gms 200 midterm

intellectual capital

the combined brainpower and shared knowledge of an organizations employees

what is intellectual capital used for?

continuously used to transform human creativity, insight and decision making

intellectual capital equation

intellectual capital = competency x commitment

competency

represents your personal talents or job-related capabilities

commitment

represents how hard you work to apply your talents and capabilities to job-related tasks

tech iq

a persons ability to use current technologies at work and in personal life, while always keeping yourself updated as it evolves

globalization

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

job migration

the shifting of jobs from one country to another

reshoring

the shift of manufacturing and jobs back home overseas

what is reshoring often prompted by?

rising global manufacturing costs or labour costs

ethics

code of moral principles that set standards of conduct of what is “good/right” and what is “wrong/bad”

role of board of directors and the 3 factors

to hold top management responsible for organizational performance. 3 factors: financial performance, ethical performance, sustainability.

workplace diversity

differences with respect to gender, age, race, ethnicity, religion, sexual orientation, and able-bodiedness

3 ways diversity bias occurs in the workpace

1) prejudice, 2) discrimination, 3) glass ceiling effect

prejudice

the display of negative, irrational opinions and attitudes

discrimination

unfairly treating members of some groups

glass ceiling effect

an invisible barrier of ceiling

free-agent economy

an economy where people change jobs more often and work on flexible contracts with a mixing shift of employers overtime

organizations

a collection of people working together to achieve a common purpose

how do organizations serve society?

providing goods and services

how do organizations as an open system interact with their environments?

the environment supplies (resource inputs) —> the organization creates value (transformation process) —> the environment consumes (product outputs)

define management

the process of planning, organizing, leading and controlling the use of resources to accomplish performance goals

how is value created

when an organizations operations ass value to the original cost of resource inputs

productivity

an overall measure of the quantity and quality of work performance with resource utilization taken into account

performance effectiveness

an output measure of task or goal accomplishment

performance efficiency

an input measure of the resource costs associated with goal accomplishment

describe an organization with high goal attainment but poor resource utilization

effective but not efficient - goals achieved but resources wasted

describe an organization with high goal attainment and good resource utilization

effective and efficient - goals achieved and no wasted resources *high productivity

describe an organization with low goal attainment and poor resource utilization

neither effective nor efficient - goals not achieved and resources wasted

describe an organization with low goal attainment and high resource utilization

not effective but efficient - goals not achieved but no wasted resources

what is the role of managers?

to directly support, supervise, and help to activate the work efforts of others

role of board of directors?

makes sure the organization is run well and managed in a lawful and ethical way

role of top managers?

responsible for performance of an organization as a whole, or for one of its major parts

define CEO, COO, CFO, CIO, CDO

 chief executive officer (CEO), chief operating officer (COO), chief financial officer (CFO), chief information officer (CIO), chief diversity officer (CDO)

what are the management levels in both a typical business and non-profit business?

1) top managers 2) middle managers 3) first line managers 4) non-managerial workers

role of middle managers?

oversee large departments or divisions

role of team leaders?

supervise non-managerial workers

role of line managers?

responsible for work that makes a direct contribution to the organizations outputs

role of staff managers?

use special technical expertise to advise and support the efforts of line workers

role of functional managers?

responsible for a single area of activity such as finance, marketing, production, human resources, accounting, or sales

role of general managers?

responsible for activities covering multiple functional areas

define accountability

the requirement of one person to answer to a higher authority for performance results —> accountability flows upwards in the traditional organizational structure

define quality of work life (QWL)

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

what are the 6 QWL indicators?

1) respect 2) fair pay 3) safe working conditions 4) opportunities to learn and use new skills 5) room to grow and progress in a career 6) protection of individual rights

what are the 4 functions of management?

planning, controlling, organizing, and leading

describe the planning function

the process of setting objectives and determining what actions should be taken to accomplish them

describe the organizing function

the process of defining tasks, allocating resources, and coordinating work activities

describe the leading function

the process of arousing people’s enthusiasm and inspiring then to work hard to achieve goals

describe the controlling function

the process of measuring work performance, comparing results and taking corrective action

what are the 5 characteristics of managerial work?

1) long hours 2) intense pace 3) fragmented and varied tasks 4) many communication media 5) filled with interpersonal relationships

what are Mintzbergs 3 common roles filled by management?

Interpersonal roles, informational roles and decisional roles

describe interpersonal roles (3 of them)

how a manager interacts with other people

figurehead: modeling and setting forth key principles and policies

leader: providing direction and insteilling enthusiasm

liaison: coordinating with others

describe informational roles (3 of them)

how a manager exchanges and processes information

monitor: scanning for information

disseminator: sharing information

spokesperson: acting as an official coordinator

describe decisional roles (4 of them)

how a manager uses information in decision making

entrepreneur: developing new initiatives'

disturbance handler: dealing with problems and conflicts

resource allocator: handling budgets and distributing resources

negotiator: making deals and forging agreements

social capital

the ability to attract support and help from others in order to get things done

networking

building and maintaining positive relationships with people whose help may be needed to implement those agendas

agenda setting

managers develop action priorities that include goals and plans spanning long and short time frames

what are the 3 management skills? define them too

conceptual skills (the ability to think analytically and achieve integrative problem solving), human skills (the ability to work well in cooperation with other people), technical skills (the ability to apply expertise and perform tasks with proficiency)

what are Katz’s essential managerial skills chart?

define emotional intelligence

the ability to manage ourselves and our relationships effectively/understand and manage feelings when interacting and dealing with others

what are the 3 managerial competencies?

technological competency, informational competency, analytical competency

technological competency

ability to understand new technologies and to use them to their best advantage

informational competency

ability to locate, gather, organize, and display information for decision-making and problem solving

analytical competency

ability to evaluate and analyze information to make actual decisions and solve real problems

useful data

data: raw facts and observations, information: data made useful and meaningful for decision-making

5 characteristics of useful information

timely, high-quality, complete, relevant, understandable

management information systems

using the latest technology to collect, organize and distribute data

data mining

the process of analyzing data to prodice useful information for decision makers

big data and the 5 V’s of big data

exist in huge quantities and are difficult to process without sophisticated mathematical and analytical techniques

→ 5 V’s: volume, variety, veracity, velocity, value

management analytics

involved the systemic evaluation and analysis of data to make informed decisions

business intelligence

taps information systems to extract and report data in organized ways that are useful to decision-makers

data visualization

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

Information exchanges with the external environment

• gather intelligence information

• provide public information

Information exchanges within the organization

• facilitate decision-making

• facilitate problem-solving

problem solving

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

performance threat

something is wrong or has the potential to go wrong

performance opportunity

situation offers the change for a better future if the right steps are taken

3 problem solving approaches/styles

problem avoiders: inactive in information gathering and solving problems

problem solvers: reactive in gathering information and solving problems

problem seekers: proactive in anticipating problems and opportunities and taking appropriate action to gain an advantage

systematic thinking

approaches problems in a rational, step-by-step, and analytical fashion. This method is slow and methodical

Intuitive thinking

approaches problems in a flexible and spontaneous fashion. This method is quick and broad

multi-dimensional thinking

combines both intuitive and systemic thinking, therefore allowing you to remain focused on long-term objectives, and be flexible to resolve short term problems

4 types of cognitive thinkers

sensation thinkers (ST’s) - like facts and goals

intuitive thinkers (IT’s) - idealistic, theoretical

sensation feelers (SF’s) - like facts, feelings

intuitive feelers (IF’s) - thoughtful, flexible

types of problems and decisions

• structured problems:

  • programmed decisions

• unstructured problems

  • non-programmed decisions

structured problems

are ones that are familiar, straightforward, and clear with respect to information needs - uses programmed decisions

programmed decisions

apply solutions that are readily available from past experiences to solve structured problems - used for structured problems

unstructured problems

are the ones that are full of ambiguities and information deficiencies - use non-programmed decisions

non-programmed decisions

apply a specific solution solution to meet the demand of a unique problem, commonly faced by higher-level management - used for unstructured problems

crisis decision-making

a crisis involved an unexpected problem that can lead to disaster if not resolved quickly and appropriately

6 rules for crisis management and descriptions

1. Figure out what is going on → Take the time to understand what’s happening and the conditions under which the crisis must be resolved.

2. Remember that speed matters → Attack the crisis as quickly as possible, trying to catch it when it is still easily managed.

3. Remember that slow counts, too → Know when to back off and wait for a better opportunity to make progress with the crisis.

4. Respect the danger of the unfamiliar → Understand the danger of all-new territory where you and others have never been before.

5. Value the skeptic → Don’t look for and get too comfortable with agreement; appreciate skeptics and let them help you see things differently

6. Be ready to “fight fire with fire” → When things are going wrong, you may have get imaginative to solve the crises, like building a backfire to stop a raging forest fire

3 environments for making decisions with various amounts of information

• Certain environment: offers complete factual information on possible action alternatives and their consequences. This is the ideal!

• Risk environment: lacks complete information but offers probabilities of the likely outcomes for possible action alternatives

• Uncertain environment: lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives

5 steps in the decision making process