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Management Exam I
Exam on Wednesday, February 4th
| Term | Definition |
|---|---|
| Management | Attainment of organizational goals in an effective and efficient manner through planning, organizing, leading, and controlling organizational resources |
| Efficiency | Getting the most output for the least amount of input |
| Effective | How well you're getting to a goal |
| Organization | Social entity that is goal-directed and deliberately structured |
| Organizational effectiveness | Degree to which the organization achieves a stated goal |
| Organizational efficiency | Refers to the amount of resources use to achieve an organizational goal |
| High performance | Attainment of organizational goals by using resources in an efficient and effective manner |
| Management skill categories include... | Technical, human, and conceptual |
| Technical management skill is... | The ability to do the technical type things such as operating certain software or equipment |
| Human management skill is... | The ability to work with and around people |
| Conceptual management skill is... | The ability to see the big picture. It is most important at higher level jobs. |
| First-level or supervisory managers | Responsible for production of goods and services |
| Middle management | Responsible for business units and major departments |
| Top managers | Responsible for the entire organization |
| General managers | Responsible for several departments that perform different functions |
| Functional managers | Responsible for departments that perform a single task |
| Project managers | Responsible for temporary work projects involving people from different functions and levels |
| Line managers | Responsible for departments that perform a core function of the organization |
| Staff managers | Responsible for departments that support the organization's line departments with specialized advisory or support functions. |
| Examples of staff manager jobs... | Human resources, accounting department, information technology (IT) department |
| Time management | using techniques that enable you to get more done in less time and with better results, be more relaxed, and have more time to enjoy your work and your life |
| Manager roles categories include | Informational, interpersonal, decisional |
| Informational manager role is... | Information will come from and through you |
| Interpersonal manager role is... | The human side of it, human relations |
| Decisional manager role is... | How you make a lot of decisions, often very fast decisions |
| Management roles accomplish... | The four management functions (planning, organizing, leading, controlling) |
| The five different time-periods mentioned in class include... | Classical perspective, humanistic perspective, management science (quantitative) perspectives (after WWII), humanistic perspective, future management thinking |
| Who is the father of scientific management and proposed that workers "could be retooled like machines"? (Classical perspective - scientific management) | Frederick Winslow Taylor |
| Who developed the Gantt chart, a bar graph that measures planned and completed work? (Classical perspective - scientific Management) | Henry Gantt |
| Who is known for time and motion studies to promote efficiency? (Classical perspective - scientific management) | Frank Gilbreth |
| Who is known for industrial psychology to promote efficiency? (Classical perspective - scientific management) | Lilith Gilbreth |
| Who introduced the 14 principles of management? (Classical perspective - administrative principles) | Henry Fayol |
| Who is the father of African American management and outlined eight fundamental necessities? (Classical perspective - administrative principles) | Charles Clinton Spaulding |
| Who was a German theorist that introduced Weberian bureaucracy? (Classical perspective - bureaucratic organizations) | Max Weber |
| Who was an early advocate of worker participation and empowerment? (Humanistic perspective) | Mary Parker Follet |
| Who studied on worker productivity? (Humanistic perspective - human relations movement) | Hawthorne |
| Who introduced Theory X and Theory Y? (Humanistic perspective - human resources perspective) | Douglas McGregor |
| Who introduced Maslow's hierarchy of needs? (Humanistic perspective - human resources perspectives) | Abraham Maslow |
| Who introduced the 5th Discipline (Humanistic perspective) | Peter Senge |
| Informational technology (IT) | Focuses on technology and software to aid managers |
| Digital organization | Organization that uses technology as a primary competitive tool |
| Quants | Financial managers who base decisions on complex quantitative analysis |
| System | Set of interrelated parts that function as a whole to achieve a common purpose |
| Subsystems | Part of a system that depend on one another |
| Synergy | The whole is greater than the sum of its parts |
| Big data analysis | Technologies, skills and processes for searching and examining massive, complex sets of data to uncover hidden patterns and correlations |
| Internet of things (IoT) | "Smart" devises and chips that communicate to other devices |
| Radical decentralization | Employees have authority to make key decisions about their work, eliminating much of the hierarchical reporting |
| Employee engagement | Organizational culture supports employees' sense of belonging and commitment to the organization and its mission |
| Artificial intelligence (AI) | Techniques by which computer systems learn, communicate, and make decisions similar to or better than human beings can |
| Nudge management | Applying behavioral science insights in organizational design to guide people toward behaviors that support organizational goals and values. |
| What are the two levels that make up an external organizational environment | Task environment and general environment |
| What makes up the task environment? (4) | Customers, competitors, suppliers, and labor market |
| What makes up the general environment? (6) | Technological, natural, sociocultural, economic, legal/political, international |
| Which environment affects the organization directly | Task environment |
| Which environment affects the organization indirectly | General environment |
| What makes up the internal environment? (3) | Employees, culture, management |
| Organizational ecosystem | System formed by the interaction among a community of organizations in the environment |
| Internal environment | Elements within the organization boundaries that affect how well the organization adapts to the external environment |
| Customers (Task Environment) | People and organizations in the environment that acquire goods or services from the organization |
| Competitors (Task Environment) | Organizations in the same industry or type of business that provide goods or services to the same set of customers |
| Suppliers (Task Environment) | People or organizations that provide the raw materials that the organization uses to produce its output |
| Supple chain | A network of multiple businesses and individuals that are connected through the flow of products or services |
| Labor market | People in the environment who can be hired to work for the organization |
| What are some examples that managers must consider in the international/global dimension? (General environment )(4) | - Events originating in foreign countries - New opportunities for U.S. companies in other countries - New competitors, suppliers, and customers - New technological, social, and economic trends |
| Technological dimension (General Environment) | The scientific and technological advancements in a specific industry as well as in society at large |
| Sociocultural dimension (General Environment) | The demographic characteristics, norms, customs, and values of a population |
| What are some current sociocultural trends? (3) | - Technology savvy customers - Widespread social equity - Growing diversity |
| Economic dimension (General Environment) | The economic health of the country/region in which the organization operates |
| What are some examples of the economic dimension? | - Consumer purchasing power - Unemployment rate - Interest rates |
| Legal/Political dimension (General Environment) | Government regulations at local, state, and federal levels, as well as political activities |
| Examples of government laws and agencies that affect business operations... (4) | - Occupational Safety and Health Administration (OSHA) - Environmental Protection Agency (EPA) - Fair trade practices - Libel statutes |
| Examples of government laws and agencies that affect business operations... (4) | - Consumer protection and privacy legislation - Product safety requirements - Import and export limitations - Information and labeling requirements |
| Natural dimension (General Environment) | All elements that occur naturally on earth, including plants, animals, rocks, and natual resources such as air, water, and climate |
| Examples of being aware of the natural dimension (5) | - Reduction and cleanup of pollution - Development of renewable energy resource - Reduction of greenhouse gases - Ethical treatment of animals - Sustainable use of scarce resources |
| Which country is ranked #1 on the environmental performance index? | Switzerland (87.42) |
| Environmental Uncertainty | Managers do not have sufficient information about environmental factors to understand and predict environmental needs and changes |
| High uncertainty means that there are... | - Many external factors - External factors change rapidly |
| Low uncertainty means that there are... | - Few external factors - External factors are stable |
| Strategic issues | Events or forces either inside or outside an organization that are likely to alter its ability to achieve its objectives |
| Boundary spanning | Actions that link to and coordinate the organization with key elements in the external environment |
| What are some examples of boundary spanning? | - Business intelligence - Social media analytics and big data analysis |
| Corporate culture | A set of key values, beliefs, understandings, and norms shared by members of an organization |
| What are some examples that make up corporate culture? | Symbols, stories, heroes, slogans, and ceremonies |
| Toxic culture | Exists when persistent negative sentiments and infighting cause stress, unhappiness, and lowered productivity among sugroups of employees |
| Symbol | Object, act, or event that conveys meaning to others |
| Story | Narrative based on true events that is repeated and shared among organizational employees |
| Hero | Figure who exemplifies the deeds, character, and attributes of a strong corporate culture |
| Slogan | Phrase or sentence that succinctly express a key corporate value |
| Ceremony | Planned activity at a special event that is conducted for the benefit of an audience |
| What are the four types of culture? | - Adaptability culture - Achievement culture - "Clan"/Involvement culture - Consistency/Bureaucratic culture |
| Adaptability culture | Highly responsible; values the ability to rapidly detect, interpret, and translate signals from the environment into new behaviors |
| Achievement culture | Results-oriented; values competitiveness, aggressiveness, personal initiative, cost-cutting, and willingness to work long and hard to achieve results |
| "Clan"/Involvement culture | Internally focused; values meeting the needs of employees as well as cooperation and equality |
| Consistency/Bureaucratic culture | Stable; values following the rules and thriftiness and rewards a methodical, rational, orderly way of doing things |
| (T/F) High-performance culture focuses on both cultural values and business performance | True |
| Cultural leader | One who defines and uses signals and symbols to influence corporate culture |
| International management | The management of business operations conducted in more than one country |
| Globalization | The extent to which trade and investments, information, social and cultural ideas, and political cooperation flow between countries |
| Global mind-set | The ability of managers to appreciate and influence individuals, groups, organizations, and systems that possess different social, cultural, political, institutional, intellectual, and psychological characteristics |
| China is... | - Largest or second-largest market for a variety of products and services - Regulations and government policies make doing business in China a challenge - A bitter trade war with the United States further complicates operations for firms and managers |
| India (the service giant) is... | - Second only to China in population - A large English-speaking population which makes it natural for U.S. companies' outsourcing services - A rising power in software design, services, and precision engineering - An industry leader in IT outsourcing |
| Multinational corporation (MNC) | Receives more than 25% of its total sales revenues from operations outside parent’s home country |
| Characteristics of a MNC (3) | - Managed as integrated worldwide business systems - Controlled by a single management authority - Regard the entire world as one market |
| Characteristics of a MNC (3) | - Ethnocentric companies place emphasis on their home countries - Polycentric companies are oriented toward the markets of individual foreign host countries - Geocentric companies are world-oriented and favor no specific country |
| Bottom of the pyramid (BOP) concept | Proposes that corporations can alleviate poverty and other social ills as well as make significant profits by selling to the world’s poorest people |
| Exporting | Strategy in which the corporation maintains its production facilities within the home nation and transfers its products for sale in foreign countries |
| Global outstanding | Engaging in the international division of labor so that work activities can be done in countries with the cheapest sources of labor and supplies |
| Partnerships | Represents a higher level of involvement in international trade. It is generally faster and least risky; however, it is not the cheapest. |
| Joint venture | A company shares costs and risks with another firm, typically in the host country, to develop new products, build a manufacturing facility, or set up a sales and distribution network |
| Political risk | The risk of loss of assets, earning power, or managerial control due to political changes or instability in a host country |
| Political instability | Includes riots, revolutions, civil disorders, and frequent changes in government |
| Ethnocentrism | Natural tendency of people to regard their own culture as superior and to downgrade or dismiss other cultural values |
| Hofstede’s value dimensions | Four dimensions of national value systems that influence organizational and employee working relationships |
| GLOBE Project (Global Leadership and Organizational Behavior Effectiveness) | Nine dimensions that explain cultural differences |
| What is Hofstede's (technically 5) value dimensions? | Power distance; Uncertainty avoidance; Individualism and collectivism; Masculinity/feminity; long and short-term orientation |
| Power distance | Level of acceptance of inequality in power among institutions, organizations, and people |
| Uncertainty avoidance | Comfort level with uncertainty and ambiguity Individualism and collectivism |
| Individualism | Value for a loosely knit social framework in which individuals are expected to take care of themselves |
| Collectivism | Preference for a tightly knit social framework in which individuals look after one another and organizations protect their members’ interests. |
| Masculinity | Preference for achievement, heroism, assertiveness, work centrality (with resultant high stress), and material success |
| Feminity | Values relationships, cooperation, group decision making, and quality of life |
| Long-term orientation | Greater concern for the future and highly values thrift and perseverance |
| Short-term orientation | More concerned with the past and the present and places a high value on tradition and meeting social obligations |
| GLOBT Project value dimensions include (5) | - Assertiveness - Future orientation - Gender differentiation - Performances orientation - Humane orientation |
| Assertiveness | The extent to which a society encourages toughness, assertiveness, and competitiveness |
| Future orientation | The extent to which a society encourages planning for the future over short-term results |
| Gender differentiation | The extent to which a society maximizes gender role differences |
| Performance orientation | The extent to which a society places emphasis on performance and rewards people for improvement |
| Humane orientation | The degree to which a society encourages and rewards people for being fair, altruistic, generous, and caring |
| Implicit communication | People send and receive unspoken cues, such as tone of voice or body language, in addition to the explicit spoken words when talking with others |
| High-context culture | People are sensitive to circumstances surrounding social exchanges |
| Low-context culture | People use communication primarily to exchange facts and information; meaning is derived primarily from words |
| Cultural intelligence (CQ) | A person’s ability to use reasoning and observation skills to interpret unfamiliar gestures and situations and devise appropriate behavioral responses |
| Examples of international trade alliances | - General Agreement on Tariffs and Trade (GATT) - World Trade Organization (WTO) - European Union |
| Euro | The single European currency that replaced national currency in many European countries |
| U.S. - Mexico-Canada Agreement (USMCA) | - Trade agreement signed in late 2019 - Revision of the North American Free Trade Agreement (NAFTA) that merged the United States, Canada, and Mexico into a single market in 1994 |
| North American Free Trade Agreement (NAFTA) | - Signed in 1992 - Credited for the loss of jobs in the U.S. |
| Ethics | A code of moral principles and values that governs the behaviors of a person or group with respect to what is right or wrong |
| What are three categories of behavior? | - Codified law - Free Choice - Ethics |
| Codified law | Values and standards written into the legal system and enforceable in the courts |
| Free choice | Behavior not covered by law and for which an individual has complete freedom |
| Ethics (pt. 2) | Standards of conduct based on shared principles and values about moral conduct |
| What are some causes of unethical behavior? (4) | - Personal ego - Greed - Pressure to increase profit - Desire to appear successful |
| What are four types of ethical manager behavior | - Displays honesty and integrity - Communicates and enforces ethical standards through behavior - Is fair in decisions and distribution of rewards - Shows kindness, compassion, and concern for needs and feelings of others. |
| (T/F) Studies have not found a positive relationship between ethical and socially responsible behavior and a firm's financial position | False: Studies have found a positive relationship... |
| Ethical dilemma | A situation concerning right or wrong when values are in conflict |
| Name the different frameworks for ethical decision-making (5) | - Utilitarian approach - Individualism approach - Moral-right approach - Justice approach - Practical approach |
| Utilitarian approach | Moral behavior produces the greatest good for the greatest number (Majority rules) |
| Individualism approach | Acts are moral if they promote the individual’s best long-term interest ("Selfish" approach... me before you... my needs before your needs) |
| Moral-rights approach | Humans have fundamental rights and liberties that cannot be taken away by an individual’s decision .(Make the decision based on people’s rights) |
| Justice approach | Moral decisions must be based on standards of equity, fairness, and impartiality. (Settle it in the court system) |
| Name the three parts of the justice approach | - Distributive justice - Procedural justice - Compensatory justice |
| Distributive justice | Different treatment of people cannot be based on arbitrary characteristics |
| Procedural justice | Rules must be administered fairly |
| Compensatory justice | Individuals should be compensated for the cost of their injuries by the party responsible |
| Practical approach | Bases decisions on prevailing standards, society, and all stakeholders (How is it affecting the community/stakeholders) |
| What are the three levels of personal moral development? | - Pre-conventional - Conventional - Post-conventional |
| Servant leadership | Managers focus on the needs of followers and encourage others to think for themselves |
| Corporate social responsibility (CSR) | Management's obligation to make choices and take actions that will contribute to the welfare and interest of society, not just the organization |
| Stakeholder | Any person or group within or outside the organization that has an investment or interest in the organization’s performance |
| Stakeholder mapping | A systematic way to identify the expectations, need, importance, and power of stakeholders |
| What type of groups are affected by a corporation (5) | - Customers - Employees - Shareholders - Communities - Suppliers |
| Greenwashing | How a company tries to portray itself as more environmentally minded than it actually is |
| Sustainability | The ability to generate wealth with environmental responsibility and social stewardship, thereby meeting the current and future needs of stakeholders while preserving the environment and society |
| Triple bottom line | Measurement of an organization’s social performance, its environmental performance, and its financial performance |
| What is the triple bottom line also known as? | The three P's (People, planet, profit) |
| Benefit corporation | A for-profit organization that has a stated purpose on creating a positive impact on society; considering the impact on all parties; and voluntarily holding itself to high standards of accountability and transparancy |
| B lab | a nonprofit organization that certifies businesses as B corporations |
| Whistle-Blower | Employee disclosure of illegal, unethical, or illegitimate practices on the employer’s part. Moreover a person that tells you when you did something wrong |
| (T/F) Whistle-Blowers are not supported in an ethical organization | False: In an ethical organization, people feel comfortable to bring up concerns in a business environment without fear or being fired. |
| Value-oriented approach | Directly targets individuals’ internal desire to be ethical |
| Ethical leadership | Means that managers are models of honesty and trustworthiness, are fair in their dealings with employees and customers, and behave ethically in both their personal and professional lives |
| Volunteerism | Actively giving time and skills to volunteer or charitable organizations |
| Code of ethics | a formal statement of a company’s values concerning ethics and social issues |
| Ethical structure | Represent the systems, positions, and programs a company can undertake to implement ethical behavior |
| Ethical committee | A group of executives appointed to oversee the organization’s ethics by ruling on questionable issues and disciplining violators |
| What's wrong with the formal definition of ethical committee? | "A group of executives" - Ethics committee should be a cross section not a group of executives because it skews the results |
| Chief ethics officer | A company executive who oversees all aspects of ethics and legal compliance. This includes ethics training to directly communicate the organization’s ethical practices and policies. |
| Entrepreneurship | The process of initiating a business venture, organizing the necessary resources, assuming the associated risks, and enjoying the rewards |
| Entrepreneur | Someone who engages in entrepreneurship |
| What are five types of small-business owners | Idealists, optimizers, hard workers, jugglers, sustainers |
| (T/F) As the minority population of the United States has grown, so has the number of minority-owned businesses | True |
| (T/F) Immigrants were almost twice as likely as native-born Americans to start new businesses | True |
| (T/F) Sociologist argues that women have more access to capital because they don't “have to work harder to convince others that they have what it takes to be successful” | False. Sociologist argues that women have less access to capital because they “have to work harder to convince others that they have what it takes to be successful” |
| Traits of Entrepreneurs | - Autonomy - Entrepreneurial sacrifice - High energy - Need to achieve - Self confidence - Locus of control |
| Need to achieve | People are motivated to excel and pick situations in which success is likely |
| Locus of control | Whether a person places the primary responsibility within the self or on outside forces |
| Autonomy | Not wanting to work for other people |
| Entrepreneurial sacrifice | "Perseverance" and risking how things are not always going to go how you want it to. |
| Internal locus of control | Relating to controlling your destiny |
| Describe how to start an online or mobile app business | - Find a market niche - Create a professional Web site - Choose a domain name - Know when to pivot (change strategic directions) - Use social media |
| Social entrepreneurship | Focuses primarily on creating social value by providing solutions to social problems, with a secondary purpose of generating profit and returns |
| Describe how to launch a start-up | - Start with an idea - Write a business plan - Choose a legal structure - Arrange financing |
| Business plan | Document specifying business details prepared by an entrepreneur prior to opening a new business |
| Sole proprietorship | An unincorporated business owned by an individual for profit |
| Describe some characteristics of a sole proprietorship (4) | Majority of businesses in the United States [probably not anymore] Easy to start Few legal requirements Proprietor has total ownership and control |
| Describe some characteristics of a sole proprietorship (3) | Owner has unlimited liability Financing can be harder to obtain Schedule of C’s: can report all information from the business… (Income/expenses) and the tax that you pay is personal tax rate (which is an advantage) |
| Partnership | Unincorporated business owned by two or more people |
| Describe some characteristics of a partnership (3) | -Easy to start - Uses a formal partnership agreement which: - Specifies how partners share responsibility and resources - Specifies how partners contribute expertise |
| Describe some characteristics of a partnership (3) | - Unlimited liability - Often dissolve within five years - You do have to file a partnership tax return… |
| Corporation | Artificial entity created by the state and existing apart from its owners |
| Describe some characteristics of a corporation (3) | - Separate legal entity liable for its actions - Limits owners’ liability - Must pay taxes on its income |
| Describe some characteristics of a corporation (3) | - Provides continuity - Expensive and complex paperwork - Can raise funds through the sale of stock to investors |
| What are the two types of corporations mentioned in class? | - S-corp: Typically a publicly held company - C-Corp: Typically a private held company more suited for small businesses. |
| Debt financing | Borrowing money that must be repaid at a later date to start a business |
| Equity financing | Funds that are invested in exchange for ownership in the company |
| What are three types of equity financing mentioned in class? | - Angel financing - Venture capital firms - Crowdfunding |
| Angel financing | A wealthy individual who believes in a start-up provides personal funds and advice to help the business get started |
| Venture capital firms | Group that invests money in new or expanding businesses for ownership and potential profits |
| Crowdfunding | Raising capital from small amounts from many investors, usually through social media and the internet. |
| Business incubator | Typically provides shared office space, management support services, and management and legal advice to entrepreneurs. |
| Co-working facility | Open office environment shared by multiple freelance entrepreneurs as well as corporate telecommuting employees or others who don’t have a regular office. |
| Franchising | Firm (franchising) collects upfront and ongoing fees in exchange for letting other firms (franchisees) offer products and services under its brand name and using its processes buying a model, (Buying the rights ex. dunkin donuts, subway.) |
| What are some characteristics of franchises (4) | - Franchise provides management help - Provide established name and national advertising - Disadvantages include a lack of control; franchisors who dictate the prices; requirement of purchasing expensive equipment; and new product offerings. (expensive) |
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