DE Management Final Test

Chapter 9-10 & 14-15

Autocratic Decision Making

Leaders make the decision alone, the employees are not necessarily involved in the decision making process

Democratic

Employees are involved in the decision making process

Laissez-Faire

Leaders leave the decision-making process up to the employees; leaders give minimal guide and involvement in the decision-making process.

Path/Goal Leadership

• Directive

• Supportive

• Participative

• Achievement oriented

Types of Decision making bias

• anchoring and adjustment

• confirmation

• escalation of commitment

• overconfidence

anchoring and adjustment

relying to much on first piece of info

confirmation

only looking for what you agree with

escalation of commitment

sticking to a bad choice too long

overconfidence

thinking you’re more right than you are

Brainstorming

group idea generation

Wildstorming

crazy ideas encouraged

croudsourcing

ask public for ideas

idea quotas

set number of ideas per person

strategic

Big-picture goals (long-term)

operational

Day-to-day stuff

feedforward

Before action (prevent problems)

concurrent

During action (monitoring now)

Five Core Principles of Lean

• Define Value from the Customer’s Perspective

• Describe the Value Stream for Each Product or Service

• Create Flow in Each Value Stream

• Produce at the Pace (Pull) of Actual Customer Demand

• Strive to Continuously Improve All Business Operations 

Balance Sheet

Assets & Liabilities at a moment

Income Sheet

Revenue & expenses over time

Key elements of HR

• Selection and Placement

• Job Design

• Compensation and Rewards

• Diversity Management

War for Talent

Competition to hire great people

Talent Management

anticipating the need for human capital and setting a plan to meet it.

Succession Planning

a process where an organization ensures that employees are recruited and developed to fill each key role.