GMS200 Flashcards

Intellectual Capital

Combined brainpower and shared knowledge of an organization’s employees.

Technology IQ

A person’s ability to use current technologies at work and in personal life.

Globalization

The worldwide interdependence of resource flows, product markets, and business competition.

Ethics

A code of moral principles that set standards of conduct for what is right or wrong.

Corporate Governance

The board of directors' role in holding top management accountable for organizational performance.

Workforce Diversity

The differences among employees related to gender, age, race, ethnicity, religion, sexual orientation, and ability.

Productivity

An overall measure of the quantity and quality of work performance with respect to resource utilization.

Performance Effectiveness

An output measure of task or goal accomplishment.

Performance Efficiency

An input measure of resource costs associated with goal accomplishment.

Quality of Work Life (QWL)

An indicator of the overall quality of human experiences in the workplace.

Four Functions of Management

Planning, Organizing, Leading, and Controlling.

Data Mining

The process of analyzing data to produce useful information for decision makers.

Big Data

Large volumes of data that are difficult to process without sophisticated techniques.

Crisis Decision-making

A rapid response to an unexpected problem that could lead to disaster.

SWOT Analysis

Evaluation of an organization's internal strengths and weaknesses, along with external opportunities and threats.

Bureaucratic Organization

An ideal organizational form based on logic, order, and legitimate authority.

Entrepreneurship

Strategic thinking and risk-taking behavior that result in new opportunities.

Boundaryless Organization

An organizational form that seeks to eliminate internal boundaries among subsystems.

How Diversity Bias Occurs in Work Place

• Prejudice: display of (-), irrational opinions & attitudes.

• Discrimination: unfair treatment of members of some groups.

• Glass Ceiling Effect: invisible barrier/ceiling b/w genders.

Organizations

Collection of people working together to achieve a common purpose; provides goods/services of value to customers and seek to serve society.

Creation of Value

• When organization’s operations add value to the original cost of resource inputs.

  • happens when businesses earn profit or nonprofit organizations add wealth to society.

Context for Studying Management

• focus on valuing human capital

• demise of “command and control\’

• emphasis on teamwork

• preeminence of tech

• important for networking

• new workforce expectations

• concern for sustainability

Stakeholder

Any individual or group that has an interest in the success of an organization, including employees, customers, investors, and the community.

Management Styles

Different approaches to leading and motivating team members, including autocratic, democratic, and laissez-faire styles.

Change Management

The process of planning and implementing change within an organization to enhance effectiveness or adapt to new circumstances.

Corporate Culture

The shared values, beliefs, and practices that shape the behavior of people within an organization.

Supply Chain Management

The management of the flow of goods and services from production to consumption, including procurement, logistics, and inventory.

Work-Life Balance

The equilibrium between an individual's work and personal life, promoting well-being and productivity.

Innovation

The process of translating ideas or inventions into goods and services that create value or satisfy customer needs.

Emotional Intelligence (EQ)

The ability to recognize, understand, and manage one's own emotions and the emotions of others in the workplace.

Project Management

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

Risk Management

The process of identifying, assessing, and controlling threats to an organization's capital and earnings.

Organizational Behavior

The study of how individuals and groups act within an organization.

Employee Engagement

The emotional commitment an employee has to their organization, influencing their performance and willingness to contribute.

Strategic Management

The ongoing process of formulating, implementing, and evaluating strategies to achieve organizational objectives.

Change Agent

A person who acts as a catalyst for change within an organization, helping to facilitate transformation.

Decision-making Process

A series of steps that involve identifying a decision, gathering information, and making the choice.

Virtual Organization

A company that operates predominantly through digital communication, allowing for flexibility and remote work.

Human Resource Management

The strategic approach to managing people in an organization to optimize employee performance and well-being.

Organizational Learning

The process of creating, retaining, and transferring knowledge within an organization to enhance its ability to adapt and innovate.

Conflict Resolution

The methods and processes involved in facilitating the peaceful ending of conflict and retribution.

Corporate Social Responsibility (CSR)

The practice of conducting business in an ethical manner that considers the social, environmental, and economic impacts.

Planning

The process of setting objectives and determining a course of action for achieving those objectives.

Organizing

The arrangement of resources and tasks to achieve the objectives set during the planning phase.

Leading

The act of influencing and motivating employees to perform effectively towards the organization's goals.

Controlling

The process of monitoring performance, comparing it with goals, and taking corrective action as needed.

Characteristics of Managerial Work

Involves setting objectives, organizing resources, leading personnel, and controlling outcomes to achieve organizational goals.

Managerial Competencies

Essential skills and attributes that enable managers to perform effectively, including technical, human, conceptual, and strategic skills.

Characteristics of Useful Information

Information that is timely, relevant, accurate, complete, and presented in a format that is easy to understand.

Managers as Information Processors

Managers have the role of collecting, analyzing, and interpreting data to make informed decisions.

Problem-Solving Definition

The process of identifying and resolving issues through a systematic approach.

Problem-Solving Approaches

Includes rational decision-making, intuitive approaches, and creative problem-solving techniques.

Performance Threat

A situation where performance is negatively affected, potentially leading to failure or loss.

Performance Opportunity

A situation that presents a chance for improvement or advancement in performance.

Multi-Dimensional Thinking

The ability to understand and integrate multiple perspectives and dimensions when analyzing problems.

Systemic Thinking

A holistic approach that looks at how various elements in an organization interconnect and influence one another.

Intuitive Thinking

A decision-making approach based on instinct and the immediate perception of a situation rather than on analysis.

Types of Problems

Can be structured (well-defined solutions), unstructured (lack of clear solutions), or a mix of both.

Structured Problems

Problems that are straightforward and have known solutions that can be easily implemented.

Unstructured Problems

Problems that are complex, ambiguous, and do not have clear solutions.

Crisis Decision-Making Definition

The process of making swift decisions during a crisis to minimize harm and find solutions.

Steps to Work Through a Crisis

1. Assess the situation; 2. Develop a response plan; 3. Implement the response; 4. Evaluate the outcomes.

Certain Environment

An environment where outcomes are known and predictable, allowing for straightforward decision-making.

Risk Environment

An environment where outcomes are uncertain but can be assessed probabilistically, allowing for calculated risks.

Uncertain Environment

An environment characterized by unpredictability and a lack of information, making decision-making more complex.

Decision-making Process Steps

1. Identify the decision to be made; 2. Gather relevant information; 3. Evaluate the alternatives; 4. Make the choice; 5. Implement the decision; 6. Review the decision and its consequences.

Explanation of Each Step in the Decision-making Process

• Identifying the decision focuses on recognizing problems

• gathering information involves collecting data and insights

• evaluating alternatives means assessing options

• making the choice is selecting the best alternative

• implementing is putting the decision into action

• reviewing assesses outcomes.

Types of Issues in Managerial Decision-making

• Structured problems (clear solutions)

• unstructured problems (complex and ambiguous)

• and a mix of both, requiring different approaches for resolution.

Creative Decision-making

A process that involves generating innovative solutions and approaches through:

• brainstorming

• intuition, and thinking outside of conventional boundaries.

Key Concepts in Challenges of Globalization

• global economy: resources, supplies, product markets, & competition

• globalization: growing interdependence among elements in global economy.

• world 3.0: balancing cooperation w national identities & interests.

• global management: managing business & organizations w interests in > 1 country.

• global manager: has global perspective & is culturally aware + informed.

International Business

conducting for profit transactions of goods/services across national boundaries.

Reasons Why Businesses Go Global

• profit

• customers

• suppliers

• labour

• capital

• risk

Market Entry Strategies

involves sales of goods/services to foreign markets but do not require expensive investments.

Types of Market Entry Strategies and Definitions

• Importing: buying foreign-made products & selling domestically

• Exporting: selling domestically produced goods to foreign markets

• Licensing: allowing a foreign company to produce one's product for a fee

• Franchising: allowing a foreign entity to operate using an established brand

• Global Sourcing: process of purchasing materials, manufacturing components/locating business services across the world

Foreign Direct Investment (FDI)

Investment made by a company/individual in one country in business interests in another country, often involving establishing business operations or acquiring assets.

Insourcing

The practice of bringing business operations back in-house that were previously outsourced, favoring domestic resources and production.

Types of Direct Investment Strategies/Insourcing and Their Definitions

• strategic alliance: partnership b/w foreign & domestic firms sharing resources + knowledge for mutual gains

• joint venture: operate in foreign country through co-ownership by foreign and local partners

• wholly owned/foreign subsidiary: local operation completely owned by foreign firm

Criteria for Choosing a Joint Venture Partner

• familiarity w firm’s major business

• strong local workforce

• values customers

• future expansion possibilities

• strong local market for partner’s own products

• good profit potential

• sound financial standing

Legal & Political Systems (Global Business Environments)

Differing laws and practices regarding:

• business ownership

• negotiation & implementation of contracts

• foreign currency exchange

• protection of intellectual property rights

Political Risk

potential loss in value/control of a foreign investment due to instability and political changes in host country.

• forecast political disruptions that threaten the security of a foreign investment.

Trade Agreements & Trade Barriers (Global Business Environments)

World Trade Organization (WTO) deals w issues abt:

• most favoured nation status

• tariffs

• non-tariff barriers

• protectionism

Regional Economic Alliances (Global Business Environments)

• NAFTA/USMCA

• EU

• APEC

• ASEA

• SADC

• TPP11

Types of Global Businesses

• Global Corporation

  • MNE/MNC

• Transnational Corporation

Ethical Challenges

• corruption

  • CFPOA regulates Canadian firms overseas

• child labour

• sweatshops

• conflict minerals

Culture

shared set of beliefs, values, and patterns of behaviours common to a group.

Culture Shock

Confusion/discomfort a person experiences in an unfamiliar culture.

Cultural Intelligence

Ability to adapt and adjust to new cultures.

Ethnocentrism

Tendency to consider one’s own > other’s culture.

Stages in Adjusting to New Culture

• Confusion

• Small victories

• Honeymoon

• Irritation & anger

• Reality

Low Context & High Context Cultures

Low: emphasize communication via spoken/written words (e.g., USA, Canada, Germany)

High: rely on nonverbal & situational cues + spoken/writen words (e.g., Thailand, Malaysia)

Proxemics

Study of how people use space to communicate

• in North America people value personal space

• many Latin and Asian cultures expect much less personal space

Monochronic

People tend to do one thing at a time (e.g., Canada)

Polychronic

Time is used to accomplish many things at once (e.g., Egypt)

Cultural Tightness-Looseness

Strengths of norms that govern social behaviour, tolerance for any deviation from norms.

• Tight: Japan, Korea, Malaysia

• Loose: Australia, Brazil, Hungary

Hofstede’s Cultural Dimensions Theory (HCDT)

• Power Distance

• Uncertainty Avoidance

• Individualism-Collectivism

• Masculinity-Femininity

• Time Orientation

Power Distance (HCDT)

Extent to which an unequal distribution of power is accepted by society.

• High power distance: India, Philippines

• Low power distance: USA, Canada, Australia

Uncertainty Avoidance (HCDT)

Extent to which people are uncomfortable w uncertain & ambiguous situations.

• High uncertainty avoidance: Japan, Costa Rica, France

• Low uncertainty avoidance: Swedan

Masculinity-Femininity (HCDT)

Masculinity: clearly differentiate gender roles, stress economic performance.

• Japan, Mexico, USA

Femininity: accept fluid gender roles, stress sexual equality, & QWL.

• Thailand, Sweden

Time Orientation (HCDT)

Long-term Orientation: stress persistence, perseverance, thrift, and close attention to status differences.

• Netherlands, Japan

Short-term Orientation: stress personal steadiness and stability, face-saving, and social niceties.

• USA, Canada

Individualism-Collectivism (HCDT)

Individualism: stress independence, individual initiative, & privacy.

• Canada, USA, Australia

Collectivism: stress interdependence and loyalty to family/clan.

• Mexico, Thailand