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Intro to Business 1 > Book Notes - Chapters 7, 10, 11, 12 > Flashcards

Book Notes - Chapters 7, 10, 11, 12 Flashcards

1
Q

Management of Information Systems MIS

A

Discipline that involves the management of people, process, and Technology around the care of information

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2
Q

Information Systems IS

A

Combination of Technology, people, and processes that an organization uses to produce and manage information

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3
Q

Competitive advantage

A

Set of unique features of a company and its products that are perceived by the Target Market as significant and Superior to those of the competition, also called differential advantage

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4
Q

SWOT analysis

A

A SWOT analysis looks at the strengths and weaknesses of the company itself and the opportunities and threats for the company and its external environment

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5
Q

Porter’s five forces model

A

A model that focuses on the five forces that shape competition within an industry

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6
Q

Industry life cycle model

A

A useful tool for analyzing the effects of an industry’s evolution on competitive forces

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7
Q

Vision statement

A

Clear concise picture of the company’s future Direction in terms of its values and purpose that is used to guide and inspire

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8
Q

Pro forma financial statements

A

Projected financial statements of future values

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9
Q

Identify the stakeholders of a business

A

The employees of the business (incl Union), customers, and government or special interest groups, also the community surrounding the business, its suppliers, and so on

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10
Q

What is a Vision statement? A Mission statement?

A

A mission statement defines the company’s business, its objectives and its approach to reach those objectives.

A vision statement describes the desired future position of the company

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11
Q

What are the three statements in the financials?

A

Statement of income.
Statement of financial position.
Statement of cash flows.

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12
Q

Formal organization

A

Order and design of relationships within a company, consists of two or more people working together with a common objective and Clarity of purpose

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13
Q

Division of labor

A

The process of dividing work into separate jobs and assigning tasks to workers

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14
Q

Specialization

A

The degree to which tasks are subdivided into smaller jobs

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15
Q

Departmentalization

A

The process of grouping jobs together so that’s similar or Associated tasks and activities can be coordinated

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16
Q

Functional departmentalization

A

Departmentalization that is based on the primary functions performed within an organizational unit

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17
Q

Product departmentalization

A

Departmentalization that is based on the goods and services produced or sold by the organization unit

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18
Q

Process departmentalization

A

Departmentalization that is based on the production process used by the organizational unit

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19
Q

Customer departmentalization

A

Departmentalization that is based on the primary type of customers served by the organizational unit

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20
Q

Geographic departmentalization

A

Departmentalization that is based on the geographic segmentation of the organizational units

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21
Q

Organizational chart

A

A visual representation of the structured relationships among tasks and the people given the authority to do those tasks

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22
Q

Managerial hierarchy

A

The levels of management within an organization, typically includes top, middle, and supervisory management

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23
Q

Chain of command

A

The line of authority that extends from one level of an organization tools higher key to the next, from top to bottom, and makes clear who reports to whom

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24
Q

Authority

A

Different Power, granted by the organization and acknowledged by employees, that allows an individual to request action and expect compliance.

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25
Q

Delegation of authority

A

Assignment of some degree of authority and responsibility to persons lower in the chain of command

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26
Q

Span of control

A

The number of employees a manager directly supervises, also known as span of management

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27
Q

Centralization

A

The degree to which formal Authority is concentrated in one area or level of an organization

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28
Q

Decentralization

A

The process of pushing decision-making Authority down the organizational hierarchy

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29
Q

Mechanistic organization

A

Organizational structure that is characterized by a relatively High degree of job specialization, rigid departmentalization, many layers of management, narrow spans of management, centralized decision-making, and a long chain of command

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30
Q

Organic organization

A

Organizational structure that is characterized by relatively low degree of job specialization, loose departmentalization, few levels of management, wide spans of control, decentralized decision-making, and a short chain of command

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31
Q

Line organization

A

An organizational structure with direct, clear lines of authority and communication flowing from Top managers downward

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32
Q

Line and staff organization

A

Organizational structure that includes both line and staff positions

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33
Q

Line positions

A

All positions in the organization directly concerned with producing goods and services and directly connected from top to bottom

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34
Q

Staff positions

A

Positions in an organization helped by individuals to provide the administrative and supportive services that the line employees need to achieve the company’s goals

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35
Q

Matrix structure

A

Organizational structure that combines functional and product departmentalization by bring together people from different functional areas of the organization to work on a special project

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36
Q

Committee structure

A

An organizational structure in which authority and responsibility are held by a group rather than an individual

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37
Q

Group cohesiveness

A

The degree to which group members want to stay in the group and tend to resist outside influences

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38
Q

Work groups

A

Groups that share resources and coordinate efforts to help members better perform their individual jobs

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39
Q

Work teams

A

Similar to work groups but also requires the pooling of knowledge, skills, abilities, and resources to achieve a common goal

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40
Q

Problem solving teams

A

Usually members of the same Department to meet regularly to suggest ways to improve operations and solve specific problems

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41
Q

self-directed work teams

A

Teams without formal supervision that plan, select alternatives and evaluate their own performance

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42
Q

Cross functional team

A

Members from the same organizational level but from different functional areas

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43
Q

Informal organization

A

The network of connections and channels of communication based on the informal relationships of individuals inside an organization

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44
Q

Virtual Corporation

A

A network of independent companies linked by information technology to share skills, cost, and access to another’s markets, allows the companies to come together quickly to exploit rapidly changing opportunities

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45
Q

Informal organization

A

The network of connections and channels of communication based on the informal relationships of individuals inside an organization

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46
Q

Re-engineering

A

The complete redesign of business structures and processes to improve operations

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47
Q

Virtual Corporation

A

Network of independent companies linked by information technology to share skills, cost, and access to one another’s markets, allows the companies to come together quickly to exploit rapidly changing opportunities

48
Q

What are five types of departmentalization?

A 
Functional departmentalization
Product departmentalization
Process departmentalization
Customer departmentalization
Geographic departmentalization
49
Q

What factors determine the optimal span of control?

A

If hundreds of employees perform the same job, one supervisor might be able to manage a very large number of employees but if employees perform complex and dissimilar tasks, a manager can effectively supervise only a much smaller number

50
Q

What are the primary characteristics of a decentralized organization?

A

Organization is very large such as Ford, Boeing, Suncor Energy.

Company is in a dynamic environment where quick local decisions must be made as in many high tech industries

Managers are willing to share power with their subordinates, employees are willing and able to take more responsibility

Company is spread out geographically, such as the bay, Loblaw companies, and Manulife Financial

51
Q

Compare and contrast mechanistic and organic organizations

A

Mechanistic organizations usually have high job specialization, rigid departmentalization, many levels of management, narrow spans of control, centralized decision-making Authority, and long chain of commands.

Organic organizations usually have low job specialization, loose departmentalization, few levels of management, wide spans of control, decentralized decision-making Authority, and short chain of commands.

52
Q

What factors determine whether an organization should be mechanistic or organic?

A

A company’s organizational structure relative to its size significantly impacts whether it should be mechanistic organic. Smaller companies tend to follow an organic model, in part because they can. While larger companies tend to fall within the mechanistic organization structure.

53
Q

What is the difference between work teams and workgroups?

A

Both work teams and workgroups share resources and coordinating efforts to help members better perform their duties and responsibilities. The main difference is work teams collectively try to obtain a common goal while work groups try to perform their individual duties and responsibilities better while summimg up all their success

54
Q

Motivation

A

Something that prompts a person to release his or her energy in a certain direction

55
Q

Need

A

The gap between what is and what is required

56
Q

Want

A

The gap between what is and what is desired

57
Q

Intrinsic Rewards

A

The rewards that are part of the job itself

58
Q

Extrinsic Rewards

A

The rewards that are external to the job

59
Q

Scientific management

A

System of management developed by Frederick W. Taylor and based on four principles, developing a scientific approach for each element of the job, scientifically selecting and training workers, encouraging cooperation between workers and managers, and dividing work and responsibility between management and workers according to who can better perform a particular task

60
Q

Hawthorne effect

A

The phenomena that employees perform better when they feel singled out for attention or feel that management is concerned about their welfare

61
Q

Maslow’s hierarchy of needs

A

A theory of motivation developed by Abraham Maslow that holds that humans have five levels of needs and act to satisfy their unmet needs, the base of the higher care fundamental psychological needs, followed in order by safety, social, esteem, and self-actualization needs

62
Q

What are the five levels of Maslow’s hierarchy of needs?

A 
5-Self-actualization needs 
4- esteem needs 
3- social needs 
2- safety needs 
1- physiological needs
63
Q

ERG Theory

A

A theory of motivation developed by Clayton alderfer to better support puracol research than Maslow’s hierarchy of needs theory, three components of the model are existence, relatedness, and growth

64
Q

Existence

A

The concern for basic material existent motivators

65
Q

Relatedness

A

The concern for interpersonal relations

66
Q

Growth

A

The concern for personal growth

67
Q

Theory X

A

Management style formulated by Douglas McGregor that is based on a pessimistic view of human nature and assumes that the average person dislikes work, will avoid it if possible, the first to be directed, avoid responsibility, and want security above all

68
Q

Theory Y

A

Management style formulated by Douglas McGregor that is based on a relatively optimistic view of human nature, assumes that the average person wants to work, accept responsibility, it’s going to help solve problems, and can be self-directed and self-control

69
Q

Theory Z

A

Theory developed by William Ochi that combines North American and Japanese business practices by emphasizing long-term employment, slow Career Development, modern specialization, group decision making, individual responsibility, relatively informal control over the employee, and concern for workers

70
Q

Motivating factors

A

Intrinsic job elements that lead to worker satisfaction

71
Q

Hygiene factors

A

Extrinsic elements of the work environment that do not serve as a source of employee satisfaction on motivation

72
Q

Expectancy Theory

A

The theory of motivation that holds at the probability of an individual’s acting on a particular way depends on how strongly that person believes the ACT will have a particular outcome and on whether that person values that okay

73
Q

Equity Theory

A

Theory of motivation that holds that worker satisfaction is influenced by employees perceptions about how fairly they are treated compared to their coworkers

74
Q

Job enlargement

A

Horizontal expansion of a job based on an increase in the number of variety of tasks that a person performs

75
Q

Job enrichment

A

Vertical expression of a job based on an increase in the employees autonomy, responsibilities, and decision-making Authority

76
Q

Job rotation

A

The shifting of workers from one job to another, also called cross training

77
Q

Flextime

A

Employee have more control over the actual time that they work but are generally expected to work a certain number of hours per day or week

78
Q

Job sharing

A

Scheduling option that allows two individuals to split their tasks, responsibilities, and work hours of one 40 hour per week job

79
Q

Telecommuting

A

An arrangement in which employees work at home and are linked to the office by phone, fax, and computer

80
Q

Human Resource Management HRM

A

Process of hiring, developing, motivating, and evaluating employees to achieve organizational goals

81
Q

Human resource planning HR

A

Creating a strategy for meeting future human resource needs

82
Q

Job analysis

A

Process that identifies in determines the job duties and requirements and the importance of each in the organization

83
Q

Job description

A

Tasks and responsibilities of a job

84
Q

Job specification

A

List of skills, knowledge, and abilities that a person must have to fill a job

85
Q

Contingent workers

A

Person to Preferred temporary employment, either part or full-time

86
Q

Recruitment

A

The attempt to find and attract qualified applicants in the external labor market

87
Q

Job fair

A

An event, typically One Day, held at a Convention Center to bring together thousands of job Seekers and hundreds of companies searching for employees

88
Q

Corporate open house

A

Persons are invited to an open house on the premises of the corporation, qualified applicants are encouraged to complete an application before leaving

89
Q

Selection interview

A

An in-depth discussion of an applicant’s work experience, skills and abilities, education, and career interest

90
Q

Selection

A

Process of determining which persons in the applicant pool possess the qualifications necessary to be successful on the job

91
Q

Training and development

A

Activities that promote learning situations in which an employer requires additional knowledge or skills to increase job performance

92
Q

Orientation

A

Training that prepares a new employee to perform on the job, includes information about the job assignments, work rules, equipment, and performance expectations, as well as about company policies, salary and benefits, and parking

93
Q

On-the-job training

A

Training in which the employee learns on the job by doing it with guidance from a supervisor or an experienced co-worker

94
Q

Job rotation

A

Reassignment of workers to several different jobs over time so that they can learn the basics of each job

95
Q

Apprenticeship

A

Form of on-the-job training that combined specific job instruction with classroom instruction

96
Q

Articling

A

Working in an accredited environment to apply theoretical knowledge wearing to the formal education and develop professional judgement

97
Q

Mentoring

A

Form of on-the-job training in which a senior manager or other experienced employee provides job and career related information to a protege

98
Q

Programmed instruction

A

Form of computer-assisted off the job training

99
Q

Simulation

A

A scaled-down version or mock-up of equipment, process, or work environment

100
Q

Performance appraisal

A

Comparison of actual performance with expected performance to assess the employee’s contribution to the organization

101
Q

Fringe benefits

A

Indirect compensation, such as pensions, health insurance, and vacations

102
Q

Labor union

A

An organization that represents workers and dealing with management over issues involving wages, hours, and working condition

103
Q

Collective bargaining

A

Process of negotiating labor agreements that provide for compensation and working Arrangement mutually acceptable to the union and to management

104
Q

Local Union

A

A branch or unit of national Union that represents workers at a specific plant or in a specific geographic area

105
Q

National Union

A

Union that consists of many local unions in a particular industry, skilled trade, or geographic area and this represents workers throughout an entire country

106
Q

Shop steward

A

An elected Union official who represents union members to management when workers have issues

107
Q

Closed shop

A

Company where only union members can be hired

108
Q

Union shop

A

Company where non-union workers can be hired but must then join the Union

109
Q

Agency shop

A

Company where employees are not required to join the union but must pay it a fee to cover its expenses in representing them

110
Q

Open shop

A

Company where employees do not have to join the union or pay dues or fees to the union, establish under right to work laws

111
Q

Cost of living adjustment COLA

A

A provision in a labor contract that calls for wages to increase automatically as the cost of living Rises, usually measured by the Consumer Price Index CPI

112
Q

Grievance

A

Formal complaint, filed by the employee or by the union, charging that management has violated the contract

113
Q

Arbitration

A

The process of settling a labor-management dispute by having a third party, a single arbitrator or panel, make a decision, which is binding on both the union and the employer

114
Q

Mediation

A

A method of attempting to settle labor issues in which a specialist, the mediator, tries to persuade management and the union to adjust or settle their dispute

115
Q

Outsource

A

Assignment of various functions, such as human resources, accounting, or legal work, to outside organizations

116
Q

Competitive advantage

A

A set of unique features of a company and its products that are perceived by the Target Market as significant and Superior to those of the competition, also called differential advantage

Intro to Business 1 (3 decks)

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