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CH 4-7 Flashcards

1
Q

Managers can be …

A
  1. Problem avoiders
  2. Problem solvers
  3. Problem seekers
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2
Q

Managers use these two types of thinking

A

systematic & intuitive

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3
Q

Managers make decisions under these three conditions

A
  1. certainty
  2. risk
  3. uncertainty
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4
Q

Managers make __________ decisions and ____________ decisions.

A

Programmed and Unprogrammed

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5
Q

Problem Solving

A

involves identifying and taking action to resolve problems

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6
Q

Knowledge workers

A

add value to organizations through their intellectual capabilities

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7
Q

information competency

A

the ability to gather and use information to solve problems

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8
Q

performance threat

A

a situation where something is wrong or likely to be wrong

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9
Q

performance opportunity

A

a situation that offers the possibility of a better future if the right steps are taken

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10
Q

problems pose ______ & __________

A

threats and opportunities

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11
Q

Problem avoiders

A

prefer not to make decisions and ignore problems

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12
Q

Problem Solvers

A

reacts to problems as they occur

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13
Q

Problem Seekers

A

proactive in anticipating threats and opportunities

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14
Q

Programmed decisions

A

applies a solution from past experience to a routine problem

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15
Q

Non Programmed decisions

A

applies a specific solution crafted for a unique problem

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16
Q

Systematic Thinking

A

approaches problems in a rational and analytical fashion

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17
Q

Intuitive Thinking

A

approaches problems in a flexible and spontaneous fashion

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18
Q

The four problem solving approaches

A
  1. sensation thinkers
  2. intuitive thinkers
  3. Intuitive feelers
  4. Sensation feelers
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19
Q

Sensation Thinker

A

impersonal, realistic, prefer facts

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20
Q

Sensation Feeler

A

relationship oriented, analytical, realistic

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21
Q

Intuitive Thinker

A

impersonal, abstract, idealistic, likes unstructered problems

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22
Q

Intuitive Feeler

A

relationship oriented, abstract, flexible

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23
Q

3 problem solving enviorments

A

certain, risk, unceratin

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24
Q

Decision Making errors

A 
Availability Heuristic
Representative Heuristic
Anchoring and Adjustment Heuristic
Framing Error
confirmation error
escalating committment
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25
Availability Heuristic
occurs when people use information "readily available" as a basis for assessing a current event or situation
26
Representative Heuristic
occurs when people assess the likelihood of something occurring based on its similarity to a stereotyped set of occurrences
27
Anchoring and Adjustment Heuristic
involves making decisions based on adjustments to a previously existing value, or starting point
28
Framing error
solving a problem in the context percieved for example positive or negative (How you present it)
29
Crisis
unexpected situations that can lead to disaster if not handed quickly
30
Crisis management programs
train managers in decision making and establish plans to handle emergencies
31
Management Process
Planning Organizing Leading Controlling
32
Planning Steps
1. Define Objectives 2. Determine current status compared to objectives 3. Develop premisis regarding future conditions and generate alternative scenarios for what may happen 4. Analyze alternatives and make a plan 5. Implement and evaluate the plan
33
Good planning makes us:
Action Oriented Priority Oriented Advantage Oriented Change Oriented
34
Planning improves _______________
Time Managment
35
Short Range Plans
year or less
36
long range plans
three years or more
37
Strategic Plans identify ____________ directions for the organization.
Long term
38
Vision
the purpose of the organization
39
Operational Plans
identify activites to implement strategic plans
40
Functional plans
identify roles of functional areas
41
Policy
communicates broad guidelines for making decisions
42
Procedure
defines specific actions to be taken in specific situations
43
Budget
commit resources to activities, programs or projects
44
Types of Budges
1. Financial- cash flows and expenses 2. Operating- anticipate sales and revenue 3. Nonmonetary- allocate resources 4. Fixed- set amounts for specific purposes 5. Flexible-vary in prportion to a level of activity 6. Zero based- start from scratch
45
Forcasting
tries to predict the future
46
Contingency planning
creates back up plans for when things go wrong
47
Scenario planning
crafts plans for alternative future conditions
48
Bench marking
identifies best practices
49
Staff planners
provide special expertise
50
participatory planning
improves implementation
51
Goal setting
helps align plans and activities
52
Goals need to be
``` Specific Timely Measurable Challenging Attainable ```
53
Control Function
process of measuring performance and taking action to ensure desired results
54
Control Process
1. Objectives and Standards 2. Measures actual performance 3. Compares results with objectives and standards 4. Takes corrective action as needed
55
Types of Controls
Feedfoward Controls -Solve problems before they occure Concurrent Controls- Solve problems while they occur Feedback Controls- Solve problems after they occur
56
Internal Control
motivate employees excercise self control in their work | Participation in planning work and having sense of purpose facilitate motivation
57
External Controls
Bureaucratic Control Clan Control Market Control
58
Bureaucratic Control
involves policies, procedures, budgets, and supervision to influence behavior
59
Clan Control
uses the organizations culture to influence behavior
60
Market Control
influence that market competition has on organizaional decisions such as price, product modification and expansion.
61
Inventory Control helps _______ _________.
Save cost
62
Break even analysis
shows where revenue will equal cost
63
Financial rations and balanced score cards ____________ organizational controls
strengthen
64
Economic Order Quanitity
pre determined amount of inventory is order when current inventory reaches a certain level
65
Just in Time scheduling
inventory arrives EXACTLY when needed for production or sales ex. Toyota
66
Liquidity
measures ability to meet short term obligations
67
Leverage
measures use of debt
68
Asset Management
measures asset and inventory efficiency
69
Strategy
a comprehensive plan for achieving competitive advantage
70
Competitive Advantage
operating in successful ways that are difficult to duplicate

MGT301 (5 decks)

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