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BBA > Management > Flashcards

Management Flashcards

1
Q

Efficiency

A

doing things right
getting the most output for the least input

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2
Q

Effcetiveness

A

doing the right things
attaining organizational goals

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3
Q

4 management functions

A

Planning - set goals and maintain team
Organizing - assign responsibility for task management
Leading - use leadership to motivate employee
Controlling - monitor activities and make corrections

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4
Q

General Administrative Theory (Henri Fayol)

A

Aim: order and efficiency POCCC
Prevoir(establish goals of future), Organiser, Commander, Coordonner, controler

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5
Q

Unity of command

A

all subordinates in an organization should report and listen to one boss» hierarchical structure

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6
Q

unity of direction

A

all members involved in the same activities must work toward a common goal and share the same objective

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7
Q

PESTEL

A

Political
Economic
Social
Technological
Ecological
Legal

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8
Q

Politics

A

collective decision-making on societally relevant practices

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9
Q

Nongovernmental group

A

advocate and act upon moral issue

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10
Q

Economics

A

production, distribution, and consumption of products and services

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11
Q

Market structure

A

Monopoly> Oligopoly> Monopolistic competition> Perfect competition

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12
Q

Market evolution

A

Business cycles (short, medium, long run)
Industry evolution (introduction, growth, maturity, decline)

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13
Q

Geographic differences

A

International specialization (factor market differences)
International and intranational wealth accumulation and deprivation

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14
Q

Sociology

A

Social structure and interaction patterns

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15
Q

Social structure

A

Demography
Social classes
Migration
Educational level and orientation

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16
Q

Social interactions

A

Degree of harmony
Degree of egalitarianism
Degree of formalism

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17
Q

Technology

A

applying knowledge for practical purposes in a reproducible way
Technology waves
Innovation types
Innovation degrees

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18
Q

Technology waves

A

long-term, clustered innovations

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19
Q

Innovation types

A

Product innovation
Process innovation

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20
Q

Innovation degrees

A

Radical innovation
Incremental innovation

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21
Q

Ecology

A

natural ecosystems
Enabler of business activities
Constraint on business activities

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22
Q

Enabler of business activities

A

Natural resources as inputs
Natural biosystems as outputs

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23
Q

Constraint on business activities

A

Neutralize negative effects on natural ecosystem (externality)
Ecological limits and whims hampering business

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24
Q

Law

A

enforceable government regulations
Types of law
Levels of legislation
Regulatory stringency

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25
Q

Types of law

A

common law: case-based
civil law: codified

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26
Q

Levels of legislation

A

Supranational legislation: across nation-states
National legislation: in nation-state only
Local legislation: in municipality/province/region

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27
Q

Regulatory stringency

A

Level of ambition and sanctions
Enforcement

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28
Q

Task environment

A

direct influence and interactions with business organizations
market environment
nonmarket environment

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29
Q

market environment

A

competitive context of an organization
suppliers
buyers
incumbent rivals
new entrants
substitutes and complementors

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30
Q

Non-market environment

A

direct interactions with noneconomic actors
governments
nongovernmental organisations
neighbours

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31
Q

environmental uncertainty

A

extent to which an organisation’s context is hard to understand and predict
environmental complexity
environmental dynamics

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32
Q

environmental complexity

A

number of components and interrelations constituting an organisational context

Many components: difficult to chart and oversee all factors
Many interrelations: difficult to chart and manage, especially indirect and delayed interrelations

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33
Q

environmental dynamics

A

degree of unpredictable change in an organization’s context

degree of change: rate of fluctuation
unpredictability: unknown direction and rate of fluctuation

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34
Q

Problem

A

perceived discrepancy between the current state of affairs and a desired state

problem for me is not necessarily a problem for you
problems are organizational bound
oriblem are national culture bound

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35
Q

Decisions

A

choices made from among alternatives developed from data perceived as relevant

Perception of decision maker leads to outcomes, subjective

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36
Q

Decision making models

A

rational decision making
bounded rationality

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37
Q

Outcome bias

A

we place too much weight on outcome and are not critical enough about process

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38
Q

hindsight bias

A

see events that have occurred as being more predictable than they were before they took place

“I knew it all along” effect
bad decisions that went well are repeated

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39
Q

how decisions are made

A

Content of decisions
structured or unstructured problems
operational or strategical

Context
urgency
organizational characteristics
decision makers’ attributes

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40
Q

Rational decision making

A

homo economicus: searching for the best value maximizing choice

define problems, identify criteria and allocate weights to those, develop alternatives, evaluate alternatives, select best one, implement, evaluate

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41
Q

assumptions of Rational Model (not true)

A

Complete knowledge of the situation
all relevant options are known in an unbiased manner
time is important
clear goal: the decision maker seeks the highest utility

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42
Q

Rational moder in Reality?

A
  1. Limited search for problem definition, decision criteria and alternatives = we stick to easy alternatives,
  2. We choose alternatives, similar ones to those already in effect
  3. satisficing- selecting the first alternative that is good enough (stick effect)
    4.Intuition

WHY? Managers are humans

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43
Q

Bounded rationality

A

Managers are bounded by their ability to process information

Perception: we perceive things differently
We make sense
Emotion: we fall in love, we have stress
Bias: we convince ourselves that
Satisficing: we are quickly satisfied
We have no time

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44
Q

how does brain work?

A

according to emotions, biases and perceptions

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45
Q

Dual process theory

A

System 1: The cheater, reptile brain
Default: always on
Fast
Intuitive: impulsive stereotypes, perception and emotion
What You See Is All There Is

System 2: Logical machine, the scientist
Lazy, works only when we want it to
Slow
Wants facts, use rules
Looks actively for information: it can overrule system 1 but extrmely lazy

46
Q

Relation between System 1 & System 2

A

System 1 is always on and busy
System 2 has two tasks: Controlling System 1
Helping System 1
When system 2 is tired, system 1 gets the say
System 1 and system 2 always fight. System 1 generally wins

47
Q

Heuristics

A

simple, efficient rules which people often use to form judgments and make decisions.
They are mental shortcuts that usually involve focusing on one aspect of a complex problem and ignoring others
Errors that result from these are called Cognitive Biases

48
Q

Selective perception / attention

A

directing our awareness to some stimuli while ignoring other» why? there is a limit of info we can process

Applications ( in marketing)
Priming
Nudging

49
Q

Priming (suggestion)

A

Familarity Bias: use of selective attention, important for marketing (repeat messages, color, etc)

Putting System 1 in the right mood

50
Q

Nudging

A

gentle push toward good direction although all options stay open and person can choose (usually in social marketing)

It make use of all kind of heurisitics

51
Q

The decoy effect

A

makes the best option look even better by introducing (eg middle option)

52
Q

Availability Bias

A

people predict the frequency of an event or a proportion within a population based on how easily an example van be brought to mind

Recent information
Horrible things
Media coveage

53
Q

Anchoring bias

A

human tendency to rely too heavily or anchor on one trait or piece of information

54
Q

Confirmation bias

A

we see what we want to see, we hear what we want to hear, interpret and/or search info to confirm one’s perception, leads to overconfidence

related to the concept of cognitive dissonance
if we believe there is no ethical wrong-doing, we will not see any wrong doing

55
Q

Self-serving bias (attribution theory)

A

concerning self
-attribute positive events and successes to our own character or actions
-blame negative results to external factors unrelated to our character

concerning others
-attribute events and successes of others to external actors(luck)
- blame negative results to the character of other person

May lead to conflict in workplace

56
Q

Overconfidence Bias

A

ego gets in the way
thinking to be better than one actual is

57
Q

Dunning-Kruger effect

A

people with limited knowledge tend to overestimate their own ompetence, the other way round for people who actually have above average

58
Q

Optimism Bias

A

a mistaken belief that our chances of experiencing negative events are lower than those of our peers

Macho mistake- feeling of invulnerability

59
Q

Denomination effect

A

law of little bits: people are less likely to spend money if there is one large amount than if they spend the same amount in smaller portions

60
Q

Prospect theory (framing theory)

A

states that decisions are made based on potential value of losses and gains rather than final outcome

people will take decisions based on howoutcomes are framed

Gain frame&raquo_space; not taking risks
Loss frame&raquo_space; taking risks

61
Q

loss aversion and framing

A

people can’t stand loosing, however not winning / gaining something is less of a problem

62
Q

value function

A

gain is less valued, loss is felt deeper

eg. gambling and its prospect in different cases

63
Q

Esclation of commitment (sunk costs)

A

people justify increased investment in a decision, based on the cumulative prior investment, even if new evidence suggesting that the cost of continuing the decision outweighs the expected benefit

Sunk costs greatly affect actor’s decisions because humans are ingerently loss-averse

64
Q

Threat Label

A

threat associated to potential loss, risk more to avoid loss opportunity label: less risk will be taken

65
Q

Endowment effect (linked to loss aversion)

A

someone places a higher value on something they own simply because they own it

66
Q

Immediate gratification

A

tendency to immediately want gratification and avoid costs

67
Q

Randomness bias

A

people tend to see patterns in random things (system 1)

68
Q

Representation bias

A

judging probability of hypothesis by considering how much the latter resembles available data

eg. shy hum and library

69
Q

Intuition

A

based on implicit knowlege available to decision-maker; should not be taken at face value

70
Q

Bandwagon effect

A

believe and act in a way just because other people do so. Related to groupthink and herd behaviour

71
Q

negativity effect

A

tendency to pay more attention to negative experience

72
Q

Post-purchase rationalism

A

persuade oneself through a good rational argument that your purchase is a good value

73
Q

Blind spot bias

A

being blind towards your own bias

74
Q

Decision making styles

A

High tolerance for ambiguity
Analytical: long term, more alternatives, more flexible= external data or facts, tasks and technical concerns
Conceptual: broad perspective, many alternatives, intuition= feelings, intuition, people and social concerns

Low tolerance for ambiguity
Directive: autocratic, short term, closely analyse= external data or facts, task and technical concerns
Behavioral: love people, interaction, avoid conflict= feelings, intuition, people and social concerns

75
Q

Advantages of group decision making

A

generates more complete information and knowledge
increases diversity of views&raquo_space; creativity
increases acceptance of a solution

76
Q

Disadvatage of group decision making

A

time consuming
groupthink (dominant coalition)
conformism - group pressure, asch experiment
group shift - take positions of greater risk, may be due to diffused responsibility

77
Q

groupthink

A

a deterioration of individual’s mental efficiency, reality testing, and moral judgments as a result of group pressure, wanting to belong, it is a subtle process that make that minority will keep silent- adopt to the group

78
Q

groupthink occurs

A

high group cohesiveness
lack of impartial leadership
lack of methodologial procedures
highly stressful threats
recent failures
moral dilemmas

79
Q

tips for minimizing groupthink

A

limit group size
seek input from all
leaders play impartial role
use outside experts
be aware of correlated errors

80
Q

Group decision-making techniques

A

Brainstorming
meant to overcome pressures of conformity
generates a list of creative alternatives
problem: production blocking, anchoring

Nominal Group Technique (NGT)
restricts discussion during the decision-making process to encourage independent thinking

81
Q

why does environment matter?

A

internal environment&raquo_space; organizational culture > personality of the company
external environment&raquo_space; contingency factor

82
Q

external environment (general)

A

demography: demographic cohorts
economic
social/ cultural
technological
ecological
political

83
Q

Internal environment (OC)

A

a set of shared assumptions that guide what happens in organizations by defining appropriate behavior for various situations > code of conduct

84
Q

Seven dimensions of OC

A
  1. Innocation and risk taking: degree to which the employees are encouraged to be innovative and risk taking
  2. Attention to detail: degree to which the employees are expected to exhibit precision and attention to detail
    3.Outcome orientation: degree to which managers focus on results rather than how to achieve them
  3. People orientation: degree to which management decision take into accouont the effect on people within the organization
    5.Team orientation: degree to which work is organized around teams rather than individuals
    Aggressiveness: degree to which employees are aggressive an competitive rather than cooperative
    Stability: degree to which organizational decisions and actions emphasize maintaining the status quo
85
Q

Schein model of OC

A

Norms and values
Espoused: stated or desired cultural elements (written or stated tone that the management wish to instill)
Enacted: the actual values that the culture represents

Artifacts and products
Material, buildings, slogans, symbols, stories/ myths, clothing, ceremonies

86
Q

Do organizations have uniform culture?

A

the dominant culture expresses the core values that are shared by a majority of the organization’s members

Subsultures tend to develop in large organizations to reflect common problems, situations, or experiences of members

87
Q

Code of conduct

A

coordination and control mechanism: act like formalization
define boundaries
influence management style - empowerment or autocratic
influence how people deal with each other
generates commitment beyond oneself
enhances social stability (social glue)

88
Q

Managerial decisions affected by culture

A

Planning
-the degree of risk hat plans should contain
-whether plans should be developed by individuals or teams
-the degree of environmental scanning in which management will engage

Organizing
-how much autonomy should be designed into employees’ jobs
-whether tasks should be done by individuals or teams
-the degree ot which department managers interact with each other

Leading
-the degree to which managers are concerned with increasing employee job satisfaction
-what leadership styles are appropriate
-whether all disagreements- even constructive ones- should be eliminated

Controlling
-whether to impose external controls or to allow employees to control their own actions
-what criteria should be emphasized in employee performance evaluations

89
Q

Culture and performance

A

adaptive culture translates into organizational success, it is characterized by managers paying close attention to all their constituencies, intiiating change when needed and taking risks

Culture is no off the shelf recipe
what works now will not necessarily work tomorrow

90
Q

Strong culture

A

values widely shared
culture conveys consistent messages about what’s important
most employees can tell stories about company heroes
employee strongly identify with culture
strong connection between shared values and behaviours

91
Q

Strong culture will

A

have great influence on the behaiour of its members
increase cohesiveness
acts like formalization
result in lower employee turnover
may be better performance

92
Q

weak culture

A

values limited to few people- usually top management
culture sends contradictory messages about what’s important
employees have little knowledge of company history or heroes
employees have little identification with culture
little connection between shared values and behaviours

93
Q

factors influencing the strength of culture

A

size of organization
age of organization
rate of employee turnover
strength of the original culture
clarity of cultural values and beliefs (not many subcultures)

94
Q

dysfunctional aspects of strong culture

A

Barrier to change
-culture is slow to change_ even in a dynamic environment
-people become blind followers

Barriet to diversity
-managers want employees that accept thevalues of the firm
-strong cultures pit pressure to conrform (groupthink)

Barrier to acquisition and mergers
-most mergers fail due to cultural incompatibility

95
Q

creating culture

A

Its founder
-have a clear vision, when successful, founder’s vision becomes a myth
-are unconstrained by previous visions
-hire and keep employees who think like them
-act as role model
-also industry and national culture plays a role

96
Q

Keeping culture alive

A

seek out those who fit it> slect and hire
kick out those who don’t fit
socialization > formal > written values, training
> informal > stories > top management examples, leadership styles
structure
performance evaluation and rewards

97
Q

Culture is not easy to change

A

Especially strong culture
Factors that might ease culture change
- dramatic crisis
-turn over in leadership
-young and small organizations
-weak culture

98
Q

How to change culture?

A

The process: change management
What? The star model

99
Q

developing an innovative culture

A

STAR model and emphasize on:
-challenges and involvement
-freedom
-trust and openess
-idea time (googlettes)
-playfulness/humor
-conflict resolution
-debates, expression of opinion
-diversity
-risk taking
-accept failures

100
Q

Developing a customer-responsive culture

A

STAR model and emphasize on:
-hiring right type of employees
-having few rigid rules, procedures and regulations
-providing role clarity to employees to reduce ambiguity and conflict and increase job satisfaction
-use widespread empowerment of employees

101
Q

Developing an ethical culture

A

STAR model and emphasize on:
-formal socialization
> expectations about ethics must be clear: communication of ethical vision and values
>ethical training and codes
-informal socialization
>top managers must be role models of ethical behavior > stories, myths
-performance appraisals and rewards for ethical conduct
-not too high bonuses and expectations
-encourage whistle blowers
-structure> proper control systems and good working corporate governance (board of directors) (CENTRALIZED STRUCTURE)

102
Q

Importance of national culture

A

national culture influences how people behave and has an influence on organizational culture

born totally immersed in that culture

important for multinational companiese

103
Q

ethnocentrism

A

the belief that one’s native country, culture, language and habits are superior to all others&raquo_space; home country people are put in key position and are more highly rewarded

104
Q

how to deal with ethnocentrism

A

-education
-cross culture awareness
-international experience
-humility

105
Q

meetings in differen countries

A

Germany- punctual, structured, formal, communication through elder
France- not punctual, structured, communication through boss
Netherlands- basic agenda, quite informal, straight forward
UK- serius, stiff, diplomatic, never articulate things negatively

106
Q

Geert Hofstede’s culural dimensions of national culture

A

study involving 116000 IBM employees over 40 countries in 1980s

107
Q

5 dimensions of national culture

A
  1. Individualism vs collectivism
    people look at their own interests
    people expect the group to look after and protect them, conformity to group norms
  2. High power distance vs. lower power distance
    great respect for those in authority, accept power difference, great deal of respect for those in authority
    bosses aren’t unapproachable, plays down inequalities
  3. high uncertainty vs lower uncertainty avoidance
    threatened with ambiguity and high level of anxiety
    comfortable with risks, tolerant of differen behaviour and opinions
  4. masculinity vs feminity
    values assertiveness, acquiring goods and money, competitive
    values relationship, concern for others
  5. long-term orientation vs short-term orientation
    people look to the future, value thrift and persistence
    people value tradition and past
108
Q

Rober house

A

The globe studies
global leadership and organizational behaviour
173000 managers in 951 organizations in 62 cultures
Globe’s 9 cultural dimensions

  1. power distance
  2. uncertainty avoidance
  3. results orientation
  4. assertiveness
  5. gender differentiation
  6. social collectivism
  7. individual collectivism
  8. future orientation
  9. humane orientation
109
Q

high context national culture

A

establish social trust first
value personal relations and goodwill
agreement by general trust
negotiations are slow and ritualistic
polychromic time
intimate personal space

110
Q

Low context national culture

A

go down to business first
value expertise and performance
agreement by legal contract
negotiation as efficient as possible
monochromic time
personal/ social space

111
Q

unified corporate organizational culture

A

the corporate culture of an international company can bery well be uniform across borders, whereas the deep rooted values of diffeent people from different cultures ptentially still exist

-to streamline the behaviour of the employees
-to smoothen out managerial problems arising from cultural differences

112
Q

when does unified corporate culture work?

A

determined by the importance of maintaining uniform product offerings, leadership styles and management systems
IKEA, McDonalds, Body Shops

Difficult to implement > intensive training, high formalization, control

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