MGMT 3000 Guhde Exam 1

management

Attainment of organizational goals in an effective and efficient manner through planning, organizing, leadings, and controlling organizational resources

plan

charting a course for operation

organize

putting all policies and procedures together before the flight

lead

support and encourage your employees throughout the flight

control

make sure nothing falls through the cracks

Peter Drucker

management is about human beings. Its task is to make people capable of joint performance, to make their strengths effective and their weaknesses irrelevant. (founder of modern management)

four functions of a manager

planning, organizing, leading, controlling

organization

social entity that is goal-directed and deliberately structured

organizational effectiveness

degree to which the organization archives a stated goal

organizational efficiency

refers to the amount of resources used to archive an organizational goal

high performance

attainment of organizational goals by using resources in an efficient and effective manner

effective

completing the task to its fulfillment

efficiency

getting the task done with as little resources as possible

technical management skills

skills such as engineering, manufacturing, or finance. important at lower organizational levels, but they become less important as managers move up the hierarchy

human management skills

skills such as leading, communicating, and relating to other people. increasingly important for managers at all levels and in all types of organizations

conceptual management skills

skills such as knowing where one's team fits into the total organization and how the organization fits into the industry. needed by all managers, but especially those at the top

supervisory/first level managers

responsible for production of goods and services

middle managers

responsible for business units and major departments (only needed when your organization is big)

top mangers

responsible for the entire organization

humanity of production

looking at the employee as more than just a worker, as a human being

things of production

management focus is on production

classical perspective

large complex organizations developed in the 19th and 20th centuries completely focusing on the THINGS OF PRODUCTION. four subfields (scientific management, bureaucratic organizations, administrative principles, management science)

scientific management

improve efficiency and labor productivity through scientific methods

bureaucratic organization

organization depends on rules and records

administrative principles

considers the productivity of the entire organization

management science

application of mathematics, statistics, and other quantitative techniques to management decision making and problem solving

Henry Fayol

identified the Five Functions of Management and the 14 Principles of Management

humanistic perspective

satisfied workers produce more which allows workers to reach their full potential

theory X

the average human has a dislike for work and will avoid it if possible so humans need to be controlled by strict rules or punishment in order to work

theory Y

the average human DOES NOT inherently dislike work and they will learn and seek responsibility under proper conditions

behavioral sciences approach

Scientific Methods + sociology, anthropology, economics, psychology, etc. to develop theories about human behavior and interaction in an organizational setting

organizational development

Set of management techniques that uses behavioral sciences to improve organizations heal and effectiveness

systems thinking

the ability to see the distinct elements of a situation as will as the complexities

systems

set of interrelated parts that function as a whole to achieve a common purpose

subsystems

parts of a system that depend on one another

synergy

the whole is greater than the sum of its parts

contingency view

managers must determine what method will work with every new situation

big data analytics

technologies, skills, and processes for searching and examining massive sets of data to uncover hidden patterns and correlation

internet of things

smart devices that communicate with other devices

AI

does the work that humans find unsatisfying

radical decentralization

employees have authority to make key decision about their work, eliminating much of hierarchical reporting (theory y)

employee engagement

the emotional commitment the employee has to the organization and its goals

nudge management

Being able to influence people and still allowing them the freedom of choice

external environment

factors OUTSIDE the organization that effect inside the organization. two levels: task environment and general environment

task environment

Factors that affect organization DIRECTLY (customers, competitors, suppliers, labor market)

general environment

Factors that affect organizations INDIRECTLY. international, technological, sociocultural, economic, legal–political, and natural factors

international factor

includes events originating in foreign countries, as well as new opportunities for U.S. companies in other countries

technological factor

includes scientific and technological advancements in a specific industry

sociocultural factor

represents the demographic characteristics, norms, customs, and values of the general population

economic factor

the general economic health of the country or region in which the organization operates (Consumer purchasing power, the unemployment rate, and interest rates)

legal-political factor

includes government regulations at the local, state, and federal levels, as well as political activities designed to influence company behavior

natural factor

all elements that occur naturally on Earth, including plants, animals, rocks, and resources such as air, water, and climate

internal organizational environment

everything INSIDE an organization that must fit the needs of the external environment and company strategy (employees, management, and corporate culture)

corporate culture

the shared values and beliefs of people from the same organization

toxic culture

exists when persistent negative sentiments and infighting cause stress, unhappiness, and lowered productivity among subgroups of employees

visible corporate culture

culture that can be seen at the surface level (Ex. artifacts such as dress, office layout, symbols, slogans, and ceremonies)

invisible corporate culture

deeper values and shared understanding held by organization members (Ex. deep beliefs and expressed values)

globalization

the extent which trade and investments, information, social and cultural ideas and political cooperation flow between two companies

global mind-set

ability of managers to to influence people, businesses, or groups that process different social, cultural, racial, political and intellectual characteristic (3 dimensions: cognitive, psychological, and social)

cognitive dimension

knowing about the foreign market

social dimension

concerns the ability to behave in ways that build trusting relationships with people who are different from yourself

psychological dimension

embracing the challenges of the foreign market

china

largest or second-largest market for a variety of products and services however, regulations and government policies make doing business in China a challenge

india

industry leader in customer service outsourcing because of large english speaking population. India is probably going to overtake China within the next 20 years

multinational corporation

controlled by a single management authority. 25% of revenue must come from outside the country's borders

ethnocentric companies

place emphasis on their home countries

polycentric companies

oriented toward the markets of individual foreign host countries

geocentric companies

world oriented and favor no specific country

serving the bottom

corporations can alleviate poverty and other social ills, as well as make significant profits, by selling their products and services to the world's poorest people

global outsourcing (offshoring)

engaging in the international division of labor so that work activities can be done in countries with the cheapest sources of labor and supplies. (Offshoring)

exporting

strategy in which the corporation maintains its production facilities within their home nation and ships its products for sale in foreign countries

partnerships

partners with a local company in a foreign market

political risk

the risk of loss of assets, earning power, or managerial control due to political changes or instability in a host country

political instability

includes riots, revolutions, civl disorders, and frequent changes in government

ethnocentrism

natural tendency of people to regard their own culture as superior and to downgrade or dismiss other cultural values

Hofstede's Value Dimensions

power distance, uncertainty avoidance, individualism/collectivism, masculinity/femininity,

power distance dimension

level of acceptance in power among people and institutions

uncertainty avoidance dimension

uncomfortable with unstructured, ambiguous and unpredictable situations

individualism/collectivism dimension

people can take care of themselves/people should look after one another

masculine/feminine dimension

achievement, heroism, assertiveness, and material success/relationships, cooperations, and group decision making

GLOBE project value dimensions

Assertiveness, Future Orientation, Gender differentiation, Performance orientation, and Human orientation

implicit communication

people send and receive unspoken cues, such as tone of voice or body language

high-context culture

people are sensitive to circumstances surrounding social exchanges, derive the meaning directly from context

low-context culture

people use communication primarily to exchange facts and information and take the meaning of words rather than context

European Union

An international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members

BREXIT

The British Exit from the European Union

US-Mexico-Canada trade agreement

replaced NAFTA, Establishes tougher rules on labor and environmental standards and new provisions for e-commerce and information technology

ethics

code of moral principles and values that governs the behaviors of a person or group with respect to what is right or wrong

confided law

values and standards written into the legal system and enforceable in the courts

free choice

behavior not covered by law and for which an individual has complete freedom

moral agent

a person who knows right from wrong and can be held accountable for their own actions

utilitarian approach

moral behavior produces the greatest good for the greatest number of people

individualism approach

acts are considered moral if they promote the individual's best long-term interests

moral rights approach

humans have fundamental rights and liberties that cannot be taken away by an individual's decision

justice approach

moral decisions must be based on standards of equity, fairness, and impartiality (three types: distributive, procedural, and compensatory)

distributive justice

different treatment of people cannot be based on arbitrary characteristics

procedural justice

rules must be administered fairly

compensatory justice

individuals should be compensated for the cost of their injuries by the party responsible

practical approach

bases decisions on prevailing standards, society, and all stakeholders

preconventional

I follow the rules only because I'm afraid of being punished (common with children)