MGMT 320- Exam One: Alfred Toma

what are the 3 types of business?

non-profit, for-profit, mutual benefit

what is management?

a process of perform in managerial and business functions that involve the use of resources to achieve the goals and objectives of an org. in an effective, efficient, ethical, and socially responsible manner.

what are the managerial functions?

planning, organizing, leading, and controlling

planning

setting goals and deciding how to achieve them.

organizing

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

leading

motivating directing and otherwise influencing people to work hard to achieve the organization's goals.

controlling

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

what are the business functions?

financing, marketing, accounting, production, human resource management (HRM), others (research & development).

how do you do things effective and efficient?

doing the right thing and doing it right

what are the levels of management?

top managers, middle managers, first-line managers, team leaders, nonmanagerial employees

Top Managers

make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it

middle managers

implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them

first-line managers

make short-term operating decisions, directing the daily tasks of non managerial personnel

team leaders

Facilitate team members' activities to help each other achieve their goals

nonmanagerial employees

either work alone on tasks or with others on a variety of teams

functional manager

responsible for just one org. activity

general manager

responsible for several organizational activities

what are the essentials for successful management?

task performance (TP) and human management (HM)

What is task performance?

know what needs to be done and do it well.

what is human management?

working and helping people. managers must enable people to do TP

what are technical skills?

the job-specific knowledge needed to perform well in a specialized field

what are conceptual and decisional skills?

ability to think analytically, to visualize an organization as a whole and understand how the parts work together

what are human skills?

understand people and work with them well

What are interpersonal roles?

Interact with people inside and outside their work units

Figurehead, leader, liaison

what are informational roles?

managers receive and communicate information

monitor, disseminator, spokesperson

What are decisional roles?

managers use information to make decisions to solve problems or take advantage of opportunities

what are the 7 difficulties of management?

managing for:

1. competitive advantage

2. technological advances

3. diversity

4. globalization

5. ethical standards

6. sustainability- social responsibility

7. happiness and meaningfulness

what is the formula for task performance (TP)?

IA * WE * OS

Individual attributes (IA)

ability to perform a task. there are demographic factors. competency (cognitive and mortal/physical), psychological factors (value system, personality, attitude).

work efforts (WE)

willingness to perform

organizational support

opportunities to perform

what is QWL?

the degree to which a person feels positive or negative regarding different but important aspects of work life

what are the different aspects of work life considered in QWL?

fairness of pay, relationships w/ management and coworkers, chances of promotion/personal growth, nature of work itself

what is management thought made up of?

theories, concepts, and research findings

what is a theory?

simple explanation of a complex life phenomenon

what are the qualities of a good theory?

1. explain/understand

2. predict/expect

what are the 4 management perspectives?

classical, behavioral, quantitative, and modern

what is the classical perspective?

emphasizes finding ways to manage work more efficiently through systematic, rational methods,

focus: getting work done (people are tools, physical resource)

1. scientific mgmt- Fredrick Taylor, Frank & Lillian Gilbreth

2. administrative mgmt- Henry Frayol (started mgmt functions), gilbreths

3. bureaucratic mgmt- Max Weber (policies, rules, procedures, goes by the book

what is the behavioral perspective?

have people orientation, managing human work behaviors.

1. Human Relations Movement

2. organizational behavior: draws from behavioral/social sciences. industry psychology (munsterberg, Follet, Mays, Maslow, McGregor)

- Theory Y and Theory X

What is theory Y?

best employees, go above and beyond, they enjoy work

what is theory X?

only does bare minimum

What is the quantitative perspective?

have quantitative orientation.

focus: math and statistical concepts and methods for decision making.

1. management sciences

2. operations/productions management

3. information systems- need data. idea is that you need info systems for each part of company

What is the modern perspective?

have eclectic orientation (all of the above).

focus: systems and situational thinking

1. systems thinking: impact on others and impact on us

2. situational thinking: contingency, making decisions

3. total quality management- committed to quality thinking, control, and assurance

4. learning organizational: mgmt should always be learning

what is total quality management (TQM)

1. creating customer value

2. improvements in continuous process

3. get inputs from employees

4. get inputs from stakeholder

what is total quality control?

minimal defects

what is total quality assurance?

no defects

what is the order of external business environment factors (from inside to outside)?

customers/marketers, business systems, industry environment, task environment, general/macro environment

what makes up the industry environment?

competition

what makes up task environment?

regulators, distributers/suppliers, labor union, others

what makes up general/macro environment?

cultural, political, legal, economic, financial, labor, physical, demographic, technology, international

what is the triple bottom line?

people, planet, profit

social responsibility performance

people

environmental responsibility performance

planet

responsibility performance

profit

what is business ethics?

material pertains to issues of moral right or wrong as applied to business organizations, managerial policies, decisions, and behaviors. (ethical standards for acceptable conduct)

what are some behaviors that are not ethical in the business world?

abusive behavior, conflict of interest, violations of health and safety regulations, corruption, discrimination practices, sexual harassment

what is social responsibility?

material pertains to an organizations obligations to conduct business in such a way as to safeguard the wellbeing of society and the environment while pursuing its own interest.

what are the core factors influencing ethics?

ethical and socially responsible decisions and actions,

personal stage of moral development,

organizational influences,

legal consideration,

societal influence

Approaches to resolving ethical dilemmas

utilitarian approach, moral rights approach, justice approach

what is the utilitarian approach?

guided by what will result in the greatest good for the greatest number of people

what is the moral rights approach?

guided by respect for the fundamental rights of human beings

what is the justice approach?

guided by respect for impartial standards of fairness and equity

what are the social responsibilities required of a manager?

1. economic responsibility

2. legal responsibility

3. ethical responsibility

4. philanthropic responsibility

what are the 3 dimensions for performance?

economic, social, environmental

what is the social responsibility approach?

1. Traditional SRC

2. Stakeholders SRC

3. Affirmative SRC

what does traditional SRC focus on?

should strictly serve the interests of owners/stockholders

what does stakeholders SRC focus on?

have the obligation to reach a compromising tradeoff between the often different and conflicting of stakeholders

what does affirmative SRC focus on?

should initiate actions that benefit the stakeholders, societal well-being, and the environment.

insider trading

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

Sarbanes-Oxley Act

A law passed by Congress that requires the CEO and CFO to certify that their firm's financial statements are accurate. established requirements for proper financial record keeping for public companies and penalties of as such as 25 years in prison for non compliance

white collar crime

crime committed by people of high social position in the course of their occupations

workplace cheating

Unethical behaviors that result in employees receiving benefits or advantages to which they are otherwise not entitled

what are the three levels of personal moral development?

preconventional (follows rules), conventional (follows expectations of others), postconventional (guided by internal values).

how can organizations promote ethics?

1) create a strong ethical climate

2) screening prospective employees

3) instituting ethics codes and training programs

4) rewarding ethical behavior

5) using a multi-faceted approach

ethical climate

represents employees' perceptions about the extent to which work environments support ethical behavior

code of ethics

a formal statement of ethical principles and rules of conduct

whistle-blower

an employee, or even an outside consultant, who reports organizational misconduct to the public

corporate social responsibility

the notion that corporations are expected to go above and beyond following the law and making a profit

does being good pay off?

- Indeed it pays to be ethical and socially responsible.

- An organization's commitment to CSR may be an important factor for you to consider during job searches.

corporate governance

the system of governing a company so that the interests of corporate owners and other stakeholders are protected