MGMT 130 Final

Organization

A group of people working together in a structured and coordinated fashion to achieve a set of goals

managment

A set of activities (including planning and decision making, organizing, leading, and controlling) directed at an organization's resources (human, financial, physical, and information), with the aim of achieving organizational goals in an efficient and effective manner

Manager

someone who carries out the management process

Levels of Management

top managers, middle managers, first-line managers

managment process

planning and decision making, organizing, leading, controlling

technical skills

The skills necessary to accomplish or understand the specific kind of work being done in an organization

Interpersonal skills

the ability to communicate with, understand, and motivate both individuals and groups

Diagnostic skills

The manager's ability to visualize the most appropriate response to a situation

Communication skills

the manager's abilities both to effectively convey ideas and information to others and to effectively receive ideas and information from others

decison making skills

the managers ability to correctly recognize and define problems and opportunities and to then select an appropriate course of action to solve problems and capitalize on opportunities

time management skills

The manager's ability to prioritize work, to work efficiently, and to delegate appropriately

Scientific Management

concerned with improving the performance of individual workers

administrative management

Focuses on managing the total organization

Hugo Munsterberg

Advocated applying psychological concepts to employee selection and motivation

Mary Parker Follett

Recognized importance of human behavior in the workplace.

organizational behavior

contemporary field focusing on behavioral perspectives on management including individual, group, and organizational

System Perspective

sees organizations as interrelated sets of elements functioning as a whole. Includes inputs ,transformation, processes, outputs, and feedback

contingency perspective

suggests that appropriate managerial behavior in a given situation depends on, or is contingent on, unique elements in a given situation

internal environment

everything inside an organization's boundaries (e.g. owners, employees)

External Environment

everything outside an organization's boundaries that might affect it (e.g. competitors, customers, suppliers, regulators, environmental forces

ethics

beliefs about whether a behavior, action, decision is right or wrong

managerial ethics

standards of behavior that guide individual managers in their work (e.g. treatment of employees, hiring/firing, wages/working conditions, employees privacy/confidentiality)

Managing Ethical Behavior

begins with top management who establish the organizations culture and define what will and will not be acceptable behavior, including training employees in how to cope with ethical dilemmas. developing a code of ethics

Social Responsibility

the idea that organizations need to protect the social context in which they operate

the planning process

strategic goal

a goal set by and for an organization's top management. focusses on broad, general issues

tactical goal

a goal set by and for an organization's middle mangers. focus on actions needed to achieve a strategic plan

operational goal

A goal set by and for an organization's lower-level managers. short term issues tied to tactical plan

Strategic Mangement

the process of formulating and implementing effective strategic goals and plans (developed at 2 levels: business and coporate)

business level strategy

strategies for competing in a particular industry or market

differentiation strategy

an organization seeks to distinguish itself from competitors through the quality of its products or services

cost leadership strategy

an organizations attempts to gain a competitive advantage by reducing its cost below the costs of competing firms

Coporate level strategy

strategies fro competing across several industries or markets

related diversification

entering different industries that are related to one another

unrelated diversification

entering different industries that are unrelated to one another

decision making

process of recognizing the nature of a decision situation, identifying alternatives, choosing the best alternative and putting it into practice

programmed decisions

structured; recur with some frequency

nonprogrammed decisions

unstructured: occur much less often

decision making under certainty

the decision maker knows with reasonable certainty what the alternatives are and what conditions are associated with each alternative (few organizational decisions are made under conditions of true certainty)

Decision making under risk

the availability of each alternative and its potential payoffs and costs are all associated with probability estimates: moderate ambiguity and chances of a bad decision

decision making under uncertainty

the decision maker does not know all the alternatives, the risks associated with each, or the likely consequences of each alternative

rational decision making

the rational model tells managers how they should make decisions, assumes their decision will be in the organizations best interest (assumes decisions makers have completed information, they can effectively eliminate uncertainty, they evaluate all aspects of logically and rationally)

Behavioral decision making

behavioral model argues that decision makers (1) use incomplete and imperfect information, (2) are constrained by "bounded rationality" and (3) tend to "satisfice" when making decisions

boudned rationality

decision makers are limited in their rationality by their values and unconscious reflexes and cannot take all aspects into account

Satisficing

The tendency to search for alternatives only until one is found that meets one minimum standard of sufficiency

Entrepreneurship

the process of starting new businesses, aka a startup or new venture

Entrepreneur

someone who engages in entrepreneurship

personal resources

using your own money and money borrowed from friends and relatives to finance the business

lenders

groups of small investors seeking to make profits on companies with rapid growth potential, supplying capital in return for stock

Crowdfunding

post ideas online where would be investors can view and support

networking

women and minorities especially would benefit from this

SBA financial programs

The Small Business Administration provides assistance (e.g. SBA-guaranteed loans) for small businesses unable to get private financing at reasonable terms

organizational change

any substantive modification to some part of the organization (e.g work schedules, machinery, employees)

External forces

Come form the organizations external environment: force the organization to later the way in which it competes

internal forces

causes the organization to change its structure and strategy: some internal forces are responses to external pressures

planned change

change that is designed and implemented in an orderly and timely fashion in anticipation of future events (e.g increased production to meet holiday sales)

reactive change

a piecemeal response to circumstances as they develop, often hurried, therefore, potentially poorly conceived (e.g covid shut down)

the lewin model

unfreezing (individuals must be shown that change is necessary), implementing change ( the change itself has to be implemented) , refreezing (involves reinforcing and supporting the change so that it becomes permanent)

people are resist change because of

Uncertainty about the extent and effects of the change , threats to self-interests, power, and influence, different perceptions of change effects and outcomes, feelings of loss in power, security and familiarity with existing procedures

ways to overcome resistance

encourage active participation in the change process, provide education and communication about the change process, facilitate the change processes by making only necessary changes, announcing changes in advance, and allowing time to adapt change, use force-field analysis to focus efforts on removing barriers to change

innovation

the managed effort of an organization to develop new products or services or new uses for existing products or services

Radical Innovation

a new product, service, or technology that completely replaces an existing one; fundamentally shifts the nature of competition in an industry

product innovation

a change in the physical characteristics or performance of an existing product or service or the creation of new ones

process innovation

a change in the way a product or service is manufactured, created, or distributed

chain of command

a clear line of authority among the positions in an organization

unity of command

each person within an organization must have a clear reporting relationship to one and only one boss

Scalar Principle

There must be a clear and unbroken line of authority that extends from the lowest to the highest position in the organization

span of management

the number of people who report to a particular manager, no universal rules for an ideal or optimal span of management

tall organization

many layers of authority/approval (centralized)

Flat structure

few layers of authority/approval (decentralized)

Functional Design

members in the organization are grouped into functional departments. most commonly used in small and medium sized companies

divisional design

based on multiple businesses in related areas within a larger organizational framework

conglomerate design

used by an organization made up of a set of unrelated businesses

matrix design

project teams are superimposed across the functional departments. employees are simultaneously members of a functional department and of a project team

human resource management

set of organizational activities directed at attracting, developing, and maintaining an effective workforce

human capital

the employees and skillsets and knowledge embodied in them that contribute to the success of the organization

internal (vs external) recruiting

considering current employees as applications for higher-level jobs in the organization can help build morale and reduce turnover of high-quality employees. can create a "ripple effect" - having to successively fill vacated positions

resumes and application forms

provides interviewers with candidates information including work history, education, and other job-related data. must not ask for information unrelated to the job

writing a good resume

avoid fancy formatting, shows that your skills and achievements cant speak for themselves. use a professional email address. have a clear objective, make sure that it speaks to specific career goals and is tailored to the position. leave out high school, unless it is your highest degree leave it off. avoid abbreviations, state abbreviations are fine. go beyond spell check. use action verbs, punch up your resume by using strong action verbs. list achievements not duties, dont just ay what you did, impress them by explaining how well you did it. leave out leisure activities. dont reference references, in todays job market, it is assumed that you will be able provide references.

training

teaching employees how to do the job for which they were hired

common training methods

Lectures; role play and case studies; on-the-job; web-based training, corporate university

performance appraisal

A formal assessment of how well an employee is doing. validates the selection process and the effects of training. aids in making decisions about pay raise, promotions and training. provides feedback to employees to improve their performance

recency error

basing judgements on the most recent performance because it is the most easily recalled

errors of leniency and strictness

being too lenient, too strict, or tending to rate all employees as "average"

halo error

allowing the assessments of the employee on one dimension to spread to that employees ratings on other dimensions

Strategic Goal Example

Reduce carbon emission by 20% by 2030

False

T/F
Upon graduation and as you start applying for jobs, you should be prepared to be asked for all kinds of information even if it is unrelated to the job itself.

Agreeableness (Big 5)

tendency to get along well with others

Conscientiousness

A person's ability to manage multiple tasks and consistently meet deadlines

Neuroticism

extent to which a person experiences anxiety or is poised, calm, resilient, and secure

Extraversion

a person's comfort level with relationships

Openness

one of the five factors; willingness to try new things and be open to new experiences

selective perception

the process of screening out information that we are uncomfortable with or that contradicts our beliefs

Perception

the process of organizing and interpreting sensory information, enabling us to recognize meaningful objects and events

Steryotyping

the process of categorizing or labeling people based on a single attribute

Charismatic Leadership

energizes others through a demonstration of excitement, personal confidence, and patterns of success.

Transformational Leadership

goes beyond ordinary expectations by:
-transmitting a sense of mission
-stimulating learning
-inspiring new ways of thinking

managment

looks at Short Term Goals
focuses on results out of people
based on organizational position and formal authority
focuses on plans and allocating resources
achieving organizational goals efficiently and effectively

Leadership

watches the long term future
focuses on investing in people to get them energized and inspired
Based on personal influence and trust
Everyday way of acting and has little to do with a actual position of power
calls for creating a vision and developing strategies for changes needed to create the vision

Conflict

A disagreement between two or more people
generally viewed as something that can be avoided but can be beneficial