Midterm Exam Flashcards by Madison Crump

What does DEI stand for

Diversity Equity and Inclusion

How well did you know this?

Not at all

Perfectly

What are Protected Groups

Disabled, height, and weight
Race & Color
National origin & religion
Sex(pregnant/orientation/gender identity)
Genetic info(family history)

How well did you know this?

Not at all

Perfectly

A study where 1000’s of people across many countries and cultures were observed to analyze which main 5 factors represented in management

Hofstede Global Study
Long-term vs. Short-term Business thinking
Gender differences(Masculinity-Feminity)
Power distance
Societal collectivism vs. Individualism
Uncertainty Avoidance

How well did you know this?

Not at all

Perfectly

Hofstede Global Study: Building dynasties(Asian culture) vs. bonus driven(Western culture)

short-term vs. long-term business thinking

How well did you know this?

Not at all

Perfectly

Hofstede Global Study: being communal, listening, working together, merit-based vs. individualistic, aggressive, highly competitive

Gender Differences(Masculinity vs. Femininity)

How well did you know this?

Not at all

Perfectly

Hofstede Global Study: how easy is it to get ahold of your manager and get information out of them, is information on a need-to-know basis, how the hiearchy is kept in order

power distance

How well did you know this?

Not at all

Perfectly

factors that can increase or decrease power distance

clothing and type of institution(university vs. big banking firms)

How well did you know this?

Not at all

Perfectly

Hofstede Global Study: rewarding merit, measures a team on individual performance, early or late, products produced individually(US) vs. everyone gets rewarded and punished as one, profit-related pay, individuals are not held accountable, increased chance of survival however hard to be ambitious/climb(Japan)

Societal collectivism vs. Individualism

How well did you know this?

Not at all

Perfectly

Hofstede Global Study: more vs. less rules, how much risk are we willing to take on as an individual, team, and company

Uncertainty Avoindance

How well did you know this?

Not at all

Perfectly

Large organizations are more likely to take on … risk

less risk, more rules to protect people, and grow in a standardized way

How well did you know this?

Not at all

Perfectly

Start-ups are more likely to take on … risk

more risk, less rules, very ambigious to promote growing at a quicker pace, less structure

How well did you know this?

Not at all

Perfectly

makes quick decisions with confidence and reacts well to backlash from their decisions, competitive, not patient, a minority group of personalities

Decision Making Styles: Reflexive(DI/ID: DiSC: shoot from hip)

How well did you know this?

Not at all

Perfectly

Loves to mull over things, can operate at speed, need to know the parameters that are rushing them to move faster, would prefer to move slow and steady, conscientious

Decision Making Styles: Reflective(CS/SC- Careful)

How well did you know this?

Not at all

Perfectly

very effective and able to maintain focus for repetitive tasks, getting put out of jobs by AI

Decision Making Styles: Consistent Style: Followers of Precdictabillity

How well did you know this?

Not at all

Perfectly

Hat that focuses on data and evidence to base decisions on, is the data fact based information

White

How well did you know this?

Not at all

Perfectly

Hat focuses on gut and emotion based, quick spontaneous decisions, good if people are being too black and white

Red

How well did you know this?

Not at all

Perfectly

Hat is negative mode, used when everyone is too positive, without giving people the space to wear this hat during meetings to express their grievances they may affect the team behind the managements back, they have not bought in, attempt to make the optimistic people realize where problems may lie and be a little more controversial

black

How well did you know this?

Not at all

Perfectly

Hat that is optimistic and positive

yellow

How well did you know this?

Not at all

Perfectly

hat that focuses on Creative thinking, solving problems not just thinking about solutions but not executing

green

How well did you know this?

Not at all

Perfectly

hat that focuses strategy and decisions, only use if the group is not moving forward nor bonding, use if their is misunderstanding or to figure out a direction

blue

How well did you know this?

Not at all

Perfectly

What hats are the best for brainstorming?

yellow and green

How well did you know this?

Not at all

Perfectly

Distinguishing between needs and wants
Scope creep
What we know vs what we will figure out
Deadlines and accountability
Project management tools

Setting Objectives and Criteria: Case DAtP

How well did you know this?

Not at all

Perfectly

the uncontrolled and gradual expansion of a project, where new features, requirements, or tasks are added to a project without proper approval or adjustments to the project plan, often leading to delays, budget overruns, and quality issues

scope creep

How well did you know this?

Not at all

Perfectly

a visual representation of a project timeline, displaying all tasks involved, their start and end dates, durations, dependencies between tasks, and progress, allowing project managers to effectively track the project’s schedule and identify potential bottlenecks or delays

Gantt Chart

How well did you know this?

Not at all

Perfectly

provide a clear structure, motivate team members to prioritize tasks, ensure timely completion of deliverables, and ultimately contribute to the overall project success

deadlines and accountability

classifying requirements helps project managers define the project's scope, set priorities, and allocate resources accordingly

distinguishing between wants and needs

understanding what is known vs what is unknown and needs to be discovered

what we know vs what we will figure out

Project management tools

gantt chart xmind

mind-mapping software that is widely used to visually organize ideas, break down complex projects into manageable tasks, prioritize actions, track progress, and effectively communicate project plans with stakeholders through the creation of detailed mind maps

X-mind

structured method used in group decision-making where each participant independently generates ideas, then shares them with the group in a round-robin fashion, allowing for equal participation and preventing dominant voices from overshadowing others, ultimately leading to a prioritized list of solutions or ideas

nominal grouping

Nominal Grouping: technique typically involves a group of stakeholders or team members who, listen to the specific options, ideas, or issues that need to be prioritized or voted on, Each participant is given a set number of stickers to "vote" on the options that they believe are most important, urgent, or relevant, Participants place their stickers on the options they prefer

focus groups with structured voting

Nominal Grouping: provides valuable insights from stakeholders, team members, or customers, data is collected, the responses are aggregated to identify common themes, issues, or ideas that will be addressed during the nominal grouping session

Survey data

Nominal Grouping: In a nominal grouping session, participants might gravitate towards ideas or issues that are popular or easy to address, rather than focusing on the most critical issues

Popularity vs. Criticality

Nominal Grouping: Participants might be reluctant to share critical feedback or raise potential risks if they believe it could negatively impact their reputation or relationships with other stakeholders, haring sensitive information in the group could accidentally expose confidential project details, proprietary ideas, or strategic plans that are not meant to be shared beyond the group

data sensitivity and speaker confidentiality

What are the quantitative techniques for decisions

break-even & cost-benefit analysis start-up runway budgeting: metaverse & boards

Determines the point at which total revenues equal total costs, meaning the business neither makes a profit nor incurs a loss. It helps to understand how much of a product or service needs to be sold to cover costs Compares the total costs of a project or decision with the total expected benefits to determine if it's worth pursuing.

Break-even & Cost-Benefit Analysis

Measures how long a startup can operate before it runs out of money, based on its current burn rate (rate at which it spends money) and available cash reserves, assess their financial health and make decisions about fundraising, scaling, or cutting costs. It provides a timeline for when they need to secure additional funding or reduce expenses to survive

start-up runway

Involves planning and managing financial resources for projects or investments in the metaverse (virtual reality platforms and related technologies), efers to setting and managing financial plans or budgets for boards of directors or organizational leadership to monitor and govern financial performance.

budgeting: metaverse & boards

What type of planning is: "Metaverse" "Google Galss" Apple VR headsets

Strategic Planning

What type of planning is: increased the production of widgets for a big order deciding who should be given what task and what shift Mapping out which prospects need to be called and when

operational planning

This is an example of what?McDonalds $5 meal return Wendy's $1 Frosty

Situational Analysis

Appropriate when problems do not have a near end date and you have to adjust

Situational Analysis

Not appropriate when a competitor is changing, economic storm brewing unless we have evidence that these things are not going away in the short-run and we cant ride it out

Situational analysis

strategic planning tool used to assess an organization's Strengths, Weaknesses, Opportunities, and Threats, helps businesses identify internal and external factors that could impact their success, allowing them to make informed decisions and develop strategies to maximize strengths, address weaknesses, seize opportunities, and mitigate threats

SWOT analysis

What does USP stand for?

Unique Selling Point

USP: selling focused on the positive outcomes or advantages a customer will experience by using a product or service, emphasis is on the value that the product provides and how it will improve the customer’s life or business

Benefit selling

USP: focused on identifying and addressing the problems, frustrations, or pain points that the customer is experiencing. The focus is on removing discomfort, solving challenges, and relieving stress or frustration

Pain selling

what does DAtP stand for?

Data, Analysis, and Transformation Process: often used in data-driven decision-making or analytics processes to guide businesses in utilizing data to make informed decisions

allows businesses to evaluate whether their prices are aligned with the industry standards and competitors. By understanding competitor pricing, companies can adjust their own pricing strategy to remain competitive without sacrificing margin

Competition-Price benchmarking

practice of comparing an organization's wages or compensation packages with those offered by other companies in the same industry or geographic region. The goal is to ensure that the company’s wages are competitive and aligned with market standards

Wage-benchmarking

Things included in SMART GOALS?

Specific Measurable Attainable Relevant Time-bound

SMART GOALS: What are you trying to achieve?

Specific

SMART GOALS: How will you know when you've achieved it?

Measurable

SMART GOALS: Does it contribute to your agency's revenue growth?

Relevant

SMART GOALS: Is it genuinely possible to achieve it?

Attainable

SMART GOALS: When do you want to achieve this by?

Time-bound

Sometimes you are just running on caffeine and hopeium sometimes what you are doing is hard to measure founders and leaders sturggle to predict timelines

realities of setting smart goals

the tendency to set goals that are overly optimistic, based on hope rather than practical planning and realistic expectations, unrealistic optimism that can cloud decision-making when setting goals.

hopeium

Management through creating goals for people you are leading Taught and enforced through clear objectives

Management by objectives

Everything you do must have an ..., every ... must be linked to a ... ..., more admin work for managers but helps ...

objective, objectives, department goal, micromanagers

Type of Entrepreneurs: individuals who maintain their primary job or income source while starting a small business on the side(goal is often to supplement their income without giving up the security of their regular job)

Side-Hustle- Low Risk(College Bookie)

A college student who buys and sells used textbooks online or in a campus marketplace. They do this as a side hustle to make extra cash but are not entirely dependent on the business for their livelihood. If the business fails, they can continue with their studies or other part-time jobs.

Side-Hustle- Low Risk(College Bookie)

Type of Entrepreneurs: run their businesses alongside a part-time or full-time job minimizing risk by balancing their entrepreneurial efforts with another source of income.

Part-Time Entrepreneurs- Minimize Risk(DAtP)

entrepreneur that might provide data analytics services, focusing on helping small businesses improve operations

Part-Time Entrepreneurs- Minimize Risk(DAtP)

Type of Entrepreneurs: entrepreneurs have committed all their time and resources to their business ventures, with no alternative source of income

Full-Time Entrepreneurs-High Risk(BAE Consulting)

A business consulting firm that is run as a full-time operation. The founder has left their day job to focus solely on growing their consulting practice. The risk is high because the entrepreneur no longer has a safety net from another income source

Full-Time Entrepreneurs-High Risk(BAE Consulting)

Where does a lot of the funding for new businesses come from for entrepreneurs?

Mostly family and sometimes friends

Forms of change: gradual, small improvements or adjustments that happen over time within a business or organization. This type of change doesn’t completely overhaul existing systems or processes, but instead focuses on continuous optimization and fine-tuning.

Incremental-"Lean Start Up"

Forms of change: refers to significant, often sudden shifts in the market or technology that result in a dramatic departure from the past. These changes tend to have far-reaching implications, often disrupting industries and causing businesses to adapt rapidly

Discontinuous- Chatgpt disrupts the writing industry

Forms of change: This form of change is marked by the emergence of new products that make old products obsolete. New technologies or innovations can make existing products or services irrelevant.

New and Obsolete Products- Apple replaces torch...

Forms of change: refer to companies or business models that transform existing industries by introducing a radically different approach to delivering products or services. These disrupters challenge the status quo and often provide more efficient, cost-effective, or convenient alternatives.

New Business Disrupters- Uber and Lyft

Forms of change: refers to a system in which individuals share access to goods and services, often through online platforms. This model is driven by the concept of collaborative consumption, where people can rent, share, or exchange resources rather than owning them outright

The Sharing Economy- Uber and Airbnb

model is primarily used to understand the emotional stages individuals and groups go through during periods of change

Satir Change Model

Stages of Satir Change Model?

Stuck Group(Old Status Quo, [Change Happens], Resistance) Uncomfortable Group(Chaos, Integration) Pioneer Group(New Status Quo)

Managing Employee Uncertainty: event that allows for transparency, provides a platform for questions and trust, logistical and ethical concerns are voiced, gives leadership a platform

Town Hall Meetings

Organizational Development: - anyone that comes in and makes a change and are typically full-time employees who lead the charge

Change Agents

Organizational Development: external professionals (often freelancers) who bring expertise in organizational behavior and change management. They are hired to provide objective advice, support, and specialized skills in the OD process.

OD Practioners/ Consultants

Organizational Development: methods used to understand the underlying problems within an organization and to implement solutions. This is often referred to as process consultation, which involves guiding an organization through identifying issues and then resolving them

Investigations and Interventions

Organizational Development: exercises aim to improve collaboration, communication, and trust among employees to enhance the effectiveness of teams. This can include specific tools like DiSC and Survival exercises.

Team Building

Organizational Development: focuses on equipping individuals with the knowledge and skills necessary to perform effectively in their roles or adapt to organizational changes. This can include leadership development, DEI (Diversity, Equity, and Inclusion) training, or academic integrity training, among others.

Training

Organizational Development: nvolves providing personalized support to individuals to help them achieve their professional goals, while feedback is an ongoing process of giving constructive advice to help individuals improve their performance.

coaching/feedback

A popular personality assessment tool that categorizes individuals into four personality types (Dominance, Influence, Steadiness, and Conscientiousness), helps teams understand each other's behavior, communication styles, and work preferences, fostering better teamwork

DiSC

Approach is to ... unfreeze: recognize current method is not working, list reasons Change: copy and implement one at a time Refreeze: hold yourself accountable, socialize the reward and punishment so team/family/friends are included

Lewins Change Management Template