Management, Organizational Behavior, and Strategy: Key Concepts and Theories

Chapters 1-5

Management

The art of getting things done through the efforts of other people.

POLC

P- Planning
O- Organizing
L- Leading
C- Controlling

Line Manager

responsible for: production, marketing, and profits of products

General Manager

Someone responsible for managing a store (that produces revenue)

Staff Manager

Team provides indirect inputs/support service like finance and accounting.

Empowerment

Allowing individuals to work on their own with little supervision.

Principles of Management (Based on?)

Psychology, leadership, entrepreneurship, and strategy.

Strategic Planning

Planning involving analyzing competitive opportunities and threats, and planning (for the organization) to compete effectively

Effective Controlling

Requires existence of plans because planning contains key objectives/standards

Corporate Social Responsibility (CSR)

A concept where organizations does good for people, society, and environment while being profitable

Gen Z

The generation projected to be the most ethnically and racially diverse to date.

Taylorism

Maximizing worker output by analysing tasks and labor efficiency

Frederick Taylor

Most famous for time studies.

Gilbreths

Most famous for time and motion studies.

Criticism of Fayol, Taylor, and Gilbreths

They assumed managers were overseeing manual labor tasks.

Peter Drucker

The first scholar to focus on knowledge workers.

Virtual Organization

A company that relies on computer and telecommunications technologies for communication between employees.

Social Networking

Can be used to combat global instability by helping people find others with the skills to solve pressing problems.

Greater Personalization and Customization

A key trend impacting the changing nature of work related to tailoring products to the consumer.

Lapse in Ethics

Often caused by a desire to protect one's career.

Openness trait

People with this are likely to start their own business

Agreeableness

A Big Five personality trait that may lead to effective leadership by creating a positive environment.

Personality Tests

Used by companies to predict work behavior and reduce turnover.

Limitations of Personality Tests

Candidates may fake their answers.

Cognitive ability

A better predictor of performance than personality.

Extrapolation

The process of discerning the entire figure from an incomplete figure based on available information.

(Predicting future outcomes based on historical trends)

Selective perception

Focusing on certain aspects of the environment and ignoring others

Visual perception bias

Managers rely on their visual perception to form their opinions about people and objects around them.

Stereotyping

Believing that women are more cooperative than men, or men are more assertive than women.

Job satisfaction and organizational commitment

Job attitude(s) that have the greatest potential to influence how we behave at work.

Organizational justice

Can be classified into three categories: procedural, distributive, and interactional.

Job engagement

Most reflects employees' enthusiasm, involvement, and satisfaction with their work.

Psychological contract

The violation occurs when an employee does not receive expected bonuses based on performance (false expectations)

Work-life conflict

Mary is a new mother who receives a call at work that her child is ill and must be picked up from daycare.

Work-life imbalance

Shown to be a cause of high levels of absenteeism in a firm.

Negative work attitude

Fred, who has a bad attitude at work, is most likely to turnover.

Mission and vision

(Example-) Firms perform better with clearly communicated, understood, and shared mission and vision than those without them

These are emphasized by stakeholders in mission statements

Customers, investors, and employees.

Mission statement

Communicates the organization's reason for being.

Shareholders and firm strategies

Their wealth increases or decreases with the firm's actions.

Stakeholder analysis

The first key step is determining influences on mission, vision, and strategy formulation.

Stakeholder power of boards and owners

Voting.

Creativity in leadership

Allows leaders to envision future possibilities and innovative paths for the organization.

Passion in leadership

Drives leaders to commit to their vision and inspire others to follow it.

Role of a vision statement

Helps align departments and teams with the overall long-term strategy of the company.

Mission and vision statements for leaders

Serve as a guide for inspiring and motivating employees toward common goals.

Controlling with mission and vision

Helps managers set standards and evaluate whether the organization is meeting its strategic objectives.

Hearts & Hooves Sanctuary

Bonus: What is the name of the nonprofit Professor Maxwell formed?

Conscientiousness (OCEAN)

Organized, systematic, achievement-oriented, and dependable

Extraversion (OCEAN)

Outgoing, talkative, and sociable

Neuroticism (OCEAN)

Anxious, irritable, and temperamental