Fundamentals of Management First exam Flashcards
Fair trade programs are designed to ensure that export-dependent farmers in developing countries receive fair prices for their crops
True
Fair trade Labeling Organizations ensure nutrition information is included on packaging.
False
During a recession, charitable donations are increasing at the same time NEED for charity is decreasing.
False
The Task Environment is easier to quantify than the general environment.
True
Companies are hiring less temporary workers.
False
Macro economic health of the market the organization operates in.
a. Economic dimension
Available methods for converting resources into products and services.
b. Technological dimension
Private group attempting to influence business practice and shape societal norms
Special Interest Groups
Which of the following is a government body designed to regulate business activity
d. FDA
Separate organizations forming synergistic relationships.
a. Strategic partnership
Which of the following is NOT part of the internal environment?
c. Regulatory Agency
Personal beliefs about right and wrong.
c. Ethics
Employee actions that benefit the individual at the cost of the organization.
d. Conflict of interest
List and define the two components of the External Environment (outside forces effecting an organization)
The external environment consists of the General Environment and The Task Environment. The general environment is the set of broad dimensions and forces that determine the overall context of the environment that the company operates in. The task environment is more specific to the groups or organizations that affect an organization.
List/describe the three major impacts of The Political-Legal Dimension (Government regulation of business and the interdependent relationship of the two.)
A. The government regulation of Business and the relationship between Business and Government that affects what a company can and cannot do.
B. The pro or anti business sentiment that in government, reflected in the level of regulation that the government imposes on businesses.
C. The political stability of the business environment at the Local, National and International stage.
The #1 item businesses compete for is?
The number one item that businesses compete for is the customer’s dollar.
Define synergy.
Synergy is achieved when the results produced by an organization are greater than the sum of the organizations parts. Mathematically 1 + 1 = 3
Define - Quis custodiet ipsos custodes and describe the relation of this phrase to corporate governance.
Quis custodiet ipsos custodes means who is watching the watchmen. In corporate governance, it is always good to have a internal department that audits the activities of the people that have the decision rights.
Define the Pareto principle and briefly describe how it impacts our business decisions.
The Pareto principle, also known as the 80/20 rule states that 20% of the activities produces 80% of the effects. My favorite Pareto principle in business to business commerce is that 20% of the customers account for 80% of the sales revenue.
Technical Skills or the fundamental abilities to accomplish the job are MOST important for middle
managers.
False
Discovered the attentiveness of supervisors had LESS to do with productivity increases than the actual
lighting levels.
False
Fair trade programs are designed to ensure that export-dependent farmers in developing countries receive fair
prices for their crops.
True
Fair trade Labeling Organizations ensure nutrition information is included on packaging.
False
During a recession, charitable donations are increasing at the same time NEED for charity is decreasing.
False
The Task Environment is easier to quantify than the general environment.
True
It is easy to maintain culture & l.D. during rapid growth periods.
False
High performers are easier to manage and change than under performers.
False
A group of people working together to achieve a set of goals.
Organization
Activities designed to achieve organizational goals effectively & efficiently.
Management
Getting consumers to buy our products & services
Marketing
Grouping activities and resources
Organizing
Process for getting the team working toward the organization’s interests
Leading
Ability to think in the abstract or a holistic view.
Conceptual skills
A rational, logical, objective, and systematic approach to solving problems.
Scientific Managment
Recognized the importance of HR noting increased employee health and welfare led to increased
productivity.
Robert Owen
Defined Soldiering as employees deliberately working at a slower pace than they were capable.
Frederick Taylor
Developed standard materials and techniques for bricklaying
Frank Gilbreath
Developed a rationale set of guidelines for structuring organizations in the most efficient manner
Max Weber
The Father of industrial psychology
Hugo Munsterberg
Under producing employees
Chislers
Macro economic health of the market the organization operates in.
Economic dimension
Available methods for converting resources into products and services.
Technological dimension
List 3 functions of human resource managers.
A. Talent Acquisition
B. Negotiating Labor Contracts
C. Managing the corporation’s
Define the piecework pay scale
A worker is paid according to the number or amount of products or goods that is produced per shift.
List the 4 basic steps of scientific management
- Develop a science for each element of the job - Quantify the work to be done.
- Scientifically Select employees and then train them to do the job in step one.
- Supervise employees to make sure that they follow the prescribed methods for performing their jobs.
- Continue to plan the work, but use workers to get the work done.
List and define the two components of the External Environment (outside forces effecting an organization )
- The general environment - The set of broad dimensions and forces in an organization’s surroundings that determines its overall context.
- The Task Environment - Specific organizations or groups that affect the organization.
List/describe the three major impacts of The Political-Legal Dimension (Government regulation of business ‘
and the interdependent relationship of the two.)
- The general relationship between Government and Business - What Business Can and Cannot Do.
- When Government is pro or anti business - Little or More Government Regulation.
- The Political Stability of the Business Environment - Local, National or International.
List two of Pat Wadors tips for team building.
- Get the right people on the team.
2. Hold everyone accountable for results.
According to Pat, It all begins with
Culture and Values
According to Pat, millennials are what, First and foremost.
Purpose Driven
What are Pat’s 3 “b’s” of creating a talent brand?
Be Authentic
Be Intentional
Be Transparent
What is a regulator?
A body that has the potential to control, legislate or otherwise influence the organization’s policies and practices.
What is a Regulatory Agency?
An agency created by the government to regulate
What is managerial ethics?
Standards of behavior that guide individual managers in their work
What are the Three Steps in Rosalinda Torres Talk?
- Seeing Around Corners,
- Embracing Diversity and
- Abandoning one’s past
- Why is team building so difficult?
Each person is an individual and bringing people with different outlooks together to align and focus towards team goals is difficult. What is more important is that Pat talks about the difficulty of bringing all the threads together so that the team is greater than the sum of its parts.
- List 2 of Pat’s tips for Team bldg.
Pat’s tips are to be intentional and to have clarity of purpose for the team.
- How long does it take to affect large scale change?
Two to three years is what Pat says. She begins with the “storming and forming” of the team to build a foundation. Year two is about correcting mistakes and refining the intent and purpose. Year three is about achieving flow, a state of heightened focus and immersion for the team.
- Pat says it all begins with?
Culture & Values.
- List 4 values discussed.
Our Members Come First
Relationships matter
Be Open, Honest and Constructive
Demand Excellence
- List 4 components of culture discussed.
Transformation
Integrity
Collaboration
Humor
- Why did Pat cross out Open/Honest from LinkedIN’s initial list of values?
Pat asks “What about personal openness and honesty?” She asks the executives “What is your commitment to your employees?” Only one executive was open about his employees’ Performance Ratings. She admonishes the executives to be open and honest with commitment in order to build trust.
- List 4 components of LinKedIn’s employee value proposition.
Talent is our number 1 operating priority
Our culture is what sets us apart
We are committed to supporting the career transformation of our employees.
We will be transparent in our programs to ensure trusts. If something is wrong, we will fix it.
- According to Pat, millennials are
Purpose Driven, first and foremost.
- What are Pat’s 3 “b’s” of creating a talent brand?
Be Authentic, Be Intentional and Be Transparent
- What is LinkedIN’s #1 operational priority?
Talent is LinkedIN’s number one operational priority – Recognize their employees as part of their culture and helping them transform their careers while treating each other with fairness and compassion.
- What does G.T.O. represent?
G.T.O is an acronym for Global Talent Organization
It is easy to lose culture & I.D. during rapid growth periods.
True
High performers are harder to manage and change than under performers.
True
- What were the 5 keys of smart growth discussed?
Transparency Trust Scale Simplicity Insights
- What is LinkedIN’s shared vision?
Inspiring You to Transform the World of talent!
- List 1 of the 2 reasons people change.
People change when there is pain or discomfort. (or when an opportunity presents itself.)
- What are the 4 boxes of a new hire life cycle. (EB, OS, OK, M)
The four boxes are the stages of a new hire’s life cycle, namely: Eager Beaver, Oh Sh#@!, I am Okay and finally the Master of your Piece.
- How does Pat deal with negativity?
Pat says that she will seek to understand why the person is negative? Is it Fear or Critical Thinking? She speaks of the need for a leader to be balanced and she then respectfully holds the mirror up so that the person can see how they are.
- How did Pat address LinkedIN’s diversity footprint?
I like the statement Pat made that 80% of Operational Expenses is related to talent. The idea of the Profit and Loss of Talent is what Drives Pat. Pat was data driven and she used the data displayed to ask the executives if LinkedIN needed grow differently. She then explained that it is not Pat’s decision, it is the team’s decision. Pat understood that with more diversity, there will be better thinking. She got results by focusing with data, coupled this with emotion and intent and then she built trust, clarity and transparency in the metrics.
