GMS 200

Intellectual Capital

is the combined brainpower and shared knowledge of an organization's employees.

Competency

represents your personal talents or job-related capabilities.

Commitment

represents how hard you work to apply your talents and capabilities to important tasks.

Fourth Industrial age

We are currently in the fourth industrial age, one where the cloud, mobile Internet, automation, robotics, and artificial intelligence are driving the forces of change.

Tech IQ

the ability to use current technologies at work and in your personal life, combined with the commitment to keep yourself updated as technology continues to evolve.

Job Migration

which is the shifting of jobs from one country to another.

Reshoring

which is the shift of manufacturing and jobs back home from overseas.

Globalization

which is the worldwide interdependence of resource flows, product markets, and business competition.

Ethics

a code of moral principles that sets standards for conduct that is 'good' and 'right,' as well as 'bad' and 'wrong.'

Corporate governance

Think of this as the active oversight of top management decisions, corporate strategy, and financial reporting by a company's board of directors.

Workforce diversity

describes the composition of a workforce in terms of gender, age, race, ethnicity, religion, sexual orientation, and able-bodiedness.

Prejudice & Bias

the display of negative, irrational opinions and attitudes regarding members of diverse populations.

Glass ceiling effect

an invisible barrier or ceiling that prevents women and visible minorities from rising to top jobs.

Discrimination

when members of some groups are unfairly treated and denied the full benefits of organizational membership.

Shamrock organization

operates with a core group of full-time long-term workers supported by others who work on contracts and part-time. 

Free-Agent economy

one where people change jobs more often and work on flexible contracts with a shifting mix of employers over time.

Self-management

being able to assess yourself realistically, recognize strengths and weaknesses, make constructive changes, and manage your personal development.

Mastery

You need to be good at something. You need to be able to contribute real value to your employer.

Networking

You need to know people and get connected. Networking with others within and outside the organization is essential.

Entrepreneurship

You must act as if you are running your own business, spotting ideas and opportunities and pursuing them.

Technology

You have to embrace technology. You have to stay up to date and fully utilize all that is available.

Marketing

You need to communicate your successes and progress, both yours personally and those of your work team.

Renewal

You need to learn and change continuously, always improving yourself for the future.

Organization

is a collection of people working together to achieve a common purpose.

Social Networking Tools

such as LinkedIn, Facebook, and WeChat that connect users with similar interests have become the great equalizer.

Open Systems

All organizations are open systems that interact with their environments.

Productivity

It measures the quantity and quality of outputs relative to the cost of inputs.

Performance effectiveness

is an output measure of task or goal accomplishment.

Performance efficiency

is an input measure of the resource costs associated with goal accomplishment.

Managers

people in organizations who directly support, supervise, and help activate the work efforts and performance accomplishments of others.

Board of directors

whose members are elected by shareholders to represent their ownership interests.

Top managers

constitute an executive team that reports to the board and is responsible for the performance of an organization as a whole or of one of its larger parts.

Middle managers

who are in charge of relatively large departments or divisions consisting of several smaller work units.

Team leader or supervisor

is someone in charge of a small work group composed of non-managerial workers.

Staff managers

use special technical expertise to advise and support the efforts of line workers.

Functional managers

have responsibility for a single area of activity such as finance, marketing, production, human resources, accounting, or sales.

General managers

are responsible for activities covering many functional areas.

Administrators are:

a plant manager who oversees everything, including purchasing, manufacturing, human resources, finance, and accounting. In public or non-profit organizations, managers may be called this.

Accountability

is the requirement of one person to answer to a higher authority for performance results in his or her area of work responsibility.

Effective managers

successfully help others achieve both high performance and satisfaction in their work.

Quality of work life (QWL)

is an indicator of the overall quality of human experiences at work.

Line managers

are responsible for work that makes a direct contribution to the organization's outputs.

Management process

functions of planning, organizing, leading, and controlling.

Planning

is the process of setting performance objectives and determining what actions should be taken to accomplish them.

Organizing

the process of assigning tasks, allocating resources, and coordinating the activities of individuals and groups to accomplish plans.

Leading

is the process of arousing people's enthusiasm and inspiring their efforts to work hard to fulfill plans and accomplish objectives.

Controlling

is the process of measuring work performance, comparing results with objectives, and taking corrective action as needed.

Interpersonal roles are:

How a manager interacts with other people: 1.Figurehead 2.Leader 3.Liaison.

Informational roles are:

How a manager exchanges and processes information: 1.Monitor 2.Disseminator 3.Spokesperson.

Decisional roles are:

How a manager uses information in decision making: 1.Entrepreneur 2.Disturbance handler 3.Resource allocator 4.Negotiator.

Agenda setting

good managers develop action priorities that include goals and plans spanning long and short time frames.

Social capital

is the ability to attract support and help from others in order to get things done.

Lifelong learning

the process of continuous learning from all of our daily experiences and opportunities.

Conceptual skills are:

The ability to think analytically and achieve integrative problem solving.

Human skills are:

The ability to work well in cooperation with other persons; emotional intelligence.

Technical skills are:

The ability to apply expertise and perform a special task with proficiency.

Learning agility

is defined as the "willingness to grow, to learn, to have insatiable curiosity.

Skill

is the ability to translate knowledge into action that results in desired performance.

Emotional intelligence

is defined by scholar and consultant Daniel Goleman as the "ability to manage ourselves and our relationships effectively.

Critical thinking skills are:

The ability to think analytically is a conceptual skill.

SWOT analysis

identifies individual Strengths and Weaknesses.

Scientific management theory was made by:

Frederick Taylor.

Bureaucratic organization theory was made by:

Max Weber

Administrative principles theory was made by:

Henri Fayol

Motion study

is the science of reducing a job or a task to its most basic physical components.

Bureaucracy

is a rational and efficient form of organization founded on logic, order, and legitimate authority.

Organizational behaviour

is the study of individuals and groups in organizations.

Mary Parker Follett's organizations as communities

was part of an important transition from classical thinking to the new discipline of behavioural management.

Elton Mayo's: the Hawthorne studies

brought visibility to the idea that workers' feelings, attitudes, and relationships with co-workers affected their work, and that groups have important influences on individuals.

Hawthorne effect

is the tendency of workers singled out for special attention to perform well

Need

a physiological or psychological deficiency a person feels compelled to satisfy.

Deficit principle

applies to a satisfied need that does not motivate behaviour. People try to satisfy "deprived" needs or those for which there is a "deficit" (e.g., when I'm hungry, I seek to satisfy my hunger by eating—when I've finished eating, hunger doesn't motivate me anymore).

Progression principle

describes how the five levels of needs exist in a hierarchy of "prepotency." A need at any level becomes active only when the next-lower level need is satisfied (e.g., I'm thirsty and lonely—but I won't be motivated to chat with my friends until I've had something to drink).

Self-actualization needs are:

Highest level, need for self-fulfillment; to grow and use abilities to fullest and most creative extent

Esteem needs are:

Need for esteem in eyes of others; need for respect, prestige, recognition; need for self-esteem, personal sense of competence, mastery

Social needs are:

Need for love, affection, sense of belongingness in one's relationships with other people

Safety needs are:

Need for security, protection, and stability in the events of day-to-day life

Physiological needs are:

Most basic of all human needs: need for biological maintenance; food, water, and physical well-being

Self-fulfilling prophecies are:

McGregor believed these assumptions create ___ ___ ___. When managers behave consistent with the assumptions, he said, they end up encouraging employees to act in ways that confirm managers' original expectations

Theory X

assumptions believe that employees generally dislike work, have little ambition, are irresponsible, resist change, and prefer to be led rather than to lead.

Theory Y

assumptions believe employees are willing to work hard, accept responsibility, are capable of self-control and self-direction, and are imaginative and creative.

Open System

interact with their environment in a continual process of transforming inputs—people, technology, information, money, and supplies— into outputs—goods and services.

Contingency thinking

Successful managers identify and implement practices that best fit with the unique demands of different situations. This requires contingency thinking that matches actions with problems and opportunities specific to different people and settings.

Analytics

an area known as analytics is becoming indispensable to organizations of all types. Think of analytics as the systematic analysis of large databases—often called "big data"—to solve problems and make informed decisions.

Learning style

how you like to learn through receiving, processing, and recalling new information.

ISO Certification

was created by the International Organization for Standardization in Geneva, Switzerland, has become a global stamp of approval for quality management.

Total quality management (TQM)

incorporates quality principles in organizations' strategic objectives. TQM principles are applied to all aspects of operations with a focus on meeting customers' needs by doing things right the first time.

Continuous improvement

always looking for new ways to improve on current practices.

Evidence-based management can be described as:

it is critical to be cautious and a bit skeptical when separating fads from facts and assumptions from informed insight based on empirical data and analysis.

Global economy

is in which resources, supplies, product markets, and business competition have a worldwide rather than a local or national scope.

Global management

refers to management in businesses and organizations with interests in more than one country.

Global managers

are people who have a strong global perspective, are culturally aware, and are informed about current international issues and events.

International businesses

Businesses that conduct for-profit transactions of goods and services across national boundaries.

Global sourcing

The process of purchasing materials, manufacturing components, or locating business services around the world.

Why do companies go global?

Profits—Gain profits through expanded operations.

Customers—Enter new markets to gain new customers.

Suppliers—Get access to materials, products, and services.

Labour—Get access to lower-cost, talented workers.

Capital—Tap into a larger pool of financial resources.

Risk—Spread assets among multiple countries.