C483 Management Theory and Practice Review

Comprehensive practice flashcards covering strategic planning, management strategies, HR processes, organizational structure, and control systems.

What are the six steps of the formal planning process?

1. Situational analysis, 2. Alternative goals and plans, 3. Goal and plan evaluation, 4. Goal and plan selection, 5. Implementing, 6. Monitoring and controlling.

How is a 'Mission' different from a 'Vision' in an organization?

A Mission is the organization's basic purpose or reason for existing, while a Vision is the desired future state it wants to become.

What are the components of a SWOT analysis?

Strengths (Internal/Positive), Weaknesses (Internal/Negative), Opportunities (External/Positive), and Threats (External/Negative).

What is the difference between Concentric and Conglomerate diversification?

Concentric diversification involves entering a related business, while Conglomerate diversification involves entering an unrelated business.

What are the 5 macroenvironment factors that affect organizations?

Economic, technological, demographic, social, and political/legal.

What are Porter's Five Forces that determine industry attractiveness?

1. Rivalry among existing competitors, 2. Threat of new entrants, 3. Threat of substitutes, 4. Bargaining power of buyers, 5. Bargaining power of suppliers.

What is the Strategic Triangle?

The connection between the Company, the Customer, and the Competition.

What are the statistical targets for Six Sigma quality?

$99.99966\%$ quality, which is approximately $3.4$ defects per million opportunities.

How does TQM differ from Reengineering?

Total Quality Management (TQM) focuses on continuous or incremental improvement, whereas Reengineering involves fundamental or radical redesign of processes.

What are the two dimensions of the Entrepreneurial Strategy Matrix?

Innovation (creating something new) and Risk (probability of financial loss and psychological risks).

What are the six characteristics of successful entrepreneurs?

1. Commitment and determination, 2. Leadership, 3. Opportunity obsession, 4. Tolerance of risk, ambiguity, and uncertainty, 5. Creativity, self-reliance, and ability to adapt, 6. Motivation to excel.

What is the difference between Bootlegging and Skunkworks?

Bootlegging is unofficial, unauthorized work on an innovative idea; Skunkworks is an officially sanctioned, autonomous team for innovation.

What is the entrepreneurial management challenge regarding 'Mortality and succession'?

The difficulty entrepreneurs face in disengaging or failing to plan for who will lead the business after retirement or death.

What is the difference between Debt and Equity financing?

Debt financing involves borrowing money that must be repaid, while Equity financing involves obtaining money in exchange for ownership.

What are Hackman and Oldham's five core job dimensions?

1. Skill variety, 2. Task identity, 3. Task significance, 4. Autonomy, 5. Feedback.

What are the five conflict management styles?

Competing, accommodating, avoiding, compromising, and collaborating.

What is a 'Superordinate goal'?

A goal that opposing or conflicting groups can only achieve through cooperation.

What are the 3 phases of the HR planning process?

Planning, Programming, and Evaluating.

What protections are provided by Title VII of the Civil Rights Act of 1964?

It prohibits employment discrimination based on race, color, religion, sex, and national origin.

What does the Age Discrimination in Employment Act (ADEA) protect?

It protects workers and applicants who are age $40$ and older from age discrimination.

What are the four common types of employee training?

1. Orientation training, 2. Team training, 3. Diversity training, 4. Management training.

What are the two categories of sexual harassment?

Quid pro quo (benefit/consequence conditioned on conduct) and Hostile work environment (severe or pervasive unwelcome conduct).

How do Mechanistic and Organic organizations differ?

Mechanistic organizations are rigid, formal, and centralized; Organic organizations are flexible, decentralized, and collaborative.

What are the four steps of the control cycle?

1. Establish performance standards, 2. Measure performance, 3. Compare performance with standards, 4. Take corrective action.

Explain the difference between Feedforward, Concurrent, and Feedback control.

Feedforward control happens BEFORE operations start; Concurrent control happens DURING operations; Feedback control happens AFTER results are achieved.

What are the three potential behavioral problems associated with bureaucratic control?

Rigid bureaucratic behavior, tactical behavior (manipulating the system), and resistance to control (due to lost autonomy or accountability).

What are the three approaches to control?

Bureaucratic (rules/authority), Market (prices/competition), and Clan (shared values/culture).