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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
Q

2000-2008

A

the bank sold your mortgage to wall street investors

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26
Q

under water

A

real estate values plummet and your house is worse less than before after you took out a home equity loan

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27
Q

Direct Causes of the Financial Crisis of 2007 to 2009

A

Shadow Financial Market, Sub-Prime Mortgage, Regulatory Climate, Incentives

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28
Q

Contributing Factors of the Financial Crisis of 2007 to 2009

A

Herd Mentality, Investment Banks, Lots of Cheap money, rating agencies, “innovation”

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29
Q

Bottom Line of the Financial Crisis

A

Arrogance, Greed, Total Selfishness

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30
Q

Players in the Financial Crisis

A

Rating Agencies, CEOs, Financial Professionals, Mortgage Orginators, Regulators, Legislators, Investors, Home Owners

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31
Q

Change

A

alter, adjust, modify or transform someone or something.

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32
Q

Change Is Constant

A

technology and social, economic and political shifts around the world

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33
Q

Change: What It Means to You

A

conflicting emotions, disruptions to habits, and the need to give up things that are familiar.

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34
Q

Gestalt Cycle of Experience

A

Sensation, awareness, energy, action, contact, closure

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35
Q

Change Continuum

A

Unaware, aware, understand, believe, act

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36
Q

Technology (drivers for organization change)

A

information technology and telecommunications.

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37
Q

Globalization (Drivers for organizational change)

A

different patterns of social interaction, enhanced competition, shifts in world politics and expanded markets.

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38
Q

Social & Political Revolutions (Drivers for organizational change)

A

North Africa, Middle East, Asia – people want to be free of oppressive regimes

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39
Q

Sustainability (Drivers for organizational change)

A

environmentalism and the need to ensure a sustainable world.

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40
Q

Diversity

A

the varied perspectives and approaches to work that members of different groups bring

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41
Q

diversity is good for business

A

consumer diversity, competitive advantage, wide knowledge, decision making quality, employee satisfaction, legal compliance

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42
Q

Gender, Ethnicity, and Pay

A

the pay gap is decreasing, but it is still considerable

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43
Q

Age demographics

A

populations are shrinking and getting older for western countries, populations younger in east

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44
Q

Old model of workplace diversity

A

blend in

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45
Q

new model of workplace diversity

A

differences are natural and good

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46
Q

Inclusion

A

benefits everyone

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47
Q

What Works

A

market to diverse markets, inclusive culture and values, cast a wide net, encourage relationships, training, leadership example, accountability

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48
Q

developing world

A

BRIC

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49
Q

developed world

A

north and west

50
Q

change

A

any transformation of the work environment, can be anticipated or unexpected from inside or outside of the org.

51
Q

top down change

A

introduced by leaders and managers

52
Q

bottom up change

A

when employees or managers spark movement for change

53
Q

Incremental change

A

occurring in small steps over a long time

54
Q

tuning

A

anticipatory approach

55
Q

adaptation

A

response to an event or series of events

56
Q

transformational change

A

dramatic shifts in strategy as well as the existing ways of working or doing business

57
Q

Reorientation

A

organizational-wide strategic change made in anticipation of a future occurence

58
Q

re-creation

A

reactive

59
Q

Evolutionary change

A

plan for change as we go, however not everything can be anticipated

60
Q

Lewin’s Force Field, system ‘unfreeze’

A

1 driving forces > restraining forces

61
Q

Lewin’s Force Field change occurs

A

2 driving forces > restraining forces

62
Q

Lewin’s Force Field system ‘refreeze’

A

driving forces <> restraining forces

63
Q

Lewin’s Force Field Analysis

A

Consider the context/whole picture, consider the power of culure, study your system

64
Q

permanent white water

A

systems do not return to status quo or a steady state after a change has occured

65
Q

Kotter Stage 1

A

Ensure people feel urgent need for change

66
Q

Kotter Stage 2

A

get the right people involved

67
Q

Kotter stage 3

A

create a new strategic vision

68
Q

Kotter stage 4

A

make sure the new vision is effectively communicated

69
Q

Kotter stage 5

A

Empower a broad group of change agents

70
Q

Kotter stage 6

A

successfully pull of short term victories

71
Q

Kotter stage 7

A

consolidate vistories and go after more change

72
Q

Kotter stage 8

A

solidify the change in culutre

73
Q

Shea lever 1

A

organization

74
Q

Shea lever 2

A

workplace design

75
Q

Shea lever 3

A

tasks

76
Q

Shea lever 4

A

people and skills

77
Q

Shea lever 5

A

rewards

78
Q

Shea lever 6

A

measurements

79
Q

Shea lever 7

A

information distribution

80
Q

Shea lever 8

A

decision allocation

81
Q

Organization Development

A

a systematic, scientific, and research-based approach to change in organizations.

82
Q

Leadership for change rule 1

A

teach the right things

83
Q

leadership for change rule 2

A

reflect on how to teach

84
Q

hypercompetition

A

a state of constant and escalating competition

85
Q

creativity

A

the process of imagining and developing something new

86
Q

Developing a culture where creativity is valued

A

Challenge the Status Quo, Encourage debate, build diverse workforce, encourage risk taking, provide good work environment

87
Q

Apple’s Corner Store

A

Innovation

88
Q

Innovation

A

the process of implementing new ideas

89
Q

1st Pillar of Innovation

A

commit the company to innovation

90
Q

2nd Pillar of Innovation

A

Actively maintain the corporate culture

91
Q

3rd Pillar of Innovation

A

Broad base of technology

92
Q

4th Pillar of Innovaiton

A

talk and network

93
Q

5th Pillar of Innovation

A

Rewards for outstanding work

94
Q

6th Pillar of Innovation

A

Quantity efforts

95
Q

7th Pillar of Innovation

A

Tie research to the customer

96
Q

Inventor

A

develops and understands technical aspects of idea

97
Q

champion

A

believes in the idea and visualizes benefits and overcomes obstacles

98
Q

sponsor

A

high-level manager who removes organization barriers, approves and protects the idea

99
Q

critic

A

provides the reality test, looks for shortcomings

100
Q

New Venture Teams

A

formal, separate unit to develop and initiate innovation

101
Q

Skunkworks

A

Variation on the new-venture team

102
Q

Idea Incubator

A

“Safe Place” where people with ideas can get help

103
Q

Open Innovaiton

A

Expanding boundaries to obtain innovation

104
Q

Entrepreneurship

A

process of identifying an opportunity, developing resources, and assuming the risks associated with the starting a new business

105
Q

Entrepreneur

A

person who starts a new business

106
Q

Key Factor of entrepreneurship

A

embrace risk, enjoy/do/take initiative, strong need for achievement, self-esteem, see the “big picture”, energetic, engaged learners

107
Q

Social Entrepreneurship

A

activity of identifying opportunities to help society in some way rather than earning a profit

108
Q

Intrepreneurship

A

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
Q

Intrepreneurs

A

some of the same characteristics as entrepreneurs (creative, innovative risk takers).

110
Q

Questions to ask when starting a business

A

cost, taxes, break-even point, personal income, health care and insurance, relationships

111
Q

Business Plan

A

formal document that states the nature of a business, the goals, and outlines how the business will succeed

112
Q

Investor

A

someone who provides money as a loan; those results in the investor being paid back with interest.

113
Q

Angel investor

A

someone (or a small group) who seeks startups and offers money in exchange for a stake in the business.

114
Q

Venture capitalist firm

A

company that seeks to earn a profit through investments in start up firms or companies that are undergoing dramatic change.

115
Q

Financial institutions

A

banks and credit unions, are organizations that receive, hold, invest and lend money

116
Q

Small Business Investment Companies (SBICs)

A

financial institution that makes loans to entrepreneurs under the auspices of the Small Business Administration, a U.S. federal government agency.

117
Q

Stage 1: Startup

A

good grasp of the financials for the business

118
Q

Stage 2: Growth

A

begins when the company shows a profit

119
Q

Stage 3: Maturity

A

rapid growth slows down

120
Q

Stage 4: Decline or Renewal

A

organization will become entrepreneurial again seeking renewal and additional growth

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