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Leadership & Organizatl Mgmt > Exam #4 > Flashcards

Exam #4 Flashcards

1
Q

Controlling

A

monitoring performance, comparing it with goals, and taking corrective action as needed

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2
Q

Controlling for Effective Performance

A

planning, organizing, leading, controlling

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3
Q

Why is control needed?

A
  1. To adapt to change & uncertainty
  2. To discover irregularities & errors
  3. To reduce costs, increase productivity, or add value
  4. To detect opportunities
  5. To provide performance feedback
  6. To decentralize decision making & facilitate teamwork
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4
Q

Steps in the control process

A
  1. establish standards (quantifiable)
  2. measure performance (written reports, oral reports, observation)
  3. compare performance to standards
  4. take corrective action, if necessary
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5
Q

Performance Standard

A

the desired performance level for a given goal

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6
Q

Management by exception

A

a control principle that states that managers should be informed of a situation only if data show a significant deviation from standards.

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7
Q

Control Charts

A

visual statistical tool used for quality control purposes

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8
Q

Structural Area

A

Bureaucratic control and decentralized control

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9
Q

Bureaucratic Control

A

use of rules, regulations, and formal authority to guide performance

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10
Q

Decentralized Control

A

informal and organic structural arrangements

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11
Q

Balanced Scoreboard

A

gives top managers a fast but comprehensive view of the organization via four indicators: (1) customer satisfaction, (2) internal processes, (3) innovation and improvement activities, and (4) financial measures

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12
Q

Budget

A

formal financial projection

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13
Q

Incremental Budgeting

A

allocates increased or decreased funds to a department by using the last budget period as a reference point
- only incremental changes in the budget request are reviewed

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14
Q

Balanced Sheets (financial statement)

A

summarizes an organization’s overall financial worth – assets and liabilities – at a specific point in time

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15
Q

Income Statement (financial statement)

A

summarizes an organization’s financial results – revenues expenses – over specified period of time

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16
Q

Audit

A

formal verification of an organization’s financial and operational systems

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17
Q

External Audit

A

performed by outside experts

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18
Q

Internal Audit

A

performed by organization’s own professional staff

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19
Q

Total Quality Management (TQM)

A

a comprehensive approach - led by top management and supported throughout the organization - dedicated to continuous quality improvement, training, and customer satisfaction

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20
Q

2 Core Principles of TQM

A

1) People Orientation- everyone involved in the org. should focus on delivering value to customers
2) Improvement Orientation- everyone should work on continuously improving work process

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21
Q

Productivity

A

outputs divided by inputs

-outputs are the goods and services produced
-inputs are labor, capital, materials, and energy

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22
Q

Enterprise Resource Planning ERP

A

software and information systems for integrating virtually all aspects of a business, helping managers stay on top of the latest development

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23
Q

Processes to increase productivity

A

2) Benchmarking
A way to measure something against a standard, the benchmark.
1) Best practices
A set of guidelines, ethics or ideas that represent the most efficient or prudent course of action.

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24
Q

Human Resource Management (HRM)

A

consists of the activities managers perform to plan for, attract, develop, and retain an effective workforce

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25
Q

Human Capital

A

the economic or productive potential of employee knowledge, experience, and actions

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26
Q

Knowledgeable Worker

A

occupation is principally concerned with generating or interpreting information, as opposed to manual labor

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27
Q

Social Capital

A

the economic or productive potential of strong, trusting, and cooperative relationships

28
Q

Strategic HRM Process

A

consists of developing a systematic, comprehensive strategy for
- understanding current employee needs
- predicting future employee needs

29
Q

Job Analysis

A

determining the basic elements of a job by observation and analysis

30
Q

Job Description

A

summarizes what the holder of the job does and how and why they do it

31
Q

Job Specification

A

describes the minimum qualifications a person must have to perform a job successfully

32
Q

Predicting Future Needs

A
  • Become knowledgeable about the staffing the organization might need
  • Know the likely sources for staffing
33
Q

Human Resource Inventory

A

a report listing your organization’s employees by name, education, training, languages, and other important information

34
Q

Recruitment

A

the process of locating and attracting qualified applicants for jobs open in the organization
- 5% of your workforce produces 26% of your output
- Internal: hiring from the inside
- External: hiring from the outside

35
Q

Most Effective sources for recruiting

A
  1. Employee Referrals
  2. E-Recruitment tools (LinkedIn)
36
Q

Realistic Job Preview

A

gives a candidate a picture of both positive and negative features of the job and the organization before joining a firm

37
Q

Selection Process

A

the screening of job applicants to hire the best candidate
- background information
- interviews
- employment test

38
Q

Unstructured Interview

A
  • no fixed set of questions and no systematic scoring procedure
  • involves asking probing questions to find out what the applicant is like
39
Q

Structured Interview

A

asking each applicant the same questions and comparing their responses to a standardized set of answers

40
Q

Situational Interview (structured)

A

focuses on hypothetical question

41
Q

Behavioral Interview (structured)

A

explore what applicants have done in the past

42
Q

Ability Tests

A

measure physical abilities, strength and stamina, mechanical ability, mental abilities, and clerical abilities

43
Q

Performance tests

A

(skills tests) measure performance on actual job tasks - may take place in an assessment center

44
Q

Personality Tests

A

measure such personality traits as emotional, intelligence, social intelligence, resilience, personal adaptability, and need for achievement; may include career-assessment tests

45
Q

Integrity tests

A

assess attitudes and experiences related to a person’s honesty, dependability, trustworthiness, reliability, and pro-social behavior

46
Q

Other tests

A

drug testing, polygraph, genetic screening

47
Q

Compensation

A

wages or salaries, incentives, and benefits

48
Q

Base Pay

A

basic wage or salary paid in exchange for doing their job

49
Q

Incentives

A

commissions, bonuses, profit-sharing plans, and stock options

50
Q

Benefits

A

Health insurance, dental insurance, life insurance, disability protection, retirement plans, holidays off, vacation days, recreation options, health club memberships, family leave, discounts

51
Q

Profile of an Entrepreneur

A

Embrace Risk
Take the Initiative
Self-Starters
High Self-Esteem
See the “Big Picture”
Engaged Learners
Energetic

52
Q

Success as an Entrepreneur

A

Good leadership and management
Develop your employees
Remember your business plan and understand your finances
Stay flexible
Manage growth and measure success
Marketing Matters
Focus on Customer Service
Be good community members

53
Q

How to get money when creating a business

A
  • angel investors: individual who provides capital for a business startup in return for part ownership
  • venture capital: 35% a year paid back in 3-5 years
  • boot strap: creative process that helps companies come up with different innovations (owner putting in their own money)
54
Q

On-the-job Learning and Development

A

coaching, training positions, job rotation, and planned work activites

55
Q

Off-the-job learning and development

A

Classroom programs, workbooks, videos, and games and simulations

56
Q

Typical actions for Creativity

A
  • decide to do something that will probably succeed
  • reward success and punish failure
  • replicate past successes
  • do sound or practical things
  • pay attention to bosses and peers
  • keep happy people happy
57
Q

Weird Rules for Creativity

A

Decide to do something that will probably fail
Reward success and failure (punish inaction)
Forget past successes
Do ridiculous or impractical things
Ignore bosses and peers
Make happy people fight

58
Q

Environmental Responsibility (CSR)

A

reducing pollution, increasing reliance on renewable energy, and offsetting negative environmental impact

59
Q

Ethical Responsibility (CSR)

A

aiming to achieve fair and ethical treatment of all stakeholders

60
Q

Philanthropic Responsibility

A

making donations to charities and nonprofits that align with the organizations values

61
Q

Economic Responsibility

A

making financial decisions that support the three other categories

62
Q

International Monetary Fund

A

promotes international currency stability and lending

63
Q

World Bank

A

supplies capital to underdeveloped countries

64
Q

World Economic Forum

A

brings together business, political, social and intellectual leaders from around the world

65
Q

Microlearning

A

segments learning into bite-sized content, enabling a student to master one piece of learning before advancing. to anything else

Leadership & Organizatl Mgmt (1 decks)

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