Management test 2

corporate social responsibility

Obligation toward society assumed by business.

ethical climate

In an organization, the processes by which decisions are evaluated and made on the basis of right and wrong.

corporate social responsibility

Obligation toward society assumed by business.

ethical climate

In an organization, the processes by which decisions are evaluated and made on the basis of right and wrong.

DEI

diversity, equity, and inclusion. try to make things equal in the workforce.

compliance based ethical programs

Company mechanisms typically designed by corporate counsel to prevent, detect, and punish legal violations.

integrity based ethical programs

Company mechanisms designed to instill in people a personal responsibility for ethical behavior.

ideas of Milton Friedman

social responsibility of corporations is to increase profit

Michael Walzer Spheres of Justice

xxxxx

cloak of innocence

xxx

egoism

An ethical system defining acceptable behavior as that which maximizes consequences for the individual.

utilitarianism

An ethical system stating that the greatest good for the greatest number should be the overriding concern of decision makers.

relativism

Philosophy that bases ethical behavior on the opinions and behaviors of relevant other people.

virtue ethics

Perspective that what is moral comes from what a mature person with “good” moral character would deem right.

cultural relativism

what is right according to one’s culture

individual relativism

what a person thinks is right according to their own beliefs and values

deontology

judges actions as right or wrong based on whether they follow a set of moral rules or duties instead of the consequences of those actions

sarbanes oxley

enacted in response to corporate accounting scandals, aims to protect investors by enhancing the accuracy and reliability of financial reporting and strengthening corporate governance, including auditor independence and whistleblower protection. 

Dodd Frank

2010 fed law reforming the financial regulatory system and preventing excessive risk-taking that led to the 2008 financial crisis

whistleblower

report evidence of wrongdoing

division of labor

The assignment of different tasks to different people or groups.

specialization

A process in which different individuals and units perform different tasks.

formal authority

primary means for running an organization, set roles and rules

informal authority

influence and power derived from personal qualities, relationships, and reputation rather than a formal position within an organization

organizational chart

The reporting structure and division of labor in an organization.

role of board of directors

select, evaluate, and reward/replace ceo. provide an outside perspective, determine the firms strategic direction and reviewing the financial performance, and ensure ethical, socially responsible, and legal conduct.

inside directors

the companies top executives (CEO and etc)

outside directors

executives that don’t work at the company but oversee the company

role of ceo

chief executive officer, personally accountable to the board and to the owners for the organization’s performance. lead the board, motivate employees, promote positive change, and oversee success

heirarchy

the authority levels of the organizational pyramid.

flat organization

has wide spans of control, less supervisors but supervisors are responsible for more people

tall organization

narrow spans of control, more supervisors with less subordinates

span of control

the number of subordinates who report directly to a superior

delegation

assigning a task to someone at a lower level who later reports to their boss

unity of command principle

a structure in which each worker reports to one boss, who in turn reports to one boss

centralization

an organization where high level execs make most of the decisions

decentralization

an organization in which lower level managers make important decisions

divisional organization

departmentalization that groups units around products, customers, or geographic regions

functional organization

faculty

teachers and researchers

staff

admin, operations, and support roles

pros and cons of being an entrepreneur

own business hours, no boss, all responsibility on you

business plan

entrepreneur

someone who owns their own business

intrapreneur

works within an existing company to innovate and develop new projects

why small businesses fail

franchising

the company sells limited rights to use its brand name in return for a lump-sum payment and a share of the profits

e commerce

buying and selling of goods and services over the internet

IPO

initial public offering, sales to the public for the first time or federally registered and underwritten shares of stock in the company

skunkworks

a project team designated to produce a new, innovative product

four sources of money

bootlegging

informal work on projects, other than those officially assignment, of employees’ own choosing and initiative