GMS 200 EXAM

Intellectual Capital

the collective brain power or shared knowledge of a workforce

Knowledge Workers

Workers whose intelligence is a critical asset to employers

Glass Ceiling Effect

an invisible barrier limiting career advancement of minorities

Globalization

the world interdependence of resource flows, product markets, and business conditions

Organization

a collection of people working together to achieve a common purpose

Productivity

the quantity and quality of work performance relative to the cost of inputs

Performance Effectiveness

An output measure of task or goal accomplishment

Performance Efficeincy

An input measure of resource cost associated with goal accomplishment

General Environment

composed of economic, legal-political, technological, socio-cultural, and natural environment conditions

Sustainable Business

A business that both meets customer needs and protects the well being of the environment

Sustainable Innovation

New products and production methods that have reduced impact on the environment

Specific Environment

people and groups with whom the organization interacts

Stakeholders

persons, groups, and institutions directly affected by an organization

Competitive Advantage

something an organization does extremely well, a core competency that sets it apart from competitors
which can be achieved through costs, quality, delivery, and flexibility

Environmental Uncertainty

the lack of complete information about the environment

Organizational Effectiveness

sustainable high performance in using resources to accomplish mission and objectives

Manager

A person in an organization who directly supports,supervises, and helps activate the work efforts and performance of others

Top Managers

Managers responsible for performance of an organization as a whole or for one of its larger parts

Middle Managers

Managers in charge of relatively large departments or divisions

Supervisors

Managers in charge of a small work group of non-managerial workers

Line Managers

Managers responsible for work activities that directly affect organization's outputs

Staff Managers

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

Functional Managers

Managers responsible for a single area of activity

General Managers

managers responsible for more complex units that include many functional areas

Management

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

Leading

The process of arousing enthusiasm and inspiring efforts to achieve goals

Useful Information

Information that is timely, high quality, complete, relevant, and understandable

Information Technology

Application of computers and telecom equipment to store, retrieve, transmit, an manipulate data

Business Intelligence

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

Management Information Systems

uses IT to collect, organize, and distribute data for use in decision making

Problem Solving

identifying and taking action to resolve problems

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

Strategic Opportunism

Focuses on long term objectives while being flexible in dealing with short term problems

Structured Problems

Routine recurring problems that are best solved using programmed decisions

Programmed Decisions

Solutions to problems that are readily available from past experiences to solve structured problems

Unstructured Problems

New and unusual situations which non-programmed decisions

Non Programmed Decisions

Decisons that use specific solutions crafted for a unique problem

Certain Environments

Offer complete information about possible action alternatives and their outcomes

Risk Environments

Environments that lack complete information about action alternatives and their consequences, but offer some estimates of probabilities of outcomes for possible action alternatives

Uncertain Environments

An environment in which Information is so poor that probabilities cannot be assigned to likely outcomes of known action alternatives.

Optimizing Decision

Choosing the absolute best decision among alternatives

Satisficing Decision

Choosing the first "satisfactory" alternative

Global Economy

Resources, markets, and competition are worldwide in scope

Global Sourcing

The process of purchasing materials, manufacturing components, or business services from around the world for local use

Licensing Agreement

A local firm pays a fee to a foreign firm for rights to make or sell its products in a particular region

Franchising

A form of licensing in which the foreign firm buys the rights to use another name and operating methods in its home country

Foreign Direct Investment

Building, buying all or part ownership of a business in a foreign country

Global Strategic Alliance

A partnership in which foreign and domestic firms share resources and knowledge for mutual gains

Foreign Subsidiary

local operation completely owned by a foreign firm

Greenfield Investment

building an entirely new operation in a foreign country

Political Risk

A potential loss of value of foreign investment due to instability and changes in host country

Local Legal Systems

complex and unfamiliar laws can create problems

Protectionism

Giving favourable treatments to domestic businesses

Multinational Corporations

business firms with extensive international operations in foreign countries

Transnational Corporation

Operates on a worldwide borderless basis

Ethnocentrism

tendency to consider one's own culture as superior to others

Ethnocentric Attitude

Believes the best approaches are found at home and tightly control foreign operations

Polycentric Attitude

Respects local knowledge and allows foreign operations to run with substantial freedom

Geocentric Attitudes

High in cultural intelligence and take a collaborative approach to global management practices.

Open Systems

transforms resource inputs from the environment into product outputs

Analytics

the systematic gathering and processing of data to make informed decisions.

Joint Ventures

Operating in a foreign country through co ownership by foreign and local partners

Scientific Management

Management approach that emphasizes careful selection and training of workers and supervisory support.

Modern Management

Management approach that uses a quantitative and evidence based apporach

Bureaucracy

a rational and efficient form of organization founded on logic, order, and legitimate authority

Administrative Principles

Fourteen principles developed by Henri Fayol that suggest managers should learn the management functions of planning organizing,leading, and controlling

Scalar Chain Principle

Administrative prinicple that states there should be a clear and unbroken line of communication from the top to the bottom of the organization

Unity of Command

Administrative prinicple that states each person should receive orders from only one boss

Unity of Direction Principle

Administrative prinicple that states one person should be in charge of all activities that have the same performance objectives

Bureaucratic Organization

Organizations should have a clear hierarchy with formal rules and well-defined jobs

Hawthorn Effect

The tendency of persons singled out for attention to perform as expected

Human Relations Movement

Movement that suggests that managers using good human relations will achieve productivity

Theory X

Assumes people dislike work, lack ambition, act irresponsibly, and prefer to be led

Theory Y

Assumes people are willing to work,like responsibility, and are self directed and creative

Adult Personality Theory

states people in the workplace are adults and may react negatively when constrained by strict management practices and rigid organizational structure

Management Science

Use quantitative analysis and applied mathematics to solve problems

Operations Management

the study of how organizations produce goods and services

Contingency Thinking

Tries to match management practices with situational needs

Knowledge Management

The process of using intellectual capital for competitive advantage

Learning Organization

An organization that continuously changes and improves using the lessons of experience

High Performance Organization

An organization that consistently achieves excellence while creating a high quality work environment

Evidence Based Management

Management that involves making decisions based on hard facts about what really works

Enterprise Resource Planner

Information Technology used for inventory planning, purchasing, and keeping organizational objectives clear

RFID

Tags that transfer data without physical contact that track goods and indicate where they belong.

Efficiency

how well resources are used

Effectiveness

how well objectives are acheived

Planning

the process of setting objectives and determining how to accomplish them

Strategic Plan

Plan that identifies long term directions for the organization

Tactical Plans

plans that help to implement all or parts of a strategic plan

Functional Plans

plans that indicate how different operations within the organization will help advance the overall strategy

Operational Plans

plans that identifies short term activities to implement strategic plans

Zero Based Budget

allocates resources as if each budget were brand new

Forecasting

planning aid that attempts to predict future

Contingency Planning

planning that identifies alternative courses of action to take when things go wrong

Scenario Planning

planning that identifies alternative future scenarios and makes plans to deal with each

Benchmarking

Process of using external and internal comparisons to plan for future improvements

Smart Goals

Goals that are specific,measurable,attainable,realistic, and timely

Improvement Objectives

Objectives that describe intentions for specific performance objectives