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MGT-420 > Topic 2 Terms > Flashcards

Topic 2 Terms Flashcards

1
Q

3 P’s of Organizational Performance

A

Profit, People, Planet

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2
Q

Analytical Competency

A

The ability to evaluate and analyze information to make actual decisions

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3
Q

Analytics

A

Systematic gathering and processing of data to make informed decisions

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4
Q

Anchoring/Adjustment Bias

A

Basing a decision on incremental adjustments from a prior decision point

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5
Q

Asia-Pacific Economic Cooperation (APEC)

A

Links 21 countries together to promote free trade and investment in the Pacific region

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6
Q

Availability Bias

A

Basing a decision on recent information or events

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7
Q

Behavioral Decision Model

A

Describes decision making with limited information and bounded rationality

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8
Q

Benchmarking

A

Using external and internal comparisons to plan for future improvements

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9
Q

Best Practices

A

Things people and organizations do that lead to superior performance

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10
Q

Big Data

A

Exists in huge quantities and is difficult to process without sophisticated mathematical and computing techniques

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11
Q

Big-C Creativity

A

When extraordinary things are done by exceptional people

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12
Q

Bounded Rationality

A

Making decisions within the constraints of limited information and alternatives

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13
Q

Budget

A

Plan that commits resources to projects or activities

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14
Q

Business Intelligence

A

Taps information to extract and report data in organized ways that are helpful to decision makers

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15
Q

Business Model Innovations

A

Restructuring of ways firms can make money

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16
Q

Certain Environment

A

Offers complete information on possible action alternatives and their consequences

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17
Q

Child Labor

A

The employment of children for work that should be done by adults

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18
Q

Classical Decision Model

A

Describes decision making with complete information

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19
Q

Cognitive Styles

A

The ways individuals deal with information while making decisions

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20
Q

Comparative Management

A

Studies how management practices differ among countries and cultures

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21
Q

Competitive Advantage

A

Something that an organization does extremely well, is difficult to copy, and that gives it an advantage over competitors in the marketplace

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22
Q

Complacency Trap

A

Being carried along by the flow of events

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23
Q

Confirmation Error

A

When the focus is only on information that confirms a decision already made

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24
Q

Conflict Minerals

A

Those sources in the Democratic Republic of Congo whose sale finances armed groups that perpetuate violence

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25
Q

Contingency Planning

A

Identifying alternative courses of action to take when things go wrong

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26
Q

Corruption

A

Engaging in illegal practices to further one’s business interests

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27
Q

Cost-Benefit Analysis

A

Comparing the costs and benefits of each potential course of action

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28
Q

Creativity

A

The generation of a novel idea or unique approach that solves a problem

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29
Q

Crisis Decision

A

Occurs when an unexpected problem arises that can lead to disaster if not resolved quickly and appropiately

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30
Q

Cultural Intelligence

A

The ability to adapt, adjust, and work well across cultures

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31
Q

Culture Shock

A

The confusion and discomfort a person experiences when in an unfamiliar culture

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32
Q

Data

A

Raw facts and observations

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33
Q

Data Mining

A

The process of analyzing data for patterns useful for decision makers

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34
Q

Data Visualization

A

Present clear and efficient visualizations of key performance indicators on a real-time basis

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35
Q

Decision-Making Process

A

Begins with identification of a problem and ends with evaluation of results

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36
Q

Decisions

A

Choices among possible alternative courses of action

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37
Q

Design Thinking

A

Creative decision making through a process of experiencing, ideation, and prototyping

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38
Q

Disruptive Innovation

A

Creating products or services that become so widely used that they largely replace prior practices and competitors

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39
Q

Environmental Capital

A

The supply of natural resources (atmosphere, land, water, and minerals) that sustain life and produce goods/services for society

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40
Q

Environmental Uncertainty

A

Lack of information regarding what exists in the environment and what developments may occur

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41
Q

Escalating Commitment

A

The continuation of a course of action even though it is not working

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42
Q

Ethnocentrism

A

The tendency to consider one’s culture superior to others

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43
Q

Euro

A

Common European currency

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44
Q

European Union

A

The political and economic alliance of European countries

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45
Q

Exporting

A

Selling local products aboard to foreign customers

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46
Q

False Participation Error

A

When people are told they have a voice in decision making but no one in authority listens to their inputs

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47
Q

Forecasting

A

Attempting to predict the future

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48
Q

Foreign Corrupt Practices Act

A

Makes it illegal for U.S firms and their representatives to engage in corrupt practices overseas

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49
Q

Foreign Subsidiary

A

Local operation completely owned by a foreign firm

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50
Q

Framing Error

A

Trying to solve a problem in the context in which it is percieved

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51
Q

Franchising

A

Paying a fee to a foreign business for rights to locally operate using its name, branding, and methods

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52
Q

Functional Plans

A

Planning for hoiw different operations within the organization will help advance the overall strategy

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53
Q

General Environment

A

Consists of the economic, legal, sociocultural, technological, and natural environment conditions in which the organization operates

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54
Q

Generational Cohorts

A

Consist of people born within a few years of one another and who experience somewhat similar life events during their formative years

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55
Q

Global Corporation

A

Multinational enterprise or multinational corporation that conducts commercial transactions across national boundaries

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56
Q

Global Economy

A

Where resources, markets, and competition are worldwide in scope

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57
Q

Global Management

A

Managing businesses and organizations with interests in more than one country

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58
Q

Global Manager

A

One who is culturally aware and informed on international affairs

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59
Q

Global Sourcing

A

When materials or services are purchased around the world for local use

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60
Q

Global Strategic Alliance

A

A partnership in which foreign and domestic firms share resources and knowledge for mutual gains

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61
Q

Globalization

A

The growing interdependence among elements of the global economy

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62
Q

Globalization Gap

A

Where large multinational corporation and industrialized nations gain disproportionately from the benefits of globalization

63
Q

Goal Alignment

A

Makes sure that goals throughout an organization are linked together to advance the mission

64
Q

Goals

A

Specific results that one wishes to achieve

65
Q

Green Innovation

A

Helping to reduce an organization’s negative impact and enhance its positive impact on the natural environment

66
Q

Greenfield Venture

A

A foreign subsidiary built from the ground yup by the foreign owner

67
Q

Heuristics

A

Strategies for simplifying decision making

68
Q

Hierarchy of Goals

A

When lower-level goals and objectives support accomplishment of higher-level goals and objectives

69
Q

High-Context Cultures

A

Rely on nonverbal and situational cues as well as on spoken or written words in communication

70
Q

Importing

A

The selling in domestic markets of products acquired abroad

71
Q

Information

A

Data made useful for decision making

72
Q

Information Competency

A

The ability to locate, gather, and organize information for use in decision making

73
Q

Innovation

A

The process of taking a new idea and putting it into practice

74
Q

Incourcing

A

Job creation through foreign direct investment

75
Q

Intercultural Competencies

A

Skills and personal characteristics that help us be successful in cross cultural situations

76
Q

International Business

A

A business that conducts for-profit transactions of goods and services across national boundaries

77
Q

Internet Censorship

A

The deliberate blockage and denial of public access to information posted on the internet

78
Q

Intuitive Thinking

A

Approaching problems in a flexible and spontaneous fashion

79
Q

Joint Venture

A

Business subsidiary operating in a foreign country through co-ownership by foreign and local partners

80
Q

Lack Of Participation Error

A

The failure to involve in a decision the persons whose support is needed to implement it

81
Q

Learning Goal

A

Set targets to create the knowledge and skills required for performance

82
Q

Licensing Agreement

A

Pact where a local firm pays a fee to a foreign firm for rights to make or sell its products

83
Q

Little-C Creativity

A

Occurs when average people come up with unique ways to deal with daily events and situations

84
Q

Long Term Plans

A

Those that typically look three or more years into the future

85
Q

Loose Culture

A

Has relaxed social norms and allows conformity by members to vary a good deal

86
Q

Low-Context Cultures

A

Emphasize communication via spoken or written words

87
Q

Management Information Systems

A

Collect, organize, and distribute data for use in decision making

88
Q

Masculinity-Femininity

A

The degree to which a society values assertiveness and materialism

89
Q

Monochronic Cultures

A

Where people tend to do one thing at a time

90
Q

Most Favored Nation Status

A

Gives a trading partner most favorable treatment for imports and exports

91
Q

Multidimensional Thinking

A

The ability to address many problems at once

92
Q

Non-Programmed Decision

A

Applies a specific solution crafted for a unique problem

93
Q

Non-Tariff Barriers

A

Discourage imports in nontax ways such as quotas and government import restrictions

94
Q

Offshoring

A

The outsourcing of jobs to foreign locations

95
Q

Operational Plan

A

Identifies short-term activities to implement strategic plans

96
Q

Optimizing Decision

A

Chooses the alternative giving the absolute best solution to a problem

97
Q

Outcome Goal

A

Sets targets for actual performance results

98
Q

Participatory Planning

A

Includes the persons who will be affected by the plans and/or those who will implement them

99
Q

Performance Opportunity

A

A situation that offers the chance for a better future if the right steps are taken

100
Q

Performance Threat

A

Situation in which something is obviously wrong or has the potential to go wrong

101
Q

Plan

A

A statement of intended means for accomplishing objectives

102
Q

Planning

A

The process of setting objectives and determining how to accomplish them

103
Q

Policy

A

A standing plan that communicates broad guidelines for decisions and action

104
Q

Political Risk

A

The potential loss in value of a foreign investment due to instability and political changes in the host country

105
Q

Political-Risk Analysis

A

Tries to forecast political disruptions that can threaten the value of a foreign investment

106
Q

Polychronic Cultures

A

Where time is used to accomplish many different things at once

107
Q

Power Distance

A

The degree to which a society accepts unequal distribution of power

108
Q

Problem Avoiders

A

People who ignore information indicating a performance opportunity or threat

109
Q

Problem Seekers

A

Constantly process information looking for problems to solve, even before they occur

110
Q

Problem Solvers

A

People who try to solve problems when they occur

111
Q

Problem Solving

A

Involves identifying and taking action to resolve problems

112
Q

Procedure

A

A rule describing actions that are to be taken in specific situations

113
Q

Process Innovations

A

Realizations that result in better ways of doing things

114
Q

Product Innovations

A

Result in new or improved goods and services

115
Q

Programmed Decision

A

Choice that applies a solution from past experience to a routine problem

116
Q

Protectionism

A

A call for tariffs and favorable treatments to protect firms from foreign competition

117
Q

Proxemics

A

Describe how people use space to communicate

118
Q

Regional Economic Alliances

A

Link member countries in agreements to work together for economic gains

119
Q

Representativeness Bias

A

Basing a decision on its similarity to other situations

120
Q

Reshoring

A

The movement of jobs from foreign locations back to domestic ones

121
Q

Reverse Innovation

A

Launched from lower organizational levels and diverse locations, including emerging markets

122
Q

Risk Environment

A

One that lacks complete information but offers “probabilities” for the likely outcome for possible action alternatives

123
Q

Satisficing Decision

A

The choice of the first satisfactory alternative that comes to one’s attention, though it may not be the best one

124
Q

Scenario Planning

A

Identifying alternative future scenarios and making plans to deal with each

125
Q

Short-term plans

A

Those that typically cover one year or less

126
Q

Social Business Innovation

A

Finding ways to use business models to address important social problems

127
Q

Southern Africa Development Community

A

Links 14 countries of southern Africa in trade and economic development efforts

128
Q

Specific Environment

A

Includes people and groups with whom an organization interacts

129
Q

Stakeholders

A

The persons, groups, and institutions directly affected by an organization

130
Q

Strategic Opportunism

A

Focuses on long-term objectives while being flexible in dealing with short-term problems

131
Q

Strategic Plan

A

Identifies long-term directions for the organization

132
Q

Stretch Goals

A

Performance goals that one must work extra hard and stretch to reach

133
Q

Structured Problems

A

Straightforward and clear with respect to information needs

134
Q

Sustainability

A

A commitment to protect the rights of present and future generations as co-stakeholders of the world’s resources

135
Q

Sustainable Business

A

Organization that operates in ways that meet the needs of customers while protecting or advancing the well-being of our natural enviornment

136
Q

Sustainable Development

A

Uses environmental resources to support societal needs today while also preserving and protecting them for future generations

137
Q

Sweatshops

A

Businesses that employ workers at very low wages for long hours in poor working conditions

138
Q

Systematic Thinking

A

Approaching problems in a rational and analytical fashion

139
Q

Tactical Plan

A

Helps to implement all or parts of a strategic plan

140
Q

Tariffs

A

Taxes governments levy on imports from abroad

141
Q

Tax Inversion

A

Where a US based MNC buys a firm in low-tax country to shield foreign earnings from US taxes

142
Q

Technological Comptency

A

The ability to understand new technologies and use them to their best advantage

143
Q

Tight Culture

A

Has rigid social norms that members are expected to conform with

144
Q

Time Orientation

A

The degree to which a society emphasizes short-term or long-term goals

145
Q

Transnational Corporations

A

Global corporations or MNEs that operate worldwide on a borderless basis

146
Q

Triple Bottom Line

A

Assesses the economic, social, and environmental performance of organizations

147
Q

Uncertain Environment

A

Lacks so much information that it is difficult to assign probabilities to the likely outcome of alternatives

148
Q

Uncertainty Avoidance

A

The degree to which a society tolerates risk and unceratinty

149
Q

Unintended Consequences

A

Unanticapted positive or negative side effects that result from a decision

150
Q

Unstructured Problems

A

Issues that have ambiguities and information deficiencies

151
Q

USMCA

A

The United Mexici States Canada Agreement linking these countries in an economic alliance

152
Q

Vision

A

Clarifies the purpose of the organization and expresses what it hopes to be in the future

153
Q

World Trade Organization

A

Where member nations agree to negotiate and resolve disputes about tariffs and trade restrictions

154
Q

Zero-Based Budget

A

Allocated resources as if each budget were brand new

MGT-420 (7 decks)

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