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Business Management > FINAL EXAM > Flashcards

FINAL EXAM Flashcards

1
Q

What is the most useful management theory?

A

Expectancy theory

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2
Q

What is the equation of motivation?

A

M = E x i x V

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3
Q

What does E stand for?

A

Expectancy

- How effort results in performance

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4
Q

What does m stand for?

A

Motivation

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5
Q

What does V stand for?

A

Valence

- How desirable each of the available outcomes from the job is to the person

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6
Q

What does the i stand for?

A

Instrumentality

- A person’s perception about if performance relates with attainment of outcomes

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7
Q

What does SMART stand for?

A 
Specific
Measurable
Assignable
Realistic
Time Related
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8
Q

What is organizational control?

A

When managers monitor and regulate how efficiently and effectively an organization and its members are performing to achieve goals

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9
Q

What is a Management by Objectives (MBO) strategy?

A
  • a goal setting process that managers set

- periodically evaluate the extent to which the subordinates are achieving these goals

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10
Q

What are the activities that managers engage in to attract and retain employees and to ensure that they perform at a high level?

A

Human Resource Management (HRM)

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11
Q

What are the components of a human resource management system? (steps)

A

1) job design
2) recruiting and selection
3) training/development
4) performance management
5) workforce management

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12
Q

What is the most effective way of interviewing someone?

A

Situation-based interview

- Gives you a situation and expects you to figure out how to deal with it

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13
Q

What is the behavior that is performed for its own sake?

A

Intrinsically Motivated Behavior

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14
Q

What is the behavior that is performed to acquire material or social rewards or to avoid punishment?

A

Extrinsically Motivated Behavior

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15
Q

What is the behavior performed to benefit or help others?

A

Prosocially motivated behavior

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16
Q

What is the theory of motivation that focuses on people’s perceptions of fairness of work?

A

Equity Theory

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17
Q

A person’s perception of the fairness of the distribution of outcomes in an organization

A

Distributive justice

18
Q

A person’s perception of the fairness of the procedures that are used to determine how to distribute outcomes in an organization

A

Procedural justice

19
Q

A person’s perception of the fairness of the interpersonal treatment he or she receives from whoever they interact with

A

Interpersonal justice

20
Q

A person’s perception of the extent to which his or her manager provides explanations for decisions and the procedures used to arrive at them

A

Informational justice

21
Q

What is efficiency?

A

Utilizing resources to their full potential

22
Q

What is effectiveness?

A

How well they are achieving the mission

23
Q

What are control systems?

A

Formal, target-setting, monitoring, evaluation and feedback systems
- Provide managers with information about whether the organization’s strategy and structure are working efficiently and effectively

24
Q

What is the problem with feedback control?

A

It’s already occurred – wasted time, product, etc.

25
Q

What are the three types of control?

A 
Feedforward control
- allows anticipation of problems before they arise, gives product specifications to suppliers in advance
Concurrent control
- manage problems as they occur
Feedback control
- manage problems after they arise
26
Q

Feedforward control

A
  • Allows managers to anticipate problems before they arise

- Gives product specifications to suppliers in advance

27
Q

Concurrent control

A
  • Gives managers immediate feedback on how efficiently inputs are being transformed into outputs
  • managers can correct problems as they arise
28
Q

Feedback control

A
  • Gives managers information about customers’ reactions to goods and services
  • Corrective action can be taken if necessary
29
Q

What are things that might be evaluated in feedback control if things are bad?

A
  • There might be a problem with the leader
  • Might be individual problems (ineffective employees)
  • Employees might not have the resources necessary
  • Wrong processes
30
Q

What are profit ratios?

A

Measure how efficiently managers are using the organization’s resources to generate profits

31
Q

What are returns on investments (ROI’s)?

A
  • Organization’s net income before taxes divided by its total assets
  • Most commonly used financial performance measure
32
Q

What are operating margins?

A
  • calculated by dividing a companies operating profit by sales revenue
  • Provides managers with information about how efficiently an organization is utilizing resources
33
Q

What are days sales outstanding?

A

Reveals how efficiently manager are collecting revenue from customers to pay expenses

34
Q

What are operating budgets?

A
  • Blueprint that states how managers intend to use organizational resources to achieve organizational goals efficiently
  • includes staffing plans
35
Q

What are the problems with output control?

A
  • Managers must create output standards that motivate at all levels
  • Should not cause managers to behave in inappropriate ways to achieve organizational goals
36
Q

What are the problems with direct supervision?

A
  • Very expensive

- can demotivate subordinates

37
Q

What is bureaucratic control?

A
  • Control by means of a comprehensive system of rules and standard operating procedures (SOPs)
  • shapes and regulates the behavior of the system
38
Q

What are problems with bureaucratic control?

A
  • Rules easier to make than discarding them

- People might stop thinking for themselves

39
Q

What is organizational change?

A

Movement of an organization away from its present state and toward some desired future state to increase its efficiency and effectiveness

40
Q

What is the MBWA (Management by walking around) strategy?

A
  • it is an empowering approach
  • replacing MBO strategy
  • involvement, coaching
  • get a first-hand look at the problems
41
Q

Why do you not want to use bureaucracies too much?

A
  • if you go too far, you will lose creativity

Business Management (5 decks)

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