Management Exam 1

Mississippi College

Organization

deliberate collection of people brought together to accomplish some specific purpose

Organization Characteristics

• goals

• people

• structure

Management

the process of getting things done effectively and efficiently, with and through people

Efficiency

doing things right

Effectiveness

doing the right things

The Levels of Management

Top Managers > Middle Managers > First Line Managers > Team Leaders

Functions of Management

Planning Organizing, Leading, Controlling

Employable Skills for a Manager

critical thinking, communication, collaboration, knowledge application and analysis, social responsibility

Good Boss Characteristics

someone who listens and allows for employees to be put in situations that best fit their skills set, clear outlines of expectations

Bad Boss Characteristics

micromanagement, bad at scheduling times that fit the employees schedule, arrogant

Approaches to Management

• Classical Approach: rules and principles were developed that could be taught and used in a variety of settings.

• Behavioral Approach: focused on the actions of workers

• Quantitative Approach: statistics, optimization models, information models, computer simulations, and other techniques and activities

• Contemporary Approach: managers’ concerns inside the organization

Key Contributors to Management

• Intentionality

• Trust

• Autonomy

• Connection

• Accountability

Characteristics of External Environment

• Political/legal

• Demographics

• Economic

• Sociocultural

• Technological

• Global

Sharing Economy

Asset owners share with other individual through peer to peer service, for a set fee, their underutilized physical assets or their knowledge, expertise, skills, or time

Economic Inequality

the unequal distribution of income and opportunity between different groups in society

Demographics

• Demography is destiny

• Age cohorts

Age Cohorts

baby boomers, Gen X, Gen Y, Gen Z

Share Holders

an owner of shares in a company

Stake Holders

Any constituencies in an organization's environment that are affected by that organizations decisions and actions

Organizational Culture

Shared values, principles, traditions, and ways of doing things that influence the way organizations members act

Characteristics of a strong culture

• Substitute for formal rules and regulations

• Create predictability, orderliness, and consistency.

4 types Of Organizational Culture

1. innovative culture

2. Sustainability culture

3. Ethical Culture

4. Learning Culture

Globalization

A boundaryless world where goods and services are produced and marketed worldwide

Ways To Go Global

• Multi domestic corporations

• Transnational organizations

• Global corporations

Hofstedes Framework

• Assertiveness

• Future Orientation

• Uncertainty avoidance

• Power distance

• Individualism/ collectivism

Corporate Social Responsibility

• Social obligations

• Social responsiveness 

• Ex. Magazines in Barbershop

Views of Ethical Behavior

• Utilitarian view of ethics

• Rights view of ethics

• Theory of Justice view of ethics

How Should managers create an ethical environment?

• Be a good role model by being ethical and honest.

• Tell the truth always.

• Don’t hide or manipulate information.

• Be willing to admit your failures.

• Share your personal values by regularly communicating them to employees.

• Stress the organization’s or team’s important shared values.

• Use the reward system to hold everyone accountable to the values.

The Three Ethical View Points

Steps Of The Decision Making Process

Common Errors in Decisions Making Process

Rational Decision Making

Bounded Rationality

Satisfice

Escalation Of Commitment

Intuition

Types of Problems Managers Make

How Managers Make Decision

• Committees

• Task Forces

• Review Panels

• Work teams

Difference between Procedures, Problems, and Rules

Pros of Group Decision Making

• Diversity of experiences/perspectives

• More alternatives generated

• Increased legitimacy

Cons of Group Decision Making

• time-consuming

• Minority domination

• ambiguous respinsibility

• Pressures to conform

Ways to Improve Group Decision Making

• Brainstorming

• The nominal group technique

• Electronic Meetings

Why Ethical People Make Unethical Choices