Exam 1 Prep Flashcards
Management
Getting work done through others
Efficiency
Getting work done with a minimum of effort, expense or waste
Middle Managers
Responsible for setting objectives consistent with top management’s goals and for planning and implementing subunit strategies for achieving these objectives.
Leader Role
The interpersonal role managers play when they motivate and encourage workers to accomplish organizational objectives
Soldiering
When workers deliberately slow their pace or restrict their work output
Social Responsibility
A business’s obligation to pursue policies, make decisions, and take actions that benefit society
Groupthink
A barrier to good decision making caused by pressure within the group for members to agree with each other
Company Mission
A company’s purpose or reason for existing
Planning
Determining organizational goals and a means for achieving them
Organizing
Deciding where decisions will be make, who will do what jobs and tasks, and who will work for whom
Leading
Inspiring and motivating workers to work hard to achieve organizational goals
Effectiveness
Accomplishing tasks that help fulfill organizational objectives
Controlling
Monitoring progress toward goal achievement and taking corrective action when needed
Top Managers
Executives responsible for the overall direction of the organization
First-Line Managers
Train and supervise the performance of non-managerial employees who are directly responsible for producing the company’s products or services
Team Leaders
Managers responsible for facilitating team activities toward goal accomplishment
Figurehead Role
The interpersonal role managers play when they perform ceremonial duties
Liaison Role
Interpersonal role managers play when they deal with people outside their unites
Monitor Role
The informational role managers play when they scan their environment for information
Conceptual Skills
The ability to see the organization as a whole, understand how the different parts affect each other, and recognize how the company fits into or is affected by its environment
Environmental Complexity
The number and the intensity of external factors in the environment that affect organizations
Punctuated Equability Theory
The theory that companies go through long periods of stability (equilibrium), followed by short periods of dynamic, fundamental change (revolutionary periods), and then a new equilibrium
Advocacy Groups
Concerned citizens who band together to try to influence the business practices of specific industries, businesses, and professions
Environmental Scanning
Searching the environment for important events or issues that might affect and organization
Employee Shrinkage
Employees theft of company merchandise
Visible Artifacts
Visible signs of an organization’s culture, such as the office design and layout, company dress code, and company benefits and perks, like stock options, personal parking spaces, or the private company dining room
Ethics
The set of moral principles or values that defines right and wrong for a person or group
Ethical Intensity
The degree of concern people have about an ethical issue
Principle of Distributive Justice
An ethical principle that holds that you hold never take any action that harms the least fortunate among us: the poor, the uneducated, the unemployed
Action Plan
A plan that lists the specific steps, people, resources, and time period needed to attain a goal
Operational Plans
Day-to-day plans, developed and implemented by lower-level managers, for producing or delivering the organization’s products and services over a thirty-day to six-month period
Rational Decision Making
A systematic process of defining problems, evaluating alternatives, and choosing optimal solutions
Resources
The assets, capabilities, processes, employee time, information, and knowledge that an organization uses to improve its effectiveness and efficiency and create and sustain competitive advantage
Secondary Firms
The firms in a strategic group that follow strategies related to but somewhat different from those of the core firms
Magnitude of Consequences
The total harm or benefit derived from an ethical decision
Stakeholder Model
A theory of corporate responsibility that holds that management’s most important responsibility, long-term survival, is achieved by satisfying the interests of multiple corporate stakeholders
Discretionary Responsibility
The social roles that a company fulfills beyond its economic, legal, and ethical responsibilities
Organizational Culture
The values, beliefs, and attitudes shared by organizational members
Shareholder Model
A view of social responsibility that holds that an organization’s overriding goal should be profit maximization for the benefit of shareholders
Ethical Responsibility
A company’s social responsibility not to violate accepted principles of right and wrong when conducting its business
Conceptual Truth (Decisions) -John Maxwell
“You are where you are today because of the decisions you made yesterday, you are where you are tomorrow because of the decisions you make today.”
Conceptual Truth (Systems)
“Systems are perfectly designed t get the results they get.”
Conceptual Truth (Vision)
“We don’t see things as they are, we see things as we are.”
Conceptual Truth (Cost/Change)
“There is always cost associated with change. There is always cost associated with not changing.”
Conceptual Truth (Itself)
“Anything left to itself will digress to the next level.”
Conceptual Truth (Reactive)
“You can choose to be reactive to what is happening around you or proactive, but if you choose neither you choose to be reactive.”
Theory X
Don’t trust, has no confidence in the team’s success.
Theory Y
Want to trust; enthusiastic about the team’s approach
Locus of Control
Is in the individual inherent desire and capacity to grow, choose, learn to take responsibility for learning
External - Locus of Control
Individual believes that his/her behavior is guided by faith or luck
Internal - Locus of Control
Individual believes that his/her behavior is guided by their personal decisions and efforts
Closed System
The Organization comes first.
Highly Efficient
People feel fear
Synchronous System
The Values come first.
Teamwork
Hard to challenge existing ideas
Random System
The individual comes first.
Innovative
Too chaotic, high turnover
Open System
The Process comes first
High Communication
False consensus
Interpersonal Roles
Figurehead
Leader
Liaison
Informational Roles
Monitor
Disseminator
Spokesperson
Decisional Roles
Entrepreneur
Disturbance Handler
Resource Allocator
Negotiator
Disseminator Role
Managers share the information they have collected with their subordinates and others in the company
Spokesperson Role
Share information with people outside their departments or companies
Entrepreneur Role
Managers adapt themselves, their subordinates, and their units to change
Disturbance Handler Role
Managers respond to pressures and problems so severe that they demand immediate attention and action
Resource Allocator Role
Managers decide who will get what resources and how many resources they will get
Negotiator Role
Managers negotiate schedules, projects, goals, outcomes, resources, and employee raises
Time Study
Timing how long it takes good workers to complete each part of their jobs
Synergy
When two or more subsystems working together can produce more than they can working apart
1 +1 =3
System
A set of interrelated elements or parts that function as a whole
Uncertainty
How well managers can understand or predict the external changes and trends affecting their businesses
Three Numbers of Communication
7% Words
38% Tone
55% Body Language
Dr. V’s Management Definition
Management is… having the right people, at the right place, at the right time, doing the right thing, the right way
Decision Change Equation
(D)issatisfation (V)ision (P)lan > (C)ost
Conceptual Truth (Financially Independent)
“You are financially independent when your passive income exceeds your expenses”
PIE Model
(P)erformance (I)mage (E)xposure
Exposure impacts you more career wise
Leadership Development Model
Individual - Self aware, skills
Group/Organization- Teamwork, communication
Community - Engagement, Connection
Family
James 4:17
If you know the right thing to do and don’t do it, then that for you is evil
Strategic Management Process
Being able to see, predict, and plan ahead
- Develop a strategic vision
- Setting objectives
- Crafting a strategy
- Implementing and executing a strategy
- Monitoring development, evaluating performance
SWOT Analysis
(S)trengths (W)eakness (O)pportunities (T)hreats
Internal - Strengths and Weaknesses
External - Opportunities and Threats
Management By Objective (MBO)
- Discuss possible goals
- Select goals that are challenging, obtainable and consistent to a companies overall goals
- Jointly develop tactical plans that lead to accomplishing tactical goals and objectives
- Meet regularly to review progress
A Type
Focuses on individual (Bad)
C Type
Focuses on the problem (Good)
Culture
Clear set of values and norms that actively guide company operations
Mistakes Managers Make
Insensitive, overly ambitious, over managing, betrayal of trust
Fredrick Taylor
Scientific Management. Finding the one best way to do each task
Hawthorne Studies
Demonstrated that workers feeling and attitudes affected their work. Financial intensives aren’t the most important thing
Porter’s 5 Industry Forces
- General
- Economic
- Technological
- Political/ Legal
- Socioeconomic
Key Metrics
Fortified Position - a unique advantage
Louis L’Amour
I know that no university exists that can give you an education. One’s education is left up to one’s self.
Benjamin Franklin
All mankind is divided into three classes. Immovable, moveable, those that move
Thomas Edison
I’m not discouraged because every wrong attempt is another step forward
Henri Fayol
The success of the enterprise depends more on the administrative ability of its leaders than on their technical skills
Jack Welch
Managers who don’t share the values, but deliver the numbers have the power to destroy the culture
Steven Grellet
Any good that I can do or any kindness I can show let me do it now.
Henry Cloud
We change our behavior when the pain of staying the same becomes greater than the pain of changing
Albert Einstein
No problem can be solved from the same consciousness that created it. We must learn to see the world anew
Sweethearting
Occurs when employees discount or don’t ring up merchandise their family or friends bring to the cash register
