Psychology in business- Exam 1 Flashcards
Productivity
Ability to take inputs and produce outputs at the lowest cost possible, while achieving quality and customer satisfaction.
Efficiency
Ability to produce outputs at the lowest cost possible.
Effectiveness
Ability to achieve goals.
Importance of productivity, efficiency and effectiveness for organizations + specific examples.
Importance: Enhancing productivity can lead to increased customer satisfaction and revenue.
Example: A 5% improvement in employee attitudes can boost customer satisfaction by 1.3% and revenue by 0.5%.
Perception
Ability to select, organize, and interpret sensory information.
Explain in detail 3 factors that influence perception- Give specific examples.
1- Perceiver: Our personality, interests, motivations, attitudes, experiences and expectations
- Personal self-views (positive or negative) impact how one views others
2- Target: What we are seeing
Other’s characteristics impact how they are viewed
3- Context: Surrounding environment dictates interpretation- The context that surrounds us acts on our way of acting
Ex: Swearing in front of our friends will not be perceived the same way as if we swore in front of our grandparents.
Myers-Briggs Type Indicator (MBTI)- Name and Describe the 4 scales.
Personality assessment tool with four scales:
1- Extraverted/Introverted (E or I): Sociable, outgoing and assertive (love socializing) or shy/quiet and exhausted when dealing with people.
2- Sensing/Intuitive (S or N): detail-oriented and prefer to focus on the present VS abstract, imaginative and would rather focus on the future.
3- Thinking/Feeling (T or F): Utilizing reasoning and logic versus personal values and emotions (logic vs feeling).
4- Judging/Perceiving (J or P): seek control and a structured world VS flexible and spontaneious in the way they see the world- plan less and adapt better to change.
Emotional Intelligence (EI)- define and provide examples for each component of emotional intelligence. (5)
1) Self- Awareness: recognizing and understanding one’s own emotions.- mindful of feelings you experience and their influence in your behavior.
Ex: A self aware person realizes they are feeling frustrated during a meeting and recognize how this emotion might influence their interactions; helps them remain calm.
2) Social Awareness (Empathy):
Ability to detect, understand and respond to emotions of others- recognizing others through nonverbal cues such as facial expressions, voice tone and body language.
Ex: Empathetic manager notices that an employee looks stressed and adjusts expectations to accomodate their emotional state.
3) Self-Regulations: managing emotions in healthy and constructive ways- controlling emotional impulses and staying calm in stressful situations. being able to express emotions correctly.
Ex: Instead of reacting angrily to criticism, taking a moment to process the feedback calmly and respond constructively.
4) Relationship management: (management of emotional cues in day to day interactions to manintain healthy and positive relationships and avoid conflicts).
Ex: a leader diffuses a tense disagreement among team members, findinf a compromise that satisfies everyone.
5) Motivation (Use of emotions): Using emotions in order to achieve goals. Includes harnessing emotions like passion or determination to stay focused and overcome challenges.
Ex: Using disapointment as a motivation to try a new approach next time.
Big Five dimensions of personality
1- Openness to experiences, Conscientiousness, Extraversion, Agreeableness, Neuroticism.
Rokeach’s values
Two sets of values identified by Rokeach:
-Terminal values: desired end states or life goals we aim to achieve in our lifetime.
Examples:
1) Happiness: Achieving contentment and staistaction in life.
2) Equality: Promoting equal opportunity and fairness for all.
-Instrumental values: Preffered ways of behaving or means to achieve terminal values.
Examples:
1) Honesty: Being sincere and truthful in all interactions.
2) Ambition: Working hard and striving to achieve goals.
Hofstede’s 5 + 1 Dimensions of National Culture:
1) Power distance: degree to which a society accepts unequal power distribution.
Ex: high: societies where class hierarchy is accepted.
low: societies that strive for equality
2) Individualism vs collectivism: focus on individual identity vs group belonging
Individualism-where personal achievement is most valued.
Collectivism-community and mutual success are prioritized.
3) Masculinity vs Feminity: motivation towards achievement and societal roles.
ex: Masculinity: prones where traditional masculine roles (achievement, power) dominate.
Femininity: prones gender equality is emphasized.
4) Uncertainty Avoidance:
How societies handle uncertainty and ambiguity.
high: Greece where strict rules reduce uncertainty.
Low: Singapore- more accepting of ambiguity and change.
5) Long-term vs short term orientation:
focus on future rewards vs present values
long term: perseverance and resilience/effort to achieve aims
short term: seeking immediate results and traditions.
+1) Indulgence vs. Restraint: degree of freedom to pursue pleasure.
indulgence: enjoyment and pleasure are most important.
restraint: emphasis on self-control and discipline.
Dominant Values of Canadian Workforce Age Groups:
1) Baby boomers- after WWII-: grew up in prosperous times- focus on work and material success.
values: achievement, hard work, success
terminal: sense of accomplishment, social recognition.
2) Generation X (60s-80s): shaped by globalism, technology, social changes while working with parents and aids.
Values: flexibility, life options, job satisfaction, strong relationships.
terminal: true friendships, happiness, pleasure.
3) Generation Y (Millennials)- 90s-2010s: time of economic growth
values: high expectations, meaningful work, social responsibility
terminal: prosperity, fame, social responsibility.
4) Generation Z- 90s to 2010s: fully digital world, high trust in technology.
values: flexibility, creativity, and authenticity.
terminal: prosperity, accomplishment, social responsibility -especially diversity and ecological sustainity
Responses to job dissatisfaction:
1) Exit: attempting to leave the organization
ex: an employee resigns after feeling undervalued.
2) Voice: Actively seeking improve conditions.
ex: suggesting new policies, discussing issues
3) Loyalty: passively waiting for improvement, supporting org.
ex: defending the company while facing external criticism while trusting things will get better.
4) Neglect: passively allowing the situation to worsen.
ex: employee reducing work effort due to dissatisfaction.
