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Principles of Management > Zorn > Flashcards

Zorn Flashcards

1
Q

normative theory

A

Based on intuition, what is good/bad and right/wrong

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2
Q

positive theory

A

Based on factual statements

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3
Q

products

A

goods (tangible) or services (intangible)

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4
Q

market

A

any place where sellers meet buyers; the potential for a transaction must be apparent

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5
Q

Monopoly

A

A market structure where one seller or producer is the sole supplier

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6
Q

Oligopoly

A

A market structure with a small number of firms, keeping each other from having significant influence

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7
Q

Monopolistic competition

A

An industry in which many firms offer products or services that are similar

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8
Q

perfect competition

A

A theoretical structure where there are no monopolies

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9
Q

empirical - functional management

A

Steering a company with a view to planning, implementation, and monitoring

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10
Q

academic management

A

teaching how to steer a company with a view to planning, implementation, and monitoring

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11
Q

institutional management

A

one or more persons who have the responsibility of steering a company with a view to planning, implementation, and monitoring

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12
Q

planning

A

defining targets and anticipating how to reach said goal

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13
Q

implementing

A

applying measures needed to reach said goal

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14
Q

monitoring (controlling)

A

reviewing and analyzing performance to identify success or issues

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15
Q

Homo economicus

A

a version of homo sapiens that acts to obtain the highest possible well-being for themselves
- a rational person who pursues wealth
- avoids unnecessary work

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16
Q

classical liberalism

A
  • freedom of the individual as its central feature
  • Liberty as a primary political value
  • individualism
  • toleration
  • skepticism of power
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17
Q

Free Market

A
  • economic exchange should be a voluntary activity between individuals
  • The government should not intervene
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18
Q

Socialism

A

A system in which there is collective ownership and heavy emphasis on equality

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19
Q

Historical school of economics

A
  • developed in germany
  • understand/link historical context to economic state of a nation
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20
Q

marginal school of economics

A
  • making judgement of value based on “one or more units”
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21
Q

Keynesianism

A
  • government should intervene and stabilize the economy
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22
Q

social market economy

A
  • centered around people
  • intervention only when rights of others or functioning of the market is challenged
  • individual responsibility
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23
Q

1776

A

“Wealth of nations” by adam smith

24
Q

1848

A

“Communist Manifesto”

25
Q

1936

A

“The general theory of employment, Interest, and money” by John Maynard Keynes

26
Q

Abraham Maslow (1908-1970)

A
  • Motivation is the result of needs being fulfilled
  • Psychological, safety, social, esteem, self-actualization (pyramid)
27
Q

Henri Fayol (1841-1925)

A
  • managers: plan, organize, command, coordinate and control
  • principles of management
28
Q

Max weber (1864-1920)

A
  • an organization must be hierarchical
  • well defined rules
29
Q

Frederik winston Taylor (1856-1915)

A
  • Taylorism: determine the best way for the worker to work
  • provide incentives for good performance
30
Q

Peter Drucker (1909-2005)

A
  • management is about humans
  • define values, goals, vision, mission
  • management must enable growth
31
Q

George Alton Mayo (1880-1949)

A

higher motivation by relational factors, rather than monetary factors

32
Q

Rise of Management

A

When big companies suddenly arose in the 19th century
- complexity
- need for coordination

33
Q

Classical school of management (Taylorism)

A
  • emphasis on efficiency (studies conducted)
  • employee productivity and monetary rewards
  • mass production
  • criticism: dehumanization, exploitation, efficiency at the expense of quality
34
Q

Classical school of management (Henri Fayol)

A

Identifications of principles
- Planning (examine future and come up with actions)
- Organizing (build up structure)
- Directing (maintain activity)
- Coordinating (unifying, harmonising)
- Controlling (conformity with policy)
criticism: assumption that economic reward is motivation

35
Q

POSDCORB

A

Planning
Organizing
Staffing
Directing
Coordinating
Reporting
Budgeting

36
Q

Human Relations - Hawthorne Experiments

A

1924 - 1932
1. illumination test (effect of lighting) -> inconclusive, effectiveness went up regardless
2. relay assembly test (evaluation of rest periods and working hours) + output based pay
3. Interviews -> inconclusive, too many outside factors
4. Bank wiring test

37
Q

Hawthorne Legacy

A
  • important experiments in industrial setting
  • challenged prior assumptions about worker behavior
38
Q

Mayo/Dickson/Roethlisberger

A

motivation: influence of social needs, relational factors
- managers as tolerant, democratic, participative leaders
- employees as unique socio-psychological being

39
Q

Motivational Theories - Maslow

A

hierarchy of needs
1. breathing, food, etc.
2. security, property, etc.
3. friendship, family, etc.
4. self-esteem, achievement, etc.
5. creativity, acceptance, etc.

40
Q

Motivational Theories - X and Y

A

X: close supervision, work/responsibility avoidance, desires money, need push to perform
Y: independence, seeks responsibility/work, self fulfillment -> motivation, self drive

41
Q

Motivational Theories - Two factor theory

A

Motivators: achievement, growth, opportunity, recognition, responsibility
Demotivates: company policy, supervision, working conditions

42
Q

Quantitative school of management

A

developed during WWII
- improve decision making with statistics, models and simulations
management science (forecasting, modeling), operations management (customer service, competition), MIS (organizing/processing data)

43
Q

Contingency school of management

A

avoiding “one best way” -> “it all depends”
- situational differences
- optimal course of action is contingent

44
Q

Quality school of management

A

aim: continual improvement, focus on customers
high priority: learning and experiencing
1. Organizational makeup (complex systems)
2. Quality of goods/services (customer requirements)
3. Employees working in teams
4. Developing openness and trust

45
Q

Kaizen approach

A

method focused on creating continuous improvements
small positive ongoing changes deliver significant improvements

46
Q

Reengineering approach

A

Creating big and fast change
Radical redesigning of business processes to achieve dramatic improvements
Sensing the need for change, seeing it coming, and reacting accordingly

47
Q

Systems theoretical school of management

A

aim: come up with principles that apply to all types of systems
elements: inputs, transformation process, outputs, feedback
- encourages managers to view the bigger picture

48
Q

Management by objectives

A

a model aimed at improving the performance of an organization by defining objectives agreed on by employers and employees
- having a say in goal setting -> better participation

49
Q

Management by objectives - advantages and disadvantages

A

Advantages: higher motivation, better communication, clarity
Disadvantages: employee supervision, increased pressure, quantity over quality

50
Q

Tools - S.M.A.R.T.

A

Specific - target an area of improvement
Measurable - quantify or suggest indicators of progress
Achievable - How can the goal be accomplished
Relevant - Why and what can be achieved
Time-bound - When should what be done?

51
Q

Tools - PLM

A

concerns the life of a product in the market with respect to business costs/sales measures

52
Q

Tools - BCG Matrix

A

cows, Stars, Dogs, Question marks

53
Q

Tools - BSG (Balanced Scorecard)

A

strategic planning & management systems designed to improve internal and external communications and monitor performance
- communicate, align, prioritize, measure, monitor
-> Strategy Map

54
Q

Business entity

A

A legally recognized organization that engages in commercial, industrial or professional activities with the aim of earning a profit

55
Q

Issues to be considered when starting a business

A

taxation
know-how
location
logistics
capacity
etc.

Principles of Management (2 decks)

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