busn 101 final exam slides tamu 2021 fall

Reliability

-The consistency with which a measurement device measures something. If the same results are consistently achieved using the same methods and the same circumstances, the measurement is considered reliable. (Compare to validity.)

responsible businesses pyramid from bottom to top

1. Bottom-economic responsibilities- because a corporation must be profitable to survive, its economic responsibilities form the base of the pyramid 2. Legal responsibilities- corporations must, of course, follow the law. The second level of the pyramid recognizes that legal considerations are also necessary for a corporation to succeed. 3. Ethical responsibility: resting on the foundation set by economic and legal responsibilities. A corporation can turn its attention to ethical matters only after ensuring its economical and legal position 4. Top- Philanthropic responsibilities: the highest level of the triangle, philanthropic responsibilities can be considered only after economic, legal, and ethical responsibilities.

What is critical thinking and why is it important?

1. Critical thinking is the objective analysis and evaluation of data to form a judgement 2. Critical thinking goes beyond recognizing a problem. It helps you analyze the problem, see it from multiple points of view, propose alternative solutions, and provide evidence for an effective course of action. Ultimately, critical thinking skills will help you communicate your thoughts and ideas in a way that is persuasive to others

Reasons for going global:

1. Earn additional profits 2. Unique product or technological advantage 3. Exclusive market information leading to a competitive advantage 4. Saturated domestic markets 5. Excess capacity 6. Potential for cost savings

beginning career steps

1. Know yourself best 2. Begin your research 3. Assess the skills you have and make a plan to acquire those that you need 4. Learn, work, volunteer, and engage 5. Update your brand 6. Repeat steps 3-5 for the rest of your professional career

Benefits of global trade

1. Living standards can increase faster 2. Global competition and cheap imports keep prices down 3. An open economy spurs innovation 4. Global trade provides poor countries to develop economically by spreading prosperity 5. More information is shared between two trading partners that may not have much in common initially

next steps after beginning career

1. Meet your career advisor 2. Get involved 3. Consider upper level programs 4. Meet with your academic advisor 5. Take advantage of employer networking opportunities

When your critical thinking skills are effectively used, you should be able to:

1. State an explicit position on a topic 2. Provide comprehensive support for your position, including all relevant and credible information, and in a manner than demonstrates analysis and comprehension of data 3. Thoroughly refute contradictory evidence or alternative positions 4. Organize the stated position in a logical, cohesive way that makes it easy for others to follow 5. Provide valid and comprehensive elaboration on facts or ideas related to each argument, clearly citing sources of information

Global vision:

1. Trade dependent jobs have grown at a rate three times the growth of US dependent jobs 2. Every us state has realized growth of jobs attributable to trade 3. Trade has an effect on both service and manufacturing jobs

Why a global perspective?

1. Understanding and acceptance of cultures 2. Inclusivity 3. Think with complexity 4. Open to new ideas, issues, and solutions 5. Learn from others

Conditional conclusion

A conclusion that acknowledges alternative outcomes based on certain conditions. For example, if you were working with incomplete data, you could draw a conclusion based on the data you have, but also prepare a conditional conclusion in the event the conditions change. Often presented as an if-then statement, such as: If these conditions are present, then my recommendation is to . . .

Assumption

A fact or statement that is taken for granted or concluded to be true, even without proof. In the context of critical thinking, you should pay attention to assumptions because they could be incorrect or misguided. When you present assumptions, it is important to give examples of why your assumptions are probably true.

Fact

A piece of information that has been proven to be true; a verified or indisputable statement or observation.

Conclusion

A position or judgment reached after evaluating the facts, observations, and arguments presented.

Rebuttal

A reply to an argument that provides contrary evidence and reasons to challenge the validity and/or truth of the opposing viewpoint.

Conflict of interest

A situation in which an individual's personal interests (e.g., friendships, financial factors) could compromise his or her judgment or decisions. Example: An employee has a friendship with a supplier and awards contracts to that supplier without considering competitive bids.

Argument

A statement backed by evidence. In the context of critical thinking, an argument is a set of statements, one of which is the conclusion, or what the speaker is trying to prove. The other statements are premises; that is, the reasons offered for believing that the conclusion is true.

Nuance

A subtle difference or distinction in meaning. Critical thinking requires you to consider the subtle and complex qualities, aspects, or distinctions in the arguments you present. A statement may not be simply true or false, or correct or incorrect. Nuance considers the pros and cons of an issue or the probabilities that something may be true or false.

Opinion

A view or judgment formed about something, not necessarily based on fact or knowledge. Critical thinking involves considering different points of view and alternative interpretations so that you can create an informed opinion that is based on evidence and facts.

Causality

Also known as cause-and-effect relationship. The influence by which one event or condition contributes to the production of another event or condition. Causality is determined by three pieces of evidence, each of which must be present: (1) There is a measurable association or correlation between the two events or conditions, (i.e., the two variables appear to move or change together); (2) The passage of time indicates that the cause consistently occurs before the effect; and (3) Other possible causes have been disproven. Caveat-A modifying or cautionary detail that should be considered when evaluating or interpreting a conditional statement. Example: The availability of student loans is limited and subject to change.

what is an MCSI ESG rating

An MSCI ESG Rating is designed to measure a company's resilience to long-term, industry material environmental, social and governance (ESG) risks. We use a rules-based methodology to identify industry leaders and laggards according to their exposure to ESG risks and how well they manage those risks relative to peers. Our ESG Ratings range from leader (AAA, AA), average (A, BBB, BB) to laggard (B, CCC). We also rate equity and fixed income securities, loans, mutual funds, ETFs and countries.

Counterargument

An argument opposed to your (or another person's) position. In the context of critical thinking, it is important to be open to hearing all ideas and arguments, even those with which you may disagree. Sometimes it is advantageous to present a counterargument and respond to it in a fair and objective way. This shows that you have considered all sides of the question.

Logical fallacy

An error in reasoning that causes an argument to be invalid. It weakens an argument by distorting an issue, drawing false conclusions, or making misleading statements.

Stakeholder

An individual or group that has an interest in a decision or activity. A stakeholder has a stake (interest) in the success or failure of an organization or idea.

Outlier

An observation or data point that differs greatly from other values in a data set. Outliers are important to consider when reviewing and evaluating data because they can influence how the data are perceived, but they are often discarded from the rest of the data. In general, it is more important to focus on the trends presented by the data on the whole.

step 6 for critical thinking

Communicate your conclusions

What skills contribute to effective critical thinking 2

Communication and effectiveness- Communication effectiveness involves constructing an organized and logical argument, elaborating on your ideas with an appropriate amount of detail, and stating your position in a way that overcomes skepticism and convinces others to agree with you.

step 4 for critical thinking

Construct arguments that address the problem a. Develop alternative solutions b. Based on your corroborating evidence, develop two or three solutions to the problem c. Consider stakeholder points of view and include those to support each solution

What skills contribute to effective critical thinking 4

Constructing and critiquing an argument - Constructing an argument involves developing reasonable ideas that could solve the problem or question. Arguments must be based on research and evidence, but your argument should also be able to show that the benefits of the solution warrant the costs. Critiquing an argument involves testing and questioning the logic of an argument to identify its strengths and weaknesses.

What skills contribute to effective critical thinking 3

Critical reasoning and evaluation- Critical reasoning and evaluation involve analyzing data at a deeper level using reason and logic, discerning the interests of various stakeholder groups, differentiating facts from opinions, and evaluating the data sources for validity and reliability. By demonstrating critical reasoning and evaluation, you will be able to define the problem or question so you can prepare arguments in support of a solution.

step 5 for critical thinking

Critique the arguments

What skills contribute to effective critical thinking 1

Data literacy- Data literacy involves reading and comprehending data, as well as interpreting and analyzing the information presented in tables, charts, graphs, interview summaries, and other sources. Data literacy will help you better understand the situation and environment in which you are operating.

step 2 for critical thinking

Define the problem a. In a close-ended situation such as a class assignment, clarify what is being asked or what needs to be solved b. In an open-ended situation such as a case study or a real business challenge, analyze the situational environment to define the problem

Ambiguity

Doubtfulness or uncertainty of meaning; an unclear or indefinite expression; something that can be interpreted in more than one way. In the context of critical thinking, unrecognized ambiguity in the data or in your arguments can reduce confidence in your conclusions.

Qualitative evidence

Evidence that focuses on descriptive information. Interviews, focus groups, and observations are examples of qualitative evidence. Qualitative evidence provides deeper and broader information than quantitative evidence; it is beneficial for describing how and why.

Quantitative evidence

Evidence that focuses on numerical or statistical information (quantities and numbers). Data presented in graphics, charts, and tables are examples of quantitative evidence. Quantitative evidence is often used to measure trends over time; it is beneficial for describing who, what, where, and when.

Evidence

Facts or information that indicate whether or not a proposition is true or valid. In the context of critical thinking, when you consider evidence, it is important to determine the quality of the support provided. Is the evidence sound? Does contradictory evidence exist? Is the evidence from a valid, credible source?

human being characteristics and biases

Human beings are one species, one human race with innate tendencies toward connection and care. We share one planet, yet studies show that socialization systems have led out brains to create mental shortcuts, which sometimes result in unintentional and unconscious biases. By raising these biases into our conscious awareness, we equip ourselves to develop greater empathy, inclusivity, and action.

step 1 for critical thinking

Organize the information a. Identify the data items provided b. Read and interpret data you have c. Consider how you might categorize or classify the data d. If appropriate, consider what data might be missing, or what additional information you need

Correlation

The degree to which two or more events may be related or connected. A correlation can indicate the possibility of a cause-and-effect relationship, but it does not prove that a cause-and-effect relationship exists. However, a high correlation can lead to a more accurate prediction.

Validity

The extent to which any measurement device measures what it is intended to measure. When a measurement has high validity, that means it is providing accurate results that correspond to the properties and characteristics that occur in the real world. (Compared to reliability.)

what are regarded as creating overlapping and interdependent systems of discrimmination or disadvantage

The interconnected nature of social categorizations such as race, class, and gender as they apply to a given individual or group

Source (reference)

The origin of the information provided in an argument, such as journal articles, books, and websites.

Bias

The tendency (known or unknown) toward an opinion, inclination, or feeling that prevents objectivity, thereby influencing understanding or outcomes in some way. Bias examples: Ignoring contradictory facts, relying too heavily on one piece of information for a decision, overestimating positive outcomes

Evaluate

To judge the value, credibility, or strength of something, such as an argument or position. This includes justifying a decision or course of action.

Analyze

To organize information into parts to determine how the parts relate to one another and to the overall structure. Critical analysis can help you identify essential elements along with causes, contributing factors, possible outcomes, etc. (as opposed to synthesize).

Refute

To provide a statement or opinion that an argument is wrong or false. Relevance The extent to which information provides clarity on issues that are important to the problem and stakeholders.

Synthesize

To reorganize components into a new pattern, in order to create new ideas or ways to see things (as opposed to analyze).

how can you grow your inclusive behaviors

You can start by becoming an active ally, taking the time to further understand and empathize with others' lived experiences, going deeper by continuing your learning, and sharing with and learning from others

Trade surplus

a country that exports more than it imports is said to have a favorable balance of trade

trade deficit

a country that imports more than it exports and is said to have an unfavorable balance of trade

The resume is:

a living document, a teaser trailer of your candidacy, not the entire film, provides employers with enough information to decide if they'd like to learn more, should only include college experiences after completion of your freshman year.

Empathy

ability to understand and share another person's feelings and respond to their actions

Empathy

activating empathy and self-awareness to understand social structures' impact on intersectional identity

Social

addresses the relationships your company has and the reputation it fosters with people and institutions in the communities where you do business. S includes labor relations and diversity and inclusion. Every company operates within a broader, diverse society.

creating a shared value starts with what

an explicit strategic decision by corporate leaders

step 3 for critical thinking

analyze the data

Unconscious biases characteristics

are human, do not necessarily align with our conscious declared beliefs, generally favor those who are most like us, can potentially influence our decision-making and hinder decision.

A journey to become a more inclusive leader includes:

awareness, empathy, and action

Understanding culture

both objective (the part of the iceberg you see above the water) and subjective (the massive part of the iceberg you don't see under the water)

Action

committing to continued learning and active allyship

Balance of trade

difference between the value of a country's exports and the value of its imports during a specific time

the thriving ecosystems are the ones that are the most ______

diverse

Global trade

exports are goods and services made in one country and sold to others. Imports are goods and services that are bought from other countries

Stakeholder

has an interest in the performance of a company for reasons other than stock performance or appreciation

belonging

how we feel

Environmental

includes the energy your company takes in and the waste it discharges, the resources it needs, and the consequences for living beings as a result. Not least, E encompasses carbon emissions and climate change. Every company uses energy and resources; every company affects, and is affected by, the environment.

_____________ is a critical skill to being a purpose-led and values-driven person in the 21rst century and beyond

inclusive leadership

cultivating our ___________ serves us all

inclusive leadership

Intersectionality

individual lived experiences are influenced by their multi-layered dimensions of diversity and self-identification

empathy characteristics vs sympathy

is connecting with someone else's emotional experience, sympathy is observing someone else's emotional experience, empathy is a shared experience. Sympathy is distancing and positionally hierarchical, hence problematic.

know Absolute vs comparative advantage

know Absolute vs comparative advantage

Inclusive leadership

mindset and behaviors that create and maintain a culture of care and belonging that strives to support all people so every person has the same opportunities to reach their full potential

Strategic learning framework

mindsets, business acumen, core competencies

what happens When imports exceed exports

more money flows out of the country than flows into it

Awareness

orienting to the "why" of inclusive leadership, setting ground rules, and examining unconscious bias

Shareholder

owns part of as company through shares of stock

Diversity dimensions from center to outside

personality, primary, secondary, organizational, and cultural

Systemic advantage

social structures conferring benefits that are not accessible to all but only to some by virtue of their dimensions of diversity

Ally def 1

someone willing to use their power to advocate for and support people in less advantaged positions

GRI (global reporting initiative)

standards for sustainability reporting

Barriers to free trade

tariffs and quotas

Governance

the internal system of practices, controls, and procedures your company adopts in order to govern itself, make effective decisions, comply with the law, and meet the needs of external stakeholders. Every company, which is itself a legal creation, requires governance.

Unconscious bias

the patterns our brain creates based on our experiences that influence how we make decisions and understand the world

Free trade

the policy of permitting the people and businesses of a country to buy and sell where they please without restrictions

ally def 2

use one's power to advocate for and support people in less advantaged positions

what happens when we activate our empathy and self-awareness

we become better able to understand social structures' impact on our own and others' intersectional identities

inclusion

what we do

Diversity

what we have