GMS200 FINAL EXAM

Intellectual Capital

the combined brainpower & shared knowledge of an organization's employees

Knowledge Worker

their mind is a critical asset to employers & adds to the intellectual capital of an organization

Tech IQ

person's ability to use current technologies at work & personal life

Globalization

The worldwide interdependence of resource flows, product markets, and business competition that characterize our economy

Ethics

Code of Moral Principles; Set standards of conduct of what is 'good', 'right', 'bad', 'wrong'

Corporate Governance

Board of directors hold top management responsible for organizational performance

Workforce Diversity

Reflects differences in gender, age, race, ethnicity, religion, sexual orientation, able-bodiedness

Prejudice

display of negative irrational opinions & attitudes

Discrimination

unfairly treating members of some groups

Glass Ceiling Effect

an invisible barrier or ceiling, a social barrier preventing women from being promoted to top jobs in management

Organizations

Collection of people working together to achieve a common purpose; Provide goods and services of value to customers & clients; Seek to serve society

Value Creation

Value is created when an organization's operations add value to the original cost of resource inputs

Productivity

Overall measure of the quantity & quality of work performance with resource utilization taken into account

Performance Effectiveness

Output measure of task or goal accomplishment

Performance Efficiency

Input measure of the resource costs associated with goal accomplishment

Quality of Work Life (QWL)

an indicator of the overall quality of human experiences in the workplace

Managerial Competencies

Managers must have Technological Competency, Information Competency, and Analytical Competency

Data

Raw facts & observations

Information

Data made useful & meaningful for decision-making

Management Information System

Using the latest technologies to collect, organize and distribute data

Data Mining

process of analyzing data to produce useful information for decision-makers

Big Data

Exist in huge quantities & are difficult to process without sophisticated mathematical & analytical techniques

Business Intelligence

Taps info systems to extract & report data in organized ways that are useful to decision-makers

Data Visualization

Visually update & display key performance metrics & information on a real-time basis through executive dashboards

Problem-Solving

Process of identifying a discrepancy between actual and desired performance and taking action to resolve it

Performance Threat

Something is wrong or has potential to go wrong

Performance Opportunity

Situation offers the chance for a better future if right steps are taken

Problem Avoiders

Inactive in info gathering & solving problems

Problem Solvers

Reactive in gathering info & solving problems

Problem Seekers

Proactive in anticipating problems & opportunities & taking appropriate action to gain an advantage

Systematic Thinking

Approaches problems in a rational, step-by-step & analytical way

Intuitive Thinking

Approaches problems in a flexible & spontaneous way

Multidimensional Thinking

Applies both intuitive & systematic thinking

Effective Multi-Dimensional Thinking

Applies both intuitive & systematic thinking while remaining focused on long-term objectives and being flexible to resolve short-term problems

Structured Problems

Familiar, straightforward, & clear with respect to info needs

Programmed Decisions

Apply solutions that are readily available from past experiences to solve structured problems

Unstructured Problems

Ones that are full of ambiguities & info deficiencies

Non-Programmed Decisions

Apply a specific solution to meet the demands of a unique problem

Crisis Decision-Making

A crisis involving an unexpected problem that can lead to disaster if not resolved quickly and appropriately

Certain Environment

Offers complete factual info on possible action alternatives & their consequences

Risk Environment

Lacks complete info but offers probabilities of the likely outcomes for possible action alternatives

Uncertain Environment

Lacks so much info that it is difficult to assign probabilities to the likely outcomes of alternatives

Decision-Making Process Step 1

Identify & define the problem, focusing on info gathering, info processing, and deliberation

Common Mistakes in Defining Problems

Defining the problem too broadly or too narrowly, focusing on symptoms instead of causes, choosing the wrong problem to deal with

Decision-Making Process Step 2

Generate & Evaluate Alternative Courses of Action, formulating potential solutions, gathering more info, analyzing data, and identifying advantages & disadvantages of alternative solutions

Approaches for Evaluating Alternatives

Stakeholder analysis and cost-benefit analysis

Decision-Making Process Step 3

Decide on a Preferred Course of Action using two different approaches: the classical model leads to optimizing decisions, the behavioral model leads to satisfaction decisions

Decision-Making Process Step 4

Implement the Decision, involving taking action to make sure the solution decided upon becomes a reality

Lack of Participation Error

Should be avoided in the decision-making process

Decision-Making Process Step 5

Evaluate Results by comparing actual & desired results and examining positive and negative consequences of the chosen course of action

Utility in Ethical Reasoning

Does the decision satisfy all constituents or stakeholders?

Rights in Ethical Reasoning

Does the decision respect the rights and duties of everyone?

Justice in Ethical Reasoning

Is the decision consistent with the canons of justice?

Caring in Ethical Reasoning

Is the decision consistent with my responsibilities to care?

Issues in Decision-Making

Why do decision errors happen? How do we frame the problem?

Heuristics

Strategies for simplifying decision making

Availability Bias

Bases a decision on recent info or events

Representativeness Bias

Bases a decision on similarity to other situations

Anchoring and Adjustment Bias

Bases a decision on incremental adjustment from a prior decision point

Framing Error

Trying to solve a problem in the context perceived, positive or negative

Confirmation Error

Focusing on information that confirms a decision already made

Escalating Commitment

Continuing a course of action even though it is not working

Creativity

The generation of a unique idea or approach that solves a problem or exploits an opportunity

Big-C Creativity

Occurs when extraordinary things are done by exceptional people

Little-C Creativity

Occurs when average people come up with unique ways to deal with daily events & situations

Global Economy

Resources, supplies, products market, & competition = worldwide in scope

World 3.0

Balancing cooperation in global economy with national identities & interests

Global Management

Managing businesses & organizations with interests in more than 1 country

Global Manager

Has a global perspective, is culturally aware, informed on current international affairs

International Business

Conducting for-profit transactions of goods and services across national boundaries

Market Entry Strategies

Involve sale of goods or services to foreign markets but do not require expensive investments

Global Sourcing

Purchasing materials, manufacturing components, or locating business services around the world

Exporting

Selling locally made products in foreign markets

Importing

Buying foreign-made products & selling them domestically

Licensing Agreement

1 firm pays fee for rights to make/sell another company's products

Franchising

Fee is paid for rights to use another firm's name, branding & methods

Foreign Direct Investment

Setting up & buying all or part of a business in another country

Insourcing

Local job creation that results from foreign direct investment

Joint Ventures

Operate in a foreign country through co-ownership by foreign & local partners

Strategic Alliances

Partnership in which foreign & domestic firms share resources & knowledge for mutual gains

Foreign Subsidiaries

Local operation is completely owned by a foreign firm

Political Risk

Potential loss in value or control of a foreign investment due to instability & political changes in the host country

Corruption

Illegal practices that further one's business interests

Child Labour

Employment of children for work otherwise done by adults

Sweatshops

Employment of workers at very low wages for long hours in poor working conditions

Conflict Minerals

Gains from sale of minerals used to help finance armed violence

Culture

The shared set of beliefs, values, patterns of behaviour common to a group of people

Culture Shock

Confusion and discomfort a person experiences in an unfamiliar culture

Cultural Intelligence

The ability to adapt and adjust to new cultures

Ethnocentrism

Tendency to consider one's own culture as superior to others

Proxemics

Study of how people use space to communicate

Tight & Loose Cultures

Strength of norms that govern social behaviour and tolerance for any deviation from norms

Bureaucratic Organization

An efficient, rational organizational structure by Max Weber.

Scientific Management

Frederick Taylor's approach to improving productivity.

Guiding Principles of Scientific Management

Four principles to enhance job efficiency and worker selection.

Motion Study

Analyzing tasks to eliminate wasted physical motions.

Performance Incentive

Compensation based on results to motivate workers.

Administrative Principles

Henri Fayol's five rules for effective management.

Foresight

Planning actions for future organizational success.

Coordination

Integrating diverse efforts and sharing information.