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Principles of Management > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Managing a competitive world:

A
  • globalization
  • technological change
  • knowledge management
  • collaboration across boundaries
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2
Q

globalization:

A
  • offices and production facilities all over the world
  • talent and competition come from anywhere
  • affects large and small companies
  • changed the face of the workforce
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3
Q

technological change:

A
  • online customer engagement, AI, date protection, cloud computing
  • challenges created by rapid changes
  • internet creates opportunities but also introduces threat
  • will start to adapt to people’s references
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4
Q

knowledge management:

A
  • funding, unlocking, sharing, and capitalizing on the most precious resources of an organization: expertise, skills, wisdom, and relationships
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5
Q

collaboration across boundaries:

A
  • coopetition
  • requires productive communications among different departments, divisions, or subunits of the organization
  • companies also collaborate with their customers
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6
Q

coopetition

A

is simultaneous competition and cooperation among companies with the intent of creating value

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7
Q

managing for competitive advantage:

A
  • innovation (the introduction of new goods and services)
  • quality (the excellence of your product)
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8
Q

innovation

A
  • service
  • speed
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9
Q

quality

A
  • cost
  • competitiveness
  • sustainability
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10
Q

Functions of management: (Henri Fayol)

A
  • planning
  • organizing
  • leading
  • controlling
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11
Q

planning:

A

systematically making decisions

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12
Q

organizing:

A

making sure that all resources that you have in place is organized

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13
Q

leading:

A

trying to stimulate high performance people

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14
Q

controlling:

A

this is how you monitor performance

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15
Q

Management levels:

A
  • top managers
  • middle managers
  • first line managers
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16
Q

top managers

A
  • set objectives
  • scan environment
  • plan and make decisions
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17
Q

middle managers

A
  • report to top of management
  • oversee first line managers
  • develop and implement activities
  • allocate resources
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18
Q

first line managers

A
  • report to middle managers
  • supervise employees
  • coordinate activities
  • are involved in day to day operations
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19
Q

Manager roles (Henry Mintzberg)

A
  • interpersonal roles
  • informational roles
  • decisional roles
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20
Q

Managerial roles

A
  • decisional roles
  • informational roles
  • interpersonal roles
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21
Q

decisional roles

A
  • entrepreneur
  • disturbance handler
  • resource allocator
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22
Q

entrepreneur

A

search for new business, initiate new projects

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23
Q

disturbance handler

A

take corrective action during crises

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24
Q

resource allocator

A

provide funding and other resources make significant

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25
Q

informational roles

A
  • monitor
  • disseminator
  • spokesperson
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26
Q

monitor

A

seek information, serve as the center of communication

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27
Q

disseminator

A

transmit information from source to source

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28
Q

spokesperson

A

speak on behalf of organization

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29
Q

interpersonal roles

A
  • leader
  • liaison
  • figurehead
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30
Q

leader

A

staffing, developing, motivating people

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31
Q

liaison

A

maintain network of outside contacts

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32
Q

figurehead

A

perform symbolic duties

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33
Q

Management skills

A
  • technical skills
  • conceptual and decision skills
  • interpersonal and communication skills
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34
Q

technical skills

A

ability to perform a specified task involving a particular method or process

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35
Q

conceptual and decision skills

A

skills related to abilities that help identify and resolve problems

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36
Q

interpersonal and communication skills

A

people skills that represent the ability to lead, motivate and communicate effectively with others

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37
Q

Scientific management

A

focuses on improving efficiency

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38
Q

Father of scientific management (Frederick Taylor) believed:

A
  • develop a science for each element of work
  • scientifically select, train teach and develop
  • cooperate with workers to ensure work is being done
  • equal division of work and responsibility between workers and management
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39
Q

Soldiering

A

when workers deliberately slow their pace of restrict their work output

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40
Q

Rate buster

A

a worker whose work pace is faster than the groups

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41
Q

T&D

A
  • scientific investigation on work details, best method, shortest time
  • capable teacher
  • reward for both teacher and pupil once successful
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42
Q

Gantt chart

A

a graphical chart that shows which tasks must be completed at which times in order to complete a project or task

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43
Q

Frank & Lillian Gilbreth (made significant contributions to the employment of disabled workers and to the field of industrial psychology)

A
  • motion studies
  • time studies
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44
Q

motion studies

A

breaking tasks or job into its separate motions and elimination unnecessary or repetitive motions

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45
Q

time studies

A

timing how long it takes good workers to complete each part of their job

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46
Q

Administrative management

A

focuses on how they do their job

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47
Q

Bureaucratic management

A

focuses on using knowledge, fairness, and logical rules and procedures

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48
Q

Max Weber

A

the exercise of control on the basis of knowledge

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49
Q

Qualification

A

based hiring: employees are. hired on the basis of their technical training or educational background

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50
Q

Merit

A

based promotion: promotion is based on experience or achievement. Managers, not organizational owners, decide who is promoted

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51
Q

Division of labor

A

takes responsibilities and authority are clearly divided and defined

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52
Q

Chain of command

A

each job occurs within a hierarchy in which each position reports and is accountable to a higher position

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53
Q

Quantitative approach

A

the use of quantitative techniques to improve decision making

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54
Q

Quality management

A

a philosophy of management that is driven by continuous improvement and responsiveness to customer need and expectations

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55
Q

Human relations management

A

focuses on people, particularly the psychological and social aspects of work

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56
Q

Mary Parker Follet

A

added significantly to our understanding of the human, social and psychological sides of management

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57
Q

domination

A

win-lose

58
Q

compromise

A

lose-lose

59
Q

integrative conflict resolution

A

win-win

60
Q

Chester Barnard

A

workers ultimately grant managers their authority (plans, inputs, process, outputs)

61
Q

Hawthorne studies

A

the effect if group social interactions, employees satisfaction, and attitudes had on individual and group performance

62
Q

Hawthorne studies ex:

A
  • working of informal social factors
  • pay attention to workers
  • open communication
  • increase productivity
63
Q

Douglas McGregor

A
  • theory x
  • theory y
64
Q

theory x

A

assumes the average worker is lazy, dislikes work and will do as little as possible; manager must closely supervise and control through reward and punishment

65
Q

theory y

A

assumes workers are not lazy, want to do a good job and the job itself will determine if the worker likes to work; managers should allow the worker great latitude and create organization to stimulate the worker

66
Q

Maslow’s hierarchy of needs

A
  • self actualization
  • esteem
  • love/belonging
  • safety
  • psychological
67
Q

systems approach

A

view organization as a part of a whole, environment, conscious, focus on communication and cooperation 1+1=3 (synergy)

68
Q

the organization as an open system

A
  • inputs
  • transformation
  • outputs
69
Q

inputs

A

receive raw materials, services and financial, human and information resources from the environment

70
Q

transformation

A

transform resources into finished goods and services

71
Q

outputs

A

send outputs back into the environment

72
Q

macroenvironment

A
  • economy
  • technology
  • legal and regulations
  • demographics
  • social issues
  • natural environment
73
Q

competitive environment

A
  • rivals
  • suppliers
  • buyers
  • new entrants
  • substitutes and complements
74
Q

internal environment

A
  • culture
  • values
  • climate
75
Q

regulators include agencies such as:

A
  • securities and exchange commission (SEC)
  • occupational safety and health administration (OSHA)
  • equal employment opportunity commission (EEOC)
  • national labor relations board (NLRB)
  • office of federal contract compliance programs (OFCCP)
76
Q

Technology

A
  • technological advances create new products, advanced production techniques, and better ways of managing and communicating
  • as technology evolves, new industries, markets and competitive niches develop
77
Q

demographics

A

measure of various characteristics of the people who make up groups or other social units

78
Q

demographic trends

A
  • aging of the workforce
  • increasing education and skill levels
  • immigration factors
  • increasingly diverse workforce
79
Q

social trends regarding how people think and behave have major implications for management of the labor force

A
  • family leave policies
  • flexible benefit packages
  • domestic partner benefits
  • company response to social issues
80
Q

Organizations depend on the natural environment to provide them with resources

A
  • operations impact quality and quantity of resources
  • impacts on local citizens
  • impacts on social issues as well as political and legal environments
81
Q

porters 5 forces:

A
  • threat of new entrants
  • bargaining power of customers
  • threat of substitute product
  • bargaining power of suppliers
  • competitive rivalry within an industry
82
Q

competition is most intense when

A
  • there are many direct competitors
  • industry growth is slow
  • product/service is not easily differentiated
83
Q

new entrants

A
  • barriers to entry
  • conditions that prevent new companies from entering an industry
  • government policy, capital requirements, brand identification, costs disadvantages, and distribution channels
84
Q

substitute

A
  • alternative products or services
  • potential threat
85
Q

complements

A
  • products or services that increase purchases of other products
  • potential opportunity
86
Q

supply chain management

A

managing the acquisition of materials, their transformation into products, and the distribution of products to customers

87
Q

switching costs

A
  • provide resources or inputs needed for production
  • fixed costs buyer face if they change suppliers
88
Q

Environmental analysis

A
  • environmental uncertainty
  • environment complexity
  • environmental dynamism
89
Q

environmental uncertainty

A

lack of information needed to understand or predict the future

90
Q

environment complexity

A

the number of issues that must be attended to as well as the interconnectedness of these items

91
Q

environmental dynamism

A

the degree of discontinuous change that occurs within an industry

92
Q

environmental scanning

A
  • scenario
  • forecasting
93
Q

scenario

A

a narrative that best describes a set of future conditions. best-case, worst-case

94
Q

forecasting

A

method for predicting how variables will change the future

95
Q

benchmarking

A

the process of comparing an organization’s practices and technologies with those of other companies

96
Q

strategic maneuvering

A

an organizations conscious efforts to change the boundaries of its task environment

97
Q

domain selection

A

entrance to a new market o industry with an existing expertise

98
Q

diversification

A

occurs when a firm invest in a different product, business or demographic area

99
Q

mergers

A

where one or more companies combined with another

100
Q

acquisitions

A

one firm buys another

101
Q

defender

A

dominating a narrow product or service market segment

102
Q

divestitures

A

a firm sells one or more businesses

103
Q

analyzer

A

exploiting new opportunities at a relatively early stage while maintain a base traditional products or services

104
Q

prospector

A

identifying and exploiting new opportunities quickly

105
Q

reactor

A

firms that do not practice any distinct overall strategy

106
Q

independent strategies

A

strategies that an organization acting on its own uses to change some aspect of its current environment

107
Q

competitive aggression

A

exploiting a distinctive competence or improving internal efficiency for competitive advantage

108
Q

competitive pacification

A

independent actions to improve relations with competitors

109
Q

public relations

A

Establishing and maintaining favorable images in the minds of those making up the environment

110
Q

voluntary actions

A

Voluntary commitment to various interest groups, causes, and social problems

111
Q

legal action

A

Engaging a company in a private legal battle

112
Q

political action

A

Efforts to influence elected representatives to create a more favorable business environment or limit competition

113
Q

cooperative strategy

A

strategies used by two or more organizations working together to manage external environment

114
Q

contraction

A

Negotiating an agreement between the organization and another group to exchange goods, services, informations, patents and so on

115
Q

cooptation

A

Absorbing new elements into the organization’s leadership structure to avert threats to its stability or existence

116
Q

coalition

A

Two or more groups coalescing and acting jointly with respect to some set of issues for some period of time

117
Q

adapting at the boundaries

A
  • buffering
  • smoothing
118
Q

buffering

A

creating supplies of excess resources in case of unpredictable needs

119
Q

smoothing

A

leveling normal; fluctuations at the boundaries of the environment

120
Q

flexible process

A

allows for adaptation in the technical core to meet the varied and changing demands of customers

121
Q

organizational culture

A

the set of important assumptions about the organization and its goals and practices that members of the company share

122
Q

strong cultures

A

majority of people within the organization agree on organizational goals

123
Q

weak cultures

A

different people hold different values and there is confusion about corporate goals

124
Q

organization climate

A

organizational climate consists of the patterns of attitudes and behavior that shape people’s experience of an organization

125
Q

characteristics of managerial decisions:

A
  • risk
  • certainty
  • uncertainty
  • lack of structure
  • conflict
126
Q

risk

A

the state that exists when the probability of success is less than 100 percent and losses may occur

127
Q

certainty

A

the state that exists when decision makers have accurate and comprehensive information

128
Q

uncertainty

A

the state of that exists when decision makers have insufficient information

129
Q

lack of structure

A
  • programmed decisions
  • nonprogrammed decisions
130
Q

programmed decisions

A

decisions encountered and made before, having objectively correct answers and solvable by using simple rules, policies, or numerical computations

131
Q

nonprogrammed decisions

A

new, novel, complex decisions having no proven answers

132
Q

conflict

A

opposing pressures from different sources, occurring on the level of psychological conflict or of conflict between individuals or groups

133
Q

levels of conflict:

A
  • individual decision makers
  • conflict between people
134
Q

phase 1: identify and diagnose the problem

A
  • recognize there is a gap between the current and desired state
  • is there an opportunity that can be exploited?
  • Diagnose the reason for the performance gap
135
Q

phase 2: generate alternative solutions

A
  • ready made solutions (ideas that have been seen or tried before)
  • custom made solutions (new, creative solutions designed specifically for the problem)
136
Q

phase 3: evaluate alternatives

A
  • which solution will be the best?
  • what consequences will occur?
  • how will you measure success?
  • contingency plans
137
Q

phase 4: make the choice

A
  • maximizing (a decision realizing the best possible outcome)
  • satisficing (choosing an option that is acceptable, although not necessarily the best of perfect)
  • optimizing (achieving the best possible balance among several goals)
138
Q

phase 5: implement the decision

A
  • adequate planning requires several steps
139
Q

phase 6: evaluate the decision

A
  • positive feedback
  • negative feedback
140
Q

the best decision making processes

A
  • reflexive (done quickly and without thought)
  • reflective (slow and deliberate)
141
Q

vigilance

A

a process in which a decision maker carefully executes all stages of decision making

Principles of Management (15 decks)

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