MGMT 1

Expectancy theory steps

1. Determine what rewards employees value. 2. Determine each employee's desired performance standard 3. Ensure that performance standards are attainable. 4. Guarantee rewards tied to performance. 5. Be certain the employees consider the rewards adequate.

5 Steps of HR planning

1. Preparing a HR inventory 2. Preparing a job analysis 3. Assessing HR demand 4. Assessing HR supply 5. Establish a strategic plan

franchise

A business person concerned about startup costs of a business opportunity should consider a venture other than a(n) ______ which has this disadvantage

Limited liability

A form of business ownership that provides limited liability, as in corporation, but it is taxed like a partnership is

S corporation

A unique government creation that looks like a corporation but is taxed like a sole proprietorship or partnership

In addition to the articles of incorporation, a corporation has ________, which describe how the firm is to be operated from both legal and managerial points of view.

Bylaws

Ouchi Type J elements

Consensual decision making & implicit controls

Sarbanes-Oxley Act

Federal legislation passed in 2002 that sets higher ethical standards for public corporations and accounting firms. Key provisions limit conflict-of-interest issues and require financial officers and CEOs to certify the validity of their financial statements.

Who worked with FW Taylor?

Frank and Lillian Gilbreth, Henry L. Gantt

"The Principles of Scientific Management" was written by

Frederick Taylor

Ouchi Type A elements

Individual responsibility & explicit controls

According to Herzberg, which of the following motivates workers instead of being a hygiene factor?

Interesting work

There are many methods of ____ _______________ that focus on the design of the job itself in order to motivate employees.

Job enrichment

Which form of ownership is nontransferable because there is no stock?

LLC

self-employment taxes

LLC members must pay these taxes such as Medicare and Social Security, which are taxes paid by sole proprietors and partnerships on their profits

Basic Elements of Taylor's Scientific Management

Method, rules of work, time

Job rotation

Moving workers from one task to the next to make work more interesting and motivating

An LLC submits a written operating agreement, similar to a(n) ________ agreement, describing how the company is to be operated.

Partnership

Outsourcing

Process by which a firm contracts with other companies to do some or all of its functions.

Purpose of Management by Objectives?

Reward the accomplishment of organization goals, monitor the results of implement goals, motivate all levels of the organization thru goal setting and implementation

Corporations can raise large amounts of money, take advantage of economies of scale, and hire experts in all areas of operation.

Size advantage

Corporations issue _____ to shareholders and this allows ownership to change when it is sold.

Stock

Five characteristics by job enrichment

Task identity, task significance, skill variety, autonomy, feedback

Hawthorne Effect

Tendency of people to behave differently when they know they are being studied

Regulation FD

The federal regulation governing corporate officials who are required to make public (fair disclosure) any information disclosed to analysts or investors

Studies about which tasks must be performed to complete a job and the time needed to do each task are referred to as ________ studies.

Time-motion

International Joint Venture

a business that is jointly owned and operated by two or more firms (usually one from the host country and the other from another country) that pool their resources (labor, capital, technology, and management) to penetrate host country markets, generate and split profits, and share commercial risk

Small businesses can motivate their workers without increasing costs by giving them:

a collaborative work environment, stock options or equity stakes

common market

a group of countries that acts as a single market, without trade barriers between member countries

Attributes of a corporation include

a legal entity, corporate liability is separate from owners, state-chartered

monopolistic competition

a market structure in which many companies sell products that are similar but not identical

Oligopoly

a market structure in which only a few sellers offer similar or identical products

Limited partnership

a partnership in which the partners who do not share in operating the business

social audit

a systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs

Coattail effect

actions of a fellow franchise will affect your franchise

Vroom's expectancy theory states that the:

amount of effort an employee exerts on a specific task depends on expectations of the outcome

joint venture

an agreement between two or more companies to share a business project

Franchise

an agreement that gives a business the right to use a business' name and sell in a given area

leveraged buyout

an attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing

insider trading

an unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends

philanthropy

charity; a desire or effort to promote goodness

job enlargement

combining tasks into one challenging and interesting assignment for a worker

The advantages of separating ownership from management in corporations include:

company can raise money from investors, but they don't control daily operations, that the board of directors establishes major policies that guide the corporation

A merger that joins firms in completely unrelated industries is a

conglomerate merger

When farmers join together to get prices for their food products, they form a farm

cooperative

Increasing the economic power of others and not paying the same taxes are both advantages of

cooperatives

Type J management v. Type A management differ over

decision making processes and trust in the group versus individuality

Nadler and Lawler's modifications to Expectancy theory include:

ensuring that performance standards are attainable, determining what rewards employees value

integrity-based ethics codes

ethical standards that define the organization's guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees

compliance-based ethics codes

ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers

Contract manufacturing is a type of outsourcing when a ____________ company produces private-label goods which a ___________ company then markets under its own brand name.

foreign;domestic

Mark, Cal and Aidan have decided to form a business where all owners will share in operating the business and in assuming liability for the business debts. Most likely forming a(n)

general partnership

When a soft drink company and a mineral water company merge and then are able to supply a variety of drinking products they have formed a

horizontal merger -- direct competitors

whistleblowers

insiders who report illegal or unethical behavior

LLCs do have to submit articles of organization and an operating agreement, but do not have to:

keep minutes, file written resolutions, hold annual meetings

An assumption about people by a Theory Y manager would be that workers _____ work.

like

Limited partners' risk of losing their personal assets in an LLP is

limited to the outcomes of their own acts and omissions

Ouchi theory Z is a hybrid approach using the following elements from Japanese and American management practices:

long term employment, collective decision making, holistic concern for employees

oligopolistic competition

market consists of only a few large sellers

producer price index

measures wholesale price levels in the economy

acquisition

one company's purchase of the property and obligations of another company

taking a firm _____ is when a corporation decides to maintain, or in some cases regain, control of a firm internally be obtaining all of the stock.

private

EACs

provide hands-on exporting assistance and trade-finance support for small and medium-sized businesses that wish to directly export goods and services

Job enrichment process involves creating ____ variety and ____ significance on the job in order to motivate workers.

skill ; task

Resource development

study of how to increase resources or create conditions that will make better use of them

Socialism

taxes and unemployment tend to be higher, individuals own some smaller businesses and property, gov owns and operates basic industries such as steel mills, utilities, or transportation

Foreign Direct Investment

the buying of permanent property and businesses in foreign nations

corporate policy

the dimension of social responsibility that refers to the position a firm takes on social and political issues

4 basic rights of consumers

the right to safety, the right to be informed, the right to choose, and the right to be heard

The idea that every job could be broken down into a series of elementary motions & analyzed to make it more efficient was the Gilbreths'

theory of motion economy

A ________ study occurs when a manager observes workers as they shovel different types of materials with different types of shovels in order to determine the most efficient tool and method to use.

time motion

A merger between a soft drink company and an artificial sweetener maker could be considered a

vertical merger -- not direct competitors

Equity judgments by employees are often incorrect because:

workers overestimate their own contributions