Mgt Block Quiz 1 Info

Organization

A group of people who work together to achieve some specific structure.

Management

The pursuit of organizational goals, efficiency and effectively

Multiplier effect

Your influence on the org is multiplied far beyond the results that can be achieved by just 1 person alone

Planning

You set goals and decide how to achieve them

Organizing

You arrange tasks ppl and other resources to accomplish the work

Leading

You motivate, direct, and otherwise influence people tow rock hard to achieve the org’s goal

Controlling

You monitor performance, compare it with goals and take corrective action as needed.

Top managers

Make long term decisions

Middle managers

Implement the policies and plans of the top managers. Supervise and coordinate activities below them

First line managers

Make short term operating decisions/daily tasks

Team leaders

Responsible for facilitating team activities

Functional Managers

Responsible for just organizational activities

General managers

Responsible for several organizational activities; typically several other managers

Interpersonal Role

Figurehead: responsible for ceremonial and symbolic activities like ribbon cutting. Leader: Motivating employees. Liaison: coordinating and connecting people w/orgs

Informational Role

Monitor: process of seeking info of value. Disseminator: process of sharing info you’ve gotten. Spokesperson: sharing of meaningful info in a formal manner

Decision Role

Entrepreneur: voluntary initiator of change: take what I’ve learned, shared and promote action. Disturbance handler: handle neg occurrences like strikes, Pr, etc. Resource allocator: decisions on resource allocation. Negotiator(relates primarily to making decisions): within and outside an org

Technical Skills

Ability to perform a specific job

Conceptual skills

The ability to think analytically

Human skills

“Soft skills”; the ability to interact well with people

7 challenges to being a good manager

Managing for competitive advantage (staying ahead of rivals), Managing for technological advances (dealing with new normal), Managing for inclusion and diversity (Future won’t resemble the past), Managing for globalization (the expanding mgt universe), Managing for ethical standards, Managing for sustainable development (the business of green), Managing for happiness and meaningfulness

The handbook of Peter Rucker: creating modern management

He organized several ideas that now underlie the org and practice of mgt: workers should be treated as assets, corporation could be considered a human community, there is “no business wo/ a customer”, institutionalized mgt practices are preferred to charismatic cult leaders.

Frederick Taylor and the 4 principles of scientific mgt

Evaluate a task by scientifically studying each part of it, carefully select workers with the right abilities for the task, give workers the training and incentives to do the task with the proper work methods, use scientific principles to plan the work methods and ease the way for workers to do their job.

Frank and Lillian Gilbreth- Industrial engineering

Identified 17 basic motions workers could perform, helped workers eliminate unnecessary motions and reduce their fatigue, reinforced the link bw studying the physical markets in a job and workers efficiency.

Henri Fayol

First to systematize it. First to identify major functions of mgt- planning, organizing, leading, controlling and coordinating

Max Weber

Believed bureaucracy was a rational, efficient ideal org based on principles of logic. Reduce ambiguity in 3 ways: defining a hierarchy of authority, detailing a clear division of labor, documenting formal rules and procedures.

Charles Clinton Spaudling

Suggested things used for: authority, division of labor, adequate capital, proper budgeting, coop and teamwork. Highlights the need to enrich the lives of his org and community family while focusing on making a profit

The classical viewpoint

Views humans as cogs within a machine, not taking into account the imperfection of human needs

Hawthorne effect

Employees worked harder if they received added attention, if they thought that managers cared about their welfare or that supervisors paid special attention to them

Theory X

Represents a pessimistic, negative viewpoint of workers. They are considered irresponsible, resistant to change, lacking in ambition, etc.

Theory Y

Represents an optimistic, positive view of workers. They are considered capable of accepting responsibility, exercising self-directions, self control and being creative.

Supply chain

The process of creating the product, starting with designing and obtaining raw materials for physical goods or tech for services and goin gall the way through delivery to customers hands.

Evidence based mgt

Orgs will perform better if they face hard facts about what works, understand the dangerous hand truths about business, reject nonsense that often passes for sound advice

Quantitative mgt

Better devisions come from data and analysis

Closed systems

Orgs that have little interaction with their environment

Open system

Orgs that continually interact with their environment, have the potential to produce synergy

Complexity theory

Networks o many interdependent part that interact with each other according to certain simple rules

Contingency viewpoint

emphasizes that a mangers approach should vary according to the individual and the environmental situation. Takes both people and procedures into account to determine best managerial approach

The learning org

Sharing knowledge and modifying behavior. They are innovative, operational and efficient, customer satisfied oriented. 3 parts: creating and acquiring knowledge, transferring knowledge, and modifying behavior

Ethics

Standards of rights and wrong that influence behavior. Many vary among countries and cultures

Values

The relatively permanent and deeply held underlying beliefs and attitudes that help determine a person’s behavior

The utilitarian approach

For the greatest good, efficiency and profit guide decisions, cost benefit analysis

The individual approach

For your greatest self-interest long term, which will help others, act ethically in the short term to avoid long run harm

The moral rights approach

Respecting fundamental rights and shared by everyone

The justice approach

Respecting impartial standards of fairness, govt policies

Sarbanes-Oxley act of 2002

Established requirements for proper financial keeping for public companies.

Philanthropic responsibility

Voluntarily contribute to society

Ethical responsibility

Does what is right, even when not legally required to

Legal responsibility

Obey laws and regulation

Economic responsibility

Be financially sustainable

Sustainable development

Economic development, meeting the. needs of the present without compromising the ability of future generations to meet their own needs.

Globalization

The trend of the world economy toward becoming a more interdependent system

Multinational Corporation

Business firm with operation in several countries

Ecocentric managers

We know best. They believe their country’s ways o doing business is the best way. Make decisions based on their own perspective rather than adopting to local markets

Polycentric managers

They know best. Trust local managers to make decisions because they understand their country’s culture and customers. Work to fit better with local markets and employees

Geocentric Managers

Whats best is whats effective, regardless of origin. Hire and promote based on best talent regardless of nationality. Balance global consistency with local adaption. What works best for the org as a whole

Global outsourcing

Uses supplies in other countries to produce goods or services.

Importing

Buying goods from another company.

Exporting

Selling products to customers in other countries

Counter trading

Trading goods and services instead of money. Used when currency is limited or unstable

Licensing

Allows another company to produce or sell your product in exchange for a fee (royalty)

Franchising

Similar to licensing, but also provides the brand, business model, training and operating procedures

Joint venture

2 or more companies create a business together. Partners share risks, costs expertise and profits.

Wholly owned subsidiaries

A company owns and controls 100% of its foreign operation. Provides greatest control over quality. operations and strategy.

Tariffs

A tax levied mainly on imports

Import Quota

A trade barrier of a limit on the quantity of a product that can be imported

Sanction

Trade prohibition on certain types of products, services or technology to another country for specific reasons such as terroism, humanitarian concerns, etc.

Embargo

A complete ban or prohibition of trae of one country with another so no goods or services can be imported/exported.

Major trading blocks

Group of nations within a geographical region that have agreed to remove trade barriers with each other

Most favored nation

Condition where a country grants other countries favorable trading treatment such as the reduction of import duties or cheaper prices.

BRICS

11 emerging economies working to increase economic cooperation. Brazil, Russia, India, China, South Africa (major players)

Culture

Shared set of beliefs, values, knowledge and patterns of behavior common to a group of people

Low context cultures

Meaning is in the words, direct feedback, open disagreement is acceptable, no means no.

High context cultures

Meaning is in the situation, relationship and nonverbal cues. Idirect feedback, harmony is prioritized. “We’ll consider is” may mean no

Individual/Collectivism dimension

Preference for a social framework

Power distance dimension

Perception of social inequality

Uncertainty avoidance dimension

Tolerance for uncertainty avoidance

Masculinity/femininity dimension

Performance/relationship oriented traits

Expatriates

People living or working in a foreign country. It can be very costly to support them and their families.

World Trade Organization (WTO)

Purpose is to monitor and enforce trade agreements

World Bank

Purpose is to provide low-interest loans to developing nations for improving transportation, education, health and telecommunications.

International Monetary Fund (IMF)

Purpose is to assist in smoothing the flow of money bw nations