MAN3025 Exam 1 UF Archambeau

Effectiveness

To achieve results, to make the right decisions, and to successfully carry them out so that they achieve the organizations goals ENDS of the results

Effciency

To use resources-people,money,raw materials, and the like-wisely and cost-effectively

Four management functions

(1) Planning

(2) Organizing

(3) Leading

(4) Controlling

aka management process

Planning

Setting goals and deciding how to achieve them; also coping with uncertainty by formulating future courses of action to achieve specified results

Controlling

Monitoring performance, comparing it with goals, and taking corrective action as needed

Leading

Motivating, directing, and otherwise influencing people to work hard to achieve the organization's goals

Organizing

Arranging tasks, people, and other resources to accomplish the work

Big Data

Stores of data so vast that conventional database management systems cannot handle them

Cloud Computing

The storing of software and data on gigantic collections of computers located away from a company's principal site

Knowledge Management

Implementation of systems and practices to increase the sharing of knowledge and information throughout an organization

Soft Skills

Ability to motivate, inspire trust, and communicate with others, interpersonal "people" skills

Decisional Roles

Roles in which managers use information to make decisions to solve problems or to take advantage of opportunities. There are four types:

(1) entrepreneur

(2) disturbance handler

(3) resource allocator

(4) negotiator

Informational Roles

Roles in which managers receive and communicate information:

(1) Monitor

(2) Disseminator

(3) Spokesperson

Interpersonal Roles

Roles in which managers interact with people inside and outside their work units:

(1) Figurehead

(2) Leader

(3) Liaison

Attitude

A learned predisposition toward a given object

Career Readiness

Extent to which a person posses employers' desired knowledge, skills, and attributes

Meaningfulness

Sense of belonging to and serving something bigger than oneself

Proactive learning orientation

Desire for personal development through learning and improving characteristics such as knowledge and soft skills

Resilience

Ability to bounce back from adversity and to remain energized when faced whit challenges

Process

Series of actions followed to achieve a desired result

Contemporary Perspective

In contrast to the historical perspective, the business approach that includes the systems, contingency, and quality-management viewpoints. (1960s-persent) includes the systems, contingency, and quality-management viewpoints.

Historical Perspective

In contrast to the contemporary perspective, the view of management that includes the classical, behavioral, and quantitative viewpoints. (1911 to 1950s) includes the classical, behavioral, and quantitative viewpoints.

Classical Viewpoint

In the historical perspective, the viewpoint that emphasizes finding ways to manage work more efficiently; it has two branches-scientific management and administrative management

Scientific management

Management approach that emphasizes the scientific study of work methods to improve the productivity of individual workers

Administrative management

Management concerned with managing the total organization

Behavioral Viewpoint

Emphasizes the importance of understanding behavior and of motivating toward achievement.

Hawthorne Effect

Employees work harder if they receive added attention, if they think managers care about their welfare, and if supervisors pay special attention to them.

Human relations movement

The movement that proposed that better human relations could increase worker productivity

Behavioral Science

Relies on scientific research of developing theories about human behavior that can be used to provide practical tools for managers.

Quantitative Management

The application to management of quantitative techniques, such as statistics or computer simulations; it has two branches-management science and operations management

Management Science

Sometimes called operations research; branch of quantitative management; focuses on using mathematics to aid in problem solving and decision making

Operations management

A branch of quantitative management; focuses on managing the production and delivery of an organization's products or services more effectively

Feedback

Information about the reaction of the environment to the output that affects the inputs

Inputs

the people, money, information, equipment, and materials required to produce an organization's goods or services

Outputs

the products, services, profits, losses, employee satisfaction or discontent, and the like that are produced by the organization

Transformational Processes

An organization's capabilities in management, internal processes, and technology that are applied to converting inputs into outputs. The main activity of the organization is to transform inputs into outputs.

Complexity Theory

the study of how order and pattern arise from very complicated, apparently chaotic systems

Synergy

Situation in which the economic value of separate, related businesses under one ownership and management is greater together than the businesses are worth separately

Systems viewpoint

The contemporary perspective that regards the organization as a system of interrelated parts

Contingency Viewpoint

Contemporary perspective with the belief that a manager's approach should vary according to the individual and the environmental situation

Evidence based management

Translation of principles based on best evidence into organizational practice, bringing rationality to the decision making process. The basic staps are: Make observations and gather facts, propose a possible explanation or solution based on those facts, develop a prediction based on those facts, test the prediction under controlled conditions Jeffrey Pfeffer Robert Sutton

DFSS

Design for Six Sigma; process that managers use to design new six sigma products or processes

DFSS ?

Define, Measure, Analyze, Improve, Control; series of steps intended to improve existing processes

Social Audit

a systematic assessment of a company's performance in implementing socially responsible programs, often based on predefined goals

Triple bottom line

Represents people, planet, and profit (the 3 Ps)

Measures an organization's social, environmental, and financial performance

Stakeholders

People whose interests are affected by an organizations activities. Process is: Identify the key stakeholders in your business, determine each stakeholders power, influence, and interest in the company, determine the most important stakeholder, create a stakeholder map and plan your communication with key stakeholders.

Internal Stakeholders

employees, owners, board of directors

Task Environment

Groups that present managers with daily tasks to handle customers, competitors, supplies, distributors, strategic allies, employee organizations, local communities, financial institutions, government regulators, special-interest groups, and mass media

Strategic allies

describes the relationship of two organizations who join forces to achieve advantages neither can perform as well alone

Clawbacks

rescinding the tax breaks when firms don't deliver promised jobs

Crowdfunding

raising money for a project or venture by obtaining many small amounts of money from many people

Venture Capital

money provided by investors to start-up firms and small businesses with high risk but perceived long-term growth potential, in return for an ownership stake

Government Regulators

regulatory agencies that establish ground rules under which organizations may operate

Special Interest groups

Groups whose members try to influence specific issues

Economic Forces

General economic conditions and trends—unemployment, inflation, interest rates, economic growth—that may affect an organization's performance

Macroenvironment

Also called general environment, in contrast to the task environment, it includes six forces: economic, technological, sociocultural, demographic, political-legal, and international.

Technological Forces

new developments in methods for transforming resources into goods or services

Sociocultural Forces

Influences and trends that may affect an organization and originate in a country's, a society's or a culture's human relationships and values

Demographic Forces

Influences on an organization arising from changes in the objective characteristics of a population (age, gender, ethnic origin, etc.)

International Forces

changes in the economic, political, legal, and technological global system that may affect an organization

Political-legal forces

changes in the way politics shape laws and laws shape the opportunities for and threats to an organization

Utilitarian approach

The approach to solving ethical dilemmas in which ethical behavior is guided by what will result in the greatest good for the greatest number of people

Individual approach

The approach to solving ethical dilemmas in which ethical behavior is guided by what will result in the decision makers best long term interests which ultimately are in everyone's self-interest

Insider Trading

The illegal trading of a company's stock by people using confidential company information

Justice Approach

The approach to solving ethical dilemmas in which ethical behavior is guided by respect for impartial standards of fairness and equity

Moral-rights approach

The approach to solving ethical dilemmas in which ethical behavior is guided by respect for the fundamental rights of human beings Health safety due process privacy

Sarbanes-Oxley Act of 2002

Established requirements for public companies including proper financial record keeping and penalties for noncompiance.

Code of ethics

A formal, written set of ethical standards that guide an organization's actions

Ethical Climate

A term that refers to employees' perceptions about the extent to which work environments support ethical behavior

Whistle-Blower

An employee who reports organizational misconduct or illegal activity

Corporate Social Responsibility (CSR)

the notion that corporations are expected to go above and beyond following the law and making a profit, to take actions that will benefit the interests of society as well as of the organiztion

Natural Capital

the value of natural resources, such as topsoil, air, water, and genetic diversity, which humans depend on

Corporate Governance

The system that ensures that managers act in the best interest of corporate owners and other stakeholders

Abusive Supervision

Supervisors engage in sustained display of hostile verbal and non-verbal behaviors (excluding physical contact), based on subordinates', perceptions

Workplace Cheating

Unethical actions taken by an employee to create an unfair advantage or to attain undeserved benefits

Global Village

The "Shrinking" of time and space, which refers to how air travel and electronic media have made it easier for people around the world to communicate

Multinational Corporation and enterprise

A business firm or enterprise with operations in several countries

Multinational organization

A nonprofit organization with operations in several countries

Ethnocentric managers

Managers who believe that their native country, culture, language, and behavior are superior to all others

Geocentric Managers

managers who accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective

Parochialism

a narrow view in which people see things solely through their own perspective

Polycentric Managers

Managers who take the view that native managers in the foreign offices best understand native personnel and practices, and so the home office should leave them alone

Outsourcing

Using suppliers outside the company to provide goods and services

Offshoring

The use of suppliers outside the United States to provide labor, good, or services; also called global outsourcing

Countertrading

bartering goods for goods

Franchising

a form of licensing in which a company allows a foreign company to pay it a fee and a share of the profit in return for using the first company's brand name and a package of materials and services

Licensing

Method of international expansion in which a firm allows a foreign company to distribute the firm's product or service in exchange for a fee

Greenfield venture

A foreign subsidiary that the owning organization has built from scratch

Joint Venture

A new enterprise started by a partnership of a company and a foreign company that share the risks and rewards; also known as a strategic alliance

Wholly-owned subsidiary

A foreign subsidiary, or subordinate section of an organization, that is totally owned and controlled by an organization

Free Trade

the movement of goods and services among nations without political or economic obstruction

Tariff

A trade barrier in the form of a customs duty, or tax, levied mainly on imports

Trade protectionism

The use of government regulations to limit the import of goods and services

Dumping

the practice of a foreign company's exporting products abroad at a lower price than the price in the home market - or even below the costs of production - in order to drive down the price of the domestic product

Embargo

A complete ban on the import or export of certain products

Import quota

A trade barrier in the form of a limit on the numbers of a product that can be imported

Sanction

Prohibits international trade of certain types of products, services, or technology with a foreign country for a specific reason

European Union (EU)

Union of 28 trading partners in Europe

North American Free Trade Agreement (NAFTA)

a trading bloc consisting of the United States, Canada, and Mexico

Trading Bloc

a group of nations within a geographical region that have agreed to remove trade barriers with one another; also known as an economic community