Reddit - Terms and Concepts Flashcards
Eli Goldratt’s Theory of Constraints
● Focused on identifying constraints and eliminating them, thus resulting in continuous improvement
● Every organization faces constraints
● The greatest constraints come from policies and not from physical entities such as resources or materials
● TOC uses five steps to concentrate improvement effects on the components most capable of producing the most positive impact on a system
Total Quality Management
TQM is a strategic management system for achieving customer satisfaction that involves all managers and employees, and uses quantitative methods to continuously improve an organization’s processes.
● Key word is continuous improvement. It highlights the importance of organizational learning.
Gantt Chart
A Gantt chart is a graphical depiction of a project schedule. It’s a type of bar chart that shows the start and finish dates of several elements of a project that includes resources, milestones, tasks, and dependencies.
● Mainly used in project management
(photo in word doc)
PERT chart
A PERT chart is a project management tool that provides a graphical representation of a project’s timeline. It is a visual representation of a series of events that must occur within a project’s timeline.
● It uses circles or rectangles called nodes to represent project events or milestones. These nodes are linked by vectors or lines that represent various tasks.
● A PERT chart allows managers to evaluate the time and resources necessary to manage a project.
● The use of a PERT chart is highly subjective, and its success depends on the management’s experience. These charts can include unreliable data or unreasonable estimations for cost or time for this reason.
● Considered preferable to Gantt charts, because they identify task dependencies.
(photo in word doc)
Job Analysis Methods
● Observation: Works best for short-cycle jobs in production
● Interview: Good for professional jobs
● Open-ended questionnaire: Good when a large number of jobs must be analyzed and there are insufficient resources to do it.
● Highly-structured questionnaire: Defines job with a relatively objective approach, which also enables analysis to be performed using computer models
Staffing Needs Analysis Process
● Supply Analysis
● Demand Analysis
● Budget Analysis
● Strategic Analysis
Content Validity
Degree to which a test measures knowledge, skills, and abilities that are part of the job.
● Least sophisticated type of validity to assess.
● Used primarily to evaluate job knowledge and skill
● Not appropriate for evaluating the ability to learn new skills
Construct validity
Degree to which a selection device measures a theoretical construct or trait. Typical constructs are intelligence, mechanical comprehension, or personality traits (e.g: anxiety)
● E.g: Using a heart-rate monitor during a flight simulator to gauge anxiety during a flight, when evaluating potential pilots.
The Consumer Credit Protection Act (1968)
Applies to companies with at least 1 employee
Limits the amount of wages that can be garnished
▪ Creditors can only garnish up to 25% of your disposable wages (after deductions e.g. group health insurance, federal tax withholding, etc.)
▪ Child support: Up to 50% garnishment if you have dependents, 60% if you don’t
▪ Student loans: Up to 15%
▪ Back taxes: Pretty high, employer gives you minimum, the rest go to IRS
Employers cannot retaliate unless you have more than 1 garnishment.
Protections decrease once you have 2 or more garnishments
Health Insurance Portability and Accountability Act (HIPAA)
Individuals who leave/lose their jobs can obtain health coverage even if they or someone in their family has a serious illness/injury or is pregnant
Provides privacy requirements related to medical records
Limits exclusions for preexisting conditions and guarantees renewability of health coverage to employers and employees
Compensatory Time “Comp Time”
● Overtime usually must be paid in cash
● Public-sector employers may grant compensatory time off.
o Does not apply to nonexempt private sector employees
● Public employees can accumulate “comp time”
o Police/Firefighters: 480 hours
o Public employees: 240 hours
Labor Management Relations Act (LMRA)
Taft Hartley Act
Helps employers
Prohibits unfair labor practices by unions and outlaws closed shops, where union membership is required in order to get and keep a job.
National Labor Relations Act (NLRA)
Wagner Act
Helps unions
Provides employees the right to form unions and negotiate wage and hour issues with employers
Grants employees the right to organize, join unions, and engage in collective bargaining and other “concerted activities”
Protects against unfair labor practices by employers
Landrum-Griffin Act
Helps employees in unions
Protects the rights of union members from corrupt or discriminatory labor unions, and applies to all labor organizations
Taft-Hartley and Landrum Griffin both aim to protect individuals from unions.
▪ Both have people names in them
▪ Both kind of start with L
Norris-LaGuardia Act
Prohibits yellow-dog contracts
▪ Agreements where employees promise employers that they would not join unions
Tip: Chuck Norris and his Yellow Dog. Chuck Norris owns his yellow dog and tells him what he can’t and can’t do
Sherman Anti-Trust Act
Prohibits attempts to restrict competition or fix prices
Prohibits restraint of trade
Wagner-Peyser Act
Assists the unemployed
Provides job seekers with assistance in their job search, and recruitment services for employers
Hofstede’s Six Cultural Dimensions
Power Distance
Collectivism vs. Individualism
Uncertainty Avoidance Index
Femininity vs. masculinity
Short-term vs long-term orientation
Restraint vs. indulgence
(photo in word doc)
Hofstede: Power Distance
The extent to which inequality and power are tolerated.
E.g: China has high power distance
Low power distance indicates that a culture encourages organizational structures that are flat, decentralized decision-making responsibility, and places emphasis on power distribution
Hofstede: individualism vs collectivism
The degree to which societies are integrated into groups
Hofstede: uncertainty avoidance index
The extent to which uncertainty and ambiguity are tolerated.
High uncertainty avoidance index indicates a low tolerance for uncertainty, ambiguity, and risk-taking.
Hofstede: masculinity vs femininity
Considers the preference of society for achievement, attitude towards sexuality equality, behavior, etc.
Hofstede: long-term vs short-term
The extent to how a society views its time horizon.
Long-term focuses on the future and involves delaying short-term success or gratification in order to achieve long-term success. Emphasis on persistence, perseverance, and long-term growth
Short-term focuses on the near future, involves delivering short-term success or gratification and places a stronger emphasis on the present than the future.
Hofstede: indulgence vs restraint
The extent and tendency for a society to fulfill its desires.
Four categories on a balanced scorecard
Financial Perspective
Learning and growth
Customers
Internal Business Processes
(photo in word doc)
Herzberg’s two-factor theory
Hygiene-motivation theory
Unacceptable conditions in regards to hygiene factors will lead to job dissatisfaction. Posits that employee satisfaction is achieved mainly through changes in job content.
● Consists of extrinsic hygiene factors, and intrinsic motivation factors
● Acceptable hygiene conditions will lead only to a state of satisfaction; they do not motivate, they only satisfy.
● However, hygiene factor levels must be acceptable in order for the motivation factors to become operative.
● Extrinsic Hygiene Factors: Pay, working conditions, coworkers
● Intrinsic Motivation Factors: Personal growth, achievement, recognition
McClelland’s Theory
Based on studies showing that some people have an intense need to achieve while others do not. His work identifies the characteristics of people with high needs of achievement.
High achievers:
● Set moderately difficult but potentially achievable goals
● Prefer to work on a problem rather than leave the outcome to chance
● Seem to be more concerned with personal achievement than with the rewards of success
● Seek situations in which they get concrete feedback on how well they are doing with regards to their work
McGregor’s Theory X and Theory Y
Represents two types of management styles.
● Theory X managers believe that people inherently dislike work and will try to avoid it.
o Authoritative style of management
● Theory Y managers believe that employees dislike rigid controls and inherently want to accomplish something.
o Participative style of management
Vroom’s Expectancy Theory
People will be motivated to exert effort towards a goal if they believe that there is a favorable outcome.
o Expectancy – A person’s belief that a chance exists that a certain effort will lead to a particular level of performance, which, in turn, will lead to certain outcomes
▪ E.g: If I make more calls, I’ll increase my sales numbers, and be rewarded with a new company vehicle
o Instrumentality – A person’s belief that a specific action leads to a specific outcome
▪ E.g: If I increase my sales numbers by 10%, i’ll be rewarded with a new company vehicle
o Valence – The strength of an individual’s desire for a particular outcome.
▪ E.g: I REALLY want a new company vehicle
● Tension exists when similar inputs do not equal similar outcomes. Employees may adjust their behavior or quit their jobs.
● Tip: Vroom → Cars go vroom → Company vehicle example
Pattern/Parallel bargaining
Union negotiates agreements similar to those existing in the industry or region. Referred to as whipsawing
Coalition/multiple employer bargaining
Multiple employers, negotiating with one union
Coordinated bargaining
one employer, negotiating with multiple unions
Positional negotiation
o People are locked in positions
o Parties lose sight of underlying problems
o Emphasis on winning
