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Test 2 Mngmt 315 > Test Two > Flashcards

Test Two Flashcards

0
Q

Performance threat

A

High turnover in the service industry

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1
Q

Performance opportunity

A

A situation that offers the chance for a better future if dealt with correctly - allow for task variety, train employees to deal with difficult customers, create a brand employees are part of

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2
Q

Ways of approaching problems & which is best?

A

Avoiding
Solving
Seeking*

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3
Q

Systematic thinking

A

A person who approached a problem in a rational, step by step fashion

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4
Q

Intuitive thinking

A

Approaches problems in a flexible and spontaneous fashion

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5
Q

Multidimensional thinking

A

An ability to address many problems at once (crucial in crisis scenarios)

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6
Q

Strategic opportunism

A

Solving short term problems consistent with long term strategy- JC Penny and Target apologizing for stuff

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7
Q

Sensation thinkers

A

Take realistic approach, deal with hard facts, impersonal - triage nurse or doctor

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8
Q

Intuitive thinkers

A

Comfortable with the abstract, take an idealistic approach, impersonal - professor

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9
Q

Intuitive feelers

A

Prefer broad issues, insightful and value human relationships - social marketers

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10
Q

Sensation feelers

A

Tend to be realistic but emphasize both analysis and human relations - attorney, social worker

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11
Q

Step 1 decision making process

A

Identifying and defining the problem
Mistake - defining too broadly or narrowly
- focusing on symptoms instead of cause
- wrong prioritizing problems

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12
Q

Step 2 decision making process

A

Generate and evaluate alternative courses, gather info

Mistakes - dangers of groupthink

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13
Q

Step 3 decision making process

A

Choose preferred course

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14
Q

Classical decision model

A

Assumes decision maker is rational, has perfect info, and makes an optimizing decision

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15
Q

Behavioral decision model

A

Questions assumption of perfect info and introduces the term bounded rationally

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16
Q

Step 4 decision making process

A

Implement decision
Mistake - lack of participation, need buy-in and support for the decision

Critical error at all stages: lack of buy-in

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17
Q

Step 5 decision making process

A

Evaluate results, do a pre and post decision assessment

Mistakes - skipping or not planning ahead for this decision

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18
Q

Framing error

A

Positive vs negative framing

90% survival rate vs 10% mortality rate

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19
Q

Availability Bias

A

Base decision on recent info or events, or allow it to influence our behavior and attitudes

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20
Q

Representativeness bias

A

Tendency to judge the frequency or likelihood of an event by the extent to which it resembles the presumed typical case - HT case

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21
Q

Gambler’s Fallacy

A

The tendency to think that future probabilities are altered by past events
Slot machines

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22
Q

Anchoring and adjustment bias

A

Decisions are influenced by inappropriate allegiance to a starting point - relevant to negotiations

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23
Q

Confirmation bias

A

We seek out info to confirm our opinions and/or rationalize our decisions

Buyers remorse

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24
Q

Benefits of planning

A

Provides direction, reduces uncertainty, minimizes waste and redundancy, establishes goals or standards, helps organization understand what is within its control

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25
Q

Drawbacks of planning

A

It can prevent or slow down needed change, can create a false sense of certainty, detachment of planners, decreased flexibility

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26
Q

What makes a good goal?

A

Specific, timely, measurable, challenging, attainable and realistic

27
Q

Feed forward control (preliminary)

A

Preventative in nature

28
Q

Concurrent control ( steering)

A

Focus on what’s happening during the process

29
Q

Feedback controls (post action)

A

After action is completed

30
Q

Self control (discipline)

A

We do this every day

31
Q

Clan control (normative)

A

Influence our behavior through norms and expectations set by the organizational culture
Asch line experiments

32
Q

Bureaucratic control (policies, procedures, supervision)

A

Control that flows through the organizations hierarchy

33
Q

Market control (competition)

A

The influence of market competition on the behavior of organizations and their members

34
Q

CPM/PERT

A

Complex version of a Gantt chart, critical path method plus program evaluation and review technique

35
Q

Break even analysis

A

Break even point = fixed costs / (price-variable costs)

36
Q

Technological competency

A

Ability to understand new tech

37
Q

Info competency

A

Ability to locate and organize info

38
Q

Analytical competency

A

Ability to use info

39
Q

Intelligence info

A

Gathered from stakeholders and environment

40
Q

Internal Info

A

Flows within organization

41
Q

Public info

A

Disseminated back to stakeholders, public, and consumers

42
Q

Personal time management tips - do

A
  • say no to requests that divert you
  • screen calls and emails for meetings
  • prioritize work based on importance
  • follow priorities and work on most urgent task
43
Q

Personal time management tips - don’t

A
  • get bogged down on small details
  • let texts or other people stopping by divert you
  • become calendar bound by letting others control your schedule
44
Q

Types of plans used by managers

A 
Long range
Short range
Strategic
Tactical
Operational
45
Q

Goal alignments:

  • mission and purpose
  • top management objective
  • senior management objective
  • middle management objective
  • lower management objective
A
  • serve the world as the number one supplier of recyclable food containers
  • firm- deliver error free products meeting customer requirements
  • manufacturing division - 100% on time
  • plant- increase error free product acceptance rate
  • Shift supervisor - assess machine operator skills and train for error free production
46
Q

Ways organizations can gain a competitive advantage?

A 
Tech
Cost and quality
Knowledge and speed
Barriers to entry
Financial resources
47
Q

Diff between competitive adv and sustainable competitive adv?

A

Sustainable competitive adv is difficult and durable, or too costly for others to copy or imitate

48
Q

Input vs output standard

A

Input is work efforts and output is quantifiable performance measures (quantity, quality, cost, or time)

49
Q

Strategy

A

The means to achieving a sustainable competitive advantage

50
Q

Strategic plan

A

Used to guide resource allocations for long term advancement of the organizations mission, purpose, and vision

51
Q

Corporate strategy

A

In what industries should we compete?

52
Q

Business strategy

A

How are we going to compete for customers in this industry and market?

53
Q

Functional strategy

A

How can we best utilize resources within a function to implement our business strategy?

54
Q

Industry attractiveness

A 
Competition
New entrants
Alternatives
Supplier power
Customer power
55
Q

Strategies for stars, cash cows, question marks, and dogs?

A

Grow the stars
Milk the cash cows
Grow or retrench the question marks
Retrench the dogs

56
Q

Growth

A

Vertical integration, global expansion, acquisitions, mergers, strategic alliance, co-opetition

57
Q

Restructuring/retrenchment

A

Bankruptcy, liquidation, turnaround, divestiture, downsizing

58
Q

Formal vs informal structures

A

The official structure of the organization and the set of unofficial relationships among an organizations members

59
Q

How does structure relate to social network analysis?

A

Lines are drawn between people of all levels, contracts are made across all levels, informal structure and social network analysis show the real order of operations in the business

60
Q

Functional structures

A

People with similar skills perform similar tasks, hinders communication across functions

61
Q

Divisional structure

A

Groups people working on the same product or process, only works in complex organizations with diverse operations

62
Q

Matrix structure

A

Better communication, more flexibility, better management, but potential for power struggles

63
Q

Team structures

A

People who have similar goals are lumped together, more knowledge the better but it’s very complex and loyalties may conflict

64
Q

Network structures

A

Lean and streamlined, reduced cost of overhead, helps alleviate specific business tasks but may be complex to control, if one network breaks it all breaks

65
Q

Diff between organic organizations and mechanistic organizations

A

Decentralized, horizontal structures, fewer rules and procedures, more personal vs highly bureaucratic, vertical structures, and routine tasks

Test 2 Mngmt 315 (1 decks)

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