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IDK Flashcards

1
Q

7 External Environmental Forces

A

Political and Legal
Economic
Technological
Societal
Environmental (Sustainability)
Global

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2
Q

Types of Roles of managers

A

Interpersonal Roles, Information Roles and Decision Roles

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3
Q

Types of Interpersonal Roles

A

Figurehead, Leader and Liaison

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4
Q

Leader

A

A motivator, a communicator, and a coordinator of her
subordinates’ activities.
Eg. conducting performance appraisals, offering training
to a new recruit,

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5
Q

Figurehead

A

ceremonial or symbolic in nature

Eg. “employee of the month” awards at a company
banquet.

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6
Q

Liaison

A

developing relationships with members of the
organization outside the manager’s area of authority

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7
Q

Types of Informational Roles

A

Monitor
Disseminator
Spokesperson

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8
Q

Monitor

A

must constantly monitor the internal and external environments
Eg. the marketing manager may be responsible for assessing consumer demand for a newly proposed product.

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9
Q

Disseminator

A

share or distribute the information
Eg. offering clear information regarding company expectations of performance
standards and performance appraisal criteria

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10
Q

Spokesperson

A

transmit information to individuals outside their area of authority.
Eg. a marketing manager might provide the engineering department with the latest
report of consumer preferences regarding product design. Or the company president
may report to a government regulatory board regarding the company’s environmental
policy

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11
Q

Types of Decisional Roles

A

Entrepreneur
Disturbance Handler
Resource Allocator
Negotiator

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12
Q

Functions of managers

A

Planning
Organizing
Controlling
Leading

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13
Q

Management Philosophies

A

Classical
Behavioral

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14
Q

Classical approaches to managing

A

Scientific
Administrative
Bureaucratic

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15
Q

Scientific Management

A

(Fredrick Taylor)
Standardizing
Supervising
Motivating

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16
Q

Standardizing the work (Scientific Management)

A

Work Divided
Observation and measurement
One best method for performing a job

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17
Q

Benefits of Scientific Management

A

Easy and inexpensive to train
Available pool of labor
Clear rules in how to perform the job
Little room for individual discretion
Consistent

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18
Q

Supervising the workers (Scientific Management)

A

take charge of their area of expertise
Mental work should be separated from labourers’ physical work
Workers not capable of managing themselves

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19
Q

Motivate the workers (Scientific Management)

A

Money only factor
Compensation closely tied to performance
Piece-rate pay

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20
Q

Administrative Management

A

(Henry Fayol)
Work divided
reports to only one boss
Team spirit and harmony
Company goals prioritized

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21
Q

Bureaucratic Management

A

(Max Weber)
Rules and Procedure
Hierarchy of authority
Division of labour
Impersonality
Selection and Promotion

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22
Q

Rules and Procedures (Bureaucratic Management)

A

Organizations require stable and documented rules

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23
Q

Hierarchy of authority (Bureaucratic Management)

A

Organizations have fixed positions that are ranked according to their level of power

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24
Q

Division of labour (Bureaucratic Management)

A

Simplifying the job will achieve greater efficiencies

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25
Q

Impersonality (Bureaucratic Management)

A

Rules and procedures, not personal agendas, govern behaviour; the individual and organization are professional, not personal.

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26
Q

Selection and promotion (Bureaucratic Management)

A

Hiring will be based on ability, not friendship or family ties; promotion will be based on job performance, not favouritism

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27
Q

Types of Behavioral approaches

A

Human relations movement
Mary Parker Follet
Chester Barnard
Modern Behavioral Science

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28
Q

Human Relations movement

A

Known as Hawthorne studies
Productivity increases when taken interest and comfortable
People work best in organized groups with effective two-way communication with their leaders

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29
Q

Mary Parker Follet

A

Coordination
Self-Management
Collaboration

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30
Q

MPF Coordination

A

Encouragement from managers should come from coordinating and harmonizing

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31
Q

MPF Self-management

A

decisions can be often be made by those performing the work

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32
Q

MPF Collaboration

A

Managers and workers should view themselves as collaborators or partners

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33
Q

Chester Barnard

A

Organizations are social systems
Communication systems
Organizations objectives
Authority over subordinates
Collaboration

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34
Q

Modern Behavioral Science

A

Motivating employees is key

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35
Q

Contingency Approach

A

Determine which managment style
Organization size
Routineness of technology
Environmental uncertainty
Individual difference

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36
Q

What makes an effective
team?

A

Shared vision
Empowerment
Trust
Culture of collaboration

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37
Q

Changing nature of organizations

A

Traditional Bureaucracy and Modern Organizations

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38
Q

Traditional Bureaucracy

A

Tall/hierarchical
Rigid, rule-oriented
Buffered from the environment
Narrow Market

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39
Q

Modern Organization

A

Flat
Fluid
Integrated
Global

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40
Q

MO Flat

A

Increase decision-making speed
React faster to environment changes
Allow more responsibility to employees
Provide lower-level more decision-making power

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41
Q

MO Fluid

A

Adaptive to change
Suitable in dynamic environments
A trait of organic structures

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42
Q

MO Integrated

A

Cross-functional teams
Self-managing teams
Information sharing
Alliances outside the organization

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43
Q

MO Global

A

Greater competition
Better access to new markets
Increased networking opportunities

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44
Q

Types of organizations

A

Public/Governmental
Private/Non governmental
Private

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45
Q

Organization as systems

A

Closed and Open

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46
Q

Proccess of Open System

A

Inputs -> Process-> Outputs -> Feedback -> Inputs

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47
Q

Five Elements of organizations structure

A

Work specialization
Decision-Making source
Levels of Administration
Departmentation
Formalization

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48
Q

Types of Work Specialization

A

Functional and Social

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49
Q

Functional Specialization

A

Division of jobs into simple and repetitive tasks
Frederick Taylor advocated high job specialization.
Job Enrichment promotes low job specialization

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50
Q

Social specialization

A

Specialization of Individuals rather than of jobs
Expertise is developed in specific areas or specialties
Eg. Accountants, Nurses, Profs

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51
Q

Decision-making/Authority Types

A

Centralization and Decentralization

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52
Q

Centralization Authority

A

At the top (executive)

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53
Q

Decentralization Authority

A

Everywhere, including lower level

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54
Q

Types of Span of control

A

Flatter, Wider and Taller, Narrower

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55
Q

Flatter and wider

A

President at top, Team members

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56
Q

Taller and Narrow

A

President to Manager to Subordinates

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57
Q

Mechanistic Structure

A

Work Specialization: Functional
Decision Making source: Centralized
Level of Administration: Tall
Departmentation: Functional
Formalization: High

58
Q

Organic Structure

A

Work Specialization: Social
Decision Making source: Decentralized
Level of Administration: Flat
Departmentation: Division
Formalization: Low

59
Q

Contingency Theory

A

Strategy
Organizational Size
Technology
Environmental

60
Q

Reengineering

A

Radical redesign of business processes for significant performance improvements
Goals: Enhance cost, quality, service, and speed
Involves fundamental rethinking of how work is done

61
Q

Virtual Organization

A

Outsourcing
Networking
Shedding Noncore Functions

62
Q

VO Outsourcing

A

Hiring external organizations for certain company functions
Retains core functions while outsourcing non-core tasks
Examples: Payroll, accounting, legal services

63
Q

Benefits of VO Outsourcing

A

focusing on core activities and growth

64
Q

VO Networking

A

Cooperative relationships with suppliers, distributors, or competitors
Example: Close distributor relationship provides insights into customer needs
Keiretsu: Japanese version

65
Q

Goal of VO Networking

A

Enhance efficiency and flexibility

66
Q

VO Shedding Noncore Functions

A

IT-dependent companies need flexibility akin to virtual organizations
Collaboration with other organizations in virtual settings benefits non-IT-focused firms

67
Q

Benefits of Virtual Organization

A

Cost saving
Great alternative
Fast to develop and market
Fast and flexible

68
Q

Risks of Virtual Organization

A

Losing control
Lack of employee loyalty
Potential sacrifice of competitive learning opportunities

69
Q

Downsizing

A

the planned reduction

70
Q

Methods of Downsizing

A

Across the board cutbacks
Early retirement and voluntary severance
Delayering by cutting a level or levels of the organization
Contracting out work
Dropping product lines

71
Q

Risks of Downsizing

A

Efficient departments are hurt
Loss of corporate money
Not guided
Loss of control outsourced work
Pain is not shared

72
Q

How Downsizing can fail

A

Lack of strategic planning
Lack of involvement of employees
Removal of corporate money

73
Q

Why do manager downsize

A

Constraining forces
Cloning forces
Learning forces

74
Q

Constraining forces

A

Pressure other orgs
Increases in share prices
“leaner and meaner”
Favored by shareholders

75
Q

Cloning forces

A

pressure to imitate behaviors of industry leaders
“jumping on bandwagon”
Demonstrates in tune with modern trends

76
Q

Learning forces

A

Taught to the future
Education can play a role
Viewed as a legitimate activity

77
Q

Forms of Business Ownership

A

Sole proprietorship
Partnership
Corporation
Cooperative

78
Q

Benefits of Sole proprietorship

A

Most basic
Owned by one person
Control activities
Least expensive
All profits
Simplest

79
Q

Disadvantages of Sole proprietorship

A

All legal and financial responsibility
Limited to individual skill set
May not be provided loans
Death of owner
Unlimited liability

80
Q

Partnership

A

Two or more
Shared profits
Easy and inexpensive
Unlimited liability
Taxed as individuals

81
Q

Types of Partnerships

A

General
Limited

82
Q

General Partnership

A

At least general partner that takes all liability
General partner responsible for any mistakes of other partners

83
Q

Limited Partnership Benefits

A

Excluded from management
Liable only for investment
Still at least one general partner
Greater availability of capital than general partnerships

84
Q

Limited Partnership Disadvantages

A

General faces unlimited liability
Partnership depends on survival of its members
Taxed under personal income (higher tax rate)

85
Q

Corporation Ownership

A

Separate legal entity, independent of its owners
Only the corporation’s assets can be sued
Issues shared can be private or publicly-trades

86
Q

Benefits of Corporation

A

Limited Liability
Permanency
Transferability of Ownership
Access to capital

87
Q

Disadvantages of Corporations

A

Costly
Time consuming
More regulations
Separate corporate tax return to file
If publicly traded, shares can be bought causing new owners

88
Q

Cooperative Ownership

A

Equal
Owned by members
Democratic system

89
Q

Corporate Governance

A

A system of rules, practices and processes by
which a company is directed and controlled

90
Q

Corporate Governance Involves

A

-Balances interests of stakeholders.
-Guides decision-making for leaders.
-Sets realistic goals and strategies.

91
Q

Corporate Governance Stakeholders

A

An individual or group that has an interest
or stake in a business

92
Q

Corporate Governance Four Key Groups

A

Shareholders -> Board of directors -> Corporate officers -> Employees

93
Q

What is Principle-Agent problem

A

Managerial interests are in conflict with shareholder interest

94
Q

Solution to Principle-Agent problem

A

Stock option

95
Q

Limitation to solution of principle agent problem

A

Managers may make short-termed based, rather than long-term

96
Q

What is good governance

A

Accountability
Fairness
Transparency
Reliable Leadership
Stakeholder Engagement

97
Q

Good Governance Accountability

A

Management takes responsibility for what they do and can be held accountable for their actions

98
Q

Good Governance Fairness

A

Consideration is given to all stakeholder and all will be treated equally

99
Q

Good Governance Transparency

A

Does not hide any information but allows processes and transactions to be observable by stakeholders

100
Q

Good Governance Reliable Leadership

A

Can exist without reliable leadership
Leaders are trusted to carry out the vision and mission of the business

101
Q

Good Governance Engagement

A

Requires stakeholders to be identified and engaged to make sure management is held to standard

102
Q

Role of the Board of Directors

A

Approving Strategic Direction
Monitoring Strategy Implementation and Performance
Appointing and Evaluating CEO and Senior Management
Facilitating Management-Owner Relationship

103
Q

Other Issues with Corporate Governance

A

Deficiencies of the Board
The need for Board Independence
Preventing fraud and Corporate scandals

104
Q

Improving Corporate Governance

A

The Sarbanes-Oxley Act and Bill 198

Increased regulations and compliance reporting
Re-established corporate accountability and investor confidence
Higher duty of care in financial reporting
Aims to prevent or reduce conflict of interest

105
Q

Strategic Management

A

the analysis, decisions, implementations, and evaluations a firm
undertakes to create and sustain its competitive advantages

106
Q

What is Strategy

A

The plans made or the actions taken in an effort to help an organization obtain its intended purposes

107
Q

Michael Porters’ Five Force Model

A

Threats of New Entrants
Bargaining Power of Suppliers
Bargaining Power of Buyers
Threats of Substitutes
Rivalry among existing firms

108
Q

Limitations of the Five Force Model

A

Assumes power relationships are the same in each force
Time-based

109
Q

VRIO Model

A

Value
Rareness
Imitability
Organization

110
Q

SWOT analysis

A

Strengths
Weaknesses
Opportunities
Threats

111
Q

Different Levels of Strategies

A

Business
Corporate

112
Q

Business-level strategy

A

strategy a firm uses to compete in a given market. As such, which market a firm intends to operate in is a given

113
Q

Types of Business-level strategy

A

Cost leadership
Product differentiation
Focus

114
Q

Cost leadership

A

Economies of scale
Learning curve economies
Access to low-cost factors of production
=lower selling price

115
Q

Product Differentiation

A

Perceived value

116
Q

Focus

A

Targets:
particular buyer group
segment of the product line
geographic market
can also have a cost leadership or differentiation strategy

117
Q

What is Corporate-level strategy

A

allocating its resources in different markets to achieve its organizational goals

118
Q

Motives for diversification

A

Intrafirm dynamics
Interfirm dynamics

119
Q

Intrafirm dynamics

A

include growth and managerial self interests

120
Q

interfirm dynamics

A

include market power enhancement, response to
competition, and imitation

121
Q

Types of Diversification

A

Related
Unrelated
Vertical Integration

122
Q

Vertical Integration

A

Backwards
Forward
Raw material -> Manufacturing -> Distribution

123
Q

Means to Diversify

A

Internal development
Mergers or Acquisitions
Strategic alliances

124
Q

Types of decisions

A

Non-programmed
Programmed

125
Q

Non-programmed decision

A

Top managers:
Determine organization’s goals
What products to offer
How to finance the operation
Where to locate facilities

126
Q

Programmed decisions by managers

A

Low-level & middle managers:
Production schedules
Select new employees
Decide how to allocate pay raises

127
Q

Programmed decisions by non-managerial employees

A

Non-managerial employees:
What policy to follow
Replace cartridge in the photocopier

128
Q

Six Stage Model

A

1) Identify the Problem and Opportunities
2) Choose the Best Decision Style
3) Develop Alternative Solution
4) Choose the Best Solution
5) Implement
6) Evaluate Outcomes

129
Q

Assumptions of The Rational Decision-Making Model

A

Complete access to all information
Clear and constant preferences
No time/cost constraints
We choose the optimal solution

130
Q

Problems with stage 1 and 3

A

Definition of the situation
Influenced by psychological and sociological factors
Bounded rationality

131
Q

Problems with stage 4

A

Satisficing
-Information processing and perceptual errors

132
Q

Problems with stage 6

A

Escalation of commitment to a failing course of action

133
Q

Escalation of commitment to a failing course of action

A

limited cognitive capacity
satisficing
Cognitive heuristics

134
Q

Prospect Theory

A

Decisions involving risky prospects, can be
framed as:
A choice between losses —> risk-seeking

135
Q

WHY DO WE ESCALATE COMMITMENT TO A
FAILING COURSE OF ACTION?

A

PERCEPTUAL DEFENSE
SAVING FACE
UNCERTAIN PAYOFFS
CLOSING COSTS
FRAMING AND SUNK COSTS

136
Q

MINIMIZING DECISION ERRORS

A

IMPROVING PERCEPTUAL ACCURACY IN DECISIONS
STRUCTURAL APPROACHES TO BETTER DECISIONS

137
Q

Single Loop Learning

A

Error detection & correction
Deals with symptoms
Addresses current problems
Maintains status quo

138
Q

Double Loop Learning

A

Examines the underlying
system
➢Looks at root causes
➢Changes status quo
➢Promotes innovation
➢Modifies policies

139
Q

major obstacles to double loop
learning

A

Bureaucracies and Roles
Cognitive Scripts

140
Q

Bureaucracies and Roles

A

Organizations often have “accepted practices” on how things are done

141
Q

Cognitive Scripts

A

give employees a sense of how members should conduct themselves in the performance of their duties

142
Q

Need to shift paradigms

A

a change in the way we think/mental frameworks

IDK (2 decks)

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