Chapter 4 Online Notes: The Management Model Flashcards
True or False; resources cannot be exchanged for another
false
What are 4 types of resources and define each
1) Intangible: Cannot be touched
2) Tangible: Resources that are real, touchable, or capable of being appraised
3) Human: Ski;;s, talents and abilities
3) Material: Natural phenomena
What is key for resources
The recognition and allocation
The economy influences or limits what
how one spends their resources
Scarcity is
A shortage or insufficient amount or supply
Scarce availability = what in price
Increase
Does Scarcity directly relate to price?
Yes
Define opportunity costs
The highest valued alternative that must be sacrificed to satisfy a want or attain something
Define one law of supply and demand
Scarcity affects the price and worth of a resource
As the price of an item rises the demand __
Drops
As supply goes up price will ____
Fall
Decision making is the process of
making a choice between two or more alternativities
Decisions range from
small to large
Lack of confidence in decision making can lead to
over reliance on others
What are the 6 steps to deciding a plan
1) Define the decision
2) Esitmate resources needed
3) Consider the alternatives
4) Explore possible consequences of alternative course of action
5) Develop an action plan and implement
5) Evaluate plan
What are two decision making models and define each
a) Central satellite model: Depicts a large decision in the center and prompts the necessity of many smaller decisions to follow
b) The chain model: Starts with one key decision and leads to a number of decisions that need to be completed in a particular order
Decision making becomes more difficult when
interests of individual in a group vary
A problem is
a question or situation that present uncertainty, risk, perplexity or difficulty and requires problem solving
Problem solving is influenced by
a) Needs
b) Perceptions
c) Values
d) Available resources
e) Learning
What are the 5 types of plans?
a) Directional
b) Contingency
c) Strategic
d) Proactive
e) Reaction
Planning is an _______ Behaviour that takes ____ and _____
active behaviour that takes energy and effort
Three factors affecting planning and implementation are
a) Situational
b) Personality characteristics
c) Knowledge
What are two elements of planning
a) Timing of the project
b) Scheduling
What are two key considerations one has to make when thinking about the timing of a project
a) Scheduling
b) Sequencing
