FINAL Management EXAM Flashcards
What are the 7 components of people centered practices (Pfeffer)
1) protection of job security
2) rigorous hiring process
3) employee empowerment
4) compensation linked to performance
5) comprehensive training
6) reduction of status differences
7) sharing a key information
What are the Recruiting technique success rates
1) referrals 25%
2) general job lisiting sites 17%
3) headhunters / agencies 17%
4) classified ads 15%
5) corporate websites 6%
What are some tips for recruiting
1) use social networks of existing employees and friends
2) use personal contact
3) target (people who fit your company)
4) carefully proofread all ads
What are characteristics of good training
1) guided experience to change employee behavior and or attitudes
2) only one to help people learn
What is the general model of HR
1) Human capital : potential of workforce, captured in their knowledge
2) Human resource management : process of attracting, developing and keeping a qualified workforce
What are the development options
1) education
2) assessment and feedback
3) work experiences
4) relationships
What is job analysis
a purposeful, systematic process for collecting information on the important work related aspects of a job
Managers as Teachers
1) explain basis concepts (TELL)
2) demonstrate performance (SHOW)
3) solicit practice (WATCH)
4) provide constructive feedback (ENCOURAGE)
What is job description
work centered; written description of the basic tasks, duties, and responsibilities required of an employee
what is job specification
worker centered; written summary of the qualifications needed to successfully perform the job
What is structured and unstructured interviews
1) structured: no fixed questions or systematic scoring, shortcoming: susceptible to distortion and interview bias- low validity, open legal attack
2) unstructured: interviewers are free to ask the applicants anything they want
What are some appraisal options
1) objective measures (best): measure of job performance that are easily and directly counted or quantified
2) subjective ratings (worst): requires someone to judge or assess a workers performance
What is Bona fid occupational qualification (BFOQ)
exception in employment law that permits sex, age, and religion being used when making employment decisions, but only if they are reasonably necessary to the business; strictly monitored by Equal Employment opportunity commission
What are the guidelines for effective interviews
1) planning the interview: develop questions and be knowledgable on the job
2) conducting: make applicant feel calm and comfortable, asking well thought out questions
3) after: review notes and determine probability of success
What are 2 training objectives?
1) impart information and knowledge: videos, lectures, planned readings
2) develop analytical and problem solving skills: case studies and coaching
What is functional turnover
loss of poor performing employees who voluntarily choose to leave a company
What is dysfunctional turnover
loss of high performing employees who voluntarily choose to leave a company
What is individual motivation
a set of forces that initiates, directs and makes people persist in their efforts to accomplish a goal
What is the job performance equation
ability (can do) x motivation (will do) x situational constraints (no control over)
What are the 3 Theories of Needs
1) Alderfer ERG
- Existence, Relatedness, and Growth (more motivating)
2) McClelland Needs
- Affiliation, Achievement and Power
3) Maslows
- Physiological, safety, belongingness, esteem, and self actualization
What are job characteristics
1) combine tasks
2) form natural work units
3) establish client relationships
4) vertical loading
5) open feedback channels
Goals work best when…
you establish SMART goals
What did Latham and Baldes study conclude on goal setting
1) goals are difficult and specific
2) person is committed to pursuit
3) person has confidence in attainment
4) feedback is provided
5) task is fairly well learned
What is equity theory
people will be more motivated at work if they feel they are treated more equity for their time put in
What is reinforcement theory
behavior is a function of its consequences, that behaviors followed by positive consequences will occur more frequently, and that behaviors followed by negative consequences.
What is fairness theory
1) distributive
- outcomes, rewards relevance to others
2) procedural
- rules, policies, and procedures were fair (no bias)
3) interactive
- treating people with kindness and consideration
What is expectancy theory
valance x expectancy x instrumentality = motivation
- if one of these variables declines, overall motivation will decline too
What is leadership
inspiring, influencing, guiding others in a common effort
What is management
planning, organizing, controlling, and allocating resources in a common effort
What are 4 broad types of leadership theory
1) trait theory
- starting in the early 1940s researchers ask what all great leaders are born with
2) behavioral
- what are the things that all great leaders do
3) situational
- 1970s how does what they do depend on the situation they are in
4) transformational
- 1980s how do leaders transform followers into cohesive groups
What are the 7 (plus 1) traits common to leaders
1) drive
2) desire to lead
3) honesty
4) self confidence
5) emotional stability
6) cognitive abilities
7) knowledge of business
8) height
What are general leader behavioral styles
1) initiating
- job centered leadership
- concern for production
- task focused
2) consideration
- employee centered leadership
- concern for people
- relationship focus
What is Fiedlers contingency theory
a leadership theory states that to maximize work group performance, leaders must be matched to the situation that best fits their leadership style
What is Hersey and Blanchards situational leadership theory
theory that says leaders need to adjust their leadership styles to match followers readiness
What are the 4 components of transformational theory
1) idealized influence
- who you are
2) inspirational motivation
- motivate their followers behind the meaning of why they are doing what they are
3) intellectual stimulation
- you need to question to move forward
4) individual consideration
- listen and understand your employees
transactional vs transformational leaders
transactional leaders can be good managers but not necessarily great leaders
What are 5 options in internationalization process
1) exporting
- selling domestically produced products to customers in foreign countries
2) corporative contracts
- business owner pays a company a fee
3) strategic alliances
- companies combine key resources
4) wholly owned affiliates
- owned 100% by a parent company
5) global ventures
- new companies that are founded with an active global strategy
What are two types of cooperative contracts
1) licensing
2) franchising
What is the difference between high and low context cultures
1) high
- cultures in which nonverbal and situational messages convey meaning
- relationship more important than terms
2) low
- cultures in which words convey primary meaning
- non verbal messages are secondary
What are the 5 Hofsteds dimensions
1) long term vs short term
2) uncertainty avoidance
3) masculinity vs femininity
4) individualism vs collectivism
5) power distance
what are characteristics of an attractive foreign business climate
1) growing markets
2) choosing an office location
3) minimizing political risk
How to prepare for international assignment
language and cross training
How to get funding
1) equity
- have investors give it to you
- they ask for a share of your company
2) debt
- you have to pay back interest with creditors
- don’t have to give up ownership
3) awards from competitions
- pitch contests
- business plan funding
What are the 4 types of ownership
1) proprietorship / partnership
- you are personally liable for your debt and can lose everything
2) corporation
- the corporation has to be taxed twice
3) subchapter s corporation
- only taxed once
4) limited liability company
What are the key concepts of “burn your business plan”
1) great oral presentation
2) compelling written story
3) effective web site
4) hard hitting financial projections
What are the steps to rational decision making
1) define the problem
2) identify decision criteria
3) weight the criteria
4) generate alternative courses of action
5) evaluate each alternative
6) compute the optimal decision
7) limits to rational decision making
What is SWOT anaylsis
strengths, weaknesses, opportunities, and threats
What are the corporate grand stratagies
1) growth
- focuses on increasing profits, revenues, and market share or number of places to do business
2) stability
- focuses on improving the way the company sells the same products or services
3) retrenchment
- focuses on turning around very poor company performance by shrinking the size
Firm level strategies
1) strategic moves in direct competition
- attacks and responses in red ocean
2) entrepreneurship
- movement into deep blue waters
What are the 6 steps in control process
1) set standard
2) measure actual performance
3) compare with standards
4) identify deviations
5) analyze deviations
6) take corrective action
What are two planning and control tools
1) PERT
2) Gantt
What are 3 types of control
1) feedforward
- monitoring inputs
- anticipating and preventing problems
2) concurrent
- monitoring processess
- adjusting ingoing activities
3) feedback
- monitoring products
- learning from past mistakes
What are 4 main components of a balanced scorecard
1) financial
2) customer
3) internal
4) learning
What are the 2 types of innovation
1) experiential
- uncertain environments
- flexibility
- new product
2) compression
- certain environments
- series of steps
- faster/ cheaper
What are 6 components of creative environments
1) encouragement from organization, supervisor, work group
2) challenge
3) lack of impediments
4) freedom
5) expertise
6) positive moods
What are the 5 basic departmentalization structures
1) functional
- organizing work and workers into separate units responsible for particular business functions
2) product
- responsible for producing particular products
3) customer
- particular kinds of customers
4) geographic
- doing business in particular geographic areas
5) matrix
- most use product and functional together
What are 3 ways change is hard
1) self interest
2) misunderstanding and distrust
3) general intolerance
mechanic vs organic design
1) mechanistic
- very clear chain of command
- centralized authority
- low delegation
2) organic
- think broadly about who you report to
- decentralized authority
- high delegation
line vs staff authority
1) line
- the right to command immediate subordinates in the chain of command
2) staff
- the right to advise, but not command, others who are not subordinates in the chain of command
What are the 4 types of managers
1) top
2) middle
3) first line
4) team leaders
What are the 3 models of managers
1) who managers are
2) what managers do
3) what skills managers have
What are the 4 functions of managers
1) planning
- setting goals and deciding on action
2) organizing
- establishing departments
3) leading
- influencing others to get the job done
4) controlling
- setting standards
How to gain management skills
- reading, reflections, relationships, real experience, self management
What are the most common 3 mistakes managers make
1) insensitive to others, intimidating
2) cold, aloof, arrogant
3) betraying trust
how do you transition to management
1) initial: be the boss, manage tasks, formal authority
2) after 6 months: fast pace, heavy workload
3) after year: learning to adapt, people development
what are the stages of the self management process
1) self assessment and planning
2) goal setting
3) self and environmental control
4) evaluating/ rewarding progress
what are the emotional control activities
count your blessings
What Morgensterns time management tips
1) delete
2) delay
3) diminish
4) delegate
What is the team productivity equation
potential prod. + process gains - process losses
What are the process gains and losses
1) gains
- load balancing
- information exchange
- social fac.
2) losses
- group maintenance
- social loafing
- production blocking
What are Norms
informally agreed upon standards that regulate team behavior
What are 2 main roles team members play
1) task
- behaviors associated with doing work
2) social
- build cohesion / getting to know each other
How do you maximize benefits of diversity
get to know one another backgrounds, assume the best intentions, create time/ space for questions
What is ethics
a set of principles that defines what is right and wrong for a person or group
what is ethical behavior
behavior that conforms to a society accepted principles of right and wrong
what is ethical intensity
the degree of concern people have about an issue: social consensus, temporal immediacy, proximity of effect
how do you encourage ethical behavior
1) recruit
2) select
3) hire ethical people
4) establish a code of ethics
5) provide training
6) create an ethical climate
7) measure and enforce
what are the 6 factors of ethical intensity
1) magnitude of consequences
2) social consensus
3) probalitites of effect
4) temporal immediacy
5) proximity of effect
6) concentration
shareholder vs stakeholder view
purpose of business is to maximize profit (stockholder) vs purpose of business is to create value for society (stakeholder)
what is corporate social responsibility
a business obligation to pursue policies, make decisions, and take actions that benefit society
what is the relationship between social responsibility and economic performance
generally a small positive relationship between social and economic performance
what are the social responsibility strategies
1) proactive
2) accommodative
3) defesnive
4) reactive
what is environmental scanning
systematically searching the environment for events or issues that might affect on organization
what are the components of general environment
1) economy
2) technology
3) social cultural
4) political / legal
what are the components of specific environment
1) customers
2) competitors
3) suppliers
4) industry- specific laws
5) advocacy groups
What is the estimated prevalence of email and meetings
3 meetings a day / 82 emails a day
What is nonverbal behavior and its effects
body language, facial expressions, and intonation and pitch
-positive: smiles, nods, eye contact
- negative: frowns, eye rolling, head shaking
What are some tips on communicating through email
1) be clear and concise
2) use subject line effectively
3) relay use graphics
4) never assume privacy
5) always include your name and other relevant information
6) inform recipient about replying
7) business email should read like a business letter
What are 3 types of outcomes for influence
1) resistance (least)
- dont change attitude
2) compliance
- will change, wont like it
3) acceptance (most)
- will change
What are the cultural differences between china and US
1) both
- rational persuasion
- exchange
- ingratiation
2) only china
- coalition
- gifts / favors
What is the perception process and problems
1) attention
- noticing
2) organization
- incorporating new info
3) interpretation
- attaching meaning
4) retention
- remembering info
What are the steps in the communication process
1) message to be conveyed
2) encode message
3) transmit message
4) receive message
5) decode message
6) message that was understood
What is active listening
assuming half the responsibility fro successful communication by actively giving the speaker nonjudgmental feedback that shows you’ve accurately heard what they said
What are the 4 major historical approaches
1) scientific
- use thougfhrly study and testing to identify best
2) administrative
- the people in charge who manage should
3) human relations
- people matter
4) systems
- made up of common parts that are needed to achieve a purpose
in the competing values framework, companies operating in flexible environments with an external focus tend to create value through….
innovation
Components of management by best seller
1) gurus and best seller
2) potential problems
- selective inclusion
- can encourage simplistic thinking
What was the earliest management idea?
sumerian businesses used small clay tokens to calculate quantities of grain and live stock, tokens were used to store data
What is Taylors 4 principles of scientific management?
1) develop a science for each element of a mans work, replacing rule of thumb method
2) select and train
3) heartily cooperate with the men so s to ensure all of the work is in accordance
4) almost equal division of the work and responsibility
What are Webers 7 bureaucratic organizations
1) qualification based hiing
2) merit based promotion
3) chain of command
4) division of labor
5) impartial application of rules and procedures
6) recorded in writing
7)manages separate from owners
Relationship between corporate social responsibility and economic performance
no tradeoff between the two
