Chapter 1

Question 1

Milton Friedman

Answer 1

American economist, statistician, who received the nobel memorial prize for his research on consumption analysis, monetary history. Also, he supported drug policy and LGBT rights.

Question 2

Friedman thoughts on corporations

Answer 2

Corporations have a responsibility to act to increase welfare of the stockholders.

Question 3

Rule-Based Theories

Answer 3

Emphasize the character of the act itself, not its effects in arriving at the universal moral rights and wrongs (i.e. Bible, Koran, etc.)

Question 4

Character Theories of Ethics

Answer 4

Emphasize the character of the individual and the intent of the actor, in contrast to either the character of the act itself or its consequences.

Question 5

Ethics

Answer 5

The discipline that systematically analyzes and attempts in relation to human behavior and charter to find rational justification for our moral choices and judgements

Question 6

Ethical

Answer 6

In accordance with the accepted principles of right and wrong that govern the conduct of human behavior

Question 7

Legal

Answer 7

Authorized by or based on law. Established by law

Question 8

Moral

Answer 8

Concerned with the judgement/ principles of right or wrong

Question 9

Immoral

Answer 9

Contrary to established moral principles

Question 10

Amoral

Answer 10

Not caring about right or wrong

Question 11

Sustainability

Answer 11

Meets the needs of the present without compromising the ability/needs of the future generations

Question 12

Management

Answer 12

POLC (Planning, organizing, leading, controlling) of human and other resources to achieve organizational goals efficiently and effectively.

Question 13

Organizational Performance

Answer 13

Efficient and effective use of resources to satisfy customers and achieve organizational goals. Or performance increases with an increase in efficiency and effectiveness.

Question 14

Productivity

Answer 14

Ratio of input/output

Question 15

Efficiency

Answer 15

Objective: low waste. A measure of how well or how productively resources are used to achieve a goal

Question 16

Effectiveness

Answer 16

Objective: goal attainment. A measure of the goals an organization is pursuing and the degree to which the organization achieves those goals

Question 17

Systems Approach

Answer 17

Organization as input/output system. Closed system-self contained/deterministic Open system-interacts with environment

Question 18

Synergy

Answer 18

Whole > sum of its parts

Question 19

Planning

Answer 19

Identifying, selecting proper goals, what strategies to use to attain goals and how to allocate resources

Question 20

Organizing

Answer 20

Structuring relationships so organizational members interact and cooperate to achieve organizational goals

Question 21

Organizational Structure

Answer 21

A formal system of task and reporting relationships that coordinates and motivates members so they work together to achieve organizational goals

Question 22

Leadership

Answer 22

Articulating a vision, goals and energizing. Enabling organizational members so they achieve organizational goals

Question 23

Control Process

Answer 23

Ability to measure accurately and regulate organizational efficiency and effectiveness.

Question 24

3 Types of Managerial Roles

Answer 24

Decisional
Interpersonal
Informational

Question 25

4 Specific Roles of Decisional

Answer 25

Entrepreneur
Disturbance handler
Resource allocator
Negotiator

Question 26

3 Specific Roles of Interpersonal

Answer 26

Figurehead
Leader
Liaison

Question 27

3 Specific Roles of Informational

Answer 27

Monitor
Disseminator
Spokesperson

Question 28

First-line Managers

Answer 28

Often called supervisors, they are responsible for daily supervision of the non managerial employees who perform the specific activities necessary to produce goods and services

Question 29

Middle Managers

Answer 29

Responsible for finding the best way to organize human and other resources to achieve organizational goals

Question 30

Top Managers

Answer 30

Responsible for the performance of all departments

Question 31

CEO

Answer 31

A company’s most senior and important manager, the one all other top managers report to.

Question 32

Conceptual skills

Answer 32

Are demonstrated in the general ability to analyze and diagnose a situation and to distinguish between cause and effect

Question 33

Human skills

Answer 33

The general ability to understand, alter, lead, and control the behavior of other individuals and groups

Question 34

Technical skills

Answer 34

Job-specific skills required to perform a particular type of work or occupation at a high level

Question 35

Core Competency

Answer 35

Used to refer to the specific set of departmental skills, knowledge, and experience that allows one organization to outperforms competitors

Question 36

Restructuring

Answer 36

Simplifying, shrinking, or downsizing an organization’s operations to lower operating costs

Question 37

Outsourcing

Answer 37

Contracting with another company, usually in a low-cost country abroad.

Question 38

Empowerment

Answer 38

A management technique that involves giving employees more authority and responsibility over how they perform their work activities

Question 39

Global Organizations

Answer 39

Organizations that operate and compete in more than one country, has pressured many organizations to identify better ways to use their resources and improve their performance.

Question 40

Competitive Advantage

Answer 40

The ability of one organization to outperform other organizations because it produces desired goods or services more efficiently and effectively than its competitors

Question 41

Innovation

Answer 41

The process of creating new or improved goods and services that customers want or developing better ways to produce or provide goods and services, poses a special challenge.