Final Study Guide Flashcards
What is the definition of management?*
getting work done through others
*What are the four functions of management?
planning, organizing, leading, controlling
What is efficiency v effectiveness in management?
efficiency - getting work done with minimum effort, expense, or waste
effectiveness - accomplishing tasks that help fulfill organization objectives
Describe the differences between top managers, middle manager, first-line manager, and team leaders.
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
Are technical skills the most important skill for managers? If not, what is?
human skills are the best
How long has the field of management science been around?
Developed in the early 20th century, before that many civilations had their own takes
Who is often referred to as the father of scientific management?
Frederick Taylor
What is the industrial revolution and what does it have to do with management science?
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
What are the pros and cons of bureaucracy?
Pros: very organized and emphasized fairness
Cons: lots of processes meant it takes a long time to accomplish tasks
What is the difference between compromise, mediation, domination, and integrative conflict resolution?
Explain the basics of general environments of sociocultural, economy, technology, and political trends.
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
How do business confidence indices measure general environments?
they show managers confidence about future business growth, indicating that they believe their is low uncertainty and high potential
Are ethics different than morals?
Yes, ethics are widely agreed upon standards and morals are what you personally believe.
What is workplace deviance?
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
What is the US Sentencing Commission’s Guidelines Manual? Who does it apply to?
book of official guidelines of criminal sentencing
applies to everyone
What is offense level v. culpability?
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
Why are ethics training important and who should lead these trainings for employee buy in?
they develop employee awareness and teaches a practical model of decision making
should be led by management
Difference between economic, legal, ethical, and discretionary responsibilities
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
What are the benefits and pitfalls of planning?
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
What is a SMART goal?
specific
measurable
attainable
realistic
timely
Proximal goal
short term goals (<1-2 years)
Distal goals
long term or primary goals (5-10 years)
Group think
barrier to decision making that creates pressure to agree with other group members
C Type Conflict
problem/issues related disagreements
A Type Conflict
individual or personal disagreements
Devils advocacy
decision making method in which an individual is assigned the role of critic
dialectical inquiry
decision making method in which decision makers generate an opposite solution
nominal group techinque
method wear people brain storm individual, then together, then individually
delphi technique
method in which a panel of experts respond to questions and each other until reaching agreement on an issue
brain storming
make decisions by building on each others ideas to generate as many solutions as possible
What is absolute advantage?
specialization in the production of goods more efficiently than any other
What is comparative advantage?
specialization in production of goods at the greatest relative advantage (low opportunity cost)
What is competitive advantage?
providing greater value for customers than competitors can
What are resources
assets, capabilities, employee time, information, and knowledge used by an organization
Who is Michael Porter and what did he have to say about competitive advantage?
professor at harvard (porter diamond)
CA is specialization that results in cost and differentiation advantages
What is competitive inertia
reluctance to change strategies that have been successful in the past
How can risk/change aversion be a hinderance to strategic management?
cannot adapt to changes in the market
How does diversification reduce risk in strategic management?
buying a variety of business/types so that one failure does not doom an entire portfolio
What is the Boston Consulting Group Matrix
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
What is a lost leader strategy?
producing something of acceptable quality at consistently lower production costs than competitors
What is product differentiation?
providing something that is sufficiently different from competitors offerings that customers pay premium for it
What is the S curve pattern of innovation?
a pattern of technological innovation with slow initial progress, then rapid progress, then slow progress as it reaches its limits
What are innovation streams?
pattern of innovation over time that can create sustainable competitive advantage
What is technological discontinuity, substitution, and design competition?
discontinuity - breakthrough by scientific advance
technological substitution - buy new tech to replace old
competition - between old and new to establish new standard
What is the dominant design and how does it relate to technological lockout?
technological design that becomes the accepted market standard
lockout occurs when a company is not competitive because it uses non-dominant design
Is the dominant design always the best design from an efficiency and effectiveness standpoint?
no, QWERTY keyboards won out of familiarity
How prevalent is global business? What is a multinational coorporation?
a corporation that owns businesses in two or more countries
extremely common nowadays
Is direct foreign investment in the US and abroad substantial?
a method of investment in which a company builds a new business or buys existing in foreign country
over 3 billion $ investment each way
What are tariff and non-tariff barriers?
tax on imported goods (tariff)
nontax method of increasing cost or reducing volume (nontariff)
Who bears the brunt of trade barriers?
consumers
What are benefits and drawbacks to global consistency v. local adaptation?
local adaptation: allows you to cater to specific culture preferences
consistency: allows you to save by establishing a consistent standard
How can we help people prepare for international assignments?
What is the most important factor for determining the success of an expatriate’s international assignment?
Describe functional, product, customer, geographic, and matrix departmentalization
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
Describe chain of command and delegation of authority
COC: line of authority that clarifies who reports to who
delegation: who cares
Compare and contrast centralized and decentralized organizations. Mechanistic v. organic processes
centralized: location of authority at upper levels of org
decent: authority in lower levels
How does job rotation, job enlargement, job enrichment possibly improve employee satisfaction?
increase authority and control, gain skills, give them more responsibility
What does a modular organizational model mean? How do we know if we can outsource or not?
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
Advantages and disadvantages of teams. When should we use them?
+ can increase customer satisfaction, quality, speed, job satisfaction
- initial high turnover, social loafing, group think, minority domination
What is social loafing?
team members withhold effort because they think the group will cover for them
What is minority domination?
when one or two group members dominate the conversation
How do we encourage team norms?
let team members know expectations, group members must model this behavior for others to follow
Does teamwork always make the dreamwork?
No, not everyone is made for teamwork, group must mesh
