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Principles of Management > Final Study Guide > Flashcards

Final Study Guide Flashcards

1
Q

What is the definition of management?*

A

getting work done through others

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2
Q

*What are the four functions of management?

A

planning, organizing, leading, controlling

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3
Q

What is efficiency v effectiveness in management?

A

efficiency - getting work done with minimum effort, expense, or waste
effectiveness - accomplishing tasks that help fulfill organization objectives

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4
Q

Describe the differences between top managers, middle manager, first-line manager, and team leaders.

A

top managers - responsible for overall direction of the org.
middle manager - allocate resources and plan to accomplish objective consistent with top management
first-line managers - responsible for managing the performance of entry-level employees
team leaders - responsible for facilitating team activities toward goal accomplishment

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5
Q

Are technical skills the most important skill for managers? If not, what is?

A

human skills are the best

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6
Q

How long has the field of management science been around?

A

Developed in the early 20th century, before that many civilations had their own takes

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7
Q

Who is often referred to as the father of scientific management?

A

Frederick Taylor

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8
Q

What is the industrial revolution and what does it have to do with management science?

A

IR was transition from creating things by hand to using machines
now people were being hired to do jobs so it was important to train and lead them efficiently

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9
Q

What are the pros and cons of bureaucracy?

A

Pros: very organized and emphasized fairness
Cons: lots of processes meant it takes a long time to accomplish tasks

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10
Q

What is the difference between compromise, mediation, domination, and integrative conflict resolution?

A
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11
Q

Explain the basics of general environments of sociocultural, economy, technology, and political trends.

A

economy - growing economy is favorable for business growth
technology - changes can help companies provide better products and produce them more efficiently
sociocultural - demographic characteristics, general behavior, attitudes and beliefs of people in society
legal - legislation, regulations, and court decisions that regulate business behavior

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12
Q

How do business confidence indices measure general environments?

A

they show managers confidence about future business growth, indicating that they believe their is low uncertainty and high potential

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13
Q

Are ethics different than morals?

A

Yes, ethics are widely agreed upon standards and morals are what you personally believe.

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14
Q

What is workplace deviance?

A

product deviance - behavior that hurts quality or quantity of work
property deviance - behavior effecting org property
employee shrinkage - employee theft
political deviance - using one’s influence to harm other in company
personal aggression - hostile behavior towards others

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15
Q

What is the US Sentencing Commission’s Guidelines Manual? Who does it apply to?

A

book of official guidelines of criminal sentencing
applies to everyone

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16
Q

What is offense level v. culpability?

A

Offense level depends on kind of crime, loss incurred, and amount of planning
Culpability is how responsible the company is in regard to the crime

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17
Q

Why are ethics training important and who should lead these trainings for employee buy in?

A

they develop employee awareness and teaches a practical model of decision making
should be led by management

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18
Q

Difference between economic, legal, ethical, and discretionary responsibilities

A

economic - resp. to make a profit
legal - obey laws and regu.
ethical - not to violate principles of right and wrong
discretionary - social roles beyond the other 3 responsibilities

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19
Q

What are the benefits and pitfalls of planning?

A

benefits - intensifies efforts, leads to persistence, provides direction
pitfalls - impedes changes, prevents or slows adaptation, creates false sense of clarity, leads to detachment of planners

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20
Q

What is a SMART goal?

A

specific
measurable
attainable
realistic
timely

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21
Q

Proximal goal

A

short term goals (<1-2 years)

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22
Q

Distal goals

A

long term or primary goals (5-10 years)

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23
Q

Group think

A

barrier to decision making that creates pressure to agree with other group members

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24
Q

C Type Conflict

A

problem/issues related disagreements

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25
Q

A Type Conflict

A

individual or personal disagreements

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26
Q

Devils advocacy

A

decision making method in which an individual is assigned the role of critic

27
Q

dialectical inquiry

A

decision making method in which decision makers generate an opposite solution

28
Q

nominal group techinque

A

method wear people brain storm individual, then together, then individually

29
Q

delphi technique

A

method in which a panel of experts respond to questions and each other until reaching agreement on an issue

30
Q

brain storming

A

make decisions by building on each others ideas to generate as many solutions as possible

31
Q

What is absolute advantage?

A

specialization in the production of goods more efficiently than any other

32
Q

What is comparative advantage?

A

specialization in production of goods at the greatest relative advantage (low opportunity cost)

33
Q

What is competitive advantage?

A

providing greater value for customers than competitors can

34
Q

What are resources

A

assets, capabilities, employee time, information, and knowledge used by an organization

35
Q

Who is Michael Porter and what did he have to say about competitive advantage?

A

professor at harvard (porter diamond)
CA is specialization that results in cost and differentiation advantages

36
Q

What is competitive inertia

A

reluctance to change strategies that have been successful in the past

37
Q

How can risk/change aversion be a hinderance to strategic management?

A

cannot adapt to changes in the market

38
Q

How does diversification reduce risk in strategic management?

A

buying a variety of business/types so that one failure does not doom an entire portfolio

39
Q

What is the Boston Consulting Group Matrix

A

portfolio strategy developed by the Boston Consulting Group that categorizes a corporation’s business by growth rate and relative market share and helps managers decide how to invest corporate funds
cash cow - large segment of business and has low market growth (few competitors)
dogs - small segment of business with low market growth
? - small segment of business with high market growth (could become any of the others)
stars - large segment and high market growth

40
Q

What is a lost leader strategy?

A

producing something of acceptable quality at consistently lower production costs than competitors

41
Q

What is product differentiation?

A

providing something that is sufficiently different from competitors offerings that customers pay premium for it

42
Q

What is the S curve pattern of innovation?

A

a pattern of technological innovation with slow initial progress, then rapid progress, then slow progress as it reaches its limits

43
Q

What are innovation streams?

A

pattern of innovation over time that can create sustainable competitive advantage

44
Q

What is technological discontinuity, substitution, and design competition?

A

discontinuity - breakthrough by scientific advance
technological substitution - buy new tech to replace old
competition - between old and new to establish new standard

45
Q

What is the dominant design and how does it relate to technological lockout?

A

technological design that becomes the accepted market standard
lockout occurs when a company is not competitive because it uses non-dominant design

46
Q

Is the dominant design always the best design from an efficiency and effectiveness standpoint?

A

no, QWERTY keyboards won out of familiarity

47
Q

How prevalent is global business? What is a multinational coorporation?

A

a corporation that owns businesses in two or more countries
extremely common nowadays

48
Q

Is direct foreign investment in the US and abroad substantial?

A

a method of investment in which a company builds a new business or buys existing in foreign country
over 3 billion $ investment each way

49
Q

What are tariff and non-tariff barriers?

A

tax on imported goods (tariff)
nontax method of increasing cost or reducing volume (nontariff)

50
Q

Who bears the brunt of trade barriers?

A

consumers

51
Q

What are benefits and drawbacks to global consistency v. local adaptation?

A

local adaptation: allows you to cater to specific culture preferences
consistency: allows you to save by establishing a consistent standard

52
Q

How can we help people prepare for international assignments?

A
53
Q

What is the most important factor for determining the success of an expatriate’s international assignment?

A
54
Q

Describe functional, product, customer, geographic, and matrix departmentalization

A

functional: organize by function
product: producing products
customer: kind of customer
geographic: by geographic area
matrix: two or more other forms, typically product and functional

55
Q

Describe chain of command and delegation of authority

A

COC: line of authority that clarifies who reports to who
delegation: who cares

56
Q

Compare and contrast centralized and decentralized organizations. Mechanistic v. organic processes

A

centralized: location of authority at upper levels of org
decent: authority in lower levels

57
Q

How does job rotation, job enlargement, job enrichment possibly improve employee satisfaction?

A

increase authority and control, gain skills, give them more responsibility

58
Q

What does a modular organizational model mean? How do we know if we can outsource or not?

A

org that outsources noncore business activities to outside companies
should be done when it can be done better elsewhere and isn’t core business activities

59
Q

Advantages and disadvantages of teams. When should we use them?

A

+ can increase customer satisfaction, quality, speed, job satisfaction
- initial high turnover, social loafing, group think, minority domination

60
Q

What is social loafing?

A

team members withhold effort because they think the group will cover for them

61
Q

What is minority domination?

A

when one or two group members dominate the conversation

62
Q

How do we encourage team norms?

A

let team members know expectations, group members must model this behavior for others to follow

63
Q

Does teamwork always make the dreamwork?

A

No, not everyone is made for teamwork, group must mesh

Principles of Management (4 decks)

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