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287 Cards in this Set
- Front
- Back
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Intellectual Capital
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Is the collective brainpower of shared knowledge of a workforce
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Knowledge Worker
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is someone whose mind is a critical asset to employers
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Workforce diversity
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describes differences among workers in gender, race, age, ethnicity, religion, sexual orientation, and able-bodiness
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prejudice
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is the display of negative, irrational attitudes toward members of diverse populations
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Discrimination
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Actively denies minority members the full benefits of the organization
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Glass Ceiling Effect
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is the invisible barrier limiting career advancement of women and minorities.
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globalization
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is the worldwide interdependence of resource flows, product markets, and business competition
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ethics
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set moral standards of what is good and what is right in ones behaviour
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Portfolio Worker
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has up-to-date skills that allow for job and career mobility
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Organization
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is a collection of people working together to achieve a common purpose
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Open System
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transforms resource inputs from the environment into product outputs.
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productivity
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is the quantity and quality of work performance, with resource utilization considered.
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Performance Effectiveness
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is an output measure of task or goal accomplishment
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performance efficiency
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is an input measure of resource cost associated with goal accomplishment
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General environment
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is composed of economic, legal-political, technological, socio-cultural, and natural environmental conditions
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economic environment
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economic growth
unemployment rate disposable income |
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socio-cultural environment
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population demographics
education systems health/nutritional values |
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technological environment
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IT systems/infrastructure
broadband internet access |
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natural environment
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green values
recycling infrastructure |
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legal-political environment
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laws and regulations
business forms political trends |
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internet censorship
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is the deliberate blockage and denial of public access to information posted on the internet
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sustainable business
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both meets the needs of customers and protects the well-being of our natural environment
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sustainable innovation
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creates new products and production methods that have reduced environmental impact
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specific environment
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or task environment, includes people and groups with whom an organization interacts
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stakeholder
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are the persons, groups, and institutions directly affected by an organization
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value creation
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is the creation of value for and satisfying needs of stakeholders
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competitive advantage
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allows an organization to deal with market and environmental forces better than its competitors
1. achieved through costs 2. achieved through quality 3. achieved through delivery 4. achieved through flexibility |
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strategic positioning
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occurs when an organization does different things or the same things in different ways from its major competitors
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environmental uncertainty
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is the lack of complete information about the environment
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organizational effectiveness
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is sustainable high performance in using resources to accomplish a mission
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manager
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is a person who supports, activates, and is responsible for the work of others.
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top managers
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guide the performance of the organization as a whole or of one of its major parts
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top managers
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guide the performance of the organization as a whole or of one of its major parts
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middle managers
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oversee the work of large departments or divisions
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team leader
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report to middle managers and supervise non-managerial workers
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line manager
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directly contribute to producing the organization's goods and services
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staff managers
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use special technical expertise to advice and support line workers
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functional managers
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are responsible for one area such as finance, marketing, production, personnel, accounting, or sales
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general manager
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are responsible for complex, multifunctional units
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administration
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is a manager in a public or non-profit organization
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accountability
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is the requirement to show performance results to a supervisor
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effective manager
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helps others achieve high performance and satisfaction at work
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quality of work
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is the overall quality of human experiences in the workplace
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upside down pyramid
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operation workers are at the top, serving customers, while managers are at the bottom supporting them
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management
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is the process of planning, organizing, leading, and controlling the use of resources to accomplish performance goals
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planning
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is the process of setting objectives and determining what should be done to accomplish them
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organizing
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is the process of assigning task, allocating resources, and coordinating work activities
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leading
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is the process of arousing enthusiasm and inspiring efforts to achieve goals
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controlling
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is the process of measuring performance and taking action to ensure desired results
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agenda setting
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develops action priorities for accomplishing goals and plans
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networking
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is the process of creating positive relationships with people who can help advance agendas
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social capital
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is a capacity to get things done with support and help of others
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lifelong learning
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is continuous learning from daily experiences
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skill
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is the ability to translate knowledge into action that results in desired performance
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technical skill
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is the ability to use expertise to perform a task with proficiency
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human skill
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or interpersonal skill is the ability to work well in cooperation with other people
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emotional intelligence
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is the ability to manage ourselves and out relationship effectively
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conceptual skill
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is the ability to think analytically to diagnose and solve complex problems
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managerial competency
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is a skill based capability for high performance in a management job
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data
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are raw facts and observations
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information
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is data made useful for decision making
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information technology
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helps us acquire, store and process information
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information systems
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use IT to collect, organize, and distribute data for use in decision making
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management information systems
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meet information needs of managers in making daily decisions
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decisional roles
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information used for entrepreneurship, resource allocation, disturbance handling, negotiation
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interpersonal roles
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information used for ceremonies, motivation, and networking
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informational roles
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information sought, received, transferred among insiders and outsiders
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problem solving
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involves identifying and taking action to resolve problem s
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decision
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is a choice among possible alternatives courses or action
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systematic thinking
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approaches problems in a rational and analytical fashion
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intuitive thinking
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approaches problems in a flexible and spontaneous fashion
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multidimensional thinking
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is an ability to address many problems at once
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strategic opportunism
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focuses on long-term objectives while being flexible in dealing with short - term problem s
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cognitive styles
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1. sensation thinker
2. sensation feelers 3. intuitive thinkers 4. intuitive feelers |
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sensation thinkers
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tend to emphasize the impersonal rather than the personal and take a realistic approach to problem solving. They like hard "facts", clear goals, certainty, and situations of high control.
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sensation feelers
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tend to emphasize both analysis and human relations. they tend to be realistic and prefer facts; they are open communicators and sensitive to feelings and values
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intuitive thinkers
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are comfortable with abstraction and unstructured situations. they tend to be idealistic and prone toward intellectual and theoretical positions. they are logical and impersonal, but also avoid details
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intuitive feelers
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prefer broad and global issues. they are insightful and tend to avoid details, being comfortable with intangibles; they value flexibility and human relationships
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structured problems
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are straightforward and clear with respect to information needs
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programmed decision
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applies a solution from past experience to routine problems
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unstructured problems
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have ambiguities and information deficiencies
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nonprogrammed decisions
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applies a specific solution crafted for a unique problem
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crisis
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is an unexpected problem that can lead to disaster if not resolved quickly and appropriately
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crisis management
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is preparation for the management of crises that threaten an organization's health and well-being
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certain environment
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offers complete information on possible alternatives and their consequences
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risk environment
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lacks complete information but offers "probabilities" of the likely outcomes for possible action alternatives
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uncertain environment
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lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives
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decision making process
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begins with identification of a problem and ends with evaluation of implemented solutions
step 1: find and define the problem step 2: generate and evaluate alternative solutions step 3: make decision and conduct ethics double check step 4: implement decision step 5: evaluate results |
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cost-benefit analysis
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involves comparing the costs and benefits of each potential course of action
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classical decision making model
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describes decision making with complete information
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optimizing decision
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chooses the alternative giving the absolute best solution to a problem
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bounded rationality
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describes making decisions within the constraints of limited information and alternatives
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behavoural decision model
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describes decision-making with limited information and bounded rationality
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satisfying decision
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chooses the first satisfactory alternative that comes to one's attention
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lack of participation error
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is failure to involve in a decision the persons whose support is needed to implement it
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heuristics
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are strategies for simplifying decision making
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availability heuristics
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bases a decision on recent information or events
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representative heuristics
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bases a decision on similarity to other situations
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anchoring and adjustment heuristic
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bases a decision on incremental adjustments form a prior decision point
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framing error
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is trying to solve a problem in the context in which it is perceived
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confirmation error
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occurs when focusing only on information that confirms a decision already made
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escalating commitment
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is the continuation of a course of action even though it is not working
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objectives
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are specific results that one wishes to achieve
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plan
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is a statement of intended means for accomplishing objectives
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results oriented
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creating a performance oriented sense of direction
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priority oriented
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making sure the most important things get done
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advantage oriented
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ensuring that all resources are used to the best advantage
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change oriented
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anticipating problems and opportunities so they can be best dealt with
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complacency trap
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is being carried along by the flow of events
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strategic plan
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identifies long-term direction for the organization
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vision
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clarifies the purpose of the organization and expresses what it hopes to be in the future
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tactical plan
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helps to implement all or parts of a strategic plan
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functional plans
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indicate how different operations within the organization will help advance overall strategy
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operation plan
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identifies short-term activities to implement strategic plans
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policy
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is a standing plan that communicates broad guidelines for decisions and actions
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procedure/rule
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precisely describes actions that are to be taken in specific situations
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budget
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is a plan that commits resources to projects or activities
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zero based budget
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allocates resources as if each budget were brand new
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forecasting
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attempts to predict the future
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contingency planning
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identifies alternative courses of action to take when things go wrong
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scenario planning
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identifies alternative future scenarios and makes plans to deal with each
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benchmarking
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uses external and internal comparisons to plan for future improvements
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best practices
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are things people and organizations do that lead to superior performance
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Great goals are;
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specific, timely, measurable, referred to, attainable
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hierarchy of goals
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lower-level objectives are means to accomplishing higher level ones
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management by objectives
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is a process of joint objective setting between a superior and subordinate
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improvement objectives
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describes intentions for specific performance improvements
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personal development objectives
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describe intentions for personal growth through knowledge and skills development
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jointly plan
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setting objectives
setting standards choosing actions |
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individually act
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performing tasks (member)
providing support (leader) |
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jointly control
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reviewing results
discussing implications Renewing MBO (management by objective) cycle |
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participatory planning
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includes the persons who will be affected by plans and/or those who will implement them
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global economy
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resources, markets, and competition are worldwide in scope
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globalization
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is the process of growing interdependence among elements of the global economy
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global management
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involves managing operations in more than one country
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global manager
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is culturally aware and informed on international affairs
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global business
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conducts commercial transactions across national boundaries
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market entry strategies
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global sourcing
exporting and importing licensing and franchising |
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direct investment strategies
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joint ventures
foreign subsidiaries |
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global sourcing
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materials of services are purchased around the world for local use
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exporting
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local products are sold abroad to foreign customers
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importing
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involves the selling in domestic markets of products acquired abroad
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licensing agreement
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a local firm pays a fee to a foreign firm for rights to make or sell its products
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franchising
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a fee is paid to a foreign business for rights to locally operate using its name, branding, and methods
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foreign direct investment
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is building, buying all, or buying part ownership of a business in another country
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insourcing
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is job creation through foreign direct investment
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joint venture
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operates in a foreign country through co-ownership by foreign and local partners
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global strategic alliance
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is a partnership in which foreign and domestic firms share resources and knowledge for mutual gains
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foreign subsidiary
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is a local operation completely owned by a foreign firm
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greenfield investment
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builds entirely new operations in foreign country
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political risk
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is the potential loss in value of a foreign investment due to instability and political changes in the host country
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political risk analysis
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tries to forecast political disruptions that can threaten the value of a foreign investment
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world trade organization
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member nations agree to negotiate and resolve disputes about tariffs and trade restrictions
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most favoured nation status
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gives a trading partner most favourable treatment for imports and exports
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tariffs
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are taxes governments levy on imports from abroad
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protectionism
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is a call for tariffs and favourable treatments to protect domestic firms from foreign competition
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NAFTA
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is the North American Free Trade Agreement linking Canada, the united states, and mexico in an economic alliance
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European Union
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is a political and economic alliance of European countries
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euro
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is the common european currency
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global corporation
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or MNC, is a multinational business with extensive operations in more than one foreign country
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transnational corporation
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is an MNC that operates worldwide on a borderless basis
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corruption
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involves illegal practices to further one's business interests
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child labour
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is the full-time employment of children for work otherwise done by adults
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sweatshops
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employ workers at very low wages for long hours and in poor working conditions
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sustainable development
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meets the needs of the present without hurting future generations
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culture shock
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is the confusion and discomfort a person experiences when in an unfamiliar culture
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ethnocentrism
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is the tendency to consider one's culture superior to others
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cultural intelligence
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is the ability to accept and adapt to new cultures
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low context cultures
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emphasize communication via spoken or written words
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high context cultures
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rely on nonverbal and situational cues as well as on spoken or written words in communication
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monochronic cultures
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people tend to do one thing at a time
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polychronic cultures
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time is used to accomplish many different things at once
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proxemics
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is how people use space to communicate
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ecological fallacy
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assumes that a generalized cultural value applies equally well to all members of the culture
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power distance
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is the degree to which a society accepts unequal distribution of power
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individualism- collectivism
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is the degree to which a society emphasizes individuals and their self interests
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uncertainty avoidance
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is the degree to which a society tolerates risk and uncertainty
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masculinity - femininity
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is the degree to which a society values assertiveness and materialism
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time orientation
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is the degree to which a society emphasizes short-term or long-term goals
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comparative management
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studies how management practices differ among countries and cultures
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ethnocentric attitudes
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believe the best approaches are found at home and tightly control foreign operations
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polycentric attitudes
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respect local knowledge and allow foreign operations to run with substantial freedom.
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geocentric attitudes
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are high cultural intelligence and take a collaborative approach to global management practices
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strategic intent
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focuses and applies organizational energies on a unifying and compelling goal
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corporate strategy
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sets long-term direction for the total enterprise
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business strategy
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identifies how a division or strategic business unit will compete in its product or service domain
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functional strategy
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guides activities within one specific area of operations
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strategic constituencies analysis
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assesses interests of stakeholders and how well the organization is responding to them
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core values
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are broad beliefs about what is or is not appropriate behaviour
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SWOT analysis
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examines organizational strengths and weaknesses and environmental opportunities and threats
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core competency
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is a special strength that gives an organization a competitive advantage
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industry competition
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new entrants
customers substitute products suppliers |
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growth strategy
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involves expansion of the organization's current operations
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liquidation
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business operations cease and assets are sold to pay creditors
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combination strategy
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pursues growth, stability, and/or retrenchment in some combination
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diversification
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is growth by acquisition of or investment in new and different business areas
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vertical integration
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is growth by acquiring suppliers or distributors
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restructuring
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changes the mix or reduces the scale of operations
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turnaround
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strategy tries to fix specific performance problems
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downsizing
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strategy decreases the size of operations
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divestiture
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sells off parts or the organization to refocus attention on core business areas
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globalization strategy
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adopts standardized products and advertising worldwide
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multi-domestic strategy
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customizes products and advertising to be fit local needs
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transnational strategy
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seeks efficiencies of global operations with attention to local markets
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strategic alliance
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organizations join together in partnership to pursue an area of mutual interest
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co-opetition
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is the strategy of working with rivals on projects of mutual benefit
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BCG matrix
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approach seeks the best mix of investments among alternative business opportunities
question marks stars dogs cash cows |
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differentiation strategy
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offers products that are different from the competition
cost leadership differentiation focused low cost strategy focused differentiation strategy |
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cost leadership
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seeks to operate with low costs so that products can be sold at low prices
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focus strategy
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concentrates on serving a unique market segment better than anyone else
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focused differentiation
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strategy offers a unique product to a special market segment
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focused cost leadership
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strategy seeks the lowest costs of operations within a special market segment
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strategy incrementalism
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makes modest changes in strategy as experience builds over time
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emergent strategy
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unfolds over time as managers learn from and respond to experience
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corporate governance
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is the system of control and performance monitoring of top management
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strategic control
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makes sure strategies are well implemented and that poor strategies are scrapped or modified
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power of the position
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rewards
coercion legitimacy |
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power of the person
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expertise
referent |
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reward power
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is the capacity to offer something of value as a means of influencing other people
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coercive power
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is the capacity to punish or withhold positive outcomes as a means of influencing other people
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legitimate power
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is the capacity to influence other people by virtue of formal authority
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expert power
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is the capacity to influence other people because of specialized knowledge
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referent power
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is the capacity to influence other people because of their desire to identify personally with you
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servant leadership
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is follower centered and committed to helping others in their work
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empowerment
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enables other to gain and use decision making power
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country club manager
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focuses on people's needs, building relationships
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team manager
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focuses on building participation and support for a shared purpose
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impoverished manager
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focuses on minimum effort to get work done
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authority obedience manager
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focuses on efficiency of tasks and operations
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autocratic style
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acts in a unilateral command - and - control fashion
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human relations style
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emphasizes people over task s
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laissez-faire style
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displays a "do the best you can and don't bother me attitude"
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democratic style
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emphasizes both tasks and people
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substitutes for leadership
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are factors in the work setting that direct work efforts without the involvement of a leader
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authority decision
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is made by the leader and then communicated to the group
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consultative decision
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is made by a leader after receiving information ,advice, or opinions from group members
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group decision
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is made by group members themselves
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charismatic leader
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develops special follower relationships and inspires followers in extraordinary ways
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transactional leadership
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uses tasks, rewards, and structures to influence and direct the efforts of others
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transformational leadership
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is inspirational and arouses extraordinary effort and performance
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emotional intelligence
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is the ability to manage out emotions in social relationships
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gender similarities hypothesis
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holds that males and females have similar psychological properties
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credible communication
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earns trust, respect in the eyes of others
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communication channel
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is the pathway through which a message moves from sender to receiver
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filtering
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is the intentional distortion of information to make it appear most favourable to the recipient
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channel richness
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is the capacity of a communication channel to effectively carry information
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electronic grapevines
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use electronic media to pass messages and information among members of social networks
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management by wandering around (MBWA)
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managers spend time outside their offices to meet and talk with workers at all levels
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necessity based entrepreneurship
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takes place because other employment options don't exist
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franchise
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is a form of business where owner sells to another the right to operate the same business in another location
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succession problem
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is the issue of who will run the business when the current head leaves
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succession plan
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describes how the leadership transition and related financial matters will be handled
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limited liability corporation
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is a hybrid business form combining advantages of the sole proprietorship, partnership, and corporation
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debt financing
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involves borrowing money that must be repaid over time, with interest
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equity financing
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involves exchanging ownership of shares for outside investment money
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venture capitalists
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make large investments in new ventures in return for an equity stake in the business
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initial public offering
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of IPO is an initial selling of shares of stock to the public at large
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angel investor
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is a wealthy individual willing to invest in a new venture in return for equity in a new venture
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informal structure
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is the set of unofficial relationships among an organization's members
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social network analysis
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identifies the informal structures and their embedded social relationship that are active in an organization
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departmentalization
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is the process of grouping people and jobs into work units
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functional structure
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groups together people with similar skills to perform similar tasks
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functional chimneys problem
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is a lack of communication and coordination across functions
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divisional structure
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groups together people working in the same product, in the same area,
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product structure
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groups together people and jobs focused on single product or service
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geographical structure
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groups together people and jobs performed in the same location
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matrix structure
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combines functional and divisional approaches to emphasize project or program teams
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boundaryless organizations
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eliminates internal boundaries among subsystems and external boundaries with the external environment
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virtual organizations
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uses IT and the internet to engage a shifting network or strategic alliances
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mechanistic design
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is centralized, with many rules and procedures, a clear cut division of labour, narrow spans of control and formal coordination
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organic design
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is decentralized, with fewer rules and procedures, open divisions of labour, wide spans of control, and more personal coordination
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adaptive organization
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operates with a minimum of bureaucratic features and encourages workers empowerment and teamwork
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chain of command
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links all persons with successively higher levels of authority
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span of control
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is the number of subordinates directly reporting to manager
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delegation
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is the process of distributing and entrusting work to other persons
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classical management approaches
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scientific management - frederick taylor
administrative principles - henri fayol bureaucratic organization - max weber |
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scientific management
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emphasizes careful selection and training of workers and supervisory support
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motion study
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is the science of reducing a task to its basic physical motions
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bureaucracy
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is a rational and efficient form of organization founded on logic, order, and legitimate authority
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Behavioural management approaches
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organizations as communities - mary follett
theory x and theory y - douglas mcgregor personality and organization - chris argyris theory of human needs- maslow hawthrone studies - elton mayo |
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the hawthorne effect
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is the tendency of persons singled out for special attention to perform as expected
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human relations movement
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suggested that managers using good human relations will achieve productivity
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theory x
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assumes people dislike work, lack ambition,, act irresponsibly, and prefer to be led.
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theory y
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assumes people are willing to work, like responsibility, and are self-directed and creative
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self fulfilling prophecy
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occurs when a person acts in ways that confirm another's expectations
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management science and operations research
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use quantitative data analysis and applied mathematics to solve problems
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contingency thinking
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tries to match management practices with situational demands
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