Business Leadership final exam

what are the four functions of management?

planning, organizing, leading, controlling

what are the there managerial roles

informational, interpersonal and decisional

what are the managerial competencies ?

communication, self management, teamwork, leadership, critical thinking skills and professionalism

explain scientific management

follow rules of science by selecting workers with best abilities to achieve best results, as well as training them well in order to achieve the best results

what are administrative principles ?

division of labour, authority, discipline, unity of command ( one manager per employee), unity of direction, subordination of individual interests (only work discussed while at work), remuneration (fair pay), centralization, scalar chain (clear chains of command), order, equity, personnel tenure (turnover should be avoided), initiative, espirit de corps ( harmony among staff)

what are fayols 5 rules of administrative management?

foresight, organization, command, coordination, control

what are the characteristics of a bureaucratic organization?

clear division of labour, clear hierarchy of authority, formal rules and procedures, impersonality, careers based on merit

what is knowledge management?

when organizations use information technology to develop and share knowledge to achieve performance and success

what is a learning organization?

an environment where learning for all members resulting in continuous change and improvement

many high performance organizations are..

people oriented, team oriented, information oriented, achievement oriented or learning oriented

what are SMART goals

a goal that is specific, measurable, achievable, relevant and time bound

what is Human resource management all about?

attracting, developing and maintaining a talented workforce by making sure people are given the supports they need to do the best job they can

what are the three major responsibilities of HRM?

attracting a quality workforce, developing a quality workforce and maintaining a quality workforce

what is the goal of global HRM?

locating jobs wherever in the world they can best be done

what is HR planning?

looking at an organization's staffing needs and figuring out how to fill them

what is internal recruitment?

seeking applicants from inside the organization

what two criteria must employees meet when being selected for a job?

validity which means test scores have links to future jobs, and reliability which means test gives repeated results over repeated use

what are bonus pay plans

provide one time or lump sum payments to employees who meet performance targets or perform exceptionally

what are profit sharing plans

distribute to employees a portion of net profits earned by the organization in a performance period

gain sharing plans

allows groups of employees to share gains when their efforts result in cost reduction for the organization

stock ownership or employee stock ownership plans

when employees buy stock directly through their employing companies, sometimes at special discounted rates

fringe benefit plans

includes forms of compensation such as healthcare

flexible benefits programs

lets the employee choose a set of benefits within a certain dollar amount

family friendly benefits

helps employees better balance their family life outside of work

what are the four functions of management?

planning, organizing, leading, controlling

extrinsic rewards

rewards that are externally administered that come from others

intrinsic reward

a reward that comes from within oneself

what satisfies higher order needs?

self actualization needs and esteem needs

what satisfies lower order needs?

social needs, safety needs, physiological needs

relatedness needs

desires for satisfying interpersonal relationships

existence needs

physiological and material well being

growth needs

need for continued psychological growth

improving satisfier factors ..

increases job satisfaction ( achievement, recognition)

improving hygiene factors…

decreases job dissatisfaction ( salary, working conditions)

need for achievement

the desire to do something better, to solve problems. People with high need for achievement like to put their skills to work

need for personal power

exploitative and involves manipulation for the sake of personal gratification

need for social power

using power in a socially responsible way

need for affiliation

desire to establish and maintain friendly relations with other people

bureaucratic control

uses authority, procedures, budgets and daily supervision to make sure people are performing well

Utilitarian view

greatest good to the greatest amount of people

individualism view

ones primary commitment is long term advancement of self- interests

moral rights view

respects and protects fundamental rights of people

justice view

ethical decisions treat people fairly according to legal rules

cultural relativism

ethical behaviour is determined by culture, there is no right way to behave

universalism

ethical standards apply for every culture

ethical imperialism

attempt to impose ones ethical standards on other cultures

what is an ethical dilemma

something that offers potential gain to an organization but may not be ethically right

whistle blower protection

exposes the misdeeds of others in organizations

code of ethics

organizations formal ethical code

what is social entrepreneurship driven by?

makes peoples lives better who are disadvantaged

corporate social responsibility

an organization must serve their own interests and societies interests

what are arguments against CSR

may reduce business profit and increase business cost

obstructionist strategy

focuses mainly on economics in terms of social responsibility

defensive strategy

tries to protect the organization by doing the bare minimum legally

accommodative strategy

try to satisfy all, legal, economic and ethical responsibilities

proactive strategy

designed to meet all criteria of social performance and engage in discretionary performance (serving the community)