluate the quality of the information we get.
It’s basically impossible for humans to rationally evaluate all information or all possible choices.
People are not purely rational: emotions, intuition, biases and the like are always present.
We simply don’t have the time to make decisions to follow the rational decision making process in its purest form.

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12
Q

The 80/20 rule (Pareto Principle)

A

principle commonly used as a rule-of-thumb to quickly see possible causal relationships.
20% of what we do each day results in 80% of our output.

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13
Q

Anchoring (thinking trap)

A

Giving too much value to the first piece of information received

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14
Q

status quo (thinking trap)

A

favoring decisions that perpetuate the current situation

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15
Q

Sunk Costs (thinking trap)

A

Making choices that justify flawed past decisons

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16
Q

Confirming evidence (thinking trap)

A

selectively seeking out information that supports your point of view

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17
Q

Estimating and forecasting (thinking trap)

A

being unduly influenced by memories of powerful examples

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18
Q

framing (thinking trap)

A

being overly influenced by how the problem is explained or seen

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19
Q

Group decision making

A

two or more individuals make a decisionq

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20
Q

teams and commitees

A

tackle major problems

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21
Q

Brainstorming

A

process of generating a list of ideas among a group

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22
Q

Brainstorming process

A
  1. Gather a group of interested individuals  ask them for solutions to a problem  allow each person to offer ideas without any critique  record ideas.
  2. Critique and prioritize
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23
Q

Mindfulness

A

enables us to be more fully aware of all that is happening inside of us—physically, psychologically, and cognitively—while also being tuned in to what is going on around us in the immediate and more distant environment.

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24
Q

1990s and earlier

A

the bank bank kept your mortage

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25
2000-2008
the bank sold your mortgage to wall street investors
26
under water
real estate values plummet and your house is worse less than before after you took out a home equity loan
27
Direct Causes of the Financial Crisis of 2007 to 2009
Shadow Financial Market, Sub-Prime Mortgage, Regulatory Climate, Incentives
28
Contributing Factors of the Financial Crisis of 2007 to 2009
Herd Mentality, Investment Banks, Lots of Cheap money, rating agencies, "innovation"
29
Bottom Line of the Financial Crisis
Arrogance, Greed, Total Selfishness
30
Players in the Financial Crisis
Rating Agencies, CEOs, Financial Professionals, Mortgage Orginators, Regulators, Legislators, Investors, Home Owners
31
Change
alter, adjust, modify or transform someone or something.
32
Change Is Constant
technology and social, economic and political shifts around the world
33
Change: What It Means to You
conflicting emotions, disruptions to habits, and the need to give up things that are familiar.
34
Gestalt Cycle of Experience
Sensation, awareness, energy, action, contact, closure
35
Change Continuum
Unaware, aware, understand, believe, act
36
Technology (drivers for organization change)
information technology and telecommunications.
37
Globalization (Drivers for organizational change)
different patterns of social interaction, enhanced competition, shifts in world politics and expanded markets.
38
Social & Political Revolutions (Drivers for organizational change)
North Africa, Middle East, Asia – people want to be free of oppressive regimes
39
Sustainability (Drivers for organizational change)
environmentalism and the need to ensure a sustainable world.
40
Diversity
the varied perspectives and approaches to work that members of different groups bring
41
diversity is good for business
consumer diversity, competitive advantage, wide knowledge, decision making quality, employee satisfaction, legal compliance
42
Gender, Ethnicity, and Pay
the pay gap is decreasing, but it is still considerable
43
Age demographics
populations are shrinking and getting older for western countries, populations younger in east
44
Old model of workplace diversity
blend in
45
new model of workplace diversity
differences are natural and good
46
Inclusion
benefits everyone
47
What Works
market to diverse markets, inclusive culture and values, cast a wide net, encourage relationships, training, leadership example, accountability
48
developing world
BRIC
49
developed world
north and west
50
change
any transformation of the work environment, can be anticipated or unexpected from inside or outside of the org.
51
top down change
introduced by leaders and managers
52
bottom up change
when employees or managers spark movement for change
53
Incremental change
occurring in small steps over a long time
54
tuning
anticipatory approach
55
adaptation
response to an event or series of events
56
transformational change
dramatic shifts in strategy as well as the existing ways of working or doing business
57
Reorientation
organizational-wide strategic change made in anticipation of a future occurence
58
re-creation
reactive
59
Evolutionary change
plan for change as we go, however not everything can be anticipated
60
Lewin's Force Field, system 'unfreeze'
1 driving forces > restraining forces
61
Lewin's Force Field change occurs
2 driving forces > restraining forces
62
Lewin's Force Field system 'refreeze'
driving forces <> restraining forces
63
Lewin's Force Field Analysis
Consider the context/whole picture, consider the power of culure, study your system
64
permanent white water
systems do not return to status quo or a steady state after a change has occured
65
Kotter Stage 1
Ensure people feel urgent need for change
66
Kotter Stage 2
get the right people involved
67
Kotter stage 3
create a new strategic vision
68
Kotter stage 4
make sure the new vision is effectively communicated
69
Kotter stage 5
Empower a broad group of change agents
70
Kotter stage 6
successfully pull of short term victories
71
Kotter stage 7
consolidate vistories and go after more change
72
Kotter stage 8
solidify the change in culutre
73
Shea lever 1
organization
74
Shea lever 2
workplace design
75
Shea lever 3
tasks
76
Shea lever 4
people and skills
77
Shea lever 5
rewards
78
Shea lever 6
measurements
79
Shea lever 7
information distribution
80
Shea lever 8
decision allocation
81
Organization Development
a systematic, scientific, and research-based approach to change in organizations.
82
Leadership for change rule 1
teach the right things
83
leadership for change rule 2
reflect on how to teach
84
hypercompetition
a state of constant and escalating competition
85
creativity
the process of imagining and developing something new
86
Developing a culture where creativity is valued
Challenge the Status Quo, Encourage debate, build diverse workforce, encourage risk taking, provide good work environment
87
Apple's Corner Store
Innovation
88
Innovation
the process of implementing new ideas
89
1st Pillar of Innovation
commit the company to innovation
90
2nd Pillar of Innovation
Actively maintain the corporate culture
91
3rd Pillar of Innovation
Broad base of technology
92
4th Pillar of Innovaiton
talk and network
93
5th Pillar of Innovation
Rewards for outstanding work
94
6th Pillar of Innovation
Quantity efforts
95
7th Pillar of Innovation
Tie research to the customer
96
Inventor
develops and understands technical aspects of idea
97
champion
believes in the idea and visualizes benefits and overcomes obstacles
98
sponsor
high-level manager who removes organization barriers, approves and protects the idea
99
critic
provides the reality test, looks for shortcomings
100
New Venture Teams
formal, separate unit to develop and initiate innovation
101
Skunkworks
Variation on the new-venture team
102
Idea Incubator
"Safe Place" where people with ideas can get help
103
Open Innovaiton
Expanding boundaries to obtain innovation
104
Entrepreneurship
process of identifying an opportunity, developing resources, and assuming the risks associated with the starting a new business
105
Entrepreneur
person who starts a new business
106
Key Factor of entrepreneurship
embrace risk, enjoy/do/take initiative, strong need for achievement, self-esteem, see the "big picture", energetic, engaged learners
107
Social Entrepreneurship
activity of identifying opportunities to help society in some way rather than earning a profit
108
Intrepreneurship
creative and innovative talent and the spirit of entrepreneurship within organizations. , the process of identifying an opportunity, developing resources, and assuming some of the risk associated with the idea, while being employed by an organization.
109
Intrepreneurs
some of the same characteristics as entrepreneurs (creative, innovative risk takers).
110
Questions to ask when starting a business
cost, taxes, break-even point, personal income, health care and insurance, relationships
111
Business Plan
formal document that states the nature of a business, the goals, and outlines how the business will succeed
112
Investor
someone who provides money as a loan; those results in the investor being paid back with interest.
113
Angel investor
someone (or a small group) who seeks startups and offers money in exchange for a stake in the business.
114
Venture capitalist firm
company that seeks to earn a profit through investments in start up firms or companies that are undergoing dramatic change.
115
Financial institutions
banks and credit unions, are organizations that receive, hold, invest and lend money
116
Small Business Investment Companies (SBICs)
financial institution that makes loans to entrepreneurs under the auspices of the Small Business Administration, a U.S. federal government agency.
117
Stage 1: Startup
good grasp of the financials for the business
118
Stage 2: Growth
begins when the company shows a profit
119
Stage 3: Maturity
rapid growth slows down
120
Stage 4: Decline or Renewal
organization will become entrepreneurial again seeking renewal and additional growth

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