MIZZOU MGMT 3000W Final - K. Fram

What is the art of management defined?

"The art of getting things done through people"

- the pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization's resources

What do managers do?

1. Planning, set goals and decide how to achieve

2. Organizing, arrange tasks, people, and more

3. Leading, motivate, direct, and influence to meet org goals

4. Controlling, monitor performance, compare, and take corrective action

What are the 4 levels of management?

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

What is a manager for a for-profit organization?

for making money

What is a manager for a non-profit organization?

for offering services

What is a manager for a mutual-benefit organization?

For aiding members

What is the managerial role: interpersonal role?

figurehead, leader, and liaison

What is the managerial role: informational role?

monitor, disseminator, and spokesperson

What is the managerial role: decisional role?

entrepreneur, disturbance handler, resource allocator, and negotiator

What are technical skills that managers need?

consists of the job-specific knowledge needed to perform well in a specialized field, seems to be the most important at the lower levels of management.

What are conceptual skills that managers need?

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

What are the human skills that a manager needs?

consists of the ability to work well in cooperation with other people to get things done, especially with people in teams, also known as soft skills

Who is Peter Drucker?

the creator and inventor of modern management; first person to create a handbook on how to manage complex organizations, 1954 The Practice of Management

What is a flaw in the classical viewpoint?

it tends to view humans as cogs within a machine, not taking into account the importance of human needs

Who is Abraham Maslow?

Originator of the hierarchy of needs

What is the hierarchy of needs?

Maslow's pyramid of human needs, beginning at the base with physiological needs that must first be satisfied before higher-level safety needs and then psychological needs become active

What is operations management?

focuses on managing the production and delivery of an organization's products or services more effectively. Consists of all the job functions and activities in which managers schedule and delegate work. Governs a manager's decisions about how to increase productivity and efficiency

Why is the open systems viewpoint important?

has the potential to produce synergy, which is the idea that two or more forces combined create an effect that is greater than the sum of their individual effects

Why is the contingency viewpoint important?

The contingency viewpoint is important because it seems to be the most practical of the viewpoints. It addresses problems on a case-by-case basis and varies the solution accordingly.

What is the triple bottom line?

people, planet, profit, measures an organization's social, environmental, and financial performance

What are internal and external stakeholders?

Internal stakeholders are stakeholders from within the business- Employees and Employers

External stakeholders- these are stakeholders from outside the business- Suppliers, Government, Society, Shareholder, customers, creditors.

Who is in the task environment?

the groups that interact with the organization on a regular basis: customers, competitors, suppliers, distributors, strategic allies, employee organizations (like unions), local communities, financial institutions, government regulators, and special interest groups

Who is in the general environment?

a set of broad, uncontrollable forces in the external environment: economic forces, technological forces, sociocultural forces, demographic forces, political-legal forces, and international forces

What are ethics and values?

Ethics: the standards of right and wrong that influence behavior

Values: the relatively permanent and deeply held underlying beliefs and attitudes that help determine a person's behavior

What are the 4 approaches to resolving ethical dilemmas?

utilitarian(for the greatest good), individual(greatest self-interest), moral-rights(respecting rights), and justice approaches(respecting impartial standards of fairness)

What is the Sarbanes-Oxley Act?

established requirements of proper financial record keeping for public companies and penalties as much as 25 years in prison for noncompliance

What are Kohlberg's stages of moral development?

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

What is a code of ethics and a whistleblower?

Ethics code: consists of a formal written set of ethical standards guiding an organization's actions

Whistleblowers: an employee, or outside consultant, who reports organizational misconduct such as health or safety violations, laws keep them safe

What is corporate social responsibility (CSR)?

The notion that corporations are expected to go above and beyond following the law and making a profit 1. be a good global corporate citizen 2. be ethical in its practices 3. obey the law 4. make a profit

What is corporate governance?

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

What does it mean for a country to be competitive in a global business environment?

ranked on economic performance, government efficiency, business efficiency, and infrastructure

What is the global economy?

refers to the increasing tendency of the economies of the world to interact with one another as one market instead of many national markets

What kind of manager is a successful international manager?

Geocentric managers, they accept that there are differences and similarities between home and foreign personnel and practices

What are the 2 unsuccessful global managers?

Ethnocentric: believe that their native country, culture, language, and behavior are superior to all others

Polycentric: take the view that native managers best understand personnel and practices in their home country, so the home office should defer them

What are the 5 reasons that companies expand internationally?

1. availability of supplies 2. new markets 3. lower labor costs 4. access to finance capital 5. avoidance of tariffs and import quotas

What are the 5 ways that companies expand internationally?

1. global outsourcing 2. importing, exporting, and counter trading 3. licensing and franchising 4. joint ventures 5. wholly owned subsidiaries

What are barriers to trade?

tariffs, import quotas, sanctions and embargos

What is a trading bloc?

A group of nations within a geographic region that have agreed to remove trade barriers with one another

also known as an economic community, like NAFTA and EU

What is an exchange rate?

the rate at which the currency of one area or country can be exchanged for the currency of another

What is cross-cultural awareness and culture?

CC Awareness: the ability to operate in different cultural settings

Culture: the shared set of beliefs, values, knowledge, and patterns of behavior common to a group of people.

What is Hofstede's cultural dimensions?

Individualism vs collectivism

Power distance

Uncertainty Avoidance

Masculinity v. Femininity

What are other cultural variations?

language, interpersonal space, communication, time orientation, religion, law and political stability

Why do US managers of foreign assignments fail?

expatriates often leave foreign assignments early due to challenges of adjusting to a different culture

What is planning, strategy, and strategic management?

Planning: defined as setting goals and deciding how to achieve them, coping with uncertainty

Strategy: the long-term goals and direction for an organization

Strategic mgmt: a process that involves managers from all parts of the organization in the formulation and the implementation of strategies

Why are planning and strategic management important?

1. provide direction and momentum 2. encourage new ideas 3. develop a sustainable competitive advantage

What are mission, vision, and values statements?

Mission: what is our reason for being?

Vision: what do we want to become?

Values: what values do we want to emphasize?

What are the 3 types of planning?

strategic(top mgmt), tactical(middle mgmt), operational(team leaders)

What are long-term and short-term goals?

long-term: span 1 to 5 years and focus on the company's strategic plan, aka strategic goals

short-term: about a year and are connected to strategic goals in a hierarchy, aka tactical or operational goals

What is a contingency plan?

responses to possible future events that could threaten a company's operations, like a pandemic

What are SMART goals?

Specific

Measurable

Attainable

Results-oriented

Target dates

What is strategic positioning?

attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company

What are strategic positioning's principles?

Strategy is the creation of a unique and valuable position, requires trade-offs in competing, and involves creating a "Fit" among activities

What are the levels of strategy?

corporate, business, functional-level

What are the 5 steps of the strategic management process?

1. Establish the mission, vision, and values

2. assess the current reality

3. formulate the strategies and plans

4. implement the strategies and plans

5. maintain strategic control

What is sustainable competitive advantage?

exists when other companies cannot duplicate the value delivered to customers

What is a SWOT analysis?

a study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.

What is a PESTEL analysis?

Political

Economic

Social

Technological

Environmental

Legal

What is a VRIO analysis?

Value

Rarity

Imitability

Organization

If yes to all four, you have sustained a competitive advantage

What is forecasting?

a vision or projection of the future, often predictions are wrong

What is benchmarking?

a process by which a company compares its performance with that of high-performing organizations

What are the 3 types of corporate strategy?

growth, stability, defensive

What is the BCG Matrix?

used to evaluate their portfolio of strategic business units based on their market growth rates and their market share

stars(invest), question marks(invest cautiously), cash cows(redirect profits), dogs(divest)

What is vertical integration?

a firm expands into businesses that provide the supplies it needs to make its products or that distribute and sell its products

What are Porter's Five Forces?

1. Buyer Power

2. Supplier Power

3. Threat of substitute products or services

4. Threat of new entrants

5. Rivalry among existing competitors

What are Porter's 4 competitive strategies?

1. cost-leadership

2. differentiation

3. cost-focus

4. focused-differentiation

What is rational decision making?

aka the classical model, explains how managers should make decisions

1. identify the problem

2. think up alternative solutions

3. evaluate alternatives and select a solution

4. implement and evaluate the solution chosen

What is wrong with the rational model?

-It is PRESCRIPTIVE, describing how managers ought to make decisions, not how managers ACTUALLY make decisions

-Assumes that managers:

-Have complete information

-Are able to make unemotional analysis

-Are able to make the best decision for the organization

What is nonrational decision making?

explain how managers make decisions; they assume that decision making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions

descriptive rather than perspective

What are the 10 common decision-making biases?

1. The Availability Bias

2. The Representativeness Bias

3. The Confirmation Bias

4. The Sunk-Cost Bias

5. The Anchoring and Adjustment Bias

6. The Overconfidence Bias

7. The Hindsight Bias

8. The Framing Bias

9. The Escalation of Commitment Bias

10. The Categorical Thinking Bias

What are the advantages and disadvantages of group decision making?

advantages: knowledge diversity, different perspectives, information accumulation, better understanding of decision rationale, and deeper commitment

disadvantages: a few people dominate, groupthink, goal displacement

What is groupthink?

the mode of thinking that occurs when the desire for harmony in a decision-making group overrides a realistic appraisal of alternatives

What is brainstorming?

technique used to help groups generate multiple ideas and alternatives for solving problems

How do an organization's culture, structure, and HR practices support strategic implementation?

Culture: the shared assumptions that affect how work gets done

Structure: who reports to whom and who does what

HR: How the org manages its talent

What are the 3 levels of organizational culture?

1. observable artifacts

2. espoused values

3. basic assumptions

How do employees learn culture?

symbols, stories, heroes, rites and rituals, and organizational socialization

What are the 4 types of organizational culture?

1. clans- employee-focused, flexible

2. adhocracies- risk-taking, flexible

3. hierarchies- structured, stability and effectivness

4. market-oriented- competition, values profits

What is the importance of culture?

powerfully shapes an org's long-term success by enhancing its systems and influencing its important outcomes at various levels

What are the 7 major features of an organization?

common purpose

coordinated effort

division of labor

hierarchy of authority

span of control

accountability, responsibility, and delegation

centralization vs decentralization of authority

What is an organization chart?

a box-and-lines illustration showing the formal lines of authority and the organization's official positions or work specializations, looks like a family tree

What is the traditional organizational structure?

simple, functional, divisional, and matrix structures

What is human resources management (HRM)?

the process of planning for, attracting, developing, and retaining an effective workforce

What is strategic HR management?

The process of designing and implementing systems of policies and practices that align an organization's human capital with its strategic objectives

What is human and social capital?

Human: the economic or productive potential of employee knowledge, experience, and actions

Social: the economic or productive potential of strong, trusting, and cooperative relationships

What is recruiting?

the process of locating and attracting qualified applicants for jobs open in the organization

How do you manage an effective workforce?

compensation and benefits

What is onboarding?

consists of the programs designed to integrate and transition employees into new jobs and organizations through familiarization with corporate policies, procedures, cultures, and politics

What is performance management?

a set of processes and managerial behaviors that involve defining, monitoring, measuring, evaluating, and providing consequences for performance expectations

What are the 6 super trends of fundamental change?

1. The marketplace is becoming more segmented

2. competitors offering specialized solutions require us to get our products to market faster

3. some companies are unable to survive disruptive innovation

4. offshore suppliers are changing the way we work

5. knowledge, not information, is becoming the new competitive advantage

6. the employment landscape is shifting

What are the two types of change?

reactive and proactive

What are the forces of change outside of the organization?

demographic characteristics

technological advancements

shareholder, customer, and stakeholder concerns

social and political pressure

what are the forces of change inside an organization?

human resource concerns

manager's behavior

What are the organizational changes? Ch 10

adaptive, innovative, and radically innovative

What is Lewin's Change Model?

unfreezing, changing, refreezing

What is Organizational Development(OD)?

a set of techniques for implementing planned change to make people and orgs more effective

What are approaches to innovation?

product improvement

process improvement

product new directions

process new directions

What is crowdsourcing?

the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people, typically via the internet

What causes resistance to change?

employee characteristics

change agent characteristics

the change agent-employee relationship

What are the 10 reasons that employees resist change?

1. predisposition toward change

2. surprise and fear of the unknown

3. climate of mistrust

4. fear of failure

5. loss of status or job security

6. peer pressure

7. disruption of cultural traditions or group relationships

8. personality conflicts

9. lack of tact or poor timing

10. non-reinforcing reward systems

What is the difference between leading and managing?

Leaders focus on influencing people, while managers typically perform functions like planning, organizing, directing, and controlling. Creating vs implementing

What is managerial leadership?

involves both influencing followers to internalize and commit to a set of shared goals, and facilitating the group and individual work that is needed to accomplish those goals